Market Signal Briefing

More Bitcoin now sits outside exchanges, and courts cannot move those coins without keys.

That custody shift is colliding with family law. Exchange balances hover near multi-year lows at roughly 14–15% of circulating supply, about 2.7–2.8 million BTC.

The rest sits with institutions in vaulted custody or in personal wallets where a 12–24 word seed phrase confers control. In divorce, the legal system can divide what it can prove exists or compel to appear, yet self-custody alters those mechanics.

Courts can order disclosure, and refusal risks contempt or adverse financial awards, but a judge cannot broadcast a Bitcoin transaction without the private keys.

How courts are adapting to crypto’s self-custody realityLaw is moving to recognize what the technology already made possible. In England and Wales, the Property (Digital Assets etc) Act 2025 received Royal Assent, codifying that certain digital assets can attract property rights.

The Law Commission’s “data objects” concept underpins that shift. Recognition matters for injunctions, tracing, and title, yet it does not conjure keys.

UK courts have already granted proprietary injunctions over crypto in fraud contexts, as Norton Rose Fulbright documents, and that toolkit is now available in more routine disputes where assets are found.

Family lawyers in the UK and US, including firms like Kabir Family Law, describe playbooks that start with bank and tax records, move to exchange subpoenas, fold in on-chain heuristics and device logs, and end with lifestyle evidence when the ledger is silent.

Ownership is no longer fringe. The UK Financial Conduct Authority reported about 12% of UK adults held crypto as of August 2024, roughly 7 million people, according to the FCA.

Trade press and private surveys placed adoption higher in 2025, which is directionally useful but not a hard anchor. Even if many holdings are small, the marginal spouse most motivated to conceal will prefer self-custody that evades intermediaries.

For courts, detectability and seizability have split. The analytics stack now rented by subpoenas is more robust when funds touch a KYC platform.

Hardening perimeters and the regulatory outlookChainalysis’ mid-year 2025 readout put theft over $2.1 billion and tracked a pivot toward stablecoins in illicit finance, demonstrating how chain data can map flows and counterparties once an exchange or broker is in the path.

That capacity raises detection probability, yet it does not unlock a cold wallet stored offline.

Regulators are tightening the perimeter that can be tightened. In the European Union, MiCA and the Travel Rule staged in through 2024 and January 2025 standardize originator and beneficiary data when transfers pass through crypto-asset service providers.

The United Kingdom has advanced plans to bring exchanges and dealers into formal authorization, adding a supervisory lens to the platforms that most often interact with consumers.

In the United States, broker reporting for DeFi was nullified in April 2025 and broader IRS crypto reporting does not begin until 2026, leaving a patchwork in the near term. These measures harden ramps, not keys.

Two custody modes explain the enforcement gap. Custodial accounts put an intermediary between a person and their coins, so courts can freeze and garnish with platform cooperation.

Self-custody flips that modelA seed phrase deterministically generates keys that unlock transactions, and whoever holds that phrase holds spend power.

Orders to disclose remain binding, and non-compliance can be punished, yet a refusal does not yield immediate recovery. That is the practical difference family barristers have to underwrite in settlement advice today.

The market structure makes the legal math more probabilistic. Exchange balances at multi-year lows point to more wealth that is key-controlled, not platform-controlled.

ETF growth has concentrated another slice in professional custody with multi-party controls. Price targets may rise or fall, but the custody migration is independent of directional calls.

If the off-exchange share of Bitcoin rises a further 2–4 percentage points by end-2026, which would be consistent with recent drawdowns, contested cases involving crypto-active spouses will see a higher incidence of non-compliance and negotiated discounts that price the risk that coins do not return.

Practitioners are already adaptingTypical discovery now runs through bank statements, tax returns for capital-gains traces, exchange subpoenas for KYC files, IP and device logs, and deposit or withdrawal histories, then into on-chain cluster analysis, as described by NJCPA and other practitioner sources.

Where smoke appears but keys do not, judges can draw adverse inferences and reweight other assets, or award maintenance and fees to offset concealment. That mirrors offshore cash dynamics, with the twist that Bitcoin compresses offshore-like control into a memorized phrase that leaves fewer paper trails.

Joint-custody solutions are entering family toolkits. Multisignature wallets, for example 2-of-3 setups, allow shared control by two spouses and a neutral third party.

Commercial providers like Casa, Unchained, and Nunchuk market inheritance and recovery flows, which give solicitors a template for prenups and postnups that route marital acquisitions into a jointly controlled wallet with an executor or law firm as the neutral signer.

The logic is simple: make “ours” a policy embedded in the signing threshold, then have the neutral party act only to execute lawful orders, facilitate agreed distributions, or rotate keys if one is compromised. A small adoption share would still cover hundreds of thousands of UK and US households by 2027, based on the FCA baseline.

Courts and policymakers are also leaning on intermediaries for sanctions enforcement. OFAC has sanctioned exchanges and mixers that enabled illicit flows, the U.S. Treasury noted, and those actions ripple into exchange compliance teams that answer subpoenas faster and with richer metadata.

As that perimeter hardens, expect more evidence sourced from platforms, shorter timelines from subpoena to production, and stricter penalties for non-disclosure.

None of that produces keys for purely self-custodied assets, which is why adverse awards, fee shifting, and contempt become the primary deterrents rather than guaranteed division by transfer.

Some pushbacks deserve a clear response“Most people keep coins on exchanges” is less accurate with balances below 15% on platforms and with institutional custody growth. “Forensics will make hiding rare” is true only when funds touch a broker or CASP.

“Offshore accounts already let people cheat” is an incomplete analogy because self-custody removes the bank. The 2025 UK Act shows law treating digital assets as property, yet practical control rides on cryptography. Courts can punish non-disclosure, they cannot sign a Bitcoin transaction.

MetricLatest referenceSourceBTC on exchanges~14–15% of supply, ~2.7–2.8M BTCCoinglassUK adult crypto ownership~12% (~7M adults) as of Aug 2024FCAWhat happens next splits across four paths that practitioners and clients should price. First, keys beat courts, in the sense that a higher off-exchange share raises the rate at which non-cooperation turns into contempt or discounts rather than immediate recovery.

Second, platforms extend the perimeter, as EU and UK rules, and US tax reporting in 2026, raise visibility whenever coins touch a broker. Third, joint-custody norms emerge, with prenups and wills adopting multisig and escrowed key shards so that families can share control and assure inheritance without putting seed phrases in the public record.

Fourth, the forensics arms race continues, improving detection at the ramps while leaving air-gapped storage opaque unless someone cooperates.

The policy lens remains cross-border. Capital controls and sanctions gain leverage through intermediaries, and MiCA’s and the Travel Rule’s data standards create a more uniform paper trail inside the regulated sector.

None of those measures reduces a person’s ability to move value through self-custody across borders. That is why courts will continue to rely on remedies that change incentives, not transactions, and why family solicitors will continue to ask for logs, receipts, and OSINT when the ledger is quiet.

If there is a single line that captures the moment, it is that regulation hardens ramps, not keys.

For divorce courts, that means settlements that assume coins can be found where they touch a platform, and remedies that assume they cannot be moved when they do not.

The keys will decide what can be split.

TL;DR

A report from Bitcoin Treasuries shows that most Bitcoin-buying companies are holding unrealized losses.
65% of the companies analyzed purchased BTC above $90,000.
Five companies, including Hut 8 and Sequans, executed targeted sales to reduce risk.

A recent report from Bitcoin Treasuries reveals that the majority of companies buying Bitcoin are sitting on unrealized losses, while a small group sold part of their holdings following the price drop in November.

The 122-page document analyzes 100 companies and highlights that 65% purchased BTC above $90,000, leaving most treasuries in the red, including those that sought to capitalize on the early-year rally.

The BTC price drop, which reached $81,000, created significant mark-to-market pressure. The report emphasizes that this does not indicate a widespread crisis but forces risk committees and boards to better assess the risks of buying at elevated prices and relying on future gains to validate treasury decisions.

Strategy Continues Buying Despite Volatility
Despite market volatility, the largest treasuries continued purchasing. Companies like Strategy and Strive accounted for most net additions in November, with Strategy responsible for roughly 72–75% of the month’s purchases, totaling about 9,000 BTC. Meanwhile, five companies, including Hut 8 and Sequans, sold part of their assets, with Sequans standing out for offloading about a third of its holdings. Overall, companies netted 10,750 Bitcoin during the month.

Miners remain structurally important in corporate adoption. They accounted for around 5% of new purchases and 12% of the total public company Bitcoin balance. Since miners can acquire BTC at an effective cost below the spot price, their holdings help sustain corporate activity even when other buyers slow their pace.

Only 28 Companies Purchased Bitcoin in November
The report also shows that active participation declined: only 28 companies disclosed purchases in November, although approximately 60 first-time buyers, who had not previously reported acquisitions, were included. This indicates an adjustment toward a more selective buying pace following the purchase boom of earlier months.

Disciplined strategies can still generate moderate gains or withstand stock depreciation, but companies must confront the risks of operating with Bitcoin in a volatile market. November’s price drop serves as a stress test for corporate Bitcoin capital and underscores that risk management and liquidity assessment will be key to maintaining sustainable digital asset treasuries

In brief
Bitcoin and Ethereum are back in a downtrend following the Fed's rate cut.
Technical indicators are flashing bearish signals across both assets.
Despite the selloff, prediction markets remain surprisingly optimistic.
The crypto market isn't buying what the Fed is selling. Despite the Federal Reserve delivering its widely expected 25-basis-point rate cut to the 3.5%-3.75% range on Wednesday, Bitcoin and Ethereum are both in the red, with the broader crypto market sitting at $3.07 trillion—down 2.25% from yesterday.

While traditional markets rallied on the news, crypto took a different path. The S&P 500 closed up 0.67% and the Nasdaq gained 0.42%, but digital assets hemorrhaged value. The disconnect may suggest traders are reassessing future liquidity conditions despite lower borrowing costs.

Around 90% of the crypto market is bleeding red today, according to CoinMarketCap data, with some near the top 10 by market cap suffering double digit losses.

So what's happening under the hood? Let's break down what the charts are telling us:

Bitcoin (BTC) price: Downtrend still in play

Bitcoin is trading at $89,977, down 2.24% over the past 24 hours. The price reached a high of $92,103 before sellers stepped in, pushing BTC back toward the psychologically critical $90,000 and confirming our previous analysis: This recent bounce wasn't a trend reversal and could be just a spike within a broader bearish movement.

Price action continues to respect the descending trendline that's been in place since the October peak around $126,000. That peak now feels like a distant memory as Bitcoin struggles to hold psychological support at $90K.

Bitcoin (BTC) price data. Image: TradingviewLet's talk technicals: Bitcoin's relationship with its exponential moving averages, or EMAs, shows a price movement still in death cross territory. EMAs take the average price of an asset over the short, medium, and long term and help traders identify trend direction by smoothing out this price action.

When the faster moving 50-day price average crosses below the slower 200-day average, that forms what traders refer to as a death cross pattern, and it typically signals bearish momentum.

Right now, Bitcoin is trading well below the average price of the past 50 and 200 days. BTC’s upward move recently was rejected as it moved past the 50-day EMA and couldn’t break the descending trendline around $100,000.

The Relative Strength Index, or RSI, sits at 44.23. RSI measures momentum on a scale from 0 to 100, with readings below 50 indicating more selling pressure than buying. At 44, Bitcoin isn't oversold enough to attract aggressive bargain hunters, but it's clearly in bearish territory. Traders typically watch for RSI to dip below 30 (deeply oversold) before betting on a bounce.

The Average Directional Index—ADX for short—measures trend strength regardless of direction. Readings above 25 signal that a trend is real and has legs; below 20 means the market is directionless. Bitcoin's ADX at 28.15 confirms this downtrend is strong and sellers are in control.

Bitcoiners, though, still seem to be pretty bullish, all things considered. On Myriad, a prediction market created by Decrypt’s parent company Dastan, 69% of the money betting on Bitcoin’s next move are holding the bullish line: Most Myriad traders still believe it’s more likely BTC reaches $100K before dropping to $69K.

Even more telling: The Myriad market that questions whether "Crypto Winter is coming" has traders placing 90% odds on “no.” Translation: traders are getting shaken out by volatility, but longer-term conviction remains surprisingly strong.

Ethereum (ETH) price: Bulls are in a fight

Ethereum is having an even rougher go of it, down 4.40% to $3,178.8 today. The second-largest cryptocurrency by market cap opened at $3,324.3 and proceeded to lose around $146.2 through the session, touching a low of $3,146.4 before stabilizing slightly.

Ethereum (ETH) price data. Image: TradingviewEthereum’s move nearly set up a golden cross scenario—the inverse of a death cross—but it failed.

Unlike Bitcoin, ETH was able to break its immediate resistance (the dotted white line in the chart above) and even the EMA50 but couldn't push past the EMA200 line. That's a problem. It suggests that even though Ethereum briefly showed strength, the longer-term bearish structure remains intact. For a golden cross to form and hold, you need a clean break above the 200-day EMA followed by several closes above it. We didn't get that.

The RSI for Ethereum reads 51.24—technically neutral territory but barely. This is the crypto equivalent of a coin flip: Neither bulls nor bears have a decisive advantage based on momentum alone. Traders usually consider RSI above 70 as overbought (time to take profits) and below 30 as oversold (time to buy dips). At 51, Ethereum is stuck in no man's land.

Like Bitcoin, many of Ethereum's technical strategies are aligned with a short setup with a -41% bearish score. The Ichimoku cloud is red and expanding, price is following a descending channel, and volume profiles show most trading activity concentrated at higher levels—meaning many holders are underwater.

What's interesting is, once again, the disconnect between price action and prediction markets. On Myriad, sentiment is shifting cautiously bullish. The market asking traders to predict Ethereum’s next move—a pump to $4K or a dump to $2.5K—now shows 50-50 odds—a dramatic shift from late November when 90% of money was betting on $2.5K.

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

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Bitcoin price has surged back to the $90,000 zone, but traders warn that a mix of stretched long positions, brittle macro catalysts, and mixed ETF flows could turn today's rally into a deeper retracement.

21Shares on Thursday launched its new XRP (CRYPTO: XRP) ETF on CBOE under the ticker TOXR, entering the market on a day when major altcoins like Ethereum (CRYPTO: ETH) and Solana (CRYPTO: SOL) were deep in the red.

21Shares Launches Its XRP ETF On CBOEThe company said the product is designed to meet rising demand for diversified cryptocurrency exposure in the U.S. market.

Federico Brokate, global head of business development at 21Shares, told The Block that the ETF provides a direct way to gain exposure to XRP and the broader Ripple ecosystem. 

The firm appointed Coinbase (NASDAQ:COIN), Anchorage Digital Bank and BitGo as custodians to increase operational security.

Several issuers, including Grayscale, Canary Capital and REX Shares, have launched XRP funds over recent weeks, expanding a fast-growing segment of digital-asset products. 

XRP is widely used for low-cost, cross-border settlement and has become a focal point for investors seeking alternative layer-1 assets.

Market Pressure Mounts As ETH And SOL Drop HeavilyRipple's XRP fell about 2.5% on Thursday, while broader altcoins saw sharper declines. 

Solana dropped 4% and Ethereum fell 5% as macro pressure and liquidity rotation drove intraday volatility. 

Despite the sell-off, ETF interest in XRP remains solid.

Cumulative XRP ETF inflows since November reached $954.33 million, a substantial figure given the current consolidation. 

Although daily inflows have slowed compared to early November, persistent net buying has helped absorb sell-side pressure during price weakness.

XRP Tests Critical Support Inside A Multi-Month Triangle

XRP Price Prediction (Source: TradingView)

Technical Analysis: XRP continues to trade inside a large symmetrical triangle that has been building since July. 

The token sits near the lower support trendline, making the $1.94 zone a critical area. 

Holding above this level keeps the structure intact and allows for a move back toward the mid-range.

Bollinger Bands show price hugging the lower band, often a sign of seller exhaustion during compression phases. 

If XRP defends $1.94, the next levels to watch are the mid-band at $2.1 and the descending trendline at $2.22 to $2.28. 

A close above that band opens the path to $2.35, where the Supertrend indicator flips.

A bullish breakout above $2.35 would shift market momentum and set up targets near $2.9 to $3. 

On the downside, a clean break below $1.94 exposes the lower trendline around $1.85 to $1.88.

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On the cusp of a significant milestone for the Bittensor network, Grayscale has transitioned its private TAO trust into a publicly tradable entity, now available under the ticker symbol GTAO. This strategic move occurs just days before Bittensor’s long-anticipated halving event, a crucial occurrence expected to impact the network’s dynamics and the broader cryptocurrency ecosystem.

The introduction of the Grayscale Bittensor Trust to public markets marks a significant development in the evolving landscape of blockchain investments. By making the trust accessible to a broader range of investors, Grayscale is positioning itself at the forefront of innovation in crypto asset management. The timing of this public offering is noteworthy, as it aligns with the halving event—a reduction in the reward provided to nodes for processing transactions. Historically, such events have influenced supply dynamics, potentially affecting token prices and investor sentiment.

Grayscale, a prominent player in the digital currency investment market, has consistently expanded its range of investment products to meet growing demand. With the addition of the GTAO, Grayscale continues its tradition of providing investors with a diverse array of cryptocurrency investment opportunities. The transition of the TAO trust to a public offering is indicative of the company’s commitment to broadening access to digital assets.

The Bittensor network, less known than mainstream blockchains like Bitcoin or Ethereum, operates on a unique architecture that facilitates decentralized machine learning. This characteristic sets it apart from traditional cryptocurrencies, which primarily focus on financial transactions. The halving event, therefore, holds particular significance as it could enhance the value proposition of the network by intensifying the scarcity of its tokens.

The strategic timing of this public launch cannot be overlooked. Historically, halving events have been associated with considerable price movements in the cryptocurrency market. For instance, Bitcoin’s halving events have often acted as catalysts for significant market rallies. While Bittensor’s dynamics differ from Bitcoin, the broader market trend tends to react positively to these deflationary events, potentially benefitting early investors in the GTAO.

However, there are inherent risks associated with such a market entry. The volatility of cryptocurrency markets is well-documented, with prices subject to rapid and sometimes unpredictable fluctuations. Investors should remain cautious, considering the potential for both reward and risk. The unique nature of Bittensor’s technology offers promise, but also requires a nuanced understanding of its functionality and market positioning.

Cryptocurrencies and blockchain technologies have gained substantial traction over the past decade, with global market capitalization reaching impressive heights. Innovations in these fields continue to draw interest from institutional and retail investors alike. In this context, Grayscale’s decision to bring its TAO trust to a public platform reflects the broader trend of mainstream financial entities recognizing the value and potential of digital assets.

The evolution of the digital asset market has been shaped by regulatory developments, technological advancements, and shifting investor perspectives. Countries worldwide are grappling with the challenge of regulating these new forms of value exchange while fostering innovation. In the United States, the Securities and Exchange Commission (SEC) has played a critical role in shaping the regulatory landscape, influencing how investment products like the GTAO are structured and offered to the public.

While the increasing acceptance of cryptocurrencies bodes well for Grayscale and its investors, the sector’s regulatory environment remains in flux. Potential regulatory changes could impact the growth trajectory of digital assets and the investment products tied to them. Investors should remain vigilant, keeping abreast of regulatory updates that might influence market dynamics.

The Bittensor network’s focus on decentralized machine learning offers a glimpse into the potential future of blockchain applications. By leveraging the power of distributed computing, the network aims to revolutionize how machine learning models are trained and deployed. This innovative approach could have far-reaching implications not only for the cryptocurrency sector but also for industries reliant on artificial intelligence and data processing.

Grayscale’s GTAO launch is a testament to the growing intersection between traditional finance and cutting-edge technology. As public interest in digital assets continues to rise, investment vehicles like the Bittensor Trust stand to capture the attention of investors seeking exposure to next-generation blockchain solutions. The success of such offerings hinges not only on market trends but also on the ability of companies like Grayscale to navigate the complexities of an ever-evolving financial landscape.

In conclusion, the public debut of Grayscale’s Bittensor Trust under the ticker symbol GTAO arrives at a pivotal moment for the Bittensor network and the broader cryptocurrency market. With the impending halving event poised to influence market dynamics, investors face an intriguing opportunity to engage with an innovative digital asset that stands apart from conventional cryptocurrencies. However, as with any investment, careful consideration of the associated risks and rewards is crucial, given the volatile nature of the cryptocurrency sector. As digital assets continue to reshape financial markets, the launch of GTAO offers a glimpse into the future of investment in blockchain technologies.

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Bitcoin’s (BTC) price action remained underwhelming this week after another failed attempt to reclaim the monthly volume-weighted average price (VWAP), with BTC consolidating near $90,000 following the Federal Reserve’s 0.25% interest rate cut. The market continued to reject any meaningful push above $93,000, thereby limiting bullish momentum.

Key takeaways:

One Bitcoin analyst said that liquidity contraction is suppressing Bitcoin’s upside, reducing demand relative to sell pressure.

$94,000 to $98,000 remained the critical liquidity pocket, but BTC must avoid forming a bearish break of structure below $88,000.

Bitcoin one-day chart. Source: Cointelegraph/TradingViewLiquidity compression dictates Bitcoin’s market behaviorAccording to crypto analyst Darkfost, Bitcoin’s struggle has little to do with sentiment swings and more to do with declining liquidity, specifically from stablecoins. Stablecoin inflows onto exchanges offer one of the most reliable signals of incoming capital, and right now that signal is flashing red.

Stablecoin exchange inflows. Source: CryptoQuantThe data showed a significant liquidity contraction: ERC-20 stablecoin inflows have declined from $158 billion in August to approximately $76 billion this month, representing a nearly 50% drop. Even the longer-term 90-day average has slipped from $130 billion to $118 billion, confirming that the trend is not temporary but structurally deteriorating.

This decline translated directly into weaker buying power. Darkfost noted that recent rebounds are not driven by strong accumulation but by periods of reduced sell pressure, meaning the market lacks the inflows needed to sustain higher highs or defend key support levels. Until fresh liquidity returns, Bitcoin’s rallies are likely to remain shallow.

Meanwhile, trader DaanCrypto added that the broader liquidity map still indicated the $97,000–$98,000 region as the next significant magnet for price. But BTC has repeatedly failed to break $94,000, the first barrier that must be overtaken for volatility expansion. 

Without that confirmation, the market remains vulnerable to sharp range reversions that continue to trap both longs and shorts.

Bitcoin liquidation analysis by Daan. Source: XBTC nears key breakdown threshold near $90,000From a structural standpoint, Bitcoin has now failed three consecutive attempts to break the $93,000 level. The latest rejection formed a clean swing failure pattern (SFP) after the FOMC meeting, signaling exhaustion and reinforcing the weakness in trend continuation.

Bitcoin one-hour chart analysis. Source: Cointelegraph/TradingViewBTC is also nearing confirmation of a bearish rising wedge, which becomes active if the price falls below $88,000 and forms a bearish break of structure (BOS). A breakdown would expose an external liquidity sweep around $84,000, with deeper downside potential toward the $80,600 quarterly lows, a level that aligns with prior inefficiencies on higher-timeframe charts.

Still, bullish traders such as Captain Fabik maintained that BTC is undergoing deliberate shakeouts designed to remove weak hands. For a bullish reclaim, BTC must secure a weekly close above $90,000 and ideally near $93,000, giving bulls the structural foundation required to attack the $96,000 breakout zone, where a momentum expansion could finally unfold.

BTC 1-day analysis by Captain Fabik.This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

SkyBridge Capital founder Anthony Scaramucci reignited the Solana (CRYPTO: SOL) versus Ethereum (CRYPTO: ETH) debate, arguing Solana could eventually overtake ETH in market value.

Scaramucci Says Solana May Outpace Ethereum's Market CapSpeaking at Solana's Breakpoint conference, Scaramucci said he expects Solana to "flip Ethereum," arguing the network is expanding faster by developer activity, user growth and throughput capacity. 

He added that the prediction does not imply a decline for Ethereum and that both networks can grow together.

"I think it will flip Ethereum," Scaramucci said during an interview at the event. 

He emphasized that he is "not chain monogamous," noting that he still supports Ethereum and Avalanche but believes Solana's trajectory positions it for stronger long-term gains.

The remarks revived debate among digital-asset investors tracking the evolving rivalry between Layer-1 ecosystems, especially as Solana's ecosystem continues expanding through new trading infrastructure and developer tooling.

Ethereum Holds Breakout Retest Despite Outflows

Ethereum Price Prediction (Source: TradingView)

ETH is trading around $3,203 after completing a breakout and retest pattern on the daily chart. 

The token broke above a downtrend line that capped price for nearly two months, pulled back into it and is now attempting to rebound. 

The move marks ETH's first clear bullish structure in weeks.

ETH is currently sitting near the 20-day EMA at $3,121, which acts as the first support. 

A bounce from this level opens upside targets at $3,309, $3,382 and $3,453. 

These levels align with a cluster of EMAs stacked above price, which may create early resistance but also signal trend improvement if reclaimed.

The Supertrend indicator remains red, meaning the broader structure is still not fully bullish. 

But ETH's refusal to set new lows, combined with a rising series of higher lows since the $2,900–$3,000 base, suggests sellers are weakening.

ETH On-Chain Analysis (Source: Coinglass)

Coinglass data shows another $116 million in net outflows today. 

Typically this adds sell pressure, but ETH holding steady despite the withdrawals suggests the market is absorbing distribution more easily.

Solana Drops 4% But Firms Up At Key Support Zone

SOL Technical Analysis (Source: TradingView)

Solana is trading near $130 and remains inside a defined downtrend, though price continues to hold support between $129 and $133. 

This range has produced every short-term bounce during the past three weeks, keeping the structure intact as long as buyers defend it.

Fibonacci levels outline the next reaction zones. 

Resistance sits at $133.12 (0.236) and $140.40 (0.382), followed by the key breakout zone at $146 to $147 (0.5). 

The upper extension at $153 to $156 (0.618) aligns with major EMAs between $137 and $151, forming a heavy ceiling.

To reverse momentum, SOL must first close above $140 and then $146. 

A break through $146 would allow a move toward $151 to $155, where trendline resistance and EMAs converge.

The Supertrend remains red near $155.59, showing the macro trend is still bearish, but early stabilization suggests seller momentum is fading.

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Crime and Investigations

A new legal dispute has pulled Pi Network back into the spotlight, this time involving claims from an Arizona investor who says he suffered major losses tied to the project.

But while the allegations sound dramatic, one market analyst argues the lawsuit is built on shaky reasoning and misinterpreted data.

A Lawsuit Built Around a Disputed Price Collapse
At the center of the filing is investor Harro Moen, who says he was financially harmed after the value of PI supposedly plunged from more than $300 to just over a dollar. The problem, according to analysts: that price never existed in any real trading environment.

The complaint — filed in a California federal court — accuses Pi Network’s parent companies, including SocialChain Inc., of orchestrating a fraudulent scheme. But crypto researcher Dr. Altcoin quickly pushed back, saying the argument hinges on “fictional pricing” and misunderstandings about early IOU markets.

He noted that Pi’s real market price only began forming after centralized exchanges listed the token earlier this year, where it briefly touched $2–$3. Any triple-digit figures floating online came from unofficial pre-launch IOUs, which have no legal or financial connection to the project.

Token Transfers Spark Controversy
Moen also claims that thousands of his PI tokens were moved without authorization and that the remainder never migrated to Pi’s mainnet, preventing him from cashing out.

But analysts say the lawsuit provides no evidence that Pi’s development team initiated the transfers.

Security researchers point out that compromised passphrases, phishing attacks, or local device breaches are far more common explanations for unexplained token movements.

“Without irrefutable proof that the team accessed his wallet, the claim is extremely weak,” Dr. Altcoin said.

Accusations of Centralization Add Fuel — But Not Legal Weight
The filing also argues that Pi Network misled users by portraying itself as decentralized while operating with only a small number of validator nodes. Legal experts note that early networks often operate with limited infrastructure, which does not automatically qualify as fraud.

Labeling Pi an “unregistered security” was another point raised in the complaint, though analysts say the legal standards for such a claim go far beyond what the lawsuit presents.

Community Pushes Back, Points to User Error
Pi community members have been vocal in disputing Moen’s timeline and assumptions. Many argue that any unapproved token transfers likely stemmed from a breach of his own login credentials.

Others have questioned why the lawsuit cites a price that never appeared on any exchange, with one prominent community post asking:

“Where on earth did $307 come from? Even IOUs never went that high.”

Ongoing Criticism From Outside Pi Network
The controversy comes at a time when Pi is already facing external pressure. Just last week, seven major financial associations in China issued a joint warning about speculative digital assets, naming Pi Coin among examples of tokens lacking intrinsic value.

The organizations warned that certain virtual assets are increasingly used in illegal fundraising, pyramid-style schemes, and other fraudulent activities.

What Happens Next?
Pi Network has not issued a formal response to the lawsuit. Meanwhile, analysts expect the case to face significant challenges unless Moen can produce verifiable technical evidence linking the token transfers to the project’s operators — something experts say is highly unlikely.

For now, the situation highlights a recurring problem in early-stage crypto ecosystems: confusion between unofficial IOUs, mainnet tokens, and user-side security risks.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

The markets are tense, but Bitcoin’s chart tells a more strategic story than the headlines suggest.

BTC pulled back after failing to break the $94.5K ceiling, and the 3-day heatmap now shows long liquidity building heavily between $89K and $87K.

These dense clusters often act as magnets before a reversal, especially when smart money hunts for over-leveraged positions.

The current pullback fits that pattern, with price drifting toward untouched liquidity pools that typically determine the next directional leg.

Will Bitcoin drop to sweep liquidity at 89K–87K?
The slide toward $90K matched the liquidity built earlier in the week, and a deeper cluster still sits between $87K and $86.3K.

This zone hasn’t been tested since early December, making it a natural target if BTC cannot hold above current levels. A sweep into that pocket would clear overleveraged longs before any real reversal attempt.

Source: CoinGlass

Losing this area would pull BTC toward $86,320, with a deeper liquidity shelf near $80,507 acting as the final downside magnet.

Whether price defends or takes the $89K–$87K block will determine if BTC rebounds toward $96K or slips into a broader breakdown.

Can Bitcoin explode from THIS level?
Bitcoin [BTC] currently trades inside two overlapping bullish structures: a minor ascending triangle that defines short-term compression and a major ascending trendline that has supported every rebound since November.

Source: TradingView

BTC tapped the lower boundary of the minor triangle with precision.

At the same time, RSI carved out a clear bullish divergence—a classic sign that downside pressure is losing momentum even as price makes marginal new lows. This combination often precedes sharp rebounds if structural support holds.

But the risk remains straightforward. A breakdown from the minor structure exposes the major ascending trendline.

Holding that line keeps the bullish path intact. Losing it, however, opens the broader liquidity shelves between $86K and $80.5K, levels that have historically reset leveraged markets and cleaned out weaker long positions.

Farzam Ehsani, CEO of VALR, affirmed this notion, telling AMBCrypto in am email,

“Bitcoin’s technical picture reflects this nervousness. Resistance at $92,000 and a narrowing range are setting the stage for a decisive breakout that could determine the direction for months to come.”

Fed cut reaction: Macro fear vs. technical reversal
The Fed’s 25 bps cut briefly pushed BTC to $94.5K before sellers stepped in. Similar patterns appeared in past cut cycles, where early optimism faded quickly.

Powell signaled Treasury purchases may stay elevated, a quiet hint of QE-style support—while also warning about rising employment risks and tariff-driven inflation.

Nine of twelve FOMC members backed the cut, showing solid internal agreement. Even so, markets viewed the tone as cautious rather than strongly dovish, triggering BTC’s pullback.

Ehsani continued,

“Scrutiny of US government decisions, which encompasses the largest Bitcoin holders, is based on the notion that a new round of domestic economic disasters due to the bankruptcy of companies with significant Bitcoin reserves, which actively lobbied for their interests and sponsored the current government during elections, is unacceptable.”

That macro reaction now meets Bitcoin’s technical setup at a critical moment.

Path toward $96K: Can BTC reverse?
CryptoQuant analysts note a clear drop in selling pressure. Exchange deposits fell from 88K in late November to 21K today.

Whale deposits slid from 47% to 21%, and average deposits dropped from 1.1 BTC to 0.7 BTC, signaling large sellers have stepped back.

Source: X

Ray Youssef, CEO of NoOnes, echoed this sentiment, telling AMBCrypto,

“A dovish Fed tone could open the door to renewed risk-on sentiment, triggering a “Santa rally” for digital assets, with BTC reclaiming $100,000, ETH rising above $3,500, XRP at $2.3, and Solana moving towards $150.”

This backdrop often allows relief rallies. $99K is Bitcoin’s the first major upside checkpoint, matching the lower band of the Trader Realized Price.

Above that, $102K and $112K are the next resistance zones. If BTC avoids a deeper liquidity sweep and holds its ascending structure, a move toward $96K remains in play.

Youssef summarized it perfectly, observing,

“Market structure is finally beginning to stabilize after recent forced unwinds and intense selling pressure, particularly from long-term holders. However, the depth of the market recovery remains shallow.”

He continued,

“ETF inflows have only recently turned positive after heavy redemptions, and cumulative spot buying pressure is still underwhelming.”

Final Thoughts

Liquidity clusters below remain the biggest near-term risk.
Bullish divergence and easing selling pressure keep the upside scenario alive.

K9 Finance sets January 6, 2026, deadline for Shiba Inu team to compensate bridge hack victims or face potential exit from Shibarium ecosystem.

Newton Gitonga2 min read

11 December 2025, 07:05 PM

K9 Finance has publicly challenged the Shiba Inu team with a firm deadline following unresolved issues from the September 2025 Shibarium bridge exploit. The liquid staking platform, which operates as Shibarium's official partner, announced it will wait until January 6, 2026, for complete victim compensation before considering its future on the network.

The September incident saw hackers drain multiple cryptocurrencies from the Shibarium bridge. K9 Finance lost over $700,000 in KNINE tokens alongside stolen ETH, SHIB, LEASH, ROAR, and TREAT. The platform claims it has followed all protocols requested by Shiba Inu's team regarding the hack response and victim restitution processes.

Communication Breakdown Prompts Public StatementK9 Finance maintained private dialogue channels with the Shiba Inu team throughout the recovery process. The platform operated under good faith assumptions while working toward a resolution. However, communication has reportedly ceased from the Shib team's end across all private channels.

The decision to publicly address the situation came after exhausting private options. K9 Finance stated this transparency serves its token holders and upholds responsible governance standards. The platform emphasized its duty to provide clarity to community members who suffered losses.

DAO Vote May Determine Platform's Future on ShibariumThe K9 Finance decentralized autonomous organization set January 6, 2026, as the resolution deadline. Users affected by the bridge exploit must receive full and verifiable compensation by this date. The platform emphasized that partial restitution will not satisfy the requirement.

Should the deadline pass without complete victim compensation, the DAO will convene for formal voting. Members will decide whether maintaining operations on Shibarium remains beneficial for the ecosystem's long-term health. The vote could result in K9 Finance severing ties with the network entirely.

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Newton Gitonga

Newton Gitonga covers cryptocurrencies, blockchain, and digital finance. He specializes in breaking down complex trends with clear, data-driven reporting. His work focuses on market analysis, technical insights, and the evolving role of altcoins in shaping global markets.

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Latest Shiba Inu News Today (SHIB)

Lincoln National (LNC - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.

The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.

Therefore, the Zacks rating upgrade for Lincoln National basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Lincoln National, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Lincoln NationalThis insurance and retirement business is expected to earn $7.86 per share for the fiscal year ending December 2025, which represents no year-over-year change.

Analysts have been steadily raising their estimates for Lincoln National. Over the past three months, the Zacks Consensus Estimate for the company has increased 5.1%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Lincoln National to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

BioVie Inc. (BIVI - Free Report) could be a solid choice for investors given its recent upgrade to a Zacks Rank #2 (Buy). An upward trend in earnings estimates -- one of the most powerful forces impacting stock prices -- has triggered this rating change.

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.

The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for BioVie is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for BioVie imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.

Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for BioVieFor the fiscal year ending June 2026, this company is expected to earn -$2.95 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for BioVie. Over the past three months, the Zacks Consensus Estimate for the company has increased 2.3%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of BioVie to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

While many investors like to look for momentum in stocks, this can be very tough to define. There is a lot of debate surrounding which metrics are the best to focus on and which are poor quality indicators of future performance. The Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Robinhood Markets, Inc. (HOOD - Free Report) , which currently has a Momentum Style Score of A. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Robinhood Markets, Inc. currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if HOOD is a promising momentum pick, let's examine some Momentum Style elements to see if this company holds up.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For HOOD, shares are up 2.69% over the past week while the Zacks Financial - Investment Bank industry is up 1.18% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 2.02% compares favorably with the industry's 3.23% performance as well.

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Shares of Robinhood Markets, Inc. have increased 14.35% over the past quarter, and have gained 258.51% in the last year. On the other hand, the S&P 500 has only moved 5.71% and 15.31%, respectively.

Investors should also take note of HOOD's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. Right now HOOD is averaging 27,192,700 shares for the last 20 days..

Earnings OutlookThe Zacks Momentum Style Score encompasses many things, including estimate revisions and a stock's price movement. Investors should note that earnings estimates are also significant to the Zacks Rank, and a nice path here can be promising. We have recently been noticing this with HOOD.

Over the past two months, 5 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost HOOD's consensus estimate, increasing from $1.72 to $1.96 in the past 60 days. Looking at the next fiscal year, 4 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that HOOD is a #1 (Strong Buy) stock and boasts a Momentum Score of A. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Robinhood Markets, Inc. on your short list.

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Digi International (DGII - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Digi International currently has a Zacks Rank of #2 (Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market? In order to see if DGII is a promising momentum pick, let's examine some Momentum Style elements to see if this provider of communication adapters holds up.

Looking at a stock's short-term price activity is a great way to gauge if it has momentum, since this can reflect both the current interest in a stock and if buyers or sellers have the upper hand at the moment. It is also useful to compare a security to its industry, as this can help investors pinpoint the top companies in a particular area.

For DGII, shares are up 7.79% over the past week while the Zacks Computer - Networking industry is flat over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 30.66% compares favorably with the industry's 2.13% performance as well.

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of Digi International have risen 29.48%, and are up 38.72% in the last year. In comparison, the S&P 500 has only moved 5.71% and 15.31%, respectively.

Investors should also pay attention to DGII's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. DGII is currently averaging 294,800 shares for the last 20 days.

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with DGII.

Over the past two months, 3 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost DGII's consensus estimate, increasing from $2.20 to $2.38 in the past 60 days. Looking at the next fiscal year, 1 estimate has moved upwards while there have been no downward revisions in the same time period.

Bottom LineGiven these factors, it shouldn't be surprising that DGII is a #2 (Buy) stock and boasts a Momentum Score of B. If you're looking for a fresh pick that's set to soar in the near-term, make sure to keep Digi International on your short list.

Momentum investing is all about the idea of following a stock's recent trend, which can be in either direction. In the "long context," investors will essentially be "buying high, but hoping to sell even higher." And for investors following this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving in that direction. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.

Even though momentum is a popular stock characteristic, it can be tough to define. Debate surrounding which are the best and worst metrics to focus on is lengthy, but the Zacks Momentum Style Score, part of the Zacks Style Scores, helps address this issue for us.

Below, we take a look at Advanced Energy Industries (AEIS - Free Report) , which currently has a Momentum Style Score of B. We also discuss some of the main drivers of the Momentum Style Score, like price change and earnings estimate revisions.

It's also important to note that Style Scores work as a complement to the Zacks Rank, our stock rating system that has an impressive track record of outperformance. Advanced Energy Industries currently has a Zacks Rank of #1 (Strong Buy). Our research shows that stocks rated Zacks Rank #1 (Strong Buy) and #2 (Buy) and Style Scores of "A or B" outperform the market over the following one-month period.

You can see the current list of Zacks #1 Rank Stocks here >>>

Set to Beat the Market?Let's discuss some of the components of the Momentum Style Score for AEIS that show why this maker of power-conversion products shows promise as a solid momentum pick.

A good momentum benchmark for a stock is to look at its short-term price activity, as this can reflect both current interest and if buyers or sellers currently have the upper hand. It's also helpful to compare a security to its industry; this can show investors the best companies in a particular area.

For AEIS, shares are up 3.88% over the past week while the Zacks Semiconductor Equipment - Wafer Fabrication industry is up 3.8% over the same time period. Shares are looking quite well from a longer time frame too, as the monthly price change of 4.08% compares favorably with the industry's 5.99% performance as well.

While any stock can see a spike in price, it takes a real winner to consistently outperform the market. Over the past quarter, shares of Advanced Energy Industries have risen 40.36%, and are up 87.94% in the last year. On the other hand, the S&P 500 has only moved 5.71% and 15.31%, respectively.

Investors should also pay attention to AEIS's average 20-day trading volume. Volume is a useful item in many ways, and the 20-day average establishes a good price-to-volume baseline; a rising stock with above average volume is generally a bullish sign, whereas a declining stock on above average volume is typically bearish. AEIS is currently averaging 364,264 shares for the last 20 days.

Earnings OutlookThe Zacks Momentum Style Score also takes into account trends in estimate revisions, in addition to price changes. Please note that estimate revision trends remain at the core of Zacks Rank as well. A nice path here can help show promise, and we have recently been seeing that with AEIS.

Over the past two months, 5 earnings estimates moved higher compared to none lower for the full year. These revisions helped boost AEIS's consensus estimate, increasing from $5.68 to $6.23 in the past 60 days. Looking at the next fiscal year, 5 estimates have moved upwards while there have been no downward revisions in the same time period.

Bottom LineTaking into account all of these elements, it should come as no surprise that AEIS is a #1 (Strong Buy) stock with a Momentum Score of B. If you've been searching for a fresh pick that's set to rise in the near-term, make sure to keep Advanced Energy Industries on your short list.

Viav Solutions (VIAV - Free Report) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.

The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for Viav Solutions is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Viav Solutions, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Viav SolutionsFor the fiscal year ending June 2026, this communications equipment company is expected to earn $0.67 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Viav Solutions. Over the past three months, the Zacks Consensus Estimate for the company has increased 34%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Viav Solutions to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Spotify (SPOT - Free Report) appears an attractive pick, as it has been recently upgraded to a Zacks Rank #2 (Buy). This rating change essentially reflects an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

As such, the Zacks rating upgrade for Spotify is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Spotify, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for SpotifyThis music-streaming service operator is expected to earn $7.72 per share for the fiscal year ending December 2025, which represents no year-over-year change.

Analysts have been steadily raising their estimates for Spotify. Over the past three months, the Zacks Consensus Estimate for the company has increased 29.9%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Spotify to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Key Takeaways Datadog shares rose 27.8% in six months amid stronger cloud observability demand.AI-led product expansion and 1,000 integrations boosted platform adoption in Q3.Competitive pressure and premium valuation highlight tighter budgets and pricing strain.
Datadog (DDOG - Free Report) shares have appreciated 27.8% in the past six months, outperforming the Zacks Computer and Technology sector’s return of 26.9% and contrasting sharply with the Zacks Internet Software industry’s decline of 3%. The momentum reflects an improving sentiment around cloud observability demand, steadier usage trends across enterprise workloads and continued product expansion into artificial-intelligence-driven automation and security. At the same time, investors remain cautious in their expectations, as the broader spending environment is still normalising and competitive intensity across cloud ecosystems persists.

Let’s dig deeper to determine whether investors should maintain their positions in DDOG stock.

DDOG’s Price Performance
Image Source: Zacks Investment Research

AI-Driven Product Innovation Creates DifferentiationDDOG is establishing a distinct strategic advantage by designing observability around the demands of AI-era infrastructure rather than extending legacy monitoring workflows. Bits AI agents for Site Reliability Engineering exemplify this shift, running autonomous investigations during incidents and correlating logs, traces and metrics to surface likely root causes before engineers intervene. Datadog is also moving early to address the complexity of monitoring large language model (LLM) applications through LLM Experiments, Playgrounds and custom evaluation tools, giving teams the ability to assess quality, drift and safety as AI systems scale in production.

Integration breadth reinforces this differentiation. In the third quarter of 2025, DDOG surpassed 1,000 integrations across Amazon Web Services, Microsoft Azure and Google Cloud, embedding deeply into customer workflows and raising switching costs. Security is emerging as another growth vector as Cloud SIEM and cloud security offerings feature more prominently in large enterprise deals. This shift is being accelerated by the convergence of observability, security and AI, where DDOG’s AI-driven threat detection, anomaly detection and log analysis capabilities are becoming essential to how enterprises monitor and secure increasingly complex systems.

Platform adoption momentum continued in the third quarter of 2025, with 84% of customers using two or more products and 54% adopting four or more, at a time when AI-focused customers contributed 12% of revenue. This suggests how enterprises are deepening their reliance on DDOG’s unified platform as AI-driven workloads scale, reinforcing ecosystem stickiness and supporting stronger expectations ahead. The Zacks Consensus Estimate for 2025 EPS is pegged at $2, up by 16 cents over the past 60 days and indicating 9.89% year-over-year growth.

Market Competition and Pricing PressureDDOG is operating in a more competitive observability landscape as established enterprise vendors intensify their push into application performance monitoring and log analytics. IBM (IBM - Free Report) remains a significant presence through its Instana platform and broader hybrid cloud monitoring portfolio, giving IBM strong positioning with enterprises that prioritize integrated visibility across distributed and legacy environments. Cisco Systems (CSCO - Free Report) has strengthened its stance following the Splunk acquisition, allowing Cisco Systems to combine network, security and observability capabilities in bundled offerings that place pricing pressure on standalone platforms. Dynatrace (DT - Free Report) continues to challenge DDOG with its AI-driven monitoring engine and automated dependency mapping. Dynatrace maintains strong traction in large enterprise accounts where deep, automated insights are prioritized.

These pressures are emerging at a time when customers are becoming more cost-conscious and optimizing spend on observability tools. DDOG has seen renewals that required pricing adjustments, illustrating tighter budget scrutiny even among fast-growing and AI-focused accounts. In parallel, some large enterprises are evaluating partial in-house observability solutions to lower long-term costs or reduce dependency on external platforms, adding another layer of structural pressure. As a result, DDOG must continue defending its position in segments where IBM, Cisco Systems and Dynatrace remain deeply entrenched and increasingly aggressive in their go-to-market strategies.

Valuation Premium Demands Cautious ApproachDDOG’s valuation suggests that the stock trades at a premium compared to the broader Zacks Internet – Software industry. Currently, Datadog’s forward 12-month P/S ratio hovers around 13.17x, a level that reflects how the recent share price appreciation has amplified investor optimism around the company’s expanding platform and AI-driven product momentum. This stands well above the industry’s 4.92x and the sector’s 6.8x, suggesting that a meaningful portion of anticipated growth is already priced in. The Value Score of F reinforces this stretched valuation profile, highlighting the need for stronger earnings visibility to justify additional upside.

Price/Sales Ratio (F12M)
Image Source: Zacks Investment Research

ConclusionDDOG’s combination of strong product innovation and rising competitive and pricing pressures keeps the outlook balanced. While the long-term opportunity remains intact, the stock’s elevated valuation and a more cautious spending environment suggest that much of the optimism is already reflected in the current multiple. Investors already positioned in DDOG can reasonably maintain exposure, while those evaluating new positions may prefer to wait for a more attractive setup.

DDOG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Companies in the Zacks Shoes and Retail Apparel industry continue to grapple with persistent pressures. Higher input and freight costs, lingering supply-chain inefficiencies, and elevated SG&A tied to digital and store investments are weighing on margins. These structural hurdles, combined with currency volatility, geopolitical uncertainty and evolving trade and tariff policies, add complexity. A softer consumer backdrop and tight labor market also contribute to margin strain.

However, industry players are intensifying their brand-building and promotional efforts to maintain consumer relevance. Demand for activewear, footwear and wellness-focused products remains solid, supported by the broader shift toward healthier lifestyles. Leaders are leveraging this trend through product innovation, expanded athleisure assortments, and stronger e-commerce and omnichannel capabilities.

Looking ahead, sustainable growth will depend on continued innovation, enhanced digital infrastructure and deeper consumer engagement. Well-established brands like NIKE Inc. (NKE - Free Report) , Adidas AG (ADDYY - Free Report) , Steven Madden, Ltd. (SHOO - Free Report) , Wolverine World Wide, Inc. (WWW - Free Report) and Caleres, Inc. (CAL - Free Report) remain well-positioned to navigate near-term challenges and capture long-term opportunity.

About the Industry
The Zacks Shoes and Retail Apparel industry comprises companies that design, source and market clothing, footwear and accessories for men, women and children under various brand names. Product offerings of the companies mostly include athletic and casual footwear, fashion apparel and activewear, sports equipment, bags, balls, and other sports and fashion accessories. The companies showcase their products through their branded outlets and websites. Some companies distribute products via other retail stores, such as national chains, online retailers, sporting goods stores, department stores, mass merchandisers, independent retailers and catalogs.

A Look at What's Shaping the Shoes & Retail Apparel Industry's Future
Cost Headwinds: Industry players continue to wrestle with elevated costs, pressured by both internal reinvestments and external macro forces. Margin pressures stem from persistent commodity price inflation, supply-chain bottlenecks and higher logistics expenses, with transportation costs expected to remain a near-term drag. At the same time, stepped-up spending on marketing, digital platforms and store upgrades is hiking SG&A expenses. To sustain brand visibility and consumer engagement, companies are channeling more into promotional campaigns and tech-driven initiatives. Layered onto these structural cost challenges is a backdrop of economic uncertainty, from geopolitical tensions and trade tariffs to currency volatility and shifting tax policies. Weakening consumer sentiment and tight labor markets complicate the operating environment, intensifying pressure on profitability across the sector.

Consumer Demand Trends: Athletic and athleisure brands continue to ride the wave of strong consumer demand, a trend projected to hold steady. From footwear and yoga wear to jackets and running gear, the category benefits from a growing appetite for both performance and style. The rising influence of fashion in everyday wear is further fueling the demand for innovative apparel and footwear across the United States. To capture this momentum, industry players are leaning on product innovation, targeted marketing, store expansion and e-commerce growth. The health and wellness movement is also shaping buying patterns, with footwear brands expanding into versatile, multi-functional designs that balance performance, comfort and style, making them especially popular among consumers.

E-Commerce Investments: Digital channels remain a major growth engine for the athleisure market. Brands are expanding their reach through websites, social media and digital platforms, catering to consumers who increasingly shop from home. With athletic-inspired apparel gaining traction online, companies that scale their product offerings and strengthen e-commerce capabilities are best positioned for long-term growth. Investments in faster delivery, supply-chain efficiency and fulfillment enhancements are further sharpening competitive edges. At the same time, physical stores are being reimagined through renovations, improved checkout experiences and mobile point-of-sale options, creating a seamless omnichannel journey. These initiatives, across both online and offline touchpoints, are expected to drive more substantial traffic and sustained sales growth.

Zacks Industry Rank Indicates Dull Prospects
The Zacks Shoes and Retail Apparel Industry is an 8-stock group within the broader Zacks Consumer Discretionary sector. The industry currently carries a Zacks Industry Rank #180, which places it in the bottom 25% of more than 250 Zacks industries.

The group’s Zacks Industry Rank, which is basically the average of the Zacks Rank of all the member stocks, indicates dull prospects for the near term. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

The industry’s positioning in the bottom 50% of the Zacks-ranked industries is the result of a negative earnings outlook for the constituent companies in aggregate. Looking at the aggregate earnings estimate revisions, it appears that analysts are gradually losing confidence in this group’s earnings growth potential.

Before we present a few stocks that you may want to consider for your portfolio, let us look at the industry’s recent stock market performance and valuation picture.

Industry vs. Sector
The Zacks Shoes and Retail Apparel industry has underperformed the sector and the S&P 500 in the past year.

Stocks in the industry have collectively declined 18.9% in the past year. Meanwhile, the Zacks Consumer Discretionary sector has fallen 4.2% and the Zacks S&P 500 composite has risen 15.2%.

1-Year Price Performance

Shoes & Retail Apparel Industry's Valuation
On the basis of forward 12-month price-to-earnings (P/E), commonly used for valuing Consumer Discretionary stocks, the industry is currently trading at 26.34X compared with the S&P 500’s 23.44X and the sector’s 18.19X.

Over the last five years, the industry traded as high as 38.15X and as low as 20.83X, with a median of 27.10X, as the chart below shows.

Price-to-Earnings Ratio (Past 5 Years)

5 Shoes & Retail Apparel Stocks to Watch
Steven Madden: This Long Island City, New York-based company designs, sources, markets and sells fashion-forward branded and private-label footwear, accessories, handbags and apparel for women, men and children across the world. Steven Madden is well-positioned to deliver durable upside, driven by a strategic shift toward higher-margin direct-to-consumer channels, where accelerating online and owned-store growth enhances pricing power and customer economics. The company’s acquisition of a complementary international DTC platform meaningfully expands scale, improves geographic mix and unlocks revenue and margin synergies through distribution and marketing integration.

Steve Madden continues to deepen consumer engagement and cultural relevance, particularly among Gen Z and millennials, key demographics for growth. SHOO has a trailing four-quarter earnings surprise of 3.3%, on average. The Zacks Consensus Estimate for the company’s 2025 sales indicates growth of 10.9% from the year-ago quarter’s reported figure. The consensus estimate for SHOO’s 2025 EPS has increased 4.4% in the past 30 days. Shares of this Zacks Rank #2 (Buy) company have declined 0.1% in the past year. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Price & Consensus: SHOO

NIKE: The global leader in athletic footwear, apparel and sports accessories is set to benefit from its Consumer Direct Acceleration strategy. NKE is actively repositioning the brand to enhance competitiveness and drive sustainable, long-term growth. The company is sharpening its focus on sports, accelerating product innovation and strengthening its brand storytelling with bold, high-impact messaging. It is advancing its innovation pipeline and refining its marketplace strategy to better align with consumer preferences.

NIKE is shifting its digital platform to a full-price model, reducing reliance on promotions and scaling back performance marketing investments. The Zacks Consensus Estimate for NKE’s fiscal 2026 sales indicates growth of 0.9% from the year-ago quarter’s reported figure. The consensus estimate for NKE’s fiscal 2026 earnings has moved up by a penny in the past seven days. NIKE delivered an earnings surprise of 53.7%, on average, in the trailing four quarters. This Zacks Rank #3 (Hold) stock has declined 15.6% in the past year.

Price & Consensus: NKE

Adidas: This leading manufacturer and seller of athletic and sports lifestyle products in Europe, the Middle East, Africa, North America, Greater China, the Asia Pacific and Latin America is poised to gain from strong demand, compelling products and the robust performance of its online business. ADDYY has been benefiting from improved sell-through of all Adidas products in the market. The company has been witnessing improved margins, driven by the recently implemented price increases and an improved channel mix.

The Zacks Consensus Estimate for ADDYY’s 2025 sales and earnings indicates growth of 13.5% and 88.3%, respectively, from the year-ago quarter’s reported figures. The consensus estimate for ADDYY’s 2025 EPS has been unchanged in the past 30 days. Adidas delivered a negative earnings surprise of 50.5%, on average, in the trailing four quarters. This Zacks Rank #3 stock has dipped 25.8% in the past year.

Price & Consensus: ADDYY

Wolverine: The company is engaged in designing, manufacturing and distributing a wide variety of casual and active apparel and footwear. It also manufactures children’s footwear and specially designed boots and accessories for industrial purposes. Wolverine’s focus on brand structure, increasing efficiency by removing costs, strategic review of its portfolio, improving working capital and lowering leverage bode well. The company continues to focus on strengthening its DTC business. Speed-to-market initiatives, deployment of digital product development tools, expansion of e-commerce platforms and frequent product introductions are steadily contributing to Wolverine’s performance.

The Zacks Consensus Estimate for WWW’s 2025 sales and earnings suggests growth of 6.5% and 47.3%, respectively, from the year-ago quarter’s reported figures. The consensus estimate for WWW’s 2025 EPS has been unchanged in the past 30 days. The company has a trailing four-quarter earnings surprise of 31.8%, on average. Shares of this Zacks Rank #3 company have declined 21.8% in the past year.

Price & Consensus: WWW

Caleres: This Saint Louis, Missouri-based company designs, develops, sources, manufactures and distributes footwear in the United States, Canada, East Asia and internationally. Caleres offers a steadily improving investment case, supported by strong momentum in its Brand Portfolio, where Lead Brands continue to gain share and deliver healthy growth. The recent addition of Stuart Weitzman expands its premium positioning, with integration efforts expected to unlock meaningful cost synergies over time. The company is also seeing improving trends at Famous Footwear and strong eCommerce traction, signaling stabilizing consumer demand.

Caleres is prioritizing cost discipline, inventory management and structural efficiencies. These actions position the company for more durable margins and a stronger long-term financial profile. CAL has a trailing four-quarter negative earnings surprise of 15.1%, on average. The Zacks Consensus Estimate for the company’s fiscal 2025 sales indicates growth of 1.1% from the year-ago quarter’s reported figure. The consensus estimate for CAL’s fiscal 2025 EPS has been unchanged in the past 30 days. Shares of this Zacks Rank #3 company have declined 45.8% in the past year.

Price & Consensus: CAL

Enova International, Inc. (ENVA) M&A Call December 11, 2025 8:30 AM EST

Company Participants

Lindsay Savarese - Investor Relations
David Fisher - President, CEO & Chairman
Steven Cunningham - Chief Financial Officer & Director

Conference Call Participants

Moshe Orenbuch - TD Cowen, Research Division
John Rowan - Janney Montgomery Scott LLC, Research Division
Vincent Caintic - BTIG, LLC, Research Division
William Ryan - Seaport Research Partners
John Hecht - Jefferies LLC, Research Division

Presentation

Operator

Good day, and welcome to the Enova International Update Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Ms. Lindsay Savarese, Investor Relations for Enova. Please go ahead.

Lindsay Savarese
Investor Relations

Thank you, operator, and good morning, everyone. Enova announced this morning that it has signed a definitive agreement to acquire Grasshopper Bancorp and its wholly owned subsidiary, Grasshopper Bank, N.A. You may obtain a copy of the transaction press release on the Investor Relations section of our website at ir.enova.com, along with a presentation discussing the transaction.

With me on today's call are David Fisher, Chief Executive Officer of Enova; and Steve Cunningham, Chief Financial Officer of Enova. This call is being webcast and will be archived on the Investor Relations section of Enova's website.

Before I turn the call over to David, I'd like to note that today's discussion will contain forward-looking statements and as such, is subject to risks and uncertainties. These risks and uncertainties include those risk factors discussed in the most recent reports on Form 10-Q and 10-K as well as those discussed in the press release and presentation announcing this acquisition. Any forward-looking statements that are made on this call are based on assumptions as of today, and we undertake no obligation to update these statements as a result of new information or future events.

Recommended For You

Key Takeaways Dave's shares have soared YTD, far outperforming its industry and key peers.Dave's CashAI engine improved delinquency rates and fueled sharp top and bottom-line growth.Dave raised its revenue and EBITDA guidance as profitability, liquidity and valuation metrics strengthened.
Dave Inc.’s (DAVE - Free Report) shares showed remarkable growth in the year-to-date period. It has surged 126.6%, surpassing the industry’s 25.2% growth and the 20.1% rise in the Zacks S&P 500 Composite.

DAVE has outperformed its industry peers, Parsons’ (PSN - Free Report) 27.3% dip and VerifyMe’s (VRME - Free Report) 46.6% decline.

YTD Share Price PerformanceImage Source: Zacks Investment Research

The one-year price performances also show that DAVE’s growth exceeds that of Parsons and VerifyMe. Dave has skyrocketed 129%, outperforming Parsons’ 30.9% decline and VerifyMe’s 15.7% growth.

DAVE’s shares have registered impressive growth, prompting some investors to ride the rally. Let us analyze further to conclude whether buying this stock now is a sound choice.

Dave’s Cash AI: The Force Behind ProgressDAVE utilizes its proprietary CashAI engine to manage credit risks. In the third quarter of 2025, the company’s average 28-day delinquency rate declined 7 basis points (bps) sequentially to 2.33%, a positive sign of financial health and stability. In September, this metric was 2.19% due to the new CashAI v5.5. Effective credit risk mitigation led to improving its financial performance, where the top line increased 63% year over year.

The company’s profitability improved due to enhanced customer conversion, which managed to keep customer acquisition costs at $19. It led to a 193% year-over-year upsurge in its adjusted net income.

Banking on CashAI’s prowess, management decided to hike the top-line guidance to $544-$547 million from the preceding quarter’s view of $505-$515 million. Furthermore, adjusted EBITDA guidance was raised to $215-$218 million from $180-$190 million provided in the preceding quarter.

Dave’s Strong Capital Return and LiquidityDave’s return on equity (ROE) is massively higher than the industry average. Currently, its ROE is 77.8%, while the industry average is 15.3%. In terms of return on capital invested (ROIC), Dave’s 48.8% ROIC surpasses the industry average of 7.6%. These metrics demonstrate strength on the profitability front, hinting at DAVE’s ability to generate shareholder return efficiently.

Image Source: Zacks Investment Research

On the liquidity front, DAVE’s current ratio of 8.7 in the third quarter of 2025 has improved from the year-ago quarter’s 6.81, exceeding the industry average of 1.58. As the current ratio exceeds 1, it highlights DAVE’s effective coverage of short-term obligations.

Image Source: Zacks Investment Research

DAVE Tradies Cheaper Than Its IndustryDAVE trades at 14.13 times forward 12-month EPS, below the industry average of 27.2 times. Dave’s trailing 12-month EV-to-EBITDA ratio is 17.56, below the industry average of 18.86. Both metrics highlight Dave's undervaluation, making it a suitable stock that might experience exponential growth in share prices when the market truly recognizes its potential.

Image Source: Zacks Investment Research

Dave’s Robust Top & Bottom-Line ProspectsThe Zacks Consensus Estimate for the company’s 2025 revenues is pinned at $546.1 million, suggesting a 57.3% increase from the prior-year reported level. For 2026, the same is expected to grow 20.2%.  

The consensus estimate for 2025 earnings per share is pegged at $12.96, indicating a whopping 147.3% rally from the year-ago reported level. For 2026, the metric is expected to rise 8%.

Over the past 60 days, two EPS estimates each for 2025 and 2026 have been revised upward, with no downward revisions. During this period, the Zacks Consensus Estimate for 2025 earnings increased 24.7%, and the estimate for 2026 grew 12%. These upward revisions demonstrate analysts' increased confidence.

Add DAVE to Your PortfolioDAVE’s CashAI mitigates credit risks effectively, boosting the top line and profitability. Management is highly confident in this technology, such that it raised the revenues and profitability outlook for the full year. Dave’s profitability metrics, ROE and ROIC, both have surpassed the industry, signaling effective shareholder return-generating capabilities. A strong liquidity position is an added advantage, perceived as a green flag by the investors.

We recommend investors buy this stock immediately since it is fundamentally strong and trades at a discount to the industry. Undervaluation and solid financial prospects present a high-growth opportunity for investors as the market realizes the stock’s true potential.

DAVE sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

December 11, 2025 1:08 PM EST | Source: Euro Manganese Inc.
Vancouver, British Columbia--(Newsfile Corp. - December 11, 2025) - Euro Manganese Inc. (TSXV: EMN) (ASX: EMN) (FSE: E060) (the "Company" or "Euro Manganese") announces amendments to the Amended and Restated Convertible Loan and Royalty Agreement between Euro Manganese and OMF(BK) LLC ("Orion"), dated May 20, 2025, and the Amended and Restated Royalty Agreement between the same parties, also dated May 20, 2025.

Under these amendments Orion may, at its discretion, convert the outstanding loan amount and accrued interest into a royalty at any time, and the time to reach certain milestones (milestone extension date) has been extended to June 30, 2026. Taken together, these changes provide enhanced flexibility under the agreements and demonstrate continued cooperation. Other material terms and conditions outlined in the Company's news release dated December 3, 2024, remain unchanged.

About Euro Manganese

Euro Manganese Inc. is a battery materials company developing the Chvaletice Manganese Project in the Czech Republic, Europe’s only near-term source of high-purity manganese, a critical ingredient in next-generation electric vehicles, energy storage batteries and defence applications.

The Chvaletice Manganese Project aims to reprocess historic mine tailings to produce high-purity electrolytic manganese metal (HPEMM), and high-purity manganese sulphate monohydrate (HPMSM), establishing a fully traceable, low-carbon supply chain within the European Union.

With its Demonstration Plant having produced on-spec products and optimization work underway to enhance commercial plant efficiency, Euro Manganese is positioned to become Europe’s first domestic producer of high-purity manganese, meeting the rising demand for sustainable, strategic battery materials while advancing Europe’s clean-energy and supply-chain independence goals.

Euro Manganese is dual listed on the TSX-V and the ASX.

About Orion Resource Partners

Orion Resource Partners is a global investment firm specializing in the metals and materials critical to sustainable economic growth and the energy transition, with more than $8.6 billion of assets under management and a team of approximately 80 professionals across five global offices. Orion has successfully invested across the metals and materials value chain for over a decade, operating complementary investment strategies spanning the full liquidity spectrum, finding and capturing opportunities driven by the long-term trends of global decarbonization, the constrained supply of critical resources, and advancements in industrial technologies. Orion is a signatory to the UN PRI and requires adherence to the IFC Performance Standards on Environmental and Social Sustainability where appropriate.

Authorized for release by the President and CEO of Euro Manganese Inc.

Neither TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) or the ASX accepts responsibility for the adequacy or accuracy of this release.

Website: www.mn25.ca

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Forward-Looking Statements

Certain statements in this news release constitute "forward-looking statements" or "forward-looking information" within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of the Company, its Chvaletice Project, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified by the use of words such as "may", "would", "could", "will", "intend", "expect", "believe", "plan", "anticipate", "estimate", "scheduled", "forecast", "predict" and other similar terminology, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Readers are cautioned not to place undue reliance on forward-looking information or statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company.

Forward looking statements include statements regarding changes to the secured facility with Orion providing greater flexibility, enhanced cooperation, and any expected outcome. All forward-looking statements are made based on the Company's current beliefs including various assumptions made by the Company, including that the Chvaletice Project will be developed and operate as planned, the Company will obtain sufficient financing, and that the Company will be able to meet the conditions of its secured financing. Factors that could cause actual results or events to differ materially from current expectations include, among other things: insufficient working capital; inability to meet the conditions of its secured financing, risks due to granting security, lack of availability of financing for developing and advancing the Chvaletice Project; the potential for unknown or unexpected events to cause contractual conditions to not be satisfied; developments in EV (Electric Vehicles) battery markets and chemistries; risks related to fluctuations in currency exchange rates; and regulation and changes in laws by various governmental agencies. For a further discussion of risks relevant to the Company, see "Risk Factors" in the Company's annual information form for the year ended September 30, 2024, available on the Company's SEDAR+ profile at www.sedarplus.ca

Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the Company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/277759

PEP gains momentum, with solid Q3 revenues, strong North America beverages and steady international growth driving renewed investor confidence.

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In a recent podcast, BitMEX cofounder Arthur Hayes predicts most L1s going to zero, with the exception of Ethereum and Solana.

In a recent discussion on "Altcoin Daily," Hayes said: "I think pretty much every other L1 besides Ethereum or Solana is a zero and they're not going to do very well."

Hayes defends his claim, saying that as major banks move into crypto and Web3, he expects them to build on Ethereum, which he sees as essential infrastructure and the main driver of ETH's next major rally.

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Arthur Hayes: Except for Ethereum and Solana, almost all other L1s will go to zero

On November 29, on Altcoin Daily, Arthur Hayes said that, aside from Ethereum and Solana, almost all other L1s will go to zero. As major banks move into crypto and Web3, he expects them to build… pic.twitter.com/p8ssUer1cu

— Wu Blockchain (@WuBlockchain) December 11, 2025 On Solana, he praised its meme-coin-driven strength and its position as the second largest L1 but argued it still needs a new growth narrative and will struggle to outperform Ethereum in price.

What of XRP?Hayes did not touch on XRP in his recent discussion, given his not so favourable stance toward the cryptocurrency. In fact, when he was asked to pick his "magnificent five" for crypto, Hayes mentioned Ethereum, Solana, Bitcoin, Zcash and Athena.

Hayes once hinted that Zcash (ZEC) was a better altcoin than XRP, saying that the former could overtake XRP in market cap at some point.

This aside, the recent claim of most L1s heading to zero by the BitMex cofounder prompts the question of where XRP stands.

Is XRP safe?Institutional adoption of blockchain-powered finance has grown since the previous year, with tokenized real-world assets (RWAs), stablecoins and decentralized liquidity markets acting as key drivers of growth.

In this light, XRP Ledger (XRPL) is building on its core strengths to create an advanced institutional DeFi ecosystem. Several key capabilities are live, with others on their way, which will support the XRPL as the layer 1 of choice for financial institutions looking to use blockchain in a regulated environment.

Ripple is also working alongside the XRP community to bring native programmability to the XRP Ledger.