Market Signal Briefing

While U.S.-listed bitcoin treasury firms struggle to outperform ETFs, Japan’s harsh crypto tax code sends investors into DAT stocks, making outperformance easy. Nov 21, 2025, 4:55 p.m.

Earlier this year, at Hong Kong's Bitcoin Asia, there was a growing sense of frustration with Digital Asset Treasury (DAT) companies and their lagging performance against the asset they fill their coffers with.

STORY CONTINUES BELOW

“Just buy an ETF,” is how Strive Asset Management CEO Matt Cole put it on stage during a panel at the conference.

But in Japan, this isn't the case. Indeed, DATs listed in Tokyo consistently outperform bitcoin because of the local tax treatment of equities vs. crypto.

Those premiums are not random. They are an expression of Japan’s tax incentives, which punish direct crypto gains but reward equity gains with lower rates and loss offsets.

Crypto profits in Japan are treated as miscellaneous income, lumped with salary and other earnings, and taxed at progressive rates that can reach 55% for the highest earnings.

These gains cannot be offset with losses from other sources and cannot be carried forward. Equity profits sit in an entirely different category. They are taxed separately at about 20%, with loss carryforwards allowed and with far simpler reporting requirements. The difference creates a clear financial incentive: holding bitcoin directly risks a high tax bill, while holding a bitcoin-linked stock keeps any gains inside the lower-tax equity bucket.

Investors who want Bitcoin exposure without the 55% tax bill have little choice but to bid up the shares of companies that hold BTC. American firms operate in a neutral tax environment, so their stocks rarely trade far above their BTC holdings.

At the same time, the Tokyo Stock Exchange and Japan Exchange Group are growing increasingly uneasy with the volatility their own tax regime helped fuel, CoinDesk previously reported, as they have begun warning companies about backdoor listing tactics, tightening audits, and signaling that the DAT model may expose retail investors to risks they do not fully understand.

Similar conversations are happening elsewhere in Asia, with regulators in Hong Kong, India, and Australia reportedly concerned about the structure and are discouraging listed companies from going through with the strategy.

Back in Japan, DAT's might soon be losing their luster as the country's tax authority mulls a change to the tax treatment of crypto.

If this happens, without the tax edge, Tokyo-listed DATs will quickly lose their luster. “Just buy an ETF” may end up being the advice that works in Japan too.

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2 hours ago

The exchange’s latest deal folds Solana-native Vector into its consumer trading arm, extending a rapid M&A streak.

What to know:

Coinbase is acquiring Vector, a Solana-based on-chain trading platform, with the team set to integrate into Coinbase’s consumer trading division and its standalone apps slated for shutdown.The deal marks Coinbase’s ninth acquisition of 2025, following earlier buys including Echo for $375 million and Deribit for $2.9 billion.Vector’s addition arrives as Solana DEX volume surpasses $1 trillion this year, reinforcing Coinbase’s ambition to build an “everything exchange” with faster token access and improved execution for traders.Read full story

The global cryptocurrency market has seen another turbulent week, with major assets including Bitcoin, Ethereum and XRP continuing their downward trajectory. Prices fell sharply across the board, driven largely by widespread selling from smaller retail investors who appear shaken by recent volatility.

Starknet momentum strengthens as Golden Cross nears, increasing chances of breakout toward higher resistance.Soon risks deeper losses from unlock-driven supply surge unless buyers defend critical $0.76 support.Wiki Cat builds bullish pressure as squeeze forms, positioning token for potential volatility breakout.The altcoins are suffering owing to the drop in Bitcoin’s price below $90,000, and as the weekend approaches, this decline could extend further. Nevertheless, some crypto tokens have managed to find a way out of relying on BTC by depending on other factors to note a price rise.

BeInCrypto has analysed three such altcoins that could note a shift this weekend, be it for the better or the worse.

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Starknet (STRK)STRK has surged 66% over the past week after Anchorage Digital enabled Bitcoin staking on Starknet, attracting strong investor interest. The move increased demand for STRK and signaled rising confidence.

The EMAs indicate that STRK is approaching a Golden Cross, a historically bullish signal. If confirmed, this pattern could spark a fresh rally, allowing the price to break above the $0.252 resistance. Continued momentum may then carry STRK toward the $0.300 level as buying pressure strengthens.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

STRK Price Analysis. Source: TradingViewIf investors begin taking profits and bullish momentum fades, STRK may lose its upward trajectory. A decline could send the price toward $0.195 or even $0.136, invalidating the bullish outlook. Weakening demand and shifting sentiment would increase the risk of a deeper correction.

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Soon (SOON)SOON has dropped 67% this week and now trades at $0.88 after losing the crucial $1.00 support level. Bearish pressure is rising as 15.21 million SOON worth more than $13.4 million are set to unlock this weekend, increasing supply and weighing on sentiment.

This incoming supply, combined with the Parabolic SAR signaling a downtrend, may intensify selling pressure. If momentum weakens further, SOON could fall below $0.76 and slide toward $0.47. Such a drop would deepen losses and highlight fragile market conditions for the altcoin.

SOON Price Analysis. Source: TradingViewIf investors view the decline as a buying opportunity, SOON may rebound from the $0.76 support zone. A recovery could push the price above $1.04 and extend toward $1.39 or higher. This move would help reverse recent losses and invalidate the bearish outlook.

Wiki Cat (WKC)WKC has emerged as one of the strongest-performing meme coins this week, trading at $0.000000000103. Despite its tiny price, the token maintains a $51 million market cap and more than 151,600 holders, signaling strong community support and sustained network engagement.

WKC has climbed 52% over the past week, supported by improving fundamentals. The Squeeze Momentum Indicator is forming a squeeze as bullish momentum builds. A volatility breakout could push the price above the $0.000000000126 resistance and drive a rally toward $0.000000000151 if buyers maintain control.

WKC Price Analysis. Source: TradingViewIf bullish momentum weakens, WKC may fail to hold its gains. A drop below the $0.000000000099 support could send the price toward $0.000000000076. Such a move would invalidate the bullish setup and erase a significant portion of the recent growth.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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The broader cryptocurrency market is witnessing one of the largest pullbacks in the cycle, as evidenced by Bitcoin’s price decline from its current all-time high of $126,000. BTC’s price is now hovering around $83,000. While the ongoing bearish price performance persists, it is now extending into several key metrics, impacting its market dynamics.

A Signal Of Deepening Market Weakness For Bitcoin
Since Bitcoin’s price has been messy, and investors’ sentiment has been worse, its on-chain metrics are starting to exhibit bearish movement, pointing to a highly volatile market environment. One of the key metrics is the Delta Growth Rate, one of the market’s early-cycle momentum gauges, which has recently turned negative.

Alphractal reported this shift in momentum, suggesting that underlying demand is waning for BTC in the midst of elevated bearish price performance. The BTC Delta Growth Rate compares the growth of the market cap to the growth of realized cap.

It is worth noting that a negative Delta Growth Rate has often emerged in past market cycles when market liquidity declines and fresh capital inflows stall. Whenever the major indicator flashes this negative signal, it has never been a good sign for Bitcoin, particularly in the medium term.

BTC set for more downward movement | Source: Chart from Alphractal on X
This change indicates that the price of BTC is losing support relative to on-chain value. Each time there is a drop below the level 0, Bitcoin has repeatedly been unable to build real strength despite multiple attempts to push higher and short-term price bounces. As a result, the flagship asset continues to move sideways, ultimately allowing the extension of the downward trend for months. 

BTC remains in a fragile state, and this latest decline in this crucial fundamental metric raises concerns about its short-term resiliency and whether the market is poised to enter a cooling phase following months of volatile price action. How the market reactions at this point will play a role in determining the crypto king’s next major trajectory.

Investors’ Sell-Off Is Still Present
With ongoing heightened selling pressure from investors, Bitcoin’s short-term and medium-term price outlook is not looking good. Short-term BTC holders are heavily feeling the weight of the current pullback in price, forcing the cohort to capitulate or panic-sell their holdings. Should the price recover the cost basis swiftly, this signal typically represents a local bottom.

A look at the Realized Profit and Loss for Short-Term Holders (those holding BTC over 155 days) confirms that these investors are persistently selling. An interesting aspect of the development is that the cohort has been selling at a significant loss, indicated by the deep red bars on the chart.

According to IT Tech, Bitcoin is experiencing a rise in realized losses similar to the significant corrections between points 1-4, observed in 2021 and mid-2024. Presently, the price of BTC is trading well below the Short-Term Holders Realized Price at $109,200. If BTC fails to reclaim the price level, it may trigger a deeper bearish trend or validate a bear market as seen in past market cycles.

BTC trading at $84,468 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

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Godspower Owie is my name, and I work for the news platforms NewsBTC and Bitcoinist. I sometimes like to think of myself as an explorer since I enjoy exploring new places, learning new things, especially valuable ones, and meeting new people who have an impact on my life, no matter how small. I value my family, friends, career, and time. Really, those are most likely the most significant aspects of every person's existence. Not illusions, but dreams are what I pursue.

Coinbase Global Inc. (NASDAQ:COIN) has reached an agreement to acquire Solana's (CRYPTO: SOL) Vector, a trading platform that helps users access fast, on-chain markets. 

Coinbase Expands Solana Trading CapabilitiesThe company said on Friday that Vector's tools will be integrated into Coinbase's consumer trading experience to expand access to Solana-based assets.

Vector's team brings deep Solana infrastructure knowledge, including systems that detect new tokens the moment they appear on-chain.

Coinbase said the technology will improve speed, liquidity and support for assets across Solana's ecosystem.

Solana's on-chain markets now process over $1 trillion in DEX volume for 2025, according to Messari, making it one of the fastest-growing liquidity hubs in crypto.

The move aligns with Coinbase's plan to build "the everything exchange," offering faster and more global on-chain trading.

Vector's standalone apps will be shut down during the transition, while the Tensor Foundation will remain independent.

The deal is expected to close by year-end, pending standard approvals.

COIN Hits Technical Trouble As Trend Support Breaks

Coinbase Global Inc. Technical Analysis (Source: TradingView)

COIN spent most of the year trading inside a large triangle, but the breakdown below its lower support line now signals the start of a deeper correction.

The stock dropped 18% to $238 after breaking its multi-month triangle, showing a clear shift back to seller control.

Key Levels Show Growing PressureCOIN is now trading far below its major moving averages.

The 20-day EMA is near $295.

The 50-day EMA is around $310.

The 200-day EMA sits near $320.
All of these levels are above price and starting to turn lower.

The first important level is the $235–$240 zone. 

This area has acted as support before, and COIN is testing it again now. 

If the stock holds this range and steadies for a few sessions, a basic rebound toward $260–$270 is possible.

But if COIN closes below $235, the chart opens a wider gap to the downside. 

The next light support sits in the low $200s, and a much stronger demand zone waits between $150–$170, where several earlier rallies began.

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TL;DR:

Coinbase acquires Vector, a Solana meme coin platform, expanding niche market presence.
The deal brings Vector’s team onboard to continue developing and innovating.
Coinbase aims to integrate meme coins and enhance community engagement across its platform.

Coinbase has made a strategic move in the Solana ecosystem, acquiring Vector, a platform focused on Solana-based memecoins. The acquisition signals Coinbase’s continued push into niche markets and community-driven digital assets, aiming to broaden offerings beyond mainstream tokens.

Vector Acquisition Expands Coinbase’s Solana Footprint
The deal positions Coinbase to capitalize on growing user interest in Solana and memecoins, which have gained traction despite market volatility. Vector’s platform allows users to discover, trade, and interact with a wide variety of meme-themed tokens, adding a layer of social engagement to the crypto trading experience.

Coinbase’s expansion into niche sectors reflects a trend among major exchanges to diversify portfolios and capture emerging audiences. Analysts note that integrating Vector could enhance community engagement on Coinbase, while offering access to tokens often unavailable on larger platforms.

Vector’s development team will join Coinbase to continue building the platform, ensuring ongoing innovation and support for Solana-based projects. Coinbase highlighted that the acquisition aligns with its strategy to enhance decentralized finance offerings and embrace rapidly evolving sub-sectors within crypto.

Industry observers view the move as part of broader competition among exchanges for unique assets and specialized communities, particularly in markets outside Bitcoin and Ethereum. Coinbase’s approach underscores the growing influence of memecoins in driving engagement and user adoption.

While financial details were not disclosed, the acquisition is expected to accelerate product rollout and integrations with Coinbase’s existing infrastructure, providing seamless access to Vector users and their tokens. Coinbase continues to emphasize security and regulatory compliance, even as it enters more experimental segments of the crypto market.

Crypto asset manager Bitwise's launch of a spot XRP exchange-traded fund on Nov. 20 failed to lift the token, which fell to $1.81 — its weakest level since April — before a broader Nov. 21 sell‑off drove monthly losses above 20%.

Nakamoto Holdings felt pressure by the recent price drop for BTC. The company posted collateral to its structured $250M debt, and moved 367 BTC out of its treasury, explaining the coins were used for other investments.

Shiba Inu developer Kaal Dhairya addresses coordinated attacks on the core team as SHIB drops to $0.0000071, its lowest level since October 2023.

Newton Gitonga2 min read

21 November 2025, 05:24 PM

Shiba Inu developer Kaal Dhairya has spoken out against coordinated attacks targeting the cryptocurrency's core development team. The developer raised concerns about a pattern of negative statements directed at team members who have dedicated years to building the SHIB ecosystem.

Dhairya took to social media to highlight what he describes as deliberate attempts to undermine the legitimate Shiba Inu team. He characterized these efforts as a calculated strategy designed to discredit established developers while promoting alternative agendas. The developer specifically noted that those under attack have spent considerable time earning credibility within the community through consistent work and dedication.

The controversy emerged following statements from "The Shib," a publication focused on Shiba Inu news. The publication addressed allegations circulating on social media platforms suggesting biased coverage decisions based on personal disagreements. These claims accused the outlet of deliberately ignoring certain community developments due to internal conflicts.

Shiba Inu celebrates its fifth anniversary this year after launching in August 2020. The anonymous creator Ryoshi established the token with an ambitious vision to compete with Dogecoin in the cryptocurrency market. The project has achieved substantial adoption since its inception. Current data from Etherscan shows 1,553,386 SHIB holders worldwide, demonstrating significant community expansion over the years.

The cryptocurrency sector faced renewed pressure on Friday as markets extended losses beyond one month. Liquidation data from CoinGlass revealed $1.93 billion in leveraged positions wiped out during the downturn. Bitcoin dropped to $81,385, recording its steepest monthly decline since the 2022 crypto winter. Major digital assets across the board experienced sharp corrections.

SHIB Price Reaches Yearly LowShiba Inu suffered notable losses in recent trading sessions. The token declined 5.96% in 24 hours, falling to $0.000007923 at the time of writing. Weekly performance showed a 15% decrease, reflecting broader market weakness. On Friday, SHIB touched a new yearly low of $0.0000071, a level not seen since October 2023.

SHIB Price action in the last 1 month, Source: CoinMarketCap

The token peaked at $0.00001026 on November 11 before entering a prolonged downtrend. Nine out of eleven subsequent trading days registered losses, including the most recent session. The sustained selling pressure pushed prices down more than 30% from recent highs.

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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)

The cryptocurrency market is currently navigating its most severe liquidity stress test since late 2022, with more than $1 trillion of value lost in the past month.

While the headline volatility centers on Bitcoin, the structural damage is permeating deeply into large-cap assets such as XRP and Ethereum.

These parallel breakdowns are not isolated incidents. They represent a synchronized liquidity shock that is forcing a repricing of risk across the digital asset ecosystem.

Bitcoin liquidity drain and ETF reversalThe market downturn began as a gradual pricing correction but quickly accelerated into a liquidity event driven by specific market cohorts.

According to data from CheckOnChain, traders locked in $1 billion in losses on Nov. 21 alone. This figure ranks among the heaviest loss realization days of the year.

Bitcoin Realized Losses (Source: Checkonchain)The data shows that selling pressure was driven primarily by holders whose coins were less than 3 months old. These participants are statistically the most reactive to volatility, and they often enter the market near local tops.

As a result, they are usually the first to exit when price action turns unfavorable.

Glassnode data further corroborates this, showing that Bitcoin’s Short-Term Holder Profit/Loss Ratio has collapsed to levels last observed during the depths of the 2022 bear market. This metric indicates that the cohort of recent buyers is selling aggressively into weakness.

Bitcoin Holders Short-Term Holders Profit and Loss Ratio (Source: Glassnode)Indeed, this market behavior mirrors the classic late-stage fear that typically defines significant drawdowns.

However, unlike the 2022 crash, which was precipitated by credit contagion and exchange insolvency, the current capitulation is driven by an exhaustion of marginal demand and a mechanical unwinding of leverage.

In fact, CryptoQuant data shows that the current market lacks any significant whale activity.

Bitcoin Whale and Retail Activity (Source: CryptoQuant)Moreover, this on-chain capitulation coincided with a sharp reversal in institutional flows.

US spot Bitcoin ETFs, which had briefly broken a five-day streak of redemptions with modest inflows earlier in the week, faced renewed selling pressure.

According to Coinperps data, these products recorded $903 million in outflows on Nov. 20. This single-day figure is the largest of the month and ranks among the most significant since the products launched in January 2024.

Bitcoin ETF Flows in November (Source: CoinPerps)Apart from that, the scale of these redemptions has erased the capital inflows from the previous relief rally.

As a result, November is now on pace to become the worst month on record for ETF redemptions. The running total of $3.79 billion in outflows has already surpassed the record set in February.

This cumulative effect has resulted in a significant liquidity shock.

Bitcoin ETFs are currently down $3.98 billion from their all-time high in assets under management. This marks the second-largest drawdown in the brief history of these investment vehicles.

Bitcoin ETFs Drawdown From ATH (Source: CryptoQuant)So, as these funds are forced to sell underlying assets to meet redemption requests, they add sell-side pressure to a spot market that is already struggling to absorb supply from panicked short-term holders.

XRP capitulation and profitability collapseWhile Bitcoin is the source of the volatility, XRP has emerged as a barometer for the secondary effects of the liquidity crunch.

XRP has historically decoupled from Bitcoin during certain volatility windows, but in this instance, its losses are tracking the market leader closely.

As Bitcoin prices fall towards $80,000, XRP has declined nearly 9% over the past 24 hours and under $2 for the first time since April.

This accelerated a downtrend that had been building on a fundamental level as liquidity exited the altcoin market.

According to Glassnode, the XRP Realized Loss at 30D-EMA (30-day exponential moving average) has surged to $75 million per day. This volume of realized loss was last seen in April 2025.

XRP Realized Losses (Source: Glassnode)The metric confirms that capitulation is no longer limited to Bitcoin tourist investors but has spread to holders of major altcoins. Investors are choosing to lock in losses rather than hold through the volatility. This suggests a loss of conviction in near-term price recovery.

Due to this, the capitulation has severely impacted the profitability profile of the XRP network. On-chain data indicates that only 58.5% of the circulating XRP supply is in profit. This is the weakest reading since November 2024, a period when the token traded near $0.53.

Consequently, roughly 41.5% of all circulating XRP is sitting at an unrealized loss. This amounts to approximately 26.5 billion tokens held by investors who are underwater on their positions.

This high percentage of supply in loss creates overhead resistance for any potential price recovery. As prices attempt to bounce, underwater holders often look to exit their positions at break-even levels. This creates a steady stream of selling pressure that caps upside momentum.

Notably, the current decline is occurring despite community enthusiasm regarding the newly launched XRP ETFs.

So, this data suggests that macro liquidity constraints and the pressure from the Bitcoin downturn are completely overshadowing any potential bullish narratives specific to the XRP ecosystem.

Structural weaknessThe speed and severity of the losses in XRP can be attributed to structural differences between it and Bitcoin.

XRP lacks the deep institutional spot liquidity and the significant bid from ETF inflows that can occasionally cushion Bitcoin during periods of high volatility. The order books for XRP are generally thinner. This makes large sell flows more disruptive to price stability.

Furthermore, the asset has a more distributed retail holder base compared to the increasingly institutionalized Bitcoin market. Retail investors are typically more reactive to price swings and more prone to panic selling during broad market corrections.

Technical indicators reflect this structural weakness. The token recently formed a “death cross,” in which the price fell below both the 50-day and 200-day moving averages.

This technical formation is widely viewed by traders as a signal of momentum exhaustion and often precedes periods of sustained selling pressure. It serves as a confirmation to algorithmic traders and technical analysts to reposition for lower levels.

However, the primary driver remains the broader market dynamic.

When Bitcoin experiences a liquidity event driven by ETF outflows and short-term holder capitulation, altcoins function as shock absorbers for the system. They tend to amplify the volatility rather than dampen it.

The liquidity in Bitcoin does not rotate into altcoins during these phases; instead, it exits the crypto economy entirely, settling into fiat or stablecoins. This leaves assets like XRP vulnerable to secondary waves of panic selling.

The market outlookA pernicious feedback loop characterizes the current market structure.

A decline in Bitcoin price triggers increased ETF outflows. These outflows necessitate spot selling by fund issuers, which forces prices lower. Lower prices induce panic among short-term holders, who sell into an illiquid market.

As market-wide liquidity declines, altcoins like XRP realize larger losses due to thinner order books. This worsening sentiment circles back to trigger further ETF redemptions.

This circular dynamic explains why losses in XRP are accelerating even in the absence of negative news specific to the asset. The drivers are systemic rather than isolated.

Market participants predominantly focus on Bitcoin as the signal, but the realized loss spikes in XRP serve as a symptom of deeper market fragility. This fragility is rooted in structural liquidity constraints and the composition of the current investor base.

So, Bitcoin’s stabilization will depend on its ability to absorb selling pressure from ETFs and rebuild confidence among short-term holders.

Until the feedback loop is broken by a moderation in outflows or a return of spot demand, assets with weaker liquidity profiles will remain exposed to downside risk.

XRP serves as a critical gauge in this environment. If its profitability metrics stabilize, it may signal that the market has flushed out the majority of weak hands. However, if losses continue to mount, it suggests the liquidity crunch has yet to find a floor.

Mentioned in this article

BlackRock registered the iShares Staked Ethereum Trust in Delaware on Nov. 19, opening a path toward the firm’s first staked Ethereum ETF in the US.

The state-level trust registration does not constitute a formal Securities Act of 1933 application. Still, it positions BlackRock to launch a yield-bearing ETH product once the SEC permits staking inside ETF wrappers.

The filing follows a separate Nasdaq proposal earlier this year that would retrofit BlackRock’s existing iShares Ethereum Trust ETF to stake a portion of its ETH through Coinbase Custody if regulators approve.

BlackRock now pursues two parallel tracks: adding staking to its live spot ETH ETF and creating a dedicated staked Ethereum trust from scratch.

Yield gap drives the pushThe first wave of US spot Ethereum ETFs launched in 2024 without staking after the SEC required issuers to remove the feature.

Those funds charge management fees of 0.15% to 0.25%, VanEck’s Ethereum ETF charges 0.20%, while Fidelity’s ETF and iShares ETHA both charge 0.25%. They hold ETH in institutional custody and track the price with no on-chain staking yield passed through to investors.

On-chain, roughly 30% of Ethereum’s circulating supply is staked, and network-level rewards have run just under 3% annualized in recent weeks, per reference indices such as Compass’s STYETH and MarketVector’s STKR.

Investors who buy a spot ETH ETF today forfeit that 3% yield if the token trades flat.

BlackRock enters a market where three distinct staking structures have emerged. The REX-Osprey ETH + Staking ETF trades under the ticker ESK as an actively managed 1940 Act fund that stakes at least 50% of its holdings, charging an all-in fee of 1.28%.

VanEck filed a Lido Staked Ethereum ETF structured as a grantor trust that holds stETH rather than native ETH.

Grayscale disclosed that its flagship Ethereum Trust can retain up to 23% of staking rewards as additional compensation, while the Ethereum Mini Trust ETF can retain up to 6% of staking rewards.

Pricing, access, and custody as competitive leversBlackRock’s existing 0.25% fee on ETHA provides a baseline. A dedicated staked ETH trust gives BlackRock three options: keep the 0.25% sponsor fee and pass nearly all staking yield through to investors, add an explicit cut of staking rewards as a second fee layer, or deploy temporary fee waivers to capture market share before normalizing rates.

A staked ETH ETF solves a distribution problem for institutions, advisers, and retirement platforms that cannot access DeFi protocols or lack the operational infrastructure to self-stake.

A spot ETF that performs native staking converts on-chain yield into a total-return line item compatible with 401(k) accounts and model portfolios.

Investors who buy a staked ETF may capture roughly 2% to 3% annually after fees, even if the token price remains flat.

BlackRock appears set to use Coinbase Custody for both ether storage and staking, concentrating all operations inside a single US-regulated counterparty.

The Nasdaq filing identifies Coinbase as both custodian and staking provider. REX-Osprey uses US Bank with external validators, while VanEck’s Lido fund depends on Lido’s smart contracts and a separate stETH custodian.

Regulators may favor BlackRock’s single-counterparty model over structures that route staking through DeFi protocols.

Regulatory timing is still uncertainThe SEC forced issuers to strip staking from the first ETH ETFs because specific staking programs might constitute unregistered securities offerings.

BlackRock’s Delaware trust positions the firm at the front of the queue for when that stance softens, but it has no effective registration statement or approved exchange rule.

Regulators face three open questions. The first is whether they will permit native staking in a 1933 Act commodity trust or require it to be placed in 1940 Act structures.

The second is whether they will treat liquid staking tokens like stETH as equivalent to holding underlying ETH. The third is how much fee extraction from staking they will tolerate before a product crosses into actively managed yield strategy territory.

BlackRock’s filing opens three competitive fronts. On pricing, the firm’s scale will compress margins, but the real contest centers on what percentage of staking rewards sponsors retain.

On access, a staked ETH ETF brings validator-level yields inside brokerage accounts that will never touch DeFi.

On custody, every staked ETF proposal concentrates staking into a handful of custodians. As more ETH migrates into ETF shells, more of the network’s staking power will be held by institutional keys.

Mentioned in this article

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Leading cryptocurrency exchange Coinbase Global Inc. has announced its commitment to acquire Vectordotfun (Vector). In a post on X, Coinbase informed its over 6.6 million community members of the decision. This marks a pivotal moment for the trading platform that operates on the Solana (SOL) network.

Coinbase’s strategic bet on Solana’s growthAs per Coinbase’s announcement, the exchange is doubling down on Vector as it believes that Solana is growing at a significant pace. Hence, acquiring Vector will allow Coinbase to increase its investment in the Solana network.

Coinbase plans to integrate Vector’s technology directly into its own system, possibly to make it more efficient and faster. Solana is renowned for its speed and transaction throughput, and Coinbase wants to leverage this to provide faster trading experiences for its users.

Community members have welcomed the strategic partnership and consider it a major win for Coinbase. They believe that the acquisition could define the next cycle in the crypto space, as it could place SOL on the fast lane of accelerated value growth.

Solana has also applauded the Coinbase exchange for the move because it will boost the entire ecosystem. The development could likely help increase utility in the chain and positively impact the price outlook for the asset.

Solana has been bleeding over the last 30 days and has shed 29.9% of its market price as the asset continues to battle fluctuations. As of press time, Solana exchanges hands at $128.42, which represents an 8.68% decline in the last 24 hours.

SOL previously climbed from $122.27 to an intraday peak of $141.01 before experiencing intense volatility that pushed it back down. Notably, the broader crypto market decline also affected Solana’s performance.

With Coinbase’s acquisition of Vector, many would be looking out for how this might positively impact the chain.

Coinbase expands services with Ethereum-backed loansIn another development, Coinbase recently activated a special feature that allows the exchange's U.S. customers to use Ethereum as collateral for crypto loans. The move could boost utility for Ethereum and increase its adoption in the crypto space.

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According to the arrangement, users will not need to sell their assets but still collect loans in USDC, with their Ethereum serving as collateral. This gives users more flexibility and control over their Ethereum holdings.

Although some have wondered about the timing, particularly as the asset is witnessing volatility along with the broader crypto market, Coinbase appears comfortable.

Earlier, the exchange opined that the recent massive liquidation that occurred on Oct. 10 was a reset. This positioning is likely responsible for the investment in Vector despite Solana’s poor showing of late.

On November 21, 2025, Bitcoin's price dynamics drew significant attention as it approached the $73,000 to $84,000 range, a level influenced by the anticipated debut of Blackrock's Ishares Bitcoin Trust (IBIT). This movement has incited discussions among experts about the potential bottom for Bitcoin and its implications for both individual investors and institutional stakeholders.

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

Bulls are not able to seize the initiative at the end of the week, according to CoinStats.

XRP chart by CoinStatsXRP/USDXRP is one of the biggest losers today, falling by 8.28%.

Image by TradingViewThe rate of XRP is in the middle of the local channel, between the support of $1.8467 and the resistance of $2.0226. As most of the daily ATR has been passed, there are low chances of seeing sharp moves by tomorrow.

Image by TradingViewOn the longer time frame, there are no reversal signals yet. In this regard, one should pay attention to the nearest zone of $2. 

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Until the rate is below that mark, the ongoing fall remains the most likely scenario.

Image by TradingViewFrom the midterm point of view, the situation is similar. If the weekly bar closes near its low, traders may witness a further decline to the $1.40-$1.60 range.

XRP is trading at $1.9463 at press time.

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

The end of the week is mainly bearish, according to CoinStats.

Top coins by CoinStatsBTC/USDThe rate of Bitcoin (BTC) has gone down by 7% over the last 24 hours.

Image by TradingViewOn the hourly chart, the price of BTC is far from the local support and resistance levels. In addition, most of the ATR has passed, which means traders are unlikely to witness sharp moves by tomorrow.

Image by TradingViewOn the longer time frame, the picture is similar. In this case, one should focus on the daily bar's closure in terms of its low. 

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If it happens near $80,000 and with no long wick, the decline may lead to the test of the $76,000-$80,000 range soon.

Image by TradingViewFrom the midterm point of view, sellers are also more powerful than buyers. If a breakout of the nearest level of $76,600 happens, the accumulated energy might be enough for a more profound decline to the $70,000 mark.

Bitcoin is trading at $83,784 at press time.

Fri, 21/11/2025 - 15:59

Raoul Pal revealed Bitcoin's drop is driven by positioning stress, not a broken trend, and outlined why he continues adding exposure while the market processes the ongoing sell-off.

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

Raoul Pal had a pretty simple take on the latest Bitcoin drop as he compared it to what has happened loads of times before, and for him it is a bit of a pain, but not something out of the ordinary for the cryptocurrency. 

For the former Goldman Sachs macro chief, the main point is that Bitcoin's biggest dips are usually caused by the same mix of unwinds, stressed market-maker books, thin liquidity and traders being forced out of positions long before anything changes on the macro side. 

Source: Raoul PalHe thinks what's happening now fits that same pattern pretty closely. The numbers show why Pal treats this as a routine cycle reset instead of something structurally new. Back in 2021, Bitcoin fell 56% in four weeks, Ethereum lost 62% and Solana dropped 68%, but all three bounced back hard once the forced selling ended. 

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Bitcoin's past maps future for Raoul PalIn 2019-2020, Bitcoin fell 72% even though the overall trend was bullish. This was partly due to the impact of the pandemic, but the long-term trend remained positive. Even in the 2016-2017 cycle, there were seven separate Bitcoin drops of more than 30%, and altcoins were hit even harder, but the overall structure continued to rise. 

You can see all of this on the Bloomberg log chart, where large collapses shrink into brief interruptions.

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Pal says he has seen this before: the market's oversold, the price action is unstable and liquidity is thin, but there is nothing to suggest the long-term trend has reversed.

These are the reasons behind Pal’s stance: the drop fits the same kind of -30%, -56% and -72% cycle resets that Bitcoin has already shown, the macro backdrop has not changed, the pressure is coming from rapid unwinds and thin liquidity — not fundamentals — the long-term chart still shows oversold conditions that usually resolve, and his framework relies on multiyear trends that have historically absorbed even the hardest drawdowns.

Related articles

CryptoQuant founder and CEO Ki Young Ju pushed back on a renewed wave of forced Bitcoin liquidation and bankruptcy chatter around Strategy (formerly MicroStrategy, MSTR), arguing that the bearish thesis misreads the company’s capital structure and shareholder incentives.

In a Nov. 20, 2025 post on X, Ju wrote, “MSTR only goes bankrupt if an asteroid hits Earth,” adding that critics should “bring a single piece of evidence” before claiming Michael Saylor would be liquidated. The comments came as Bitcoin and high-beta crypto proxies retraced into late November, reviving legacy narratives that Strategy’s debt stack could compel BTC sales.

Why Strategy Will Never Sell Bitcoin
Ju’s central claim is that Strategy is not structurally set up like a margin trader. Addressing the most common fear—that convertible notes “missing” their conversion price forces liquidation—he stated: “Convertible debt not reaching the conversion price is not liquidation. It simply means the notes get repaid in cash […] Failing to convert is not a bankruptcy trigger. It is just normal debt maturity.”

In his view, the repayment pathways are conventional corporate finance tools: refinancing, rolling into new notes, secured borrowing, or operating cash flow. That framing aligns with how convertibles function in practice; if equity is below strike at maturity, the embedded option expires and the instrument reverts to straight debt rather than a forced-sale event.

He also grounded his argument in governance and identity. “Saylor would never sell Bitcoin unless shareholders want it,” Ju wrote, warning that “selling even a single BTC would destroy MSTR’s identity as a Bitcoin treasury company and trigger a death spiral for both Bitcoin and MSTR.” Strategy has repeatedly defined itself as a BTC-treasury vehicle, and its shareholder base largely bought into that mandate, making voluntary divestment politically and strategically improbable absent a radical shift in investor preference.

Balance-sheet data underpins Ju’s confidence. Strategy reported 640,808 BTC as of Oct. 30, 2025, acquired for about $47.44 billion; subsequent filings cited major November additions taking holdings to roughly 649,870 BTC. Even after accounting for the growing convertible and preferred layers, the BTC treasury remains the dominant asset, meaning solvency stress would require an extreme, prolonged Bitcoin collapse rather than a cyclical drawdown.

Ju did not claim the equity is risk-free. “This does not mean MSTR’s stock price will always stay high,” he wrote, but called the idea that Strategy would sell BTC to support the stock or face imminent bankruptcy “completely absurd.”

He added that even at a price of $10,000 per coin, Strategy would face “a debt restructuring, nothing more.” On preferred shares, he acknowledged dividend obligations, noting payments have not been missed and can be covered via new share issuance—dilutive, but not a liquidation vector. Posting BTC as collateral, he said, would be a last resort because that would introduce real margin risk.

In short, Ju’s rebuttal draws a hard line between volatility and insolvency: Strategy may trade like leveraged Bitcoin, but its liabilities do not mechanically force BTC sales. The “Saylor liquidation” narrative, he argues, is a Twitter myth unless the world ends—by asteroid.

At press time, BTC traded at $82,050.

Bitcoin falls below the 100-week EMA, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

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

Dog-themed cryptocurrency Dogecoin (DOGE) has been spotted on Wall Street, triggering excitement in the crypto community.

The official X account of investment management firm 21Shares called attention to the exciting development in a tweet. An accompanying image showed a congratulatory message from the Nasdaq on the launch of the 21Shares 2x Long Dogecoin ETF (TXXD); 21Shares reacted to this saying, "Spotted in the  Nasdaq - such amaze."

21Shares's tweet caught the attention of the Dogecoin official X account, which responded to this, saying, "Much congrats."

21Shares, a partner of House of Doge, Dogecoin's official corporate arm, continues to double down on the crypto asset. Yesterday, 21Shares announced the 2x Long Dogecoin ETF (TXXD) on select brokerages for those looking to amplify their conviction in DOGE.

This follows the inclusion of Dogecoin in 21Shares's two Top 10 Crypto index ETFs, which launched in the past week.

Dogecoin ETF optimism soarsThe announcement from 21Shares regarding a new Dogecoin ETF has been met with optimism in the crypto community, which is counting down to the potential launch of more Dogecoin ETFs in the coming days.

In a recent tweet, Bloomberg Intelligence analyst James Seyffart hinted at a base case of Grayscale Dogecoin ETF launching on Nov. 24. The Bitwise Dogecoin ETF is also expected to launch soon.

A slew of ETFs are anticipated following the Securities and Exchange Commission (SEC)'s rule change, which allowed exchanges to fast-track listings. This procedural shift, which cuts the timeline and friction for new products, allows an acceleration in crypto-themed funds.

At press time, Dogecoin was trading down nearly 11% in the last 24 hours and 14% weekly to $0.14 as the crypto market extended a month long sell-off on Friday with $1.93 billion in total liquidations.

Pi Network price is forming a rare Adam and Eve bullish reversal pattern as price holds above key volume support, signalling a potential bottom and a push toward higher resistance levels.

Summary

Market behaviour shows improving confidence as buyers absorb selling pressure
Price flow suggests shifting sentiment after an extended corrective phase
Growing stability may indicate early foundations for a trend reversal

Pi Network’s (PI) price structure is beginning to show signs of a potential bottom as the market forms a rare Adam and Eve pattern, one of the most widely recognized bullish reversal formations. The combination of a sharp dip followed by a rounded bottom is becoming clearer on the chart, supported by growing demand near the point of control.

Adding to the broader narrative, Pi Network recently asserted it meets MiCA requirements as it pushes for regulated EU exchange listings, bringing increased attention to its overall market outlook.

Pi Network price key technical points

Pi Network is forming a rare Adam and Eve reversal pattern
Price is trading above the point of control, showing demand
Neckline sits near $0.21 to $0.28, with targets toward $0.35 on breakout

PIUSDT (6H) Chart, Source: TradingView
The Adam and Eve pattern emerging on Pi Network consists of two distinct phases. The first is a sharp, aggressive dip that forms the “Adam” portion of the structure. This move was followed by a strong bullish reaction, creating the first leg of reversal. The second phase, the “Eve” formation, typically appears as a rounded bottom supported by renewed demand, which is now visible on the chart as Pi Network stabilises and grinds higher.

A key strength of the current structure is that price continues to trade above the range’s point of control. This level represents the highest-volume zone, where buyers are actively absorbing supply.

When the price remains above the POC, it often indicates accumulation and a shift in market strength toward buyers. Pi Network maintaining support here adds credibility to the ongoing bottoming process.

For the Adam and Eve pattern to complete, the price must break above the neckline resistance. In Pi Network’s case, this zone sits between $0.21 and $0.28, where previous rallies have failed to sustain momentum. A breakout through this area, especially with increasing volume, would confirm the pattern and open the probability of a rally toward the $0.35 region. This would represent the next significant technical target in the broader recovery setup.

Currently, Pi Network is climbing toward the neckline and showing signs of resilience. The rounded bottom is continuing to take shape, suggesting the market is gradually turning from distribution to accumulation.

This behavior is typical of early-stage reversals and often precedes a meaningful expansion move, especially as several altcoins are poised to jump once broader market conditions improve following the U.S. government shutdown.

What to expect in the coming price action
As long as Pi Network holds above the point of control and maintains its rounded bottom structure, the probability of completing the Adam and Eve pattern increases. A breakout above the $0.21–$0.28 neckline would confirm the reversal and open upside targets toward $0.35.

17h05 ▪
5
min read ▪ by
Mikaia A.

Summarize this article with:

October, nicknamed “Uptober” by crypto market enthusiasts, played a bad trick on investors. And here comes November with its even sharper blade. Bitcoin falls, ETFs are emptied like glasses after drunkenness, and the collective euphoria has given way to an icy silence. While some see it as just a slump, others fear a real tipping point. One thing is certain: the market is bleeding, and the numbers are no mere passing scratch.

In brief

IBIT and FBTC caused 91% of outflows on US Bitcoin ETFs in November.
Bitcoin plunged below $84,000 after massive liquidations of leveraged positions.
DATs show a collapse in inflows, signaling increased institutional distrust.
Solana and XRP attract new capital via their ETFs, despite a bearish crypto context.

Bitcoin emptied by Wall Street: $3.79B gone, IBIT and FBTC lead
Despite a brief return of inflows recently, the massive outflows recorded in November on US Bitcoin ETFs reflect a sharp loss of confidence. At the heart of this decline, BlackRock, through its IBIT ETF, logs $2.47 billion in withdrawals, or 63% of total outflows. Behind it, Fidelity (FBTC) follows with $1.09 billion evaporated during the same period. Together, they form a duo responsible for 91% of the month’s capital flight.

On November 20, the day became historic: $903 million went up in smoke within hours, marking one of the worst days since these products launched in early 2024.

In a viral tweet, Ki Young Ju, CEO of CryptoQuant, warns:

BlackRock’s Bitcoin ETF just recorded its largest weekly outflow ever: $1.09 billion so far.

This hemorrhage is explained by a fragile macroeconomic climate, combined with growing disillusionment about the short-term interest of these financial products backed by a shaky Bitcoin.

Liquidations, DAT, and alarmist tweets: signals of a brutal crypto purge
ETFs are not the only ones reeling. The wind also blows on Digital Asset Treasuries (DAT), instruments held by crypto companies and funds. In October, inflows dropped 82%, falling from $10.89 billion to just $1.93 billion. November could be even worse: barely $505 million recorded mid-month.

The market has not only lost its appetite: it is vomiting its excesses. QwQiao, co-founder of Alliance DAO, denounces this blind rush:

There is a large cohort of naive money, that knows nothing about cryptos, buying DATs and ETFs. It never ends well. Maybe a new 50% correction is needed for these people to liquidate their positions before the market can build solid foundations and restart the supercycle.

And he drives the point home: a 50% drawdown might be necessary to regain a solid foundation.

Leverage does not help. On November 21, $1 billion of long positions were liquidated in one hour. Institutional investors saw their gains melt like snow in spring. Result: Bitcoin flirted with $83,000, its lowest level since April.

Crypto: SOL and XRP shine while Bitcoin wobbles – towards a new order?
Despite this dark picture, not all is lost. In the storm, some cryptos emerge. Solana (SOL) and XRP show net inflows on their respective ETFs: $300 million for one, $410 million for the other. Enough to feed the idea of a beginning change in the crypto hierarchy.

While BTC and ETH fall sharply, some crypto traders see this as a leadership transfer. And small companies are starting to adapt their strategies.

Faced with the volatility of Bitcoin ETFs, some SMEs and fintechs opt for diversification via stablecoins, limit their BTC exposure, and experiment with new crypto usages for payments and treasury.

What to remember this week:

$83,168: Bitcoin price at the time of writing;
$3.79 billion: total withdrawals in November;
$1 billion liquidated in 1 hour on November 21;
Solana and XRP attract more than $700 million in ETFs;
91% of outflows concentrated on IBIT and FBTC.

While many give in to panic, some continue to believe. Michael Saylor, eternal defender of Bitcoin, does not flinch. For him, this volatility is just background noise. His argument? Bitcoin remains a disruptive technology, and the shocks are just a necessary passage in its march towards adoption. It is probably this unwavering faith that leads him to downplay fluctuations and stay the course.

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Mikaia A.

La révolution blockchain et crypto est en marche ! Et le jour où les impacts se feront ressentir sur l’économie la plus vulnérable de ce Monde, contre toute espérance, je dirai que j’y étais pour quelque chose

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.

In brief
Coinbase is acquiring Solana meme coin trading app Vector, built by the team behind the NFT marketplace, Tensor.
The acquisition is designed to improve Coinbase's Solana on-chain trading experience.
Coinbase will acquire Vector's technology, but the Tensor marketplace and TNSR token will now be stewarded by the Tensor Foundation.
American crypto exchange Coinbase announced Friday that it has agreed to acquire social meme coin trading application, Vector.

The acquisition will fold Vector’s technology into Coinbase’s DEX trading integrations as it aims to provide broader access to on-chain markets and improve its Solana trading experience. 

“We've long supported Solana across our product portfolio, but we're excited to double down and build towards enabling all Solana assets on Coinbase with state-of-the-art trading by default,” Max Branzburg, vice president of product at Coinbase, posted on X. 

I’m excited to announce that today we’re expanding our support for the Solana ecosystem at @Coinbase with an agreement to acquire @VECTORDOTFUN, an onchain trading platform built on @solana.

It’s super important to us that we’re offering the best possible experiences to… https://t.co/80cevFE7hd

— Max Branzburg (@maxbranzburg) November 21, 2025

“By bringing in the best-in-class team and tech, we’ll be able to accelerate our vision of enabling lightning-fast trading for every asset on Solana, as soon as it’s created, and expand our capabilities from there,” he added.

When asked about terms of the deal, a representative for Coinbase simply told Decrypt that the acquisition did not have a significant impact on its financials. 

Vector’s social meme coin trading app was launched last year by the team behind Solana NFT marketplace, Tensor. 

While Coinbase is bringing in the technology and team behind Vector, the existing Tensor marketplace ownership will be passed to the Tensor Foundation, which also stewards the Solana-based TNSR token. 

Coinbase will remain independent and unaffiliated with the Tensor NFT marketplace and the TNSR token.

Despite keeping its distance from the TNSR token, the token experienced a seemingly random surge in price earlier this week, leading to questions among crypto users about who was buying prior to the announcement. 

TNSR has jumped more than 300% in the last seven days, even while the broader crypto market has experienced a notable selloff.  Now changing hands at $0.19, it remains more than 91% off its all-time high of $2.28. 

As a result of the deal, all unvested TNSR tokens belong to Tensor Labs and its founders—around 22% of the entire supply of the token—will be burned, or permanently removed from the circulating supply. The additional vesting tokens have been relocked for three more years. 

Users of Vector will be able to transfer out their assets by November 26 as the mobile and desktop applications will be sunsetted. If they miss the deadline, then they will have four years to export their private keys to a new wallet.

The deal is the ninth acquisition from Coinbase this year. The leading American crypto exchange added crypto fundraising platform Echo for $375 million in October, but recently walked away from talks to acquire stablecoin platform BVNK at a reported price around $2 billion.

Shares of COIN are up down about 2% on Friday and more than 31% in the last month, recently changing hands at $233. 

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

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OKB fell from $115 to $94 (over 18%) amid a generalized market sell-off.
A glitch in OKX’s Boost campaign contract allowed 99.68% of PYBOBO tokens to be drained in just four seconds.
OKX has halted claims, and the OKB price drop contract glitch is driving speculative volume up by 100%.

Another sharp liquidation was registered in the crypto market on Friday, with the pioneer cryptocurrency falling 10% to $81,865. The global sector’s capitalization was reduced to $2.81 trillion after the red movements of the last day. Amidst this general massacre, OKX’s native token, OKB, was the most affected.

OKB’s dramatic fall coincided with a new investigation into OKX following an unexpected glitch in the smart contract of its recent Boost rewards campaign. A programmed distribution of PYBOBO tokens ended with almost the entire pool drained in under four minutes, which was initially attributed to massive demand, but soon revealed to be a system error.

In the broader cryptocurrency market, over the last 24 hours, the OKB token performed poorly. It plummeted from a daily high of $115 to $94, marking a drop of over 18% on its price chart. Selling pressure intensified as soon as news of the contract malfunction spread.

The Four-Second Hole That Drained 99.68% of Incentives
On-chain statistics reveal the severity of the problem: 32 addresses managed to claim 623 million PYBOBO tokens, emptying almost all of the 625 million allocated for the distribution event. The most striking thing is that the entire process took only four seconds, catching both the team and legitimate participants off guard.

A malfunction within the OKX Boost claim contract appears to have allowed abnormally rapid claims, which permitted a few addresses to receive many more PYBOBO tokens than planned.

OKLink identified a particular wallet that claimed 37.847 million tokens, worth approximately $18,600. By the time the team noticed the glitch, 99.68% of the rewards had already disappeared.

The OKX Wallet team acknowledged the issue immediately and confirmed the postponement of PYBOBO claims until the contract issuer’s problem is resolved. This temporary pause aims to prevent any potential additional damage while a review is conducted.

The OKB incident caused a 100% surge in OKB’s daily trading volume, a clear sign of speculative activity. The digital token will likely fall further before regaining reliable footing, as sellers are taking advantage of the current financial landscape.

Investors often turn to recommendations made by Wall Street analysts before making a Buy, Sell, or Hold decision about a stock. While media reports about rating changes by these brokerage-firm employed (or sell-side) analysts often affect a stock's price, do they really matter?

Let's take a look at what these Wall Street heavyweights have to say about Baidu Inc. (BIDU - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Baidu Inc. currently has an average brokerage recommendation (ABR) of 1.68, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 22 brokerage firms. An ABR of 1.68 approximates between Strong Buy and Buy.

Of the 22 recommendations that derive the current ABR, 14 are Strong Buy and one is Buy. Strong Buy and Buy respectively account for 63.6% and 4.6% of all recommendations.

Brokerage Recommendation Trends for BIDU

Check price target & stock forecast for Baidu Inc. here>>>

The ABR suggests buying Baidu Inc., but making an investment decision solely on the basis of this information might not be a good idea. According to several studies, brokerage recommendations have little to no success guiding investors to choose stocks with the most potential for price appreciation.

Are you wondering why? The vested interest of brokerage firms in a stock they cover often results in a strong positive bias of their analysts in rating it. Our research shows that for every "Strong Sell" recommendation, brokerage firms assign five "Strong Buy" recommendations.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

In addition, the different Zacks Rank grades are applied proportionately to all stocks for which brokerage analysts provide current-year earnings estimates. In other words, this tool always maintains a balance among its five ranks.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Should You Invest in BIDU?Looking at the earnings estimate revisions for Baidu Inc., the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $7.03.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Baidu Inc. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Baidu Inc.

Here at Zacks, we offer our members many different opportunities to take full advantage of the stock market, as well as how to invest in ways that lead to long-term success.

One of our most popular services, Zacks Premium offers daily updates of the Zacks Rank and Zacks Industry Rank; full access to the Zacks #1 Rank List; Equity Research reports; and Premium stock screens like the Earnings ESP filter. All are useful tools to find what stocks to buy, what to sell, and what are today's hottest industries.

It also includes the Focus List, a long-term portfolio of top stocks that have all the elements to beat the market.

Breaking Down the Zacks Focus ListBuilding an investment portfolio from scratch can be difficult, so if you could, wouldn't you take a peek at a curated list of top stocks?

That's what the Zacks Focus List offers. It's a portfolio of 50 stocks that serve as a starting point for long-term investors to build their individual portfolios. The stocks included in the list are set to outperform the market over the next 12 months.

Additionally, each selection is accompanied by a full Zacks Analyst Report, something that makes the Focus List even more valuable. The report explains in detail why each stock was picked and why we believe it's good for the long-term.

The portfolio's past performance only solidifies why investors should consider it as a starting point. For 2020, the Focus List gained 13.85% on an annualized basis compared to the S&P 500's return of 9.38%. Cumulatively, the portfolio has returned 2,519.23% while the S&P returned 854.95%. Returns are for the period of February 1, 1996 to March 31, 2021.

Focus List MethodologyWhen stocks are picked for the Focus List, it reflects our enduring reliance on the power of earnings estimate revisions.

Earnings estimates are expectations of growth and profitability, and are determined by brokerage analysts. Together with company management, these analysts examine every aspect that may affect future earnings, like interest rates, the economy, and sector and industry optimism.

What a company will earn down the road also needs to be taken into consideration, and this is why earnings estimate revisions are so important.

The stocks that receive positive changes to earnings estimates are more likely to receive even more upward changes in the future. Take this example: if an analyst raised their estimates last month, they'll probably do so again this month, and other analysts will follow.

Harnessing the power of earnings estimate revisions is where the Zacks Rank comes in. The Zacks Rank, which is a unique, proprietary stock-rating model, employs earnings estimate revisions to make it easier to build a winning portfolio.

There are four main factors behind the Zacks Rank: Agreement, Magnitude, Upside, and Surprise. Each one of these features is then given a raw score that's recalculated every night and compiled into the Rank. Using this data, stocks are classified into five groups, ranging from "Strong Buy" to "Strong Sell."

The Focus List is comprised of stocks hand-picked from a long list of #1 (Strong Buy) or #2 (Buy) ranked companies, meaning that each new addition boasts a bullish earnings consensus among analysts.

Because stock prices react to revisions, buying stocks with rising earnings estimates can be very profitable. Focus List stocks offer investors a great opportunity to get into companies whose future earnings estimates will be raised, potentially leading to price momentum.

Focus List Spotlight: Prologis (PLD - Free Report) Prologis, Inc. is a leading industrial real estate investment trust (REIT) that acquires, develops, operates and manages industrial real estate space in the Americas, Asia and Europe. The company principally targets investments in distribution facilities for customers who are engaged in global trade and depend on the efficient movement of goods through the global supply chain.

Since being added to the Focus List on June 3, 2020 at $95.46 per share, shares of PLD have increased 28.98% to $123.12. The stock is currently a #3 (Hold) on the Zacks Rank.

Five analysts revised their earnings estimate upwards in the last 60 days for fiscal 2025. The Zacks Consensus Estimate has increased $0.03 to $5.8. PLD boasts an average earnings surprise of 4.7%.

Additionally, PLD's earnings are expected to grow 4.3% for the current fiscal year.

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