Circles 122B Volume Climbs to 72nd in U.S. Equity Market Amid Modest 047 Gains

On September 24, 2025, Circle (CRCL) traded with a volume of $1.22 billion, ranking 72nd in terms of trading activity across the U.S. equity market. The stock closed up 0.47%, reflecting modest gains amid broader market dynamics.

Recent developments suggest market participants are recalibrating expectations around stablecoin regulatory clarity. Analysts noted increased focus on potential legislative updates in Washington, which could reshape compliance frameworks for digital asset issuers like Circle. The Federal Reserve's latest policy statements also drew attention, with officials hinting at a cautious approach to crypto-related financial stability risks.

Technical indicators show mixed signals for short-term positioning. While the 50-day moving average remains above the 200-day line, suggesting bullish momentum, volume distribution patterns indicate diverging institutional and retail sentiment. Market structure analysis highlights key resistance levels near $55.30, where prior trading activity has shown concentration.

To run this back-test accurately I need a few additional details: 1. Market universe • Are we screening all U.S. listed shares (NYSE + NASDAQ), or a different universe? 2. Weighting scheme • Equal-weight each of the 500 names, or value-weight (e.g., proportional to dollar volume)? 3. Execution price • Buy at the close and sell the next day’s close (standard for a 1-day hold), or use the next day’s open? 4. Trading costs • Should we include an estimate of commission/slippage? If so, what rate (e.g., 5 bps per trade)? Once I have these four items I can generate the data-retrieval plan, retrieve the necessary volume and price data, and run the portfolio back-test from 2022-01-01 to today.