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Bitcoin tops $72,000, but Circle and Bullish drop sharply after downgrades
Eased Middle East tensions pushed crypto prices and U.S. stocks sizable hjigher.
Apr 9, 2026, 9:10 p.m.
What to know:
- Circle dropped 10% after Compass Point downgraded the stock to Sell, warning that USDC growth is shifting to lower-margin platforms and that profit forecasts for 2026 and 2027 may be too optimistic.
- Bullish slid 6% after Rosenblatt cut its rating to Neutral on valuation concerns, saying the exchange now trades at a premium to peers and faces pressure as crypto activity cools and IPO-related revenue tailwinds fade.
The firm said more USDC is now sitting on platforms such as Sky, Binance and Ethena, where revenue-sharing agreements reduce Circle’s economics. In bear markets, that can matter. A stablecoin may keep its supply, but the profit pool can shrink if more of that supply sits in lower-yield channels.
Bullish also faced sell-side pressure, declining 6.5% to $36.12 after Rosenblatt downgraded the stock to Neutral from Buy while keeping its $39 price target. Rosenblatt said Bullish now trades at 28 times consensus adjusted EBITDA, a premium to peers, including Coinbase and Robinhood (HOOD), and added that estimates are becoming more vulnerable as crypto activity weakens and IPO-related boosts to non-trading revenue fade.
