Market Signal Briefing

21Shares set to launch XRP spot ETF on November 29, joining Franklin Templeton, Canary Capital, and Grayscale in expanding institutional access.

Brian Njuguna2 min read

26 November 2025, 06:32 PM

Source: Shutterstock21Shares XRP Spot ETF Receives Approval, Set to Launch November 29On-chain metrics provider XRP Update reports that the 21Shares $XRP Spot ETF (TOXR) has received regulatory approval and will begin trading on November 29, marking a key milestone in XRP’s institutional adoption and the mainstream embrace of digital assets.

If launched, the 21Shares XRP Spot ETF will offer institutional and retail investors a regulated, transparent way to gain direct exposure to XRP without holding the cryptocurrency. 

Unlike futures-based ETFs, it tracks XRP’s actual market price, providing a precise reflection of market movements and broadening access to the world’s third-largest cryptocurrency.

With 21Shares entering the XRP ETF space, it joins established players like Franklin Templeton, Grayscale, and Canary. This surge in institutional-grade ETFs signals growing confidence in XRP and highlights the broader trend of mainstream finance embracing crypto in regulated formats.

Analysts believe the TOXR debut could reignite trading and boost liquidity in XRP markets. By offering institutional investors a regulated, accessible entry point, the ETF may reduce volatility, drive wider adoption, and solidify XRP’s role in the digital asset ecosystem. 

Its regulatory approval also reflects the growing maturation of crypto markets and the integration of digital assets into mainstream investment frameworks.

With TOXR set to debut on November 29, analysts and investors are eyeing a potential milestone in XRP’s institutional adoption, signaling new opportunities for crypto-focused financial innovation.

ConclusionThe launch of 21Shares’ XRP Spot ETF marks a pivotal moment in the cryptocurrency landscape, bridging the gap between traditional finance and digital assets. 

By providing regulated, institutional-grade access to XRP, TOXR not only strengthens investor confidence but also signals the continued mainstream acceptance of crypto. 

With trading expected to begin on November 29, all eyes will be on how this milestone shapes market dynamics, liquidity, and the future trajectory of XRP adoption.

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Brian Njuguna

Brian Njuguna is a seasoned crypto journalist at Coinpaper, specializing in blockchain innovation, market trends, and regulatory developments. With a background in economics and years of experience covering the digital asset space, Brian delivers sharp, data-driven insights that cut through the hype. His reporting bridges global crypto narratives with emerging market perspectives, making complex topics accessible to a wide audience.

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Fenelon L.

Summarize this article with:

JPMorgan Chase has just filed an application with the SEC for an innovative financial product that could radically transform the way investors are exposed to Bitcoin. The stake? Potentially massive returns by 2028. But at what cost?

In Brief

JPMorgan Chase has filed with the SEC to launch a leveraged structured product based on bitcoin.
Investors could multiply their gains by 1.5 if bitcoin soars by 2028.
The product is backed by BlackRock’s iShares Bitcoin Trust, the largest Bitcoin ETF in the world with $69 billion in assets.
An early redemption clause is planned for the end of 2026 if certain price thresholds are met.

A sophisticated mechanism with a double edge
JPMorgan submitted on Monday, November 24, to the Securities and Exchange Commission a filing to create a structured note that would allow investors to bet on the evolution of the bitcoin price.

The principle is based on bonds with a nominal value of $1,000 each, backed by BlackRock’s iShares Bitcoin Trust, the largest Bitcoin ETF in the world with $69 billion in assets under management.

The mechanism involves a key maturity: December 2026. If the Bitcoin ETF price reaches or exceeds the set threshold at that date, JPMorgan will proceed with an early redemption with a minimum payment of $160 per bond. A rather favorable scenario for cautious investors.

However, the story gets really interesting if the price stays below this threshold. The bonds then continue until 2028, offering holders the possibility to multiply their gains by 1.5 on any bitcoin increase. 

JPMorgan describes this potential yield as “unlimited,” a bold formulation reflecting the scale of possible profits if crypto experiences a meteoric rise.

The downside? Losses just as amplified. A 40% or more drop in bitcoin would cause considerable damage to the initial investment. 

As James Seyffart, ETF analyst at Bloomberg, points out, this type of structured product exists on “virtually all conceivable assets,” but bitcoin’s historical volatility adds an extra dimension of risk.

JPMorgan and cryptos, a relationship that evolves
This launch marks a symbolic milestone for JPMorgan Chase. Jamie Dimon, its CEO, long stood out as one of Bitcoin’s fiercest critics, not hesitating to publicly call it a scam.

Yet, he has always praised the merits of blockchain, the revolutionary technology underpinning the entire crypto ecosystem.

The facts speak for themselves: the bank recently launched a digital dollar deposit token on Coinbase’s Base network. 

This initiative confirms a trend observable for several years. JPMorgan can no longer ignore the growing demand from its institutional clients for crypto-related products.

The timing of this announcement is also revealing. While Bitcoin spot ETFs were approved by the SEC in early 2024, JPMorgan is clearly aiming to position itself in this expanding market.

The structured product offered is part of a broader strategy aimed at capturing a piece of the crypto pie while maintaining a certain prudent distance.

Ignacio Aguirre Franco, marketing director at Bitget, sees in this initiative “a revolutionary catalyst to democratize crypto exposure.” 

This type of regulated instrument issued by a bank marks a major turning point in how traditional finance approaches digital assets, accelerating institutional adoption and attracting new capital to the market.

JPMorgan’s structured product perfectly embodies the ambivalence of the traditional financial sector towards Bitcoin: attraction to potential profits, distrust of volatility. 

If the SEC gives the green light, this new investment vehicle will offer the boldest the opportunity to bet big on the future of BTC. However, as always with leverage, caution remains necessary: “unlimited” returns have the corollary of potentially devastating losses.

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Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

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

Dogecoin is trading around $0.150, showing a steady recovery after dipping near $0.148 levels. This reflects mild intraday volatility, but buyers continue to defend higher lows, hinting at improving short-term sentiment. If momentum holds above the $0.150 level, DOGE could attempt another push toward the mid-$0.152 resistance zone.

DOGE price chart, Source: CoinMarketCap

According to recent data by analyst Ali Martinez, Dogecoin has repeatedly demonstrated the importance of the $0.14 support zone, with the chart showing five distinct rebounds from this level since March. Each time DOGE has approached this threshold, buying pressure has increased, preventing further downside. This consistent reaction reinforces $0.14 as one of the strongest demand areas on the Dogecoin chart this year.

Source: X

The pattern suggests that market participants view this level as a value zone, stepping in aggressively whenever the price dips toward it. Each test has produced a relief bounce, indicating that buyers remain active and that sellers have struggled to force a clean breakdown. This type of repeated defense is often interpreted by analysts, like Ali Martinez, as evidence of accumulation, especially when the broader trend shows signs of exhaustion on the downside.

At the same time, the frequency of these tests also signals a critical juncture. The more a support level is revisited, the more it can weaken over time. While the most recent bounce shows that buyers are still holding their ground, DOGE remains in a broader downtrend, and a decisive close below $0.14 could open the door to a deeper correction. Conversely, maintaining this floor could allow the market to form a higher low and potentially build momentum for a trend reversal.

Dogecoin Builds a Bullish Structure After Trendline Break and RetestBased on the chart and commentary, analyst Trader Tardigrade highlights that Dogecoin is attempting to reverse its recent downtrend by forming a clear series of higher highs (HH) and higher lows (HL) on the lower-time-frame structure. This shift marks an early attempt to build bullish momentum after an extended period of selling pressure. 

The structure began developing after the price consolidated into an ascending triangle, a pattern often associated with accumulation and potential breakout conditions. This formation helped establish a strong base, allowing buyers to gradually regain control.

Source: X 

Following the ascending triangle, Dogecoin successfully broke above the multi-week descending trendline, confirming a technical breakout that had previously capped upward movement. The price then retested the trendline from above, holding it as support, an important validation step in confirming a trend reversal. 

With the retest holding and the continuation of higher highs, Trader Tardigrade interprets this as constructive price action that strengthens the case for a developing short-term uptrend. If the current structure holds, DOGE may continue climbing as buyers maintain pressure and invalidate the prior bearish trajectory.

Journalist

Posted: November 27, 2025

Key Takeaways
Why does Bitcoin’s reclaim of $90K matter?
BTC finally broke back above $90K after days of weakness, but the move lacks strong buy-side support.

What does on-chain data say about the rally’s strength?
Large BTC deposits and falling USDT exchange balances suggest the recovery may not last.

Bitcoin has climbed back above the $90,000 mark after spending days trading below the level, but the recovery may be on far shakier ground than price action suggests.

Source: TradingView

Fresh on-chain data signals that sell pressure is still dominant, raising doubts about whether BTC can hold onto its regained threshold.

Large exchange deposits are rising again — a red flag for stability
New data from CryptoQuant indicate that large Bitcoin deposits now account for approximately 45% of all hourly inflows, a trend that has been steadily increasing since early October.

These aren’t retail-sized transfers — these are wallet clusters that send thousands of BTC at a time.

Source: CryptoQuant

Historically, elevated large-deposit activity is associated with distribution, not accumulation.

When major players transfer coins to exchanges, they are typically positioning themselves to sell or rebalance their risk.

This pattern aligns with BTC’s recent inability to sustain support levels:

$100K failed
$95K failed
$90K briefly broke before today’s reclaim

The upward-sloping trend line in the CryptoQuant chart suggests that sell-side pressure has been steadily increasing, even as spot price attempts to stabilize.

USDT is flowing out of exchanges — weakening Bitcoin’s buy-side support
Glassnode’s stablecoin flows indicate another concern: USDT is leaving exchanges at one of the fastest rates in over a year.

Source: Glassnode

When stablecoins move into exchanges, they create immediate buy-side liquidity.

When they move out, it signals:

Lower demand
Weaker spot buying power
Reduced liquidity to absorb sell pressure
Higher vulnerability to downside volatility

The chart shows a deep red zone throughout November, suggesting that this rally back above $90K is not backed by strong stablecoin inflows.

Spot demand is thinning — the opposite of what supported Bitcoin’s earlier rallies this year.

A fragile reclaim? BTC needs liquidity before it can trend higher
Taken together, the two datasets paint a cautionary picture:

More Bitcoin is being sent to exchanges (potential sellers).
Less USDT is available on exchanges (fewer buyers).
The rebound lacks the liquidity profile typical of a sustainable trend reversal.

Bitcoin may have reclaimed the $90K psychological level, but without a shift in underlying flows, the move risks fading just like earlier attempts at recovery.

For bulls, the key signals to watch now are:

A drop in large exchange deposits
A return of positive USDT net inflows
A higher low forming above $88K–$89K

Until these appear, the market may remain in a fragile equilibrium — one strong sell wave away from slipping below $90K again.

The story paints a picture of a company experiencing intense turmoil since deciding in August to pivot to a digital asset treasury strategy.

TL;DR

World Liberty Financial spent $10 million buying 59 million WLFI tokens, intensifying its buyback program to support the token’s value.
The initiative uses protocol fees to repurchase and burn WLFI, although the token remains 50% below its all-time high.
The buyback aims to strengthen community trust and align holder incentives.

World Liberty Financial, the crypto project backed by the Trump family, is stepping up its WLFI token buyback program to bolster investor confidence and maintain the token’s value.

In the past 12 hours, the company spent $10 million purchasing over 59 million WLFI tokens via the CoW Swap DEX, according to on-chain records. This follows a previous buyback on October 10, when nearly 51 million tokens were acquired for around $9 million.

Buybacks Gain Momentum Among DeFi Protocols
The initiative is part of a governance proposal approved in September, allowing the protocol to use fees generated from its operations to repurchase and burn WLFI. Between October and March, World Liberty sold 35 billion WLFI tokens to investors for a total of $550 million. Despite these purchases, investor interest has been limited: the token rose just 0.4% in the past 24 hours and remains down 50% from its September all-time high.

World Liberty defines itself as a DeFi protocol offering lending, borrowing, and asset exchange services through its USD1 stablecoin. Although holders can participate in protocol decisions, it does not formally identify as a DAO.

The project gained additional attention this month after a 60 Minutes report linked a $2 billion deal between Binance and Abu Dhabi’s MGX to the recent presidential pardon of Changpeng Zhao, former Binance CEO. Critics claimed the deal boosted USD1 ahead of the pardon, allegations dismissed by Binance and the lawyers involved.

World Liberty Seeks to Align Ecosystem and User Incentives
The buyback program follows a growing trend among DeFi protocols. Reports from Keyrock show that the top 12 revenue-distributing DeFi projects spent nearly $800 million on token buybacks and other revenue-sharing activities in July, a more than 400% increase from early 2024. Analysts note that buybacks serve as a long-term commitment signal and help align holder incentives with protocol growth, similar to share repurchases in traditional companies.

Although immediate results have been limited, World Liberty continues to pursue this strategy to maintain community trust, support the project’s treasury, and reinforce WLFI’s perceived value. The company aims for token purchases to create a structural effect within the ecosystem, ensuring sustainable growth and clear alignment between protocol performance and investor interests

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

CME Group has confirmed through its official communications on X that spot-quoted futures for XRP and Solana will go live on December 15, subject to regulatory approval. 

The message was simple but clear, and these crypto heavyweights might see new institutional products hitting the market soon. The announcement quickly led to attention across the crypto market, given CME’s position as the leading venue for institutional-grade derivatives.

Understanding Spot-Quoted Futures For XRP And Solana
The crypto market is beginning to regain some upward momentum after several weeks of persistent declines. Prices have struggled since the start of November, yet the industry has continued moving forward in important areas. 

This trend is especially due to the launch of Spot XRP ETFs and Spot Solana ETFs in the US, with issuers like VanEck, Bitwise, Fidelity, and Franklin Templeton all introducing altcoin-based products that are now competing for institutional attention.

The recent update by the CME Group shows that there are still many important crypto products to be launched. The introduction of XRP and Solana into CME’s expanding list of futures offerings arrives at a time when demand from professional investors is widening beyond Bitcoin and Ethereum. 

Institutions have been searching for regulated pathways to participate in major altcoins, and CME’s timeline suggests that both crypto assets are about to enter into a new layer of market infrastructure comparable to Bitcoin and Ethereum.

Spot-quoted futures are designed to follow the live prices seen in the spot market rather than using an index or blended reference rate. CME has structured these contracts to be smaller and easier to access, with the group noting that “good things come in small packages.”

Why This Launch Matters For Institutional Access
CME’s move demonstrates that institutional interest in altcoins has reached a new level. Providing spot-quoted contracts creates a simpler, more direct way for large investors to trade these assets without confronting the operational risks of holding them outright.

CME also disclosed earlier in the year that it plans to introduce full 24/7 trading by early 2026. This step was aimed at matching the continuous pace of the crypto market, rather than waiting for traditional market windows.

In terms of price action, both cryptocurrencies are starting to look good. XRP is now back trading above $2.20, while Solana has reclaimed $140. 

It’s important to note that the new Spot-Quoted XRP and SOL futures are still waiting for approval. As December 15 approaches, many altcoin traders will be watching for regulatory clearance. Once approved, XRP and Solana could experience a noticeable change in institutional interaction, and this will undoubtedly contribute positively to price action before the end of the year.

XRP trading at $2.18 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Peakpx, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

// Price

Reading time: 2 min

Published: Nov 26, 2025 at 17:02

Sui's (SUI) price has fallen below the moving average lines as it approaches its lowest price level.

Sui price long-term prediction: bearish

Currently, SUI has declined and is holding above $1.30. The cryptocurrency price dropped to $1.31 after breaking the previous support level. The price is now correcting upwards to retest its former support, which has become resistance at $1.70.

On the upside, SUI will resume its bullish trend if it retests and breaks above $1.70. The altcoin will then continue its range-bound movement between the $1.70 support and the $4.50 resistance level. However, a rejection at $1.70 will worsen the decline. The bearish momentum is likely to eventually reach the lowest price of $0.46. SUI price is currently at $1.55.

Technical indicators

Key supply zones: $4.00, $4.20, $4.40

Key demand zones: $3.00, $2.80, $2.60  

Sui price indicator analysis

The 21-day SMA and 50-day SMA are trending downwards, with price bars below the 21-day SMA. The current decline will end if the bulls surpass the 21-day SMA and sustain their bullish momentum. On the 4-hour chart, the price bars are above the downward-sloping moving average line. The altcoin will attempt to rise while it remains above the moving average lines.

What is the next move for Sui?

SUI has remained above the $1.30 support level on the 4-hour chart since the price decline on 21 November. The altcoin corrected upwards and became stuck at the $1.60 high. If the cryptocurrency breaks through the $1.60 barrier, it will continue to rise. Otherwise, selling pressure will persist as the altcoin falls from its recent peak and breaks through the present support at $1.30.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.

Just a year after developers — led in part by Vitalik Buterin's push for scaling — began advocating for higher gas limits, Ethereum is now operating with a 60 million block gas limit, doubling network capacity in only 12 months.

TL;DR

Grayscale has filed with the SEC to convert its Zcash Trust into the first-ever spot ZEC ETF in the United States.
The ETF aims to provide institutional and retail investors with direct exposure to Zcash while leveraging regulated custodial and brokerage infrastructure.
ZEC has recently experienced a significant price recovery, surging over 1,000% in three months, reflecting renewed investor interest in privacy-focused cryptocurrencies.

Cryptocurrency asset manager Grayscale has submitted an S-3 registration statement to the U.S. Securities and Exchange Commission to launch the first-ever spot Zcash (ZEC) ETF in the United States. The move positions Grayscale to offer a regulated and accessible way for investors to gain exposure to ZEC, a privacy-focused cryptocurrency that has recently regained significant market momentum and is attracting attention from a broader range of institutional and retail participants.

Regulatory Framework And ETF Mechanics
According to the filing, the ETF would be listed on NYSE Arca under the ticker ZCSH. Coinbase Custody will serve as custodian, Coinbase as prime broker, and the Bank of New York Mellon as transfer agent and administrator. Grayscale’s Zcash Trust currently holds approximately 394,400 ZEC, valued at around $199.2 million at current prices. The company emphasizes Zcash’s privacy-preserving features, including shielded transactions enabled by zk-SNARKs, as a key factor in its suitability for a diversified digital asset portfolio and its potential to attract new types of investors seeking regulated exposure.

The SEC approval process for converting trusts into spot ETFs can vary widely. Previous conversions, such as Grayscale’s Dogecoin Trust, took roughly three months, while other multi-crypto ETFs have required closer to a year. Timing will depend on regulatory review and market conditions, with approval paving the way for institutional and retail investors to access ZEC via a familiar exchange-traded product and potentially boosting overall market liquidity.

Zcash Rally Drives Institutional Interest
ZEC has experienced a substantial surge since late September, rising more than 1,000% over three months. This recovery follows a period of regulatory-driven delistings in 2023 and 2024 that had suppressed the token’s liquidity and trading activity. The recent market momentum coincides with the launch of Cypherpunk, a U.S. public digital asset treasury targeting 5% of total Zcash supply, highlighting growing institutional interest in privacy-centric cryptocurrencies. Analysts also note that increased trading volumes across major exchanges are reinforcing ZEC’s market relevance and investor confidence.

The approval of a ZEC ETF could enhance liquidity, broaden market access, and reinforce Zcash’s position as a leading privacy-focused digital asset.  

S&P Global Ratings downgraded Tether's USDT stablecoin to its weakest score due to increased exposure to risky assets and reserve disclosure gaps. The report highlighted concerns over USDT's backing, noting that bitcoin now accounts for 5.6% of its reserves and the chance of lower prices potentially leading to USDT being undercollateralized.

Tether received a 'weak' grade on USDT, as S&P Ratings Global expressed doubts the company had reliable collaterals to support the stablecoin's dollar peg.

Tether's growing footprint in the global gold market has entered the chat in a big way, thanks to a new analysis from Jefferies that frames the stablecoin giant as something akin to a private-sector central bank.

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TLDR:

Table of Contents

TLDR:Upexi Private Placement Targets $23 Million for Solana StrategyFunding Structure Builds on Upexi’s Existing Solana PositionGet 3 Free Stock Ebooks

Upexi seeks up to $23 million to expand its Solana treasury and support corporate operations.
The raise includes $10 million upfront and up to $13 million from warrant exercises at $4.00.
Pricing at $3.04 sits above the company’s at-the-market value under Nasdaq rules.
Upexi plans to file an SEC resale registration within five days of the deal closing.

Upexi has launched a new private placement to raise fresh capital for its Solana treasury strategy. 

The company is targeting up to $23 million through a mix of common stock and warrants. It expects to secure $10 million upfront and the remaining $13 million from warrant exercises. The plan follows steady growth in its Solana holdings and rising demand for institutional crypto treasuries.

Upexi Private Placement Targets $23 Million for Solana Strategy
According to SolanaFloor, Upexi currently holds more than 2 million SOL, positioning it among the largest Solana-focused corporate treasuries. 

The company intends to use the new capital to expand that position while supporting operational needs. Its securities purchase agreement includes 3,289,474 shares and the same number of warrants priced at $3.04 per unit.

Upexi stated in its release that the offering price sits above its at-the-market level under Nasdaq rules. The warrants carry a $4.00 exercise price and remain valid for 48 months. The company said it expects the initial closing to occur around December 1, pending final conditions.

SolanaFloor emphasized the scale of Upexi’s crypto exposure as the raise was announced. The firm’s holdings have been part of a multi-year strategy aligned with the broader Solana market. Upexi plans to channel proceeds into what it calls a maximum return Solana strategy that it manages internally.

The company also addressed its registration commitments following the private placement. It plans to file a resale registration statement within five days of closing. The filing will cover both the new common stock and shares tied to the warrants.

Funding Structure Builds on Upexi’s Existing Solana Position
The deal brings one institutional investor into the round, according to the announcement. 

A.G.P./Alliance Global Partners is acting as the placement agent. Upexi expects net proceeds after fees to go toward working capital and general corporate requirements alongside its Solana program.

The company highlighted that the $3.04 pricing reflects a premium to its fully loaded NAV calculation. That premium aligns with the company’s view of its Solana exposure per share. The structure is designed to be accretive at the treasury level if warrant exercises reach the full $13 million.

The statement also outlined the regulatory terms of the offering. The securities remain unregistered at issuance and fall under private placement exemptions. Any public sale will require the SEC to declare the registration statement effective.

SolanaFloor’s update noted growing interest in Solana-centric corporate treasury models. Upexi has leaned into that trend through consistent accumulation and an emphasis on regulated equity offerings. Its latest move builds on that path with one of its largest raises to date.

After the massive price recovery witnessed a few days ago, XRP has slowed down on its price surge since the last day, but its network has continued to see growing engagements as investors stay resilient on the leading altcoin.

On Wednesday, November 22, onchain analytics firm CryptoQuant disclosed a decent increase in the XRP burn rate despite the plummeting market condition.

XRP network usage growsWhile the network has not witnessed a significant increase yet, the data shows that a decent 521 XRP were destroyed in fees in the last 24 hours. This represents a mild 0.77% surge from the burns achieved yesterday.

HOT Stories

Despite the surge, the number of XRP burned as fees is still relatively low compared to levels seen before the massive October 10 crash that has led the market into persisting price corrections.

Although small but positive, the metric has contributed to the restoration of confidence in the XRP ecosystem as it has come when XRP is seeing fresh momentum following the recent resurgence in its price, alongside the major launches of multiple ETFs.

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Although XRP has slowed down on its price surge today, the market is still showing signs of a potential rally, suggesting increased demand among retail and institutional investors.

Apparently, the increase in XRP’s burn rate, coinciding with renewed bullish sentiment, has fueled speculation that XRP may be entering a new phase, stirring anticipation for a massive rally in December.

XRP ETFs outperform market While XRP has also joined Bitcoin, Ethereum, and Solana on Wall Street following the recent launch of multiple XRP ETFs, the altcoin is moving to become the next big thing in the crypto ecosystem.

Notably, the launch of these ETFs has made XRP the center of attention, with market watchers predicting that the impressive inflows pulled by these ETFs in just a few days of launch could position XRP back to its $5 target for 2025.

Just yesterday, ETF trackers reported that XRP flipped Bitcoin, Ethereum, and Solana in daily ETF inflow. XRP ETFs recorded a massive $164 million in inflows as of November 25, while Bitcoin, Ethereum, and Solana pulled in $151 million, $97 million, and $58 million respectively.

RGTI's sharp stock gains and improved earnings outlook rival IONQ's stronger balance sheet and revenue surge heading into 2026.

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Nvidia ‘s (NASDAQ:NVDA) evolution from a gaming chips maker to the premier supplier for AI systems has been nothing short of astounding.

SummaryAlphabet Inc. built a structural edge through TPUs and end-to-end AI integration, cutting costs and widening margins across the AI cycle. has emerged as a leader in AI, driven by Gemini 3 and proprietary TPUs, defying earlier market skepticism.GOOGL's vertical integration—owning the model, hardware, and distribution—positions it to reduce reliance on Nvidia and improve AI monetization.A new price target of $345 is set, justified by visible technological advantage, end-to-end AI integration, and strong user engagement.GOOGL risks include regulatory scrutiny and heavy capex, but GOOGL's scale, ecosystem, and cost efficiencies support a continued bullish stance. Sean Gallup/Getty Images News

Thesis There's no doubt that Nvidia (NVDA) is and remains the world's leading manufacturer of chips for video cards (GPUs). The company holds around 90% of the market. For every single chip sold, the margins are enormous; furthermore, integration with CUDA

Analyst’s Disclosure:I/we have a beneficial long position in the shares of GOOGL either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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Operator

Good morning, and welcome to the EMERGE Commerce's Third Quarter 2025 Results Conference Call. [Operator Instructions] This call is being recorded on November 26, 2025.

Your hosts today are Ghassan Halazon, Founder and Chief Executive Officer; and Dasha Enenko, Chief Financial Officer.

Before we begin, I'm required to provide the following statement respecting forward-looking information, which is made on behalf of EMERGE and all of its representatives on this call.

Certain statements made on this call will contain forward-looking information. These forward-looking statements generally can be identified by the use of words such as intend, believe, could, expect, estimate, forecast, may and other words of similar meaning. This forward-looking information is based on our opinions, estimates and assumptions in light of our experience and perception of historical trends, current conditions and expected future developments as well as other factors that we currently believe are appropriate and reasonable in the circumstances.

Actual results could differ materially from a conclusion, forecast, expectation, belief or projection in the forward-looking information. Certain material factors and assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information. We caution investors not to rely on the forward-looking information. Additional information about the material factors that could cause actual results to differ materially from the conclusion, forecast or projection in the forward-looking information and material factors or assumptions that were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information, are contained in EMERGE's filings with the Canadian provincial securities regulators.

During

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Key Takeaways Weekly Jobless Claims, Durable Goods Worth Giving Thanks ForDeere Posts Mixed Results in Fiscal Q4Holiday Travel Estimated to Reach New High
Wednesday, November 26, 2025

Pre-market futures are in the green again this hour and holding steady through the release of a few key pieces of data this morning. This follows a highly successful trading day, up half a point to +2%, depending on the market index, on Tuesday. The Dow is +77 points at this hour, the S&P 500 +18 and the Nasdaq +107 points. The small-cap Russell 2000 — that gainer of +2% yesterday — is trading flat at present.

Interestingly, upon the economic reports out ahead of today’s open, the bond market seems to have frozen in place at this hour: +4.01% on the 10-year yield and +3.48% on the 2-year. These bond rates are about as honest a proxy on interest rate sentiment as we currently have, particularly with Fed members now in a “blackout period” regarding the press ahead of the December 10th FOMC decision.

Weekly Jobless Claims Remain Tame: +216K, +1.96M
Thankfully, Weekly Jobless Claims have returned to our weekly discourse on economic analysis; over time, the feeling of “flying blind” without out it had begun to grow somewhat concerning. The good thing is, not much has changed on these metrics, so we don’t feel we’ve missed much over a dormant month and a half.

Initial Jobless Claims came in below estimates — +216K versus expectations for +225K, and below the slightly upwardly revised +222K from the previous week. Aside from an early September +264K anomaly which stand out on the graph like a middle finger, new jobless claims have remained resilient within a +220K-235K range going all the way back to February. In fact, today’s tally comes in below that range; is the jobs market actually improving?

Continuing Claims are even more fascinating in how they’ve stayed in place for so long: today’s total of 1.960 million is actually up from the drastically downwardly revised 1.953 million from the prior week; it originally had come in at 1.974 million a week ago, which was the highest level in four years. Now it’s been revised back into the pack.

From mid-2022 lows on longer-term jobless claims, it took basically a year to move from 1.35 million to 1.8 million. It was nearly two years after that we first saw a 1.9 million tally, which first appeared in May of this year. Over these past six months, we remain below 2 million longer-term jobless claims. You could scarcely wish for jobless rates this calm.

Durable Goods Orders In-Line: +0.5%
Coming off a strangely hot previous month, the delayed September preliminary Durable Goods Orders report came in at +0.5%, as expected. August’s +2.9% was the highest single-month rate in more than a decade. These figures tend to fluctuate depending on the type of durable goods being ordered, which is why this data gets parsed more finely:

Ex-Transportation in general, this bumps up slightly to +0.6% — a similar dynamic to what we saw in Retail Sales reported yesterday — and ramps way up to +0.9% on non-Defense, ex-aircraft durable goods orders (a proxy for “regular” business spending). This is the second month in a row at that +0.9% level, which may point to the hardware buildout in overall AI infrastructure development (this report does not yet segment AI-related businesses).

Taken in combination with the tame jobless claims data, what we can see emerging on the horizon is a familiar “good news is bad news” take: if the labor force remains stout (and jobless claims data does tend to bring better news than monthly job gains reports) and economic spending continues, regardless whether inflation rates are at optimum levels or not, then why in the world would the Fed be interested in lowering interest rates?

Deere & Co. Mixed in Fiscal Q4Machinery giant Deere & Co. (DE - Free Report) is out with fiscal Q4 results ahead of the open, missing earnings estimates by 3 cents to $3.93 per share — the company’s first earnings miss in three years. However, revenues in the quarter came in +5.92% ahead of expectations to $10.58 billion. With a slightly dimmer outlook, shares are trading down -3.5% at this hour, taking a bite out of the stock’s +17.6% gains year to date. For more on DE’s earnings, click here. https://www.zacks.com/stock/news/2795724/deere-de-q4-earnings-miss-estimates
 

Holiday Travel Expected to Reach New Record High
An estimated 31 million people are expected to travel for their Thanksgiving holiday feasts, starting earlier this week. This isn’t necessarily to say that the major airlines -- Delta (DAL - Free Report) , American (AAL - Free Report) and United (UAL - Free Report) , to name but a few -- are seeing a big boost in early trading today (nor have they been much to write home about all year), but it again points to a consumer not shying away from the expenses of travel in late 2025.

If you are traveling to spend time with family and friends, we wish you a happy, safe and healthy weekend. Ahead of Wall Street will return Friday morning for a half-day session in the markets and the ushering-in of Black Friday.

Questions or comments about this article and/or author? Click here>>

Key Takeaways PFE grows oncology and non-COVID revenues, while also trying to expand its pipeline through acquisitions.ABBV drives strong growth from Skyrizi and Rinvoq while expanding oncology and neuroscience sales.PFE faces COVID softness and upcoming LOEs, while ABBV projects steady growth with no major LOEs.
Pfizer (PFE - Free Report) and AbbVie (ABBV - Free Report) are both U.S. pharmaceutical giants with a strong leadership position in various therapeutic areas. For Pfizer, oncology sales comprise around 28% of its total revenues. Outside of oncology, Pfizer has a solid presence in inflammation and immunology, rare diseases and vaccines.

AbbVie has a strong presence in immunology, oncology and neuroscience areas. Other than that, AbbVie also has products for aesthetics and eye care. Its immunology drugs, Skyrizi and Rinvoq, have successfully helped it overcome the loss of exclusivity (LOE) of its blockbuster drug Humira. Immunology accounts for around 50% of AbbVie’s net revenues.

Both companies have promising R&D pipelines capable of delivering innovative treatments and supporting future growth. But which stock presents a better investment opportunity right now? Let’s dive into their fundamentals, growth outlook and potential challenges to make a well-informed comparison.

The Case for PFEPfizer is one of the largest and most successful drugmakers in oncology. The addition of Seagen in 2023 strengthened its position in oncology. Its oncology revenues have risen 7% year to date, driven by drugs like Xtandi, Lorbrena, the Braftovi-Mektovi combination and Padcev.

Pfizer’s non-COVID operational revenues are improving, driven by its key in-line products like Vyndaqel, Padcev and Eliquis, new launches and newly acquired products like Nurtec and those from Seagen. Pfizer's recently launched and acquired products rose approximately 9% operationally in the nine months of 2025, with the momentum expected to continue.

Continued growth of Pfizer’s diversified portfolio of drugs, particularly oncology, should support top-line growth in 2026.

Its significant cost reduction and efforts to improve R&D productivity measures are also driving profit growth. Pfizer expects cost cuts and internal restructuring to deliver savings of $7.7 billion by the end of 2027. Pfizer’s dividend yield stands at around 7%, which is impressive.

Pfizer’s new products/late-stage pipeline candidates and newly acquired products position it strongly for operational growth in 2025 and beyond. Pfizer expects the 2025 to 2030 revenue CAGR to be approximately 6%.

Pfizer is also trying to expand its pipeline through acquisitions. It recently won a bidding war against Danish rival, Novo Nordisk (NVO - Free Report) , related to the acquisition of obesity drug developer, Metsera. After a heated battle, with PFE and NVO raising their offer prices for Metsera back and forth, Pfizer eventually acquired Metsera, a New York-based biotech, for around $10 billion. The deal was closed in mid-November. The Metsera acquisition has brought Pfizer back into the lucrative obesity space after it scrapped the development of danuglipron, a weight-loss pill, earlier this year. The acquisition will add Metsera’s four novel clinical-stage incretin and amylin programs, which are expected to generate billions of dollars in peak sales. NVO and Eli Lilly (LLY - Free Report) presently dominate the obesity space.

Pfizer signed a drug pricing agreement with the Trump administration in September. It has offered to cut prescription drug prices and boost domestic investments in exchange for a three-year exemption from tariffs on pharmaceutical imports.

However, Pfizer faces its share of challenges. It is seeing a softness in sales of its COVID products, Comirnaty and Paxlovid, due to lower vaccination rates and COVID infection rates.

Pfizer also expects a significant impact from the loss of patent exclusivity in the 2026-2030 period, as several of its key products, including Eliquis, Vyndaqel, Ibrance, Xeljanz and Xtandi, will face patent expirations. Pfizer expects an unfavorable impact of approximately $1 billion from the Medicare Part D redesign under the Inflation Reduction Act (IRA), which took effect in the first quarter of 2025 and is hurting Pfizer’s revenues. Higher-priced drugs, including Eliquis, Vyndaqel, Ibrance, Xtandi and Xeljanz, are expected to be most affected by the IRA.

The Case for AbbVieAbbVie has successfully navigated the LOE of Humira, which once generated more than 50% of its total revenues. It has accomplished this by launching two other successful new immunology medicines, Skyrizi and Rinvoq, which are performing extremely well, bolstered by approvals in new indications, and should support top-line growth in the next few years.

Skyrizi and Rinvoq generated combined sales of $18.5 billion in the first nine months of 2025. Skyrizi sales are now annualizing at almost $18 billion and Rinvoq at more than $8 billion. AbbVie expects to outperform its target of combined sales of Skyrizi and Rinvoq of more than $25 billion in 2025 and more than $31 billion by 2027. AbbVie recently settled patent litigation with all generic manufacturers for Rinvoq, which extended the drug’s patent exclusivity by four years to 2037.

AbbVie’s oncology and neuroscience drugs are also contributing to top-line growth. AbbVie’s oncology segment generated combined revenues of $5.0 billion in the first nine months of 2025, up 2.7% year over year as higher sales of Venclexta and contributions from new drugs, Elahere and Epkinly, more than offset the decline in Imbruvica sales. Sales of its neuroscience drugs increased 20.3% to almost $7.8 billion in the first nine months of 2025, driven by higher sales of Botox Therapeutic, depression drug Vraylar and newer migraine drugs, Ubrelvy and Qulipta.

AbbVie has been on an inorganic growth track over the past couple of years to bolster its early-stage pipeline, which should drive long-term growth. Particularly, it is signing several M&A deals in the immunology space, its core area, while also entering into some early-stage alliances in oncology and neuroscience. AbbVie has executed more than 30 M&A transactions since the beginning of 2024

However, the company faces some near-term headwinds like Humira’s biosimilar erosion, increasing competitive pressure on cancer drug Imbruvica and decreasing sales of the Aesthetics unit. AbbVie’s global sales of its aesthetics portfolio declined 7.4% in the first nine months of 2025.

Continued macro challenges and low consumer sentiment, especially in the United States, with concerns about the economy and inflation weighing on discretionary spending, are hurting aesthetics sales.

How Do Estimates Compare for PFE & ABBV?The Zacks Consensus Estimate for Pfizer’s 2025 sales and EPS implies a year-over-year decrease of 1.1% and an increase of 1%, respectively. The Zacks Consensus Estimate for earnings has risen from $3.07 per share to $3.14 per share for 2025, while that for 2026 has decreased from $3.15 per share to $3.14 per share over the past 30 days.

PFE Estimate MovementImage Source: Zacks Investment Research

The Zacks Consensus Estimate for AbbVie’s 2025 sales and EPS implies a year-over-year increase of 8.1% and 5.1%, respectively. The Zacks Consensus Estimate for 2025 earnings has declined from $10.81 per share to $10.64, while that for 2026 has decreased from $14.41 to $14.40 per share over the past 30 days.

ABBV Estimate MovementImage Source: Zacks Investment Research

Price Performance and Valuation of PFE & ABBVYear to date, while PFE’s stock has declined 3.0%, AbbVie’s stock has risen 30.5%. The industry has risen 15.9% in the said time frame.

Image Source: Zacks Investment Research

Pfizer looks more attractive than AbbVie from a valuation standpoint. Going by the price/earnings ratio, AbbVie’s shares currently trade at 16.52 forward earnings, lower than 16.98 for the industry. However, ABBV currently trades higher than its 5-year mean of 13.40. Pfizer’s shares currently trade at 8.20 forward earnings, lower than the industry. PFE also trades below the stock’s 5-year mean of 10.46

Image Source: Zacks Investment Research

AbbVie’s dividend yield is 2.8%, while Pfizer’s is 6.7%.

Image Source: Zacks Investment Research

PFE or ABBV: Which is a Better Pick?AbbVie and Pfizer have a Zacks Rank #3 (Hold) each, which makes choosing one stock a difficult task. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

However, Pfizer’s upcoming LOE cliff is a major factor that tilts us in favor of AbbVie, as it has faced Humira’s patent cliff quite well and looks well-positioned for continued strong growth in the years ahead. AbbVie is returning to robust revenue growth in 2025, which is just the second year following the U.S. Humira LOE, driven by its ex-Humira platform.

Boosted by its new product launches, AbbVie expects to return to mid-single-digit revenue growth in 2025 with a high single-digit CAGR through 2029, as it has no significant LOE events for the rest of this decade. A substantial portion of this growth is expected to be driven by the robust performance of Skyrizi and Rinvoq. With no significant LOEs in this decade, AbbVie enjoys the flexibility to invest more in R&D to continue to acquire external innovation. Investors looking for companies showing steady growth and margins should choose ABBV stock over PFE.