Market Signal Briefing

Bitcoin Plunges Below $87K as Crypto Weakness WorsensThe curse of the U.S. trading session — in which bitcoin tends to fall as American stocks trade — has hit yet again. Dec 15, 2025, 3:54 p.m.

Major cryptocurrencies fell during U.S. morning hours Monday, continuing a now crystal-clear pattern of relative poor performance while American stocks trade.

Trading fairly flat just below $90,000 overnight, bitcoin BTC$86,961.93 plunged to $86,800 in mid-morning U.S. trade.

STORY CONTINUES BELOW

"Since the iShares Bitcoin ETF IBIT began trading, had you only owned it after hours (buy the close, sell the next open), it's up 222%," noted Bespoke Investment. "Had you only owned intraday (buy the open, sell the close), it's down 40.5%."

Crypto stocks also started the week significantly lower with both Strategy (MSTR) and Circle (CRCL) both down about 7%. Coinbase (COIN) fell more than 5% while trading platforms Robinhood (HOOD) and eToro (ETOR) faced smaller declines of about 2%. Brokerage Gemini (GEMI), which soared late last week on approval for adding prediction markets to its offerings, pulled back 10% Monday.

Crypto miners, many closely attached to the data center infrastructure theme that took a hit last week amid artificial intelligence jitters, continued their downward trajectory. CleanSpark (CLSK), Cipher Mining (CIFR), Hut 8 (HUT) and TeraWulf (WULF) all logged over 10% declines.

Macro news on tapAs the U.S. government continues to ramp up following its long closure, the Bureau of Labor Statistics is set to release employment reports this week for both October and November. The data will be closely watched to help determine whether or not the Federal Reserve continues cutting interest rates in early 2026.

The Bank of Japan, meanwhile, is expected to hike its benchmark interest rate for the first time in nearly one year.

The Bank of England and the European Central Bank are also meeting later this week to discuss monetary policy.

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Protocol Research: GoPlus Security

Nov 14, 2025

What to know:

As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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CME Group Expands Crypto Derivatives With Spot-Quoted XRP and Solana Futures

24 minutes ago

These are CME’s smallest crypto contracts to date, aimed at active participants who prefer to trade in spot market terms without managing contract expiries or rollovers.

What to know:

CME Group has launched Spot-Quoted futures for XRP (XRP) and Solana (SOL), allowing for trading closer to real-time market prices.These are CME’s smallest crypto contracts to date, aimed at active participants who prefer to trade in spot market terms without managing contract expiries or rollovers.The launch also includes Trading at Settlement (TAS) for XRP, SOL and Micro futures, enabling traders to manage risk around crypto ETFs with added flexibility.Read full story

Ethereum remains the most consequential blockchain ever built. It introduced programmable money, anchored the decentralized finance (DeFi) sector, and serves as the primary venue for the world’s most secure smart contracts.

By legacy measures, its dominance is undisputed because it holds the deepest developer ecosystem, the largest pool of locked capital, and plays a central role in the settlement of regulated stablecoins.

However, technological irrelevance rarely arrives as a sudden collapse. It creeps in quietly, masked by metrics that describe where the market has been rather than where it is going.

The phrase “we still have TVL” (Total Value Locked) has become shorthand for this tension among Ethereum insiders. While TVL historically defined success, it increasingly measures assets that are parked as collateral rather than capital in motion.

The concern now emerging is that the ecosystem is leaning on these legacy metrics while the actual velocity of money shifts elsewhere. Whether that distinction matters by 2030 is now the industry's central question.

The data divergenceThe “flippening” narrative has returned, but this time it is driven by activity rather than market cap. The data paints a stark picture of divergence.

According to Nansen, Ethereum’s annualized revenue has dropped roughly 76% year over year to about $604 million.

The decline follows the network’s Dencun and Fusaka upgrade, which sharply reduced fees paid by Layer 2 networks.

In contrast, Solana generated approximately $657 million over the same period, while TRON captured nearly $601 million, driven almost entirely by stablecoin velocity in emerging markets.

The split is even sharper when viewed through the lens of Artemis data, which captures user behavior rather than just capital depth. In 2025, Solana processed roughly 98 million monthly active users and 34 billion transactions, exceeding Ethereum across almost every high-frequency category.

Alex Svanevik, CEO of Nansen, notes that dismissing these metrics fosters dangerous complacency. He has warned that Ethereum “needs to be paranoid” about unfavorable data even if TVL remains high.

In his view, the challenge is not just competition, but also the temptation to defend leadership by using indicators that become less relevant as crypto’s primary use cases shift.

However, a critical examination requires nuance. While the Artemis numbers show Solana winning the “volume war,” Ethereum is fighting a different battle: the war for Economic Density.

A significant portion of Solana’s 34 billion transactions consists of arbitrage bots and consensus messages. This activity generates substantial volume but arguably delivers less economic value per byte than Ethereum’s higher-stakes settlement flows.

As a result, the market is effectively bifurcating, with Solana becoming the “NASDAQ” of high-velocity execution, while Ethereum remains the “FedWire” of final settlement.

The crisis of urgencyYet, explaining away the competition as “spam” risks missing the deeper cultural shift. The threat to Ethereum is not just that users are leaving, but that the urgency to keep them was lost years ago.

Kyle Samani, managing partner at Multicoin Capital, crystallized this sentiment in a reflection on his exit from the ecosystem.

He pointed out that his ETH conviction broke at Devcon3 in Cancun in November 2017. He noted:

“ETH was at the time the fastest asset in human history to $100B market cap. Gas fees were spiking. There was a clear need to scale ASAP. There has never been urgency.”

This observation that the platform lacked the “wartime” speed required to capture mass adoption frames the current “MySpace” risk. MySpace didn't vanish because it lacked users; it lost primacy when engagement shifted to platforms that offered a smoother experience.

For Ethereum, this “smooth experience” was supposed to be delivered by Layer 2 rollups (L2s) like Base, Arbitrum, and Optimism.

While this has been successful in lowering fees, this “modular” roadmap has created a fragmented user experience.

Furthermore, as liquidity spreads across disjointed rollups and L2s pay significantly less “rent” to Ethereum for data storage, the direct economic link between user activity and ETH value accrual has weakened.

The risk is that Ethereum remains the secure base layer, but the profit margins and brand loyalty accrue entirely to the L2s above it.

The pivot to accelerationismAgainst that backdrop, the Ethereum Foundation has begun to adjust its operating posture.

The long-held emphasis on protocol “ossification,” the idea that Ethereum should change as little as possible, has softened since early 2025, as development priorities have shifted toward faster iteration and performance improvements.

A significant leadership cemented this shift in restructuring. The appointment of Tomasz Stańczak, founder of the client engineering firm Nethermind, alongside Hsiao-Wei Wang to Executive Director roles, signaled a move toward engineering urgency.

The technical manifestation of this new leadership is the Pectra and Fusaka upgrade shipped this year.

At the same time, the “Beam Chain” roadmap, championed by EF researcher Justin Drake, proposes a massive overhaul of the consensus layer, targeting 4-second slot times and single-slot finality.

This suggests Ethereum is finally attempting to answer the scaling question on the main layer. The goal is to compete directly with the performance of integrated chains like Solana without sacrificing the decentralization that makes ETH a pristine collateral asset.

This represents a high-stakes gamble of trying to upgrade a $400 billion network in flight. However, the leadership appears to have calculated that the risk of execution failure is now lower than the risk of market stagnation.

The final verdictThe “we still have TVL” defense is a backward-looking comfort blanket. In financial markets, liquidity is mercenary. It stays where it is treated best.

Ethereum’s bull case remains credible, but it is contingent on execution. If the “Beam Chain” upgrades can be delivered quickly and the L2 ecosystem can resolve its fragmentation issues to present a unified front, Ethereum can consolidate its position as the global settlement layer.

However, if usage continues to compound on high-velocity chains while Ethereum relies solely on its role as a collateral warehouse, it faces a future where it is systemically important but commercially secondary.

By 2030, the market will likely care less about the “history” of smart contracts and more about invisible, frictionless infrastructure.

So, the coming years will test whether Ethereum can remain the default choice for that infrastructure, or merely a specialized component of it.

Mentioned in this article

Bitcoin has fallen below $88k as of writing with QQQ also turning slightly red after futures suggested green in a packed week with both

TLDR

Juventus Fan Token (JUV) dropped more than 13% after Tether’s €1.1 billion takeover bid was rejected.
Juventus Football Club shares jumped over 14% following Exor’s decision to decline the offer.
Tether offered €2.66 per share in an all-cash deal, valuing Juventus at a 21% premium.
Exor controls 65.4% of Juventus and stated it has no intention of selling shares.
Tether holds an 11.53% stake in Juventus, while JUV trades below $0.74 after the decline.

Juventus Fan Token (JUV) dropped over 13% following the rejection of a €1.1 billion takeover bid by Tether. At the same time, Juventus Football Club’s shares surged 14% after Exor declined the offer. Tether’s proposal aimed to acquire a controlling stake at a 21% premium in an all-cash deal.

Tether’s Bid Rejected by Juventus Owner Exor
As it was reported in our recent news, Tether submitted a €1.1 billion all-cash bid on Friday to acquire Juventus Football Club from majority owner Exor. The proposal offered €2.66 per share, reflecting a 21% premium on Juventus’ last closing price. Exor owns 65.4% of the club and rejected the offer.

Exor released a statement on Saturday, confirming it would not sell any Juventus shares to Tether or any third party. Exor is controlled by the Agnelli family and also holds stakes in Stellantis and Ferrari. The company said it had “no intention of selling any of its shares in Juventus.”

Tether currently holds an 11.53% stake in Juventus and aims to expand its ownership through this acquisition attempt. The proposal, revealed in a letter sent to Exor, underlined Tether’s growing interest in professional sports. Tether operates USDT, the largest stablecoin by market capitalization.

JUV Token Falls While Club Shares Rise
According to a CoinDesk report, the JUV token climbed above $0.85 late Sunday before retreating to under $0.74 by early Monday. This marked a drop of more than 13% within hours following the bid rejection. The token had reached its highest value since early November. In contrast, Juventus shares rallied by over 14% on Monday to reach €2.50 during the trading session.

Market reaction to the takeover news pushed the stock higher after Tether’s proposal surfaced. Investors responded quickly once Exor’s rejection was confirmed. The fan token’s decline showed a contrasting reaction compared to equity markets. Fan tokens often respond differently to news affecting club ownership or business operations. JUV remains a blockchain-based asset for fan engagement, separate from the club’s official equity.

Crypto exchanges have spent $568 million on sports sponsorships for the 2024–2025 season, reports SportQuake. Soccer accounts for nearly 60% of all new sponsorship deals this season. Tether’s move reflected broader efforts by crypto firms to engage in sports ownership or partnerships. As of now, no revised offer or future intention has been disclosed by Tether. Juventus and Exor have made no further public comments. JUV continues trading below $0.74 while Juventus shares maintain gains.

17h05 ▪
4
min read ▪ by
Eddy S.

Summarize this article with:

The Ethereum network has just made crypto history by reaching 34,468 transactions per second, an absolute record. This performance, made possible by advancements in Layer 2 solutions and Zero Knowledge Rollups, opens a new era for scalability and mass adoption.

In brief

Ethereum established a historic record by processing 34,468 crypto transactions per second thanks to the efficiency of Layer 2 solutions.
The Fusaka upgrade and Layer 2 optimization reduce costs, improve scalability, and prepare Ethereum to reach 100,000 TPS in the long term.
This technological leap could boost ETH adoption and its price in 2026, attracting investors and decentralized applications.

Ethereum explodes the historical record of 34,468 crypto transactions per second
On December 14, 2025, Ethereum shattered all records by processing 34,468 transactions per second, a level never reached before. This performance peak was made possible thanks to the intense activity of Layer 2 solutions, such as Lighter, a perpetual exchange based on Zero Knowledge Rollups. These technologies allow bundling thousands of transactions off the main chain, thus reducing pressure on the crypto network.

34,468 crypto transactions per second on Ethereum.
Layer 2s, such as Base, Arbitrum, and Optimism, played a key role in this breakthrough. Indeed, their ability to process transactions at high speed while maintaining reduced costs allowed Ethereum to surpass its previous limits. For example, Lighter processed a large portion of crypto transactions, while Base maintained a steady pace between 100 and 300 transactions per second. This record occurs just before the Fusaka upgrade, launched on December 3, 2025.

Crypto: Ethereum gets a head start over its competitors
With 34,468 crypto transactions per second, Ethereum positions itself as an undisputed leader in scalability. Compared to competitors like Solana, which aims for a theoretical ceiling of 65,000 TPS, Ethereum demonstrates capacity to evolve rapidly. Moreover, transaction costs on Layer 2s have also dropped, making the network more accessible. For example, “blobs” fees have been reduced, encouraging broader adoption, especially in DeFi, gaming, and social applications.

Ethereum developers now aim for an ambitious goal: reaching 100,000 TPS in the long term. This prospect relies on continuous updates like Fusaka and optimization of existing technologies. As confirmed by Ryan Lee, chief analyst at Bitget:

The Fusaka upgrade introduces PeerDAS and a structured increase in “blobs” capacity, allowing up to eight times more data and reducing operational costs for validators. This prepares Ethereum to reach 100,000 transactions per second in the long term.

ETH in 2026: toward a triumphant first quarter?
Ethereum’s recent technological advances could well affect the value of its crypto, ETH. Increased scalability and improved efficiency are key factors to attract investors and stimulate demand. Analysts expect these technical performances to translate into a significant price increase of ETH, especially if institutional adoption continues to grow.

For the first quarter of 2026, prospects are optimistic. A combination of factors, such as reduced transaction costs, increased user volume, and integration of new applications, could propel ETH towards $5,000. However, risks remain, including increased competition from other blockchains and challenges related to crypto regulation. 

Does this record of 34,468 transactions per second mark the beginning of a new era for Ethereum and crypto? As technologies evolve and adoption accelerates, one question remains: can Ethereum maintain this momentum and become the ultimate reference for decentralized transactions in blockchain?

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Global $4 trillion U.S. bank JP Morgan has continued to embrace the crypto industry, as the banking giant has joined the list of highly reputable firms launching tokenized money market funds on-chain.

The big move, which has caught the attention of the crypto community, has also triggered an optimistic reaction from Tom Lee, the chairman of the publicly traded Ethereum treasury company BitMine Immersion Technologies (BMNR).

Ethereum's big move ahead?Tom Lee has reacted to the development, claiming that the move is bullish for Ethereum, as the bank had specifically launched the tokenized money-market fund on the Ethereum blockchain.

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While the bank’s CEO, Jamie Dimon, had recently acknowledged the growing demand for its blockchain-based financial services from institutional investors, the former anti-crypto firm appears to be increasingly leaning toward the industry.

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With this development, JP Morgan has become the biggest world-class financial institution to launch a tokenized MMF on a public blockchain. Notably, this is also the first-ever tokenized money-market fund JP Morgan has launched.

Following this big development, the crypto community has expressed excitement, as the move propels Ethereum toward more adoption and daily usage, positioning its price for an explosive move in the future.

What to expect from JP Morgan’s MMF?With the new development, JP Morgan is bringing blockchain technology to the fingertips of its large number of investors, allowing them to easily commit their funds on the blockchain network while maximizing returns.

Qualified investors will be able to access the product, also dubbed “My OnChain Net Yield Fund (MONY),” through JP Morgan’s institutional liquidity platform, Morgan Money.

With “My OnChain Net Yield Fund (MONY),” JP Morgan’s clients will be able to invest idle funds on Ethereum to earn a yield. The product will leverage Ethereum’s speed, and settlements will be executed faster at any time of the day, while also allowing investors access to real-time visibility.

The move seeks to expand the capabilities of the traditional banking system and improve the speed and efficiency of transactions.

TL;DR

Strategy purchased another 10,645 BTC for $980 million, lifting its treasury to 671,268 BTC, more than 3% of the total supply, reaffirming that its model will continue.
The company operates as a direct Bitcoin accumulation vehicle, with $50.3 billion invested and gains of roughly $9.7 billion.
The purchases are funded through equity and preferred stock issuance under the 42/42 plan.

Strategy bought Bitcoin for a second consecutive week and reaffirmed a corporate model that leaves no room for nuance.

Between December 8 and December 14, the company acquired 10,645 BTC for approximately $980 million, at an average price of $92,098 per coin. With that transaction, its total treasury reached 671,268 BTC, a figure that represents more than 3% of the network’s maximum supply.

The Model Will Not Change, Regardless of Circumstances
The size of the position no longer allows these purchases to be viewed as a hedge or a diversification play. Strategy operates as a direct Bitcoin accumulation vehicle, financed through traditional capital markets. The total acquisition cost of its holdings stands at roughly $50.3 billion, with a historical average price near $74,972 per BTC. At current prices, the company holds unrealized gains of about $9.7 billion and a stockpile worth more than $60 billion.

The mechanics behind the purchases matter as much as the volume. Strategy funded this round through at-the-market issuances of MSTR common stock and multiple series of perpetual preferred shares. Last week alone, the company placed nearly $890 million in common equity. That was supplemented by issuances of STRK, STRF, and STRD, each with distinct risk profiles and dividend structures. The company still retains the capacity to issue tens of billions of dollars more under these programs.

That structure is part of the “42/42” plan, which targets up to $84 billion in equity and convertible debt issuance through 2027. The objective is clear: to continue acquiring Bitcoin systematically, without relying on operating cash flow or short-term macro conditions. The signal to the market is unambiguous. As long as access to capital exists, accumulation continues.

Strategy Doubles Down on Its Bet
Even so, the model has already shown some friction. MSCI is evaluating whether to exclude companies whose digital assets exceed 50% of their balance sheets from its indexes. Strategy pushed back against the proposal and warned about potential distortions for investors and index providers.

The market has begun to respond. MSTR shares are down more than 40% year to date, compared with a much smaller decline in Bitcoin. The mNAV sits below 1, reflecting lingering concerns over future dilution and extreme dependence on the asset’s price.

Far from changing course, Strategy is doubling down. The final outcome will depend less on financial engineering and more on a single variable: Bitcoin’s long-term trajectory

TLDR

Do Kwon may face prosecution in South Korea despite receiving a 15-year prison sentence in the United States.
A New York court sentenced Kwon to 15 years and ordered $19 million forfeiture after fraud convictions.
Kwon may apply for the International Prisoner Transfer Program after serving half his US sentence.
South Korean prosecutors hold a 2022 arrest warrant citing Capital Markets Act violations.
Korean authorities estimate 200,000 victims with losses totaling about 300 billion won.

Do Kwon may face criminal charges in South Korea despite being sentenced to 15 years in the United States for fraud. Korean prosecutors confirmed the possibility of a separate trial if he is extradited. The case stems from the collapse of TerraUSD and Luna, which caused major investor losses as prosecutors in Seoul said domestic proceedings are independent of the US conviction.

US Sentence and Possibility of Transfer
According to a recent report by Blockonomi, Kwon received a 15-year prison sentence after pleading guilty to fraud and conspiracy charges in a New York court. Judge Paul A. Engelmayer imposed the term and ordered $19 million in forfeiture. The court cited investor losses of $40 billion.

During sentencing, Engelmayer said, “There are few frauds that have caused as much harm as you have, Mr. Kwon.” Prosecutors initially requested 12 years. The court increased the sentence due to the scale of the losses. Kwon admitted to conspiracy to commit fraud and wire fraud as part of a plea deal. He faced a potential sentence of up to 130 years before the agreement. His lawyers requested a five-year sentence.

Kwon’s legal team argued that the prosecution in Korea should reduce his sentence. The court rejected that argument. Engelmayer said speculation about future trials could not affect sentencing decisions. He may apply for the International Prisoner Transfer Program after serving half his sentence. US prosecutors agreed not to oppose that request. This could allow future prosecution in Korea.

South Korean Charges and Investor Losses
According to a report by The Korea Times, the Seoul Southern District Prosecutors’ Office has an active arrest warrant for Kwon, issued in September 2022. The charges include violations of the Capital Markets Act. Korean prosecutors say they intend to pursue the case if he returns. “A guilty verdict in Korea could lead to a sentence of more than 30 years,” a senior prosecutor said. He added, “Prosecuting Kwon domestically would best serve efforts to compensate local victims.”

Authorities estimate there are 200,000 victims in South Korea. Losses are valued at approximately 300 billion won, or $204 million. Ten alleged accomplices remain on trial in Seoul. Terraform Labs claimed TerraUSD maintained a dollar peg using algorithmic mechanisms. However, that peg failed in May 2021. Kwon said it recovered, but prosecutors later found hidden market support.

An investment firm secretly bought Terra to restore the peg. Despite that, both Terra and Luna collapsed again in May 2022. The crash wiped out billions in investor value. The Korean justice ministry has not confirmed any extradition timeline. US sentencing procedures do not prevent future charges elsewhere. Kwon remains in US custody following the court’s final ruling.

Key NotesBhutan signed an MoU with Cumberland DRW to build a responsible digital asset ecosystem.The new development will be led in Bhutan by Green Digital Ltd.This comes as Bhutan is set to launch TER, a sovereign digital token backed by its physical gold reserves.
Bhutan has signed a Memorandum of Understanding (MoU) with Cumberland DRW, with the goal of supporting Bitcoin

BTC
$87 067

24h volatility:
2.3%

Market cap:
$1.73 T

Vol. 24h:
$42.21 B

reserve management in Gelephu Mindfulness City (GMC).

The duo also plans to explore other areas like stablecoins, mining, and Artificial Intelligence (AI) computing in the same city. This new development will be led in Bhutan by Green Digital Ltd.

Bhutan Mulls National Stablecoin Development
According to an update on X, Bhutan has entered a strategic multi-year collaboration with crypto market maker Cumberland DRW.

Bhutan and Cumberland DRW have signed a multi-year MoU to build a responsible digital asset ecosystem in Gelephu Mindfulness City, guided by the vision of His Majesty King Jigme Khesar Namgyel Wangchuck.

The partnership focuses on sustainable digital asset infrastructure,… pic.twitter.com/IJR7t3oHYl

— gmcbhutan (@gmcbhutan) December 15, 2025

The goal is to build a responsible digital asset ecosystem in Gelephu Mindfulness City. This move is guided by the vision of His Majesty King Jigme Khesar Namgyel Wangchuck.

The GMC is a special administrative region in Bhutan, known to attract global talent. It is designed to integrate technology, sustainability, and mindful development.

Earlier in January, Bhutan’s GMC integrated Bitcoin, Ethereum

ETH
$3 010

24h volatility:
2.7%

Market cap:
$362.56 B

Vol. 24h:
$27.24 B

, and Binance Coin

BNB
$859.0

24h volatility:
3.1%

Market cap:
$117.94 B

Vol. 24h:
$1.53 B

into reserves, promoting blockchain innovation and economic resilience.

The core focuses of this latest partnership between Bhutan and Cumberland DRW are sustainable digital asset infrastructure, national stablecoin development, and talent building. This may go a long way in deepening Bhutan’s long-term, sustainability-focused crypto strategy.

Some sources noted that the deal is capable of supporting the country’s vision. This includes establishing a modern digital economy in sync with its environmental and governance values.

Ultimately, this initiative may support Bhutan’s Gross National Happiness (GNH) model, which emphasizes collective happiness over economic growth.

Bhutan Partnership to Provide Jobs for Locals
Per a statement from Jigdrel Singay, board director of Gelephu Mindfulness City, Cumberland will support the region’s Bitcoin reserve management.

The partnership will establish a presence in the GMC and hire local talent, which is one of the added advantages of the deal. There is also a plan to deploy subject-matter experts who will be responsible for developing the local workforce.

Bhutan has made several crypto-related moves this year, including deploying its National Digital Identity system on Ethereum. It is worth noting that this system was on Polygon

POL
$0.11

24h volatility:
3.5%

Market cap:
$1.20 B

Vol. 24h:
$74.91 M

before it was eventually moved to ETH.

More recently, the country hinted at plans to launch TER, a sovereign digital token backed by its physical gold reserves. The token, which is scheduled for launch on December 17, will be backed by the Solana

SOL
$126.7

24h volatility:
3.3%

Market cap:
$71.22 B

Vol. 24h:
$4.71 B

blockchain.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Cryptocurrency News, News

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

Godfrey Benjamin on X

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Bitwise Asset Management is moving forward with its Hyperliquid exchange-traded fund (ETF) application, as indicated by its recent filing. The asset manager has submitted an amendment filing for its proposed Bitwise Hyperliquid (HYPE) ETF with the U.S. Securities and Exchange Commission (SEC).

Bitwise amends Hyperliquid ETF applicationBloomberg Senior ETF Analyst Eric Balchunas shared the details of the new filing with his followers on X. He noted that the amendment filing includes a Form 8-A registration statement that requires securities to be listed on exchanges like NYSE and Nasdaq.

It is often one of the final steps before an ETF can start trading, as it registers shares for the exchange listing. Balchunas added that the amendment also disclosed a management fee of 0.67%.

Bitwise just filed amendment for its Hyperliquid ETF which added the 8a thing, the fee (67bps) and the ticker $BHYP. Usually that means launch imminent. Stay tuned. pic.twitter.com/uNXwlIrkga

— Eric Balchunas (@EricBalchunas) December 15, 2025 This is the annual expense ratio investors would pay. For context, many spot crypto ETFs have fees of approximately 0.20 to 1.5%. Hence, a 0.67% fee is competitive but still on the higher side for altcoin ETFs.

In addition to the fee disclosure, the Bitwise HYPE ETF amendment proposed BHYP as the trading symbol. Similar to Form 8-A registrations, tickers are finalized late in the process and are a strong indicator of readiness.

Therefore, Balchunas has referenced the amendment as a signal that Bitwise is positioned for a quick HYPE ETF launch. 

Bitiwise shows support for altcoinsNotably, a spot ETF that would allow investors to invest in HYPE, the native token of Hyperliquid, without directly holding the asset. Hyperliquid is a high-performance layer-1 blockchain and decentralized perpetual futures exchange (DEX) known for fast and low-cost trading of crypto derivatives.

The Bitwise HYPE ETF launch is expected to bring more institutional money into the Hyperliquid ecosystem. This could lead to surges in the price of HYPE, which is currently experiencing a downtrend.

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As of press time, HYPE is trading around $29.27, down 1.7% over the past 24 hours.

Meanwhile, the HYPE ETF amendment comes shortly after Biwise launched its Solana and XRP ETFs. These launches suggest the asset manager is confident in the future price direction of the top altcoins.

So far, these ETFs have seen increased institutional adoption as indicated by weeks of consistent inflows. Specifically, the Bitwise Solana ETF registered 17 days of consecutive inflows as investors actively engaged the product.

Likewise, the Bitwise XRP ETF saw $107 million in inflows on its first day of trading despite a broad crypto market slowdown.

Delayed Fed easing, weakening jobs data, and broken technical structures all indicate that Bitcoin's bull market could be over.

The crypto market has weakened since early October, with Bitcoin (BTC) sliding to about $90,000 from its then-peak of $126,000.

Amidst rising concerns, market analyst Mr. Wall Street said that BTC is gearing up for a significant downturn after a final rebound toward the $100,000 level. He said a combination of deteriorating macroeconomic conditions, delayed Federal Reserve action, and bearish technical signals points to the start of a broader bear market for the world’s largest cryptocurrency.

Key Bitcoin Technical Levels Break
In a detailed market breakdown, the analyst explained he had turned bearish on Bitcoin in the short and medium term as early as November, while arguing that the US economy began weakening at the start of 2025, as policymakers failed to respond in time. He said worsening employment data and falling underlying inflation signaled an urgent need for early interest rate cuts, but the Fed instead kept policy tight, citing inflation readings he described as overstated due to tariffs and external political factors.

According to Mr. Wall Street, this delay has left the economy vulnerable, as monetary easing takes time to filter through markets, thereby making it “too late” for rate cuts alone to prevent a deeper correction. He said the only remaining tool capable of stabilizing markets would be a large-scale liquidity injection amounting to trillions of dollars, rather than limited, one-off bond purchases.

Until such an intervention occurs, he expects asset prices, including Bitcoin, to continue falling toward what he considers fair value.

From a technical perspective, he said Bitcoin’s bullish structure has already broken. He pointed to a weekly close below the 50-week exponential moving average, a bearish crossover on the monthly MACD indicator, and a bearish divergence on the relative strength index, which he views as classic signals marking the start of a bear cycle.

He also spoke about the stress in funding markets, heavy use of US repo facilities, and declines in major US technology and artificial intelligence-linked stocks as further confirmation of tightening financial conditions. Additional pressure could come from a potential increase in Japanese interest rates, which would accelerate the unwinding of carry trades, as well as from market-making institutions that failed during a previous crash and may seek to liquidate large spot holdings once prices revisit key technical levels.

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Mr. Wall Street rejected arguments that quantitative easing has already begun, and described recent Federal Reserve bond purchases as isolated operations rather than a policy shift. While reiterating a long-term bullish view on Bitcoin as a finite-supply asset that benefits from monetary expansion, he said this does not justify optimism over the coming quarters.

He expects Bitcoin to first retest the 50-week EMA, currently near $100,000, before resuming its decline. He placed short positions in the $98,000-$104,000 range and predicted an initial move down to $68,000-$74,000, followed by a deeper drop to $54,000-$60,000 by the fourth quarter of 2026.

A similar sentiment was echoed by another prominent crypto analyst, Doctor Profit, who reiterated his previous stance, and added,

“Bitcoin remains in a strong bear market and we have not bottomed out yet.”

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Bitwise has made an important move towards introducing the first spot ETF of Hyperliquid in America. The update added the fee of the fund, the ticker as well as the final language of registration. These developments normally indicates that approval is near at hand.

Is Hyperliquid the Next Spot ETF? 
The asset manager has filed a modified Form S-1 with the Securities and Exchange Commission. Based on the trends before previous crypto ETF launches, such late edits often come right before an official launch of a product.

Already, market watchers are evaluating the impact that the filing can have on the price of HYPE token. Experts are forecasting an uptrend in HYPE price in case the ETF is approved. Under the proposed Bitwise Hyperliquid ETF, investors would have regulated exposure to HYPE tokens.

Before the registration becomes valid, the fund will be listed on the NYSE Arca. The ETF will hold Hyperliquid tokens physically, according to the filing.

Its net asset value will track a pricing benchmark provided by CF Benchmarks. That benchmark aggregates trading data from major Hyperliquid markets.

Bloomberg ETF analyst Eric Balchunas said such filings often mean issuance is imminent. The amendment lists a management fee of 0.67% and the ticker symbol BHYP.

ETF Momentum Hasn’t helped HYPE Price 
Since the announcement of the amended filing, the reaction of the HYPE token has been subdued. On TradingView, HYPE was trading at around $28.80, and was down by approximately 0.12% in the last day.

The token briefly touched $29.12 earlier in the session before pulling back. HYPE is also down more than 3% over the past week and over 23% in the past month. Meanwhile, onchain activity has created attention after the recent case of the Hyperliquid team shifting $90 million HYPE as it is ranked among the blockchains earning the highest fees.

Spot crypto ETFs have expanded rapidly since Bitcoin and Ethereum approvals. Issuers are now racing to bring single-asset products tied to newer networks.

In brief
Do Kwon could face a separate criminal trial in South Korea if transferred there after serving part of his 15-year U.S. sentence.
Korean prosecutors say a conviction under the Capital Markets Act could add decades more prison time, independent of the U.S. case.
Cybercrime consultant David Sehyeon Baek said Korean victims could view U.S. punishment as potentially more meaningful than domestic outcomes.
Do Kwon’s legal troubles may be far from over. 

South Korean prosecutors say disgraced crypto founder Do Kwon could still face a separate criminal trial at home, one that may carry decades more behind bars—even after receiving a 15-year prison sentence last week in the United States for his role in the $40 billion collapse of TerraUSD and LUNA in 2022. 

The South Korean national may apply to the International Prisoner Transfer Program after completing half of his U.S. sentence, with American prosecutors agreeing not to oppose the request as part of his plea deal.

If extradited back to South Korea, Kwon would face charges including violations of the Capital Markets Act, potentially adding more than 30 years to his sentence.

"A guilty verdict in Korea could lead to a sentence of more than 30 years," a senior prosecutor told The Korea Times. "Prosecuting Kwon domestically would best serve efforts to compensate local victims."

The Seoul Southern District Prosecutors' Office obtained an arrest warrant for Kwon in September 2022. Korean authorities estimate roughly 200,000 victims in the country suffered losses totaling $204 million (300 billion won). 

Kwon’s downfallKwon co-founded the Singapore-based Terraform Labs, which issued the TerraUSD stablecoin and sister token LUNA. 

The company claimed Terra would maintain its peg with the U.S. dollar through Terra Protocol, but the system collapsed in May 2022, which led to a huge market contagion that led to other firms in the space shuttering and leaving investors with massive losses.

U.S. prosecutors later discovered that an investment firm contracted by Terraform Labs secretly purchased Terra to artificially prop up its price.

Kwon was arrested in Montenegro in March 2023 while attempting to travel with a forged passport. After a months-long extradition battle, during which Kwon pursued legal action seeking transfer to South Korea rather than the U.S. He was ultimately sent to the U.S. last December.

U.S. District Judge Paul Engelmayer sentenced Kwon to 15 years in prison on Thursday after convicting him on nine counts, including fraud and money laundering. While prosecutors sought 12 years, the court imposed a longer sentence and ordered forfeiture of $19 million in illicit gains.

During the process, the court received 315 victim impact letters detailing suicide, bankruptcy, and health crises in the aftermath of the collapse. 

Sentiment in South Korea"In Korea, there's actually a lot of sentiment among victims that seeing Do Kwon punished in the U.S. might be more meaningful than a domestic outcome," cybercrime consultant David Sehyeon Baek told Decrypt. 

"That's because the Korean legal system is widely viewed as relatively lenient when it comes to large-scale financial crimes, even when the damage is massive,” Baek added. “When massive financial crimes are framed as ‘business failures’ instead of serious offenses, the message that comes through is tolerance, not accountability.”

Baek said Do Kwon could not credibly claim ignorance, telling Decrypt the risks were no longer theoretical and that Kwon understood a collapse would harm investors. 

Pushing ahead regardless amounted to accepting that risk, he said, noting that “hoping it would work” does not erase awareness that it could fail. 

“It has caused too much harm to people,” Baek said. “People are not guinea pigs.”

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Bitwise Asset Management could witness the approval and launch of its proposed Hyperliquid exchange-traded fund before the end of the year after filing an amended registration statement with US securities watchdogs dated December 15.

Bloomberg’s senior ETF analyst Eric Balchunas has shared a record on X from the US Securities and Exchange Commission (SEC), which shows Bitwise submitted Amendment No. 1 to its Form S-1 registration statement for the Hyperliquid ETF on Monday. 

Bitwise just filed amendment for its Hyperliquid ETF which added the 8a thing, the fee (67bps) and the ticker $BHYP. Usually that means launch imminent. Stay tuned. pic.twitter.com/uNXwlIrkga

— Eric Balchunas (@EricBalchunas) December 15, 2025

The filing updates the original registration under the Securities Act of 1933 and includes language allowing the registrant to delay the effective date “until further notice” or “until the SEC determines the appropriate timing under Section 8(a) of the Act.”

“Bitwise just filed an amendment for its Hyperliquid ETF which added the 8a thing, the fee (67bps) and the ticker $BHYP. Usually, that means launch is imminent. Stay tuned,” Bloomberg’s Balchunas wrote on X, insinuating the ETF launch could come soon.

Bitwise HYPE ETF amendment filing points to near-term debut
As reported by Cryptopolitan, Bitwise filed an S-1 proposal for the Hyperliquid ETF with the SEC in late September. Looking at the amended prospectus, there is a proposed ticker symbol “BHYP,” and according to Reuters, the Bitwise HYPE ETF could be listed on NYSE Arca.  

Under the post-September review procedure, the SEC has authorized crypto ETF issuers to go effective within 30 to 60 days of the initial S-1 filing. The filing of Amendment No. 1, including Section 8(a) language, a finalized fee, and a ticker symbol, is usually interpreted as the final procedural step before effectiveness.

All factors considered would place the most realistic window for trading within the second half of December, or latest early January as a fallback if the regulator waits for internal clearance or market conditions.

The filing disclosed the fund’s unitary management fee, which will be set at 0.67% per annum of the trust’s Hyperliquid holdings. Per the prospectus, the ETF is structured as a trust that issues common shares of beneficial interest on a continuous basis. 

The trust will reference the CF Hype Dollar US Settlement Price to calculate its net asset value, a pricing benchmark produced by CF Benchmarks Ltd. and derived from aggregated executed trade data in Hyperliquid trading “constituent platforms.”

The prospectus says that shares will be created and redeemed in groups of 10,000. This will be based on the amount of Hyperliquid that each share is worth, less any unpaid expenses and debts, and multiplied by the number of shares in a basket.

Bitwise, VanEck seek regulated HYPE exposure as UK mulls crypto law changes
Bitwise’s amendment is part of a small group of pending HYPE-related fund filings submitted to the SEC. Two weeks before Bitwise submitted its original application, VanEck filed a staking-focused Hyperliquid ETF with the US regulator.

VanEck has also been pursuing two Hyperliquid ETFs in the European Union, where regulatory frameworks are less stringent than those in the West. The SEC has not yet approved a Hyperliquid ETF, and it could be a big ask for the regulator to greenlight a staking ETF for a decentralized exchange token. 

In October, Grayscale became the first US-based issuer to begin staking the Ethereum and Solana held by its spot crypto exchange-traded funds. The crypto asset manager introduced staking in its Ethereum and Solana offerings, including the Grayscale Ethereum Trust ETF, the Grayscale Ethereum Mini Trust ETF, and the Grayscale Solana Trust, listed and traded on NYSE Arca.

The push for new crypto investment products is unfolding in Britain, where the finance ministry announced on Monday that the country will begin regulating cryptoassets from October 2027. The government plans to introduce legislation in parliament that would extend financial regulation to companies involved in cryptoassets. 

Finance minister Rachel Reeves told news publications that the rules would provide “clear rules of the road,” strengthen consumer protections and keep “dodgy actors” out of the market. Natalie Lewis, a partner at law firm Travers Smith, said that she hoped the final legislation would include more substantive revisions, citing several technical legal issues in the original draft.

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BitMine Immersion Technologies has expanded its position as the world’s largest Ethereum corporate treasury, adding another 102,259 ETH worth an estimated $321.1 million last week as part of its long-term bid to accumulate 5% of the asset’s total supply.

The NYSE American–listed company (ticker BMNR) disclosed Monday that its holdings now stand at 3,967,210 ETH bought at an average price of $3,074 per ether. That would value the digital asset treasury near $12.5 billion at current prices.

BitMine’s stash also represents just over 3.2% of all circulating ether. The firm also holds 193 bitcoin, $1 billion in cash, and a $38 million strategic stake in Eightco Holdings, bringing its combined crypto, cash, and "moonshot" investments to about $13.3 billion as of Monday.

The latest increase follows two consecutive weeks of accelerated accumulation and comes after a quieter November, which BitMine attributed to market volatility tied to the Oct. 10 price shock. Ether is trading near $3,120, while BMNR shed 6% following today's disclosure.

BitMine Chairman Tom Lee said the firm continues to see structural tailwinds for Ethereum, citing the regulatory and legislative shifts in Washington in 2025 alongside stronger institutional engagement.

"Crypto prices have stabilized in the past week, further evidence that recovery is underway," Lee said. "These developments strengthen our conviction that the best days for crypto are ahead and why we continue to accumulate ETH towards our ‘alchemy of 5%’ target."

BitMine’s growth has elevated it to the top ETH treasury globally and the second-largest corporate crypto treasury overall, behind Strategy (formerly MicroStrategy), which holds roughly 660,624 BTC valued at $59 billion.

The company also reiterated plans to deploy its Made in America Validator Network — MAVAN — in early 2026, positioning it as a “best-in-class” staking solution designed to complement its ETH accumulation strategy.

Monday’s update arrives alongside renewed industry attention on Ethereum’s role in tokenization.

On Friday, Lee posted on X that "Ethereum is the future of finance," referencing JPMorgan’s move to launch a tokenized money-market fund on Ethereum — a development widely viewed as another data point in institutional adoption trends.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Tanzeel Akhtar

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Tanzeel Akhtar

Part of the Team Since

Feb 2018

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Tanzeel Akhtar has been reporting on cryptocurrency and blockchain technology since 2015. Her work has appeared in leading publications including The Wall Street Journal, Bloomberg, CoinDesk, Bitcoin...

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Last updated: 

December 15, 2025

BitMine Immersion Technologies said it now holds more than 3.2% of the total Ethereum token supply, placing the company roughly two-thirds of the way toward its stated goal of acquiring 5% of all ETH in circulation.

As of December 14, the company reports it held 3,967,210 ETH, following the addition of more than 102,000 tokens over the past week. Based on market prices at the time, BitMine’s ETH position alone represented a multibillion-dollar allocation.

🧵
BitMine provided its latest holdings update for Dec 15th, 2025:

$13.2 billion in total crypto + "moonshots":
-3,967,210 ETH at $3,074 per ETH (@coinbase)
– 193 Bitcoin (BTC)
– $38 million stake in Eightco Holdings (NASDAQ: ORBS) (“moonshots”) and
– total cash of $1.0…

— Bitmine (NYSE-BMNR) $ETH (@BitMNR) December 15, 2025
Crypto, Cash and “Moonshots” Reach $13.3BBitMine reports that its combined crypto holdings, cash reserves and strategic investments totaled approximately $13.3 billion. Alongside its Ethereum position, the company holds 193 bitcoin, $1.0 billion in cash and a $38 million stake in Eightco Holdings, which it categorizes as a “moonshot” investment.

The company said the scale and composition of its balance sheet reflect a deliberate strategy to combine liquidity with long-duration exposure to digital assets.

Management has also stressed that maintaining a cash buffer allows BitMine to continue accumulating crypto during periods of market volatility while preserving operational flexibility.

Institutional Backing and Market LiquidityBitMine said it continues to be supported by a group of prominent institutional and strategic investors, including Cathie Wood’s ARK Invest, Founders Fund, Pantera Capital, Galaxy Digital, Digital Currency Group, Kraken and Bill Miller III, as well as individual investor Tom Lee.

The company views this backing as critical to its ambition of reaching the 5% ETH ownership threshold, which it refers to internally as the “Alchemy of 5%.” In the equity markets, BitMine’s stock has emerged as one of the most actively traded in the United States.

According to Fundstrat data, BMNR has averaged roughly $1.9 billion in daily trading volume over the past five days, ranking it as the 41st most traded U.S. stock.

Staking Plans and Shareholder Meeting AheadBitMine said it is also developing a staking initiative known as the Made in America Validator Network, or MAVAN, which is expected to be deployed in early 2026. The company has described the project as a secure, institutional-grade staking solution designed to generate yield on its Ethereum holdings.

BitMine will hold its annual shareholders meeting at the Wynn Las Vegas on January 15, 2026. The event is expected to provide further updates on its treasury strategy, staking rollout and progress toward its long-term Ethereum ownership target.

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Did you analyze how Lululemon (LULU - Free Report) fared in its international operations for the quarter ending October 2025? Given the widespread global presence of this athletic apparel maker, scrutinizing the trends in international revenues becomes imperative to assess its financial strength and future growth possibilities.

In the current era of a tightly interconnected global economy, the proficiency of a company to penetrate international markets significantly influences its financial health and trajectory of growth. For investors, the key is to grasp how reliant a company is on overseas markets, as this provides insights into the durability of its earnings, its ability to exploit different economic cycles, and its overall growth capabilities.

International market involvement serves as insurance against economic downturns at home and enables engagement with economies that are growing more quickly. Still, this move toward diversification is not without its challenges, as it involves navigating through the fluctuations of currencies, geopolitical threats, and the distinctive nature of various markets.

Upon examining LULU's recent quarterly performance, we noticed several interesting patterns in the revenue generated from its international segments, which are commonly analyzed and observed by Wall Street experts.

For the quarter, the company's total revenue amounted to $2.57 billion, experiencing an increase of 7.1% year over year. Next, we'll explore the breakdown of LULU's international revenue to understand the importance of its overseas business operations.

Exploring LULU's International Revenue PatternsDuring the quarter, Canada contributed $331.6 million in revenue, making up 12.9% of the total revenue. When compared to the consensus estimate of $329.24 million, this meant a surprise of +0.72%. Looking back, Canada contributed $321.29 million, or 12.7%, in the previous quarter, and $335.48 million, or 14%, in the same quarter of the previous year.

Of the total revenue, $465.36 million came from China Mainland during the last fiscal quarter, accounting for 18.1%. This represented a surprise of +17.71% as analysts had expected the region to contribute $395.35 million to the total revenue. In comparison, the region contributed $392.9 million, or 15.6%, and $318.34 million, or 13.3%, to total revenue in the previous and year-ago quarters, respectively.

Hong Kong SAR, Taiwan, and Macau SAR accounted for 1.8% of the company's total revenue during the quarter, translating to $46.46 million. Revenues from this region represented a surprise of -5.35%, with Wall Street analysts collectively expecting $49.09 million. When compared to the preceding quarter and the same quarter in the previous year, Hong Kong SAR, Taiwan, and Macau SAR contributed $47.63 million (1.9%) and $41.05 million (1.7%) to the total revenue, respectively.

Other geographic areas generated $320.71 million in revenues for the company in the last quarter, constituting 12.5% of the total. This represented a surprise of +11.21% compared to the $288.39 million projected by Wall Street analysts. Comparatively, in the previous quarter, Other geographic areas accounted for $326.47 million (12.9%), and in the year-ago quarter, it contributed $266.89 million (11.1%) to the total revenue.

International Revenue PredictionsWall Street analysts expect Lululemon to report $3.59 billion in total revenue for the current fiscal quarter, indicating a decline of 0.6% from the year-ago quarter. Canada, China Mainland, Hong Kong SAR, Taiwan, and Macau SAR and Other geographic areas are expected to contribute 12.7% (translating to $455.08 million), 14.1% ($506.66 million), 1.8% ($65.64 million), and 11% ($393.84 million) to the total revenue, respectively.

For the entire year, the company's total revenue is forecasted to be $11.05 billion, which is an improvement of 4.4% from the previous year. The revenue contributions from different regions are expected as follows: Canada will contribute 12.7% ($1.4 billion), China Mainland 15.1% ($1.66 billion)Hong Kong SAR, Taiwan, and Macau SAR 1.9% ($206.47 million) and Other geographic areas 11.7% ($1.29 billion) to the total revenue.

Closing RemarksLululemon's leaning on foreign markets for its revenue stream presents a mix of chances and challenges. Therefore, a vigilant watch on its international revenue movements can greatly aid in projecting the company's future direction.

With the increasing intricacies of global interdependence and geopolitical strife, Wall Street analysts meticulously observe these patterns, especially for companies with an international footprint, to tweak their forecasts of earnings. Importantly, several additional factors, such as a company's domestic market status, also impact these earnings forecasts.

We at Zacks strongly focus on the dynamic earnings forecast of companies, given that empirical studies have demonstrated its potent impact on the immediate price movement of stocks. Invariably, there's a positive relationship -- upward earnings predictions often result in an increase in stock prices.

With an impressive externally audited track record, our proprietary stock rating tool - the Zacks Rank - harnesses the power of earnings estimate revisions and serves as an effective indicator of a stock's near-term price performance.

At present, Lululemon holds a Zacks Rank #3 (Hold). This ranking implies that its near-term performance might mirror the overall market movement. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

A Review of Lululemon's Recent Stock Market PerformanceOver the preceding four weeks, the stock's value has appreciated by 20.1%, against a downturn of 0.2% in the Zacks S&P 500 composite. In parallel, the Zacks Consumer Discretionary sector, which counts Lululemon among its entities, has depreciated by 2.7%. Over the past three months, the company's shares have seen an increase of 20.8% versus the S&P 500's 4% increase. The sector overall has witnessed a decline of 8.1% over the same period.

Strategy Inc. (NASDAQ:MSTR) disclosed another major Bitcoin (CRYPTO: BTC) purchase on Monday, acquiring 10,645 BTC for about $980.3 million between Dec. 8 and Dec. 14, even as a key performance metric behind its stock turns negative.

Strategy Extends Bitcoin AccumulationThe company said it paid an average price of $92,098 per Bitcoin, funding the purchase through at-the-market sales of common stock and multiple preferred share offerings. 

Nearly $989 million was raised during the week through MSTR and its STRF, STRK, and STRD securities.

As of December 14, Strategy holds 671,268 BTC, acquired for roughly $50.33 billion at an average cost of $74,972 per Bitcoin. 

The filing reinforces that Bitcoin remains the firm's central treasury asset, with accumulation driven primarily by capital markets activity rather than operating cash flow.

BTC Yield Turns Negative For First Time In YearsDespite continued buying, Strategy's BTC Yield, a core metric tracking Bitcoin held per share of MSTR, has turned negative for the first time in years, according to Protos. 

The company reported a quarterly BTC Yield of minus 1%, meaning it now holds less Bitcoin per share than it did at the end of September.

BTC Yield had been positive every year since 2020 and every quarter since April 2023, making the reversal a notable break from the narrative that dilution was consistently accretive for shareholders.

Dilution And Cash Reserves Weigh On MetricsThe decline follows Strategy's decision to divert $1.44 billion into a USD cash reserve instead of deploying the capital into Bitcoin. 

The reserve is intended to meet future dividend obligations tied to preferred shares.

Analysts note that BTC Yield only benefits shareholders when new equity or preferred issuance occurs at a premium to the company's Bitcoin net asset value. 

When that premium compresses, dilution becomes uneconomic.

mNAV Premium Collapses As Confidence FadesStrategy's multiple-to-net asset value, or mNAV, has been declining since mid-2023, reflecting waning investor willingness to pay a premium for Bitcoin exposure through MSTR rather than holding BTC directly.

Market data shows investors are now valuing Strategy at roughly a 16% enterprise-level premium to its Bitcoin holdings, down sharply from premiums above 240% seen as recently as November 2024. 

On a basic basis, excluding preferred shares and bonds, Strategy's market capitalization is now below the value of its Bitcoin.

MSTR Fails To Break Downtrend As Sellers Defend Resistance

Strategy Inc. Stock Price Action (Source: TradingView)

MSTR attempted to break out of its falling channel, but the move failed as price briefly pushed above resistance before slipping back inside the structure. 

That behavior signals rejection rather than a confirmed trend change.

The broader structure continues to print lower highs, with sellers actively defending the $190–$195 zone. 

Supertrend and SAR remain in bearish alignment, confirming that downside momentum has not flipped.

As long as MSTR trades below roughly $195, the downtrend remains active. 

Near-term support sits around $175, with additional risk toward $160 if that level gives way.

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TL;DR

Tether submitted a bid for 65.4% of Juventus at €2.66 per share, implying a valuation above €1.0 billion, plus more than €1.0 billion in future investments.
Exor rejected the proposal in under 24 hours, making clear that Juventus is a historical and cultural asset of the Agnelli family, not a stake that is for sale.
Neither a premium above 20% nor immediate liquidity is enough to displace family control without addressing governance and legitimacy.

Tether tried to buy Juventus and ran into a limit that crypto capital has yet to cross. The offer was straightforward, all cash, and carried a meaningful premium. Exor’s response was just as direct: there is no sale.

The issuer of the USDT stablecoin submitted an unsolicited proposal to acquire the 65.4% stake in Juventus controlled by Exor. The price was €2.66 per share, a 21% premium over the prevailing market value. The implied valuation slightly exceeded €1.0 billion. In addition, Tether committed another €1.0 billion in future investments for infrastructure, the stadium, and sporting development. Total deployed capital would have reached roughly €2.1 billion.

Exor Rejected the Proposal in Less Than 24 Hours
From a financial standpoint, the offer was not marginal. Juventus owns its stadium, has a massive fan base across Europe, and operates a globally recognized brand. Even so, Exor rejected the proposal in less than 24 hours. The holding company made it clear that it has no intention of selling any stake in the club, neither to Tether nor to any other buyer.

The decision cannot be explained by price alone. Exor and the Agnelli family have controlled Juventus for more than a century. The club functions as an identity, political, and cultural asset, not as a tradable investment. That logic was explicit in John Elkann’s public message: Juventus, its history, and its values are not for sale. In addition, the club is not under acute financial pressure. Three weeks earlier, Juventus had raised around €97.8 million through a capital increase to reduce debt and strengthen its balance sheet.

The market absorbed the message quickly. Shares initially jumped and then returned to prior levels once it became clear that the transaction had no path forward. For traders, the spread vanished. For the crypto sector, the signal ran deeper.

Tether Will Need a Different Approach to Enter Juventus’ Ownership Structure
Tether tested whether a stablecoin issuer with tens of billions in reserves can use its liquidity to acquire a high-profile, historic European asset. The answer was no. Neither a premium above 20% nor a long-term investment commitment was enough to displace a family control shareholder.

The takeaway is clear. Crypto capital will keep looking for real-world assets as it accumulates cash and seeks returns outside its own ecosystem. However, in traditional, regulated franchises loaded with symbolism, money does not buy legitimacy. Future proposals will need to address governance, reputational control, and political fit. Without that, large checks will keep crashing into closed doors

Have you been paying attention to shares of Dycom Industries (DY - Free Report) ? Shares have been on the move with the stock up 18.7% over the past month. The stock hit a new 52-week high of $366.65 in the previous session. Dycom Industries has gained 98.7% since the start of the year compared to the 4% move for the Zacks Construction sector and the 46.4% return for the Zacks Building Products - Heavy Construction industry.

What's Driving the Outperformance?The stock has a great record of positive earnings surprises, as it hasn't missed our earnings consensus estimate in any of the last four quarters. In its last earnings report on November 19, 2025, Dycom Industries reported EPS of $3.63 versus consensus estimate of $3.15.

For the current fiscal year, Dycom Industries is expected to post earnings of $10.71 per share on $5.39 in revenues. Meanwhile, for the next fiscal year, the company is expected to earn $14.45 per share on $6.96 in revenues. This represents a year-over-year change of 34.99% and 29.15%, respectively.

Valuation MetricsThough Dycom Industries has recently hit a 52-week high, what is next for Dycom Industries? A key aspect of this question is taking a look at valuation metrics in order to determine if the company is due for a pullback from this level.

On this front, we can look at the Zacks Style Scores, as they provide investors with an additional way to sort through stocks (beyond looking at the Zacks Rank of a security). The individual style scores for Value, Growth, Momentum and the combined VGM Score run from A through F. The idea behind the style scores is to help investors pick the most appropriate Zacks Rank stocks based on their individual investment style.

Dycom Industries has a Value Score of D. The stock's Growth and Momentum Scores are C and A, respectively, giving the company a VGM Score of B.

In terms of its value breakdown, the stock currently trades at 32.3X current fiscal year EPS estimates, which is a premium to the peer industry average of 23X. On a trailing cash flow basis, the stock currently trades at 23X versus its peer group's average of 18.3X. Additionally, the stock has a PEG ratio of 1.78. This isn't enough to put the company in the top echelon of all stocks we cover from a value perspective.

Zacks RankWe also need to look at the Zacks Rank for the stock, as this supersedes any trend on the style score front. Fortunately, Dycom Industries currently has a Zacks Rank of #1 (Strong Buy) thanks to rising earnings estimates.

Since we recommend that investors select stocks carrying Zacks Rank of 1 (Strong Buy) or 2 (Buy) and Style Scores of A or B, it looks as if Dycom Industries meets the list of requirements. Thus, it seems as though Dycom Industries shares could still be poised for more gains ahead.

How Does DY Stack Up to the Competition?Shares of DY have been soaring, and the company still appears to be a decent choice, but what about the rest of the industry? One industry peer that looks good is Orion Group Holdings, Inc. (ORN - Free Report) . ORN has a Zacks Rank of #2 (Buy) and a Value Score of B, a Growth Score of A, and a Momentum Score of C.

Earnings were strong last quarter. Orion Group Holdings, Inc. beat our consensus estimate by 50.00%, and for the current fiscal year, ORN is expected to post earnings of $0.27 per share on revenue of $847.31 million.

Shares of Orion Group Holdings, Inc. have gained 14.2% over the past month, and currently trade at a forward P/E of 58.6X and a P/CF of 10.56X.

The Building Products - Heavy Construction industry is in the top 11% of all the industries we have in our universe, so it looks like there are some nice tailwinds for DY and ORN, even beyond their own solid fundamental situation.

PLUG jumps 77.1% on electrolyzer demand and global hydrogen deals, but losses and cash burn keep caution in focus.

Key Takeaways Sterling is benefiting from strong mission-critical data center and manufacturing demand.STRL reported a $2.6B signed backlog in Q3 2025, with total potential work above $4B.Primoris raised its 2025 adjusted EPS outlook but continues to face margin pressure.
The U.S. infrastructure construction landscape continues to benefit from sustained public and private investment as demand remains strong across transportation, utilities, energy infrastructure and mission-critical development. Within this evolving environment, Sterling Infrastructure, Inc. (STRL - Free Report) and Primoris Services Corporation (PRIM - Free Report) have emerged as two well-positioned contractors, each capitalizing on long-term infrastructure spending trends and increasing complexity across large-scale, non-residential projects. As execution, backlog quality and margin durability take center stage, these two companies have become natural comparables for investors evaluating infrastructure and engineering stocks.

While one emphasizes high-margin site development and mission-critical projects tied to data centers and manufacturing, the other brings broad exposure across utility, energy and specialty construction services supported by diversified customers and recurring work frameworks.

Furthermore, both Sterling and Primoris stand to benefit from easing financial conditions following recent monetary policy shifts, with the Federal Reserve cutting interest rates by a quarter percentage point for the third time this year on Dec. 10, 2025, trimming its benchmark rate to a range of 3.5% to 3.75%. Looking ahead, the central bank has also signaled the potential for one additional rate cut in 2026, a development that could further support infrastructure investment and project financing activity.

Let’s dive deep and closely compare the fundamentals of the two stocks to determine which one may be the better investment now.

The Case for Sterling StockThis Texas-based infrastructure services provider continues to gain momentum as demand remains strong across mission-critical end markets. During the third quarter of 2025, the company’s E-Infrastructure segment remained the primary growth engine, supported by sustained activity in data centers, manufacturing and large-scale distribution projects. Revenue growth was driven by higher project volumes and favorable execution, reflecting ongoing customer investment in complex, long-duration developments that require integrated site development and electrical capabilities.

A key contributor to this momentum has been the integration of CEC, which expanded Sterling’s electrical services platform and strengthened its position in mission-critical work. During the third quarter of 2025, CEC contributed more than $41 million in revenues while delivering margins in line with expectations, supporting consolidated margin performance. This integration has reinforced Sterling’s ability to pursue higher-value, multi-scope opportunities tied to large data center campuses and is expected to play a meaningful role in expanding segment margins through 2026 and 2027.

Despite strong demand, near-term headwinds remain. The company noted that some large projects carry elevated execution complexity, while permitting timelines and customer sequencing can create quarter-to-quarter variability. In addition, portions of the manufacturing pipeline remain in early stages, which may delay revenue recognition even as visibility improves. These factors introduce short-term noise but do not alter underlying demand trends.

Looking ahead, the company expects mission-critical markets to remain a key driver of growth through 2026, supported by expanding backlog and future project phases. In the third quarter of 2025, Sterling reported a $2.6 billion signed backlog, up 64% year over year, and when including negotiated awards and future phases of ongoing megaprojects, total potential work exceeds $4 billion. With an improving mix toward higher-margin electrical and site-development work, Sterling believes it is well positioned to deliver sustained revenue growth and margin expansion as large programs advance into full construction.

The Case for Primoris StockThis Texas-based specialty construction and infrastructure company is benefiting from steady demand across its diversified Utilities and Energy segments. During the third quarter of 2025, the company continued to see solid activity across power, communications, renewables and pipeline-related work, supported by long-standing customer relationships and a balanced mix of project types. This diversification has helped stabilize revenues and reduce reliance on any single end market amid shifting industry conditions.

Confidence in the underlying business momentum was reflected in updated financial expectations. During the third quarter of 2025, the company raised its full-year adjusted EPS outlook to a range of $5.35 to $5.55, up from the prior band of $4.90 to $5.10 and well above the $3.87 reported in 2024. The increase was driven by sustained project execution, disciplined cost management and continued strength across core infrastructure markets.

However, margin performance remains a key area of concern. In the third quarter of 2025, consolidated margins declined 120 basis points year over year to 10.8%, reflecting lower contributions from higher-margin storm work, fewer favorable impacts from renewables and industrial projects compared with 2024, and higher costs on certain renewables projects due to adverse weather and project delays. These pressures have raised questions about the company’s ability to sustain profitability despite ongoing efficiency initiatives.

Looking ahead, the company expects diversified end-market exposure and a healthy project pipeline to support earnings stability into 2026. While margin recovery will remain a focus, Primoris believes disciplined execution, selective bidding and improving project mix can help offset near-term challenges and support longer-term value creation.

Stock Performance & ValuationAs witnessed from the chart below, in the year-to-date period, Sterling’s share price performance stands above Primoris and the Zacks Engineering - R and D Services industry.

Image Source: Zacks Investment Research

Considering valuation, Sterling is currently trading above Primoris on a forward 12-month price-to-earnings (P/E) ratio basis.

Image Source: Zacks Investment Research

Overall, from these technical indicators, it can be deduced that STRL stock offers an incremental growth trend with a premium valuation, while PRIM stock offers a slow growth trend with a discounted valuation.

Comparing EPS Estimate Trends of STRL & PRIMThe Zacks Consensus Estimate for STRL’s 2026 EPS indicates 14.6% year-over-year growth. The 2026 EPS estimate has increased to $11.95 over the past 60 days.

STRL's EPS Trend
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for PRIM’s 2026 earnings estimates implies year-over-year improvements of 5.3%. Its 2026 EPS estimate has decreased to $5.78 over the past 30 days.

PRIM’s EPS Trend
Image Source: Zacks Investment Research

Which Construction Stock Is the Better Buy Now?Sterling and Primoris both benefit from long-term U.S. infrastructure spending, but their fundamentals point to different investment profiles. STRL is gaining momentum from its growing exposure to mission-critical projects, improving margin mix and expanding backlog tied to data centers and manufacturing. Primoris offers broader diversification across utilities and energy infrastructure, supported by steady demand, but faces near-term margin pressures that limit upside despite solid execution.

Given current trends, Sterling appears better positioned for near-term outperformance, supported by stronger earnings momentum and margin expansion potential, and carries a Zacks Rank #2 (Buy). Primoris, with a Zacks Rank #3 (Hold), remains a stable infrastructure operator but may require clearer margin recovery before upside becomes more compelling. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The price of XRP has remained range-bound despite growing discussion around institutional interest, exchange-traded fund (ETF) demand and expanding use cases across global payments, leaving investors questioning why the token has not reflected those developments.

XRP has traded well below its previous all-time highs even as Ripple continues to expand partnerships with banks, payment firms and stablecoin issuers. Some market analysts argue that the disconnect shows a prolonged accumulation phase rather than a lack of demand.

Quiet Accumulation Before Price DiscoveryMacro analyst Dr. Jim Willie said in a previous interview that large asset managers are unlikely to disclose XRP exposure while accumulating positions. According to Willie, public confirmation would push prices higher before institutions complete their allocations.

“They are never going to tell you what they’re buying while they’re buying it. If they did, the price would immediately move against them,” he said. 

Willie added that several large financial firms, including asset managers and investment banks, are positioning ahead of a potential wave of XRP-based ETFs. Market participants say ETFs could serve as a trigger for broader price discovery.

ETF Demand Could Reshape XRP ValuationThe analyst said that XRP ETFs could attract between $5 billion and $8 billion in inflows within the first year of launch. 

For the unversed, several XRP ETFs launched in November, drawing strong investor interest. Spot XRP exchange-traded funds have now crossed $1 billion in net assets, with total inflows reaching about $990.9 million. 

“I did the math — that kind of money would imply an $8–$10 XRP based on market-cap multipliers,” he said. If ETFs bring large, transparent inflows, the argument goes, the current “quiet accumulation” model becomes public buying. That could force the spot market to catch up.

Why the market looks suppressed nowThere are a few reasons the expert points to when they talk about suppressed public prices:

• Private OTC buying vs public supply — Much institutional buying happens over-the-counter or inside ETFs, so it doesn’t immediately lift exchange prices.
• Deliberate secrecy — Large buyers often avoid public disclosure to prevent front-running. That can keep official price moves muted while accumulation continues.
• Mixed narratives and fragmentation — Multiple chains and competing payment rails dilute headlines, making it hard for retail sentiment to build fast.
• Short-term selling and liquidity management — Some holders and ecosystem participants still sell into rallies, creating offsetting supply on exchanges.

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In a recent tweet, the official XRP Ledger Foundation has issued an urgent upgrade alert for node operators on the XRPL following the rippled version 3.0.0 release. 

According to the XRP Ledger Foundation, the XRPL v3.0.0 adds new but currently disabled amendments, including LendingProtocol, DynamicMPT and fixDelegateV1_1. These amendments are nearly code complete but not yet open for voting.

XRPL v3.0.0 is live! 🚀

This release adds new (currently disabled) amendments: LendingProtocol, DynamicMPT & fixDelegateV1_1 — nearly code complete but not yet open for voting.

Node operators: please upgrade ASAP.

Notes: https://t.co/kFdquOi49v

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— XRP Ledger Foundation (Official) (@XRPLF) December 15, 2025 In this light, node operators are urged to upgrade ASAP to ensure service continuity. More importantly, node operators and developers are urged to test the said amendments in standalone mode to help identify bugs early and reduce activation risk once they are enabled for voting.

An advantage of the XRP Ledger consensus mechanism is that node operators and developers can test how rippled behaves before proposed amendments are fully enabled on the production network by running their servers in stand-alone mode.

The rippled v 3.0.0 release also comes with several core ledger improvements and fix amendments. This includes a Token Escrow fix, which addresses a bug discovered in the original amendment.

XRPL validator addresses hesitancy in XRPL ecosystemIn a tweet, XRPL dUNL validator Vet addresses a seeming hesitancy in the XRP Ledger ecosystem, with some amendments yet to achieve majority. 

A number of amendments included in the rippled v.3.0.0 are yet to achieve majority, although voting remains ongoing. Amendments "fixIncludeKeyletFields," "fixMPTDeliveredAmount," "fixTokenEscrowV1" and "fixPriceOracleOrderfix" have only reached 20.59% of consensus, while AMMClawbackRounding only gained 17.65%, according to xrpscan data. 

According to Vet, several amendments have been adopted or are proposed on the XRP Ledger as more innovation and features are needed on the XRPL. 

Vet highlights the essence of proper testing to prevent Ledger corrupting bugs, encouraging participation from XRP Ledger participants. He cited the instances of the AMM bug and, more recently, the Permission Delegation bug, which was caught before the feature was scheduled to go live, that could have devastating consequences to XRP holders.

In other news, XRP explorer xrpscan has announced its integration with Chainabuse, allowing it to flag suspicious accounts reported to Chainabuse and redirect scammed XRP users to Chainabuse to report crypto scams. 

Harbour Energy PLC (LSE:HBR) shares traded positively on Monday, after it sealed its latest piece of North Sea consolidation, acquiring more of its Catcher field.

The independent oiler agreed to buy substantially all the subsidiaries of Waldorf Energy Partners Ltd and Waldorf Production Ltd, which are currently in administration, in a deal worth $170 million.

It intends to fund the acquisition from existing liquidity, and the deal is expected to complete in the second quarter of 2026.

The acquisition is expected to add oil-weighted production of around 20,000 barrels per day of extra production and 35 million barrels of oil equivalent reserves.

Harbour noted the deal will increase its operated interest in the Catcher field to 90% from 50%, and provide a 29.5% non-operated interest in the Kraken oil field in the Northern North Sea.

Harbour also expects the transaction to unlock operational and financial synergies, including the release of an estimated $350 million of cash currently posted to secure decommissioning liabilities and the addition of Waldorf’s UK ring fence tax losses.

“This transaction is an important step for Harbour in the UK North Sea, building on the action we've already taken to sustain our position in the basin," said Harbour's UK managing director, Scott Barr.

In London, stockbroker Zeus Capital repeated a 'buy' recommendation following the news, highlighting the 'significant tax losses' being acquired in the deal, plus other corporate and operational benefits (including some related to decommissioning). The accrued losses could amount to some $900 million of tax 'offsets', according to analyst Daniel Slater.

"This is a very sensible deal for Harbour, both growing near-term production and likely reducing the company’s UK tax exposure. It should also quickly prove cash positive if decommissioning deposits are returned to the company," the analyst said.

He added: "Waldorf has had to post substantial cash deposits against its decommissioning liabilities of US$720m due to its financial position. Harbour expects to leverage its investment grade balance sheet to post bank guarantees to unlock US$350m of existing cash decommissioning provisions currently set aside by Waldorf.

"This should further strengthen Harbour’s cash balance, and would make the deal immediately cash positive for Harbour."

Harbour shares moved up 1% in Monday's trade to 208p, albeit the price was seen as high as 212p in earlier exchanges.