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# Circle Position Liquidation Record and Reason Analysis
**Trading Operations:**
Liquidated Circle positions in two tranches at 83 and 112.
**Personal Reasons for Liquidation (All Subjective Views):**
1. **Disconnect Between Narrative and Reality:**
Circle's rally this wave is driven by the AI Agent payments narrative, but AI Agent payments are still in a very early stage. USDC issuance volume being truly driven by AI Agent trading volume won't happen without 2-3 years. What's being traded now is just optimistic expectations about AI.
2. **Limited Market Positioning:**
Stablecoin payments for AI Agents is only a niche market segment. Stablecoin payments will primarily be used in cross-border scenarios, whereas for AI Agents, local payment scenarios are the real big opportunity. The most rational approach for local payments is combining fiat currency + local applications. Cross-border Agent payment scenarios are not the primary problem being solved currently.
3. **Overvaluation:**
Circle's current market cap of $28 billion is too expensive relative to net profits of over $100 million annually. Personally, I believe the current price already reflects the valuation when USDC issuance volume grows 10x.