A lesser-known crypto ETF is quietly outperforming the broader markets. The T-Rex 2X Long CRCL Daily Target ETF (BATS:CCUP) has risen nearly 300% in the last 30 days.
• T-REX 2X Long CRCL Daily Target ETF stock is charging ahead with explosive momentum. What’s fueling CCUP momentum?
The catalyst for this incredible move is a company called Circle Internet Group Inc (NYSE:CRCL), which has seen its stock more than double in the last 30 days, fueling this incredible move in CCUP.
Stablecoin Engine, Not Speculation
Unlike other crypto ETFs that tend to move due to fluctuations in cryptocurrency asset prices, this move is due to underlying company fundamentals.
Circle Internet, which issues a stablecoin called USDC (CRYPTO: USDC), is benefiting from a powerful combination of macroeconomic tailwinds and business model leverage.
The company’s underlying business model is centered around interest income earned on its reserve assets, which are comprised of cash and short-term U.S. treasury bills. With interest rates rising due to geopolitical tensions, this interest income has risen significantly.
This has resulted in a blowout quarter, as the company reported a 77% year-over-year increase in revenue to $770 million, significantly beating analyst expectations. Moreover, USDC circulation has risen to a whopping $75 billion to $81 billion, an increase of 70%+.
The “Picks And Shovels” Trade
What’s unique about this rally is how investors are viewing Circle not as a speculative bet on crypto, but rather as infrastructure.
As market volatility continues to affect other digital assets, there’s a flight to stablecoins such as USDC, providing a more secure option for those looking to use them. This, in essence, creates a financial utility that’s being monetized.
Wall Street is taking notice, upgrading the stock, citing its increasing importance to tokenized finance, prediction markets and even AI-driven payment systems.
Why CCUP Is Outperforming
CCUP’s high concentration of Circle and related ecosystem names amplifies these moves. When CRCL rallies on earnings, adoption or macro tailwinds, the ETF acts as a high-beta proxy.
That dynamic has made CCUP one of the top-performing thematic ETFs in recent weeks — particularly as traditional equities wobble amid geopolitical uncertainty.
In short, while markets fret about war and rates, this ETF is capitalizing on a different narrative: the monetization of stability itself.
CRCL, CCUP Price Actions: Circle stock is up more than 7.75% at $135.58; the ETF is up 16.48% at $10.18 on Tuesday afternoon at publication.
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