Circle stock plunged 20% in a single day. The Clarity Act spooked investors. But Bernstein says they read it backwards. BTC ETFs pulled in $2.5B this month. Someone's panicking. Someone else is buying.

Today's key developments:
• Circle stock cratered 20% after the Clarity Act draft banned stablecoin yield-sharing. Then Bernstein dropped a note saying the market got it completely backwards.
• Bitcoin ETFs pulled in $2.5 billion in a single month, nearly erasing their year-to-date outflow losses despite a significant price drawdown.
• Monument Bank is tokenizing £250 million in retail deposits in what's being called a UK first. The deposits stay interest-bearing, fully backed, and FSCS-protected.


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