The crypto market is entering a new phase of speculative excitement following Circle's IPO $CRCL (CRCL) debut on the New York Stock Exchange (NYSE). Among the voices drawing historical parallels is Arthur Hayes, co-founder of BitMEX, who described the moment with a clever turn of phrase: “We’ve gone full Circle — what a glorious day,” referring both to the company's name and the cyclical nature of crypto hype.