Happy Wednesday!

Bitcoin tapped $105,000 early on Wednesday but has since retreated again. That’s because it’s time to take profits in the ‘fall season’, according to Morgan Stanley.

Circle reported massive profit growth at its earnings call yesterday, but CRCL stock remains stuck in a downtrend. What is going on?

Plus, if you’re interested in a different spin on the Magnificent 7 approach to investing, check out this webinar to get an exclusive pre-launch look at Cboe’s “Magnificent 10” index.

TOP STORY

Take Profits On Bitcoin — It's 'Fall Season', Morgan Stanley Analyst Says

Bitcoin tapped $105,000 before retreating back below $104,000 on Wednesday, reigniting debate among traders over whether the rally has more fuel or is nearing its peak.

Morgan Stanley strategist Denny Galindo said Bitcoin has entered its "fall season" — a time to secure profits before winter.

Speaking on the bank's Crypto Goes Mainstream podcast, Galindo compared Bitcoin's market rhythm to the four seasons.

He noted that the cycle follows a three-up, one-down pattern, suggesting potential downside after strong multi-year rallies.

"We are in the fall season right now," Galindo said.

Read the full scoop here.

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QUICK N DIRTY

Bitcoin, Ethereum, Dogecoin, XRP are recovering some of the lost ground from yesterday as the end of the shutdown end nears: here’s what’s driving markets today.

Ethereum has bounced off a key support level and is gearing up for its final rally of the year, according to a prominent analyst.

Visa is launching stablecoin payouts to further integrate blockchain technology with traditional finance.

FINTECH FOCUS

Circle’s Record Q3 Stuns Investors — But 202% Profit Surge Doesn't Lift CRCL

Circle Internet Group Inc. stunned markets on Wednesday after posting a 202% profit surge, yet the stock slid again as traders questioned whether the gains can translate into long-term growth.

Circle posted third-quarter net income of $214 million, up 202% year over year. 

Total revenue and reserve income rose 66% to $740 million, while adjusted EBITDA climbed 78% to $166 million.

USDC in circulation reached $73.7 billion, a 108% annual increase, marking a record quarter for the world’s second-largest stablecoin issuer.

The company said accelerating adoption and new partnerships are driving growth across its payments and blockchain infrastructure businesses.

CEO Jeremy Allaire said Circle is “building the new economic OS for the internet,” citing strong momentum from the Arc testnet launch.

Read the full scoop here.

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