Market Signal Briefing

It has been about a month since the last earnings report for Intuitive Surgical, Inc. (ISRG - Free Report) . Shares have added about 7.1% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Intuitive Surgical due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Intuitive Surgical, Inc. before we dive into how investors and analysts have reacted as of late.

ISRG Q3 Earnings & Revenue Beat, Gross Margin DeclinesIntuitive Surgical reported third-quarter 2025 adjusted earnings per share of $2.40, which beat the Zacks Consensus Estimate of $1.99 by 20.6%. The bottom line improved 30.4% year over year.

GAAP earnings per share in the quarter was $1.95, up 25% from the year-ago quarter’s level.

Revenue DetailsThe company reported revenues of $2.51 billion, up 23% year over year, as well as at constant currency (cc). A higher number of installed systems and growth in the da Vinci procedure volume contributed to the improvement. The top line beat the Zacks Consensus Estimate by 3.9%.

Segmental DetailsInstruments & Accessories

Revenues from this segment totaled $1.52 billion, indicating a year-over-year improvement of 20.1%. This can be attributed to the da Vinci procedure’s 19% volume growth. The sales growth also reflects approximately 52% growth in Ion procedures and 91% for the SP platform. The top-line improvement was also aided by higher system utilization, partially offset by a lower mix of bariatric procedures and a higher mix of cholecystectomy procedures.

Systems

This segment’s revenues totaled $590.4 million, up 32.7% year over year. The robust growth was driven by a higher system placement and a rise in average selling price. Intuitive Surgical shipped 427 da Vinci Surgical Systems compared with 379 in the prior-year quarter. The company placed 263 systems in the United States and 164 in international markets. During the third quarter, ISRG placed 240 of its latest da Vinci 5 systems compared with 180 during the second quarter of 2025.

Services

Revenues from this segment amounted to $395.9 million, up 20.4% from the year-ago quarter’s level.

MarginsAdjusted gross profit was $1.70 billion, up 21% year over year. As a percentage of revenues, the gross margin was 68%, down approximately 110 bps from the prior-year quarter’s figure.

Selling, general and administrative expenses totaled $573.3 million, up 12.3% year over year.

Research and development expenses totaled $329.4 million, up 15.2% on a year-over-year basis.

Adjusted operating income totaled $975.9 million, up 29.2% year over year. As a percentage of revenues, the operating margin was 38.9%, up approximately 190 bps from the prior-year quarter’s figure.

Financial PositionIntuitive Surgical exited the third quarter with cash, cash equivalents and investments of $8.43 billion compared with $9.53 billion in the previous quarter.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a upward trend in estimates review.

The consensus estimate has shifted 5.03% due to these changes.

VGM ScoresCurrently, Intuitive Surgical has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. Following the exact same course, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Notably, Intuitive Surgical has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

A month has gone by since the last earnings report for General Motors (GM - Free Report) . Shares have added about 1.8% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is General Motors due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for General Motors Company before we dive into how investors and analysts have reacted as of late.

General Motors Q3 Earnings Top EstimatesGeneral Motors reported third-quarter 2025 adjusted earnings of $2.80 per share, which beat the Zacks Consensus Estimate of $2.28. Higher-than-expected revenues from GM North America (“GMNA”), GM International’s (“GMI”) and GM Financial segments led to the outperformance. The bottom line, however, decreased from the year-ago quarter’s $2.96. Revenues of $48.59 billion beat the Zacks Consensus Estimate of $43.61 billion but fell from $48.76 billion recorded in the year-ago period.

The U.S. auto giant recorded adjusted earnings before interest and taxes (“EBIT”) of $3.38 billion, lower than $4.12 billion in the prior-year quarter. The automaker’s share in the GM market was 8.3% in the reported quarter, up from 8.1% in the year-ago quarter.

Segmental PerformanceGMNA generated net revenues of $40.51 billion, down from $41.16 billion recorded in the corresponding period of 2024. The figure, however, outpaced our model’s projection of $37.08 billion on higher-than-expected deliveries. Wholesale vehicle sales in the GMNA unit totaled 840,000 units, down from 893,000 units reported in the year-ago quarter. The figure, however, surpassed our estimate of 793,000 units. The segment’s adjusted EBIT totaled $2.51 billion, down from $3.98 billion recorded in the year-earlier period. The metric also missed our estimate of $3.79 billion.

GMI net revenues in the reported quarter amounted to $3.65 billion, up from the year-ago quarter’s $3.52 billion. The metric also outpaced our expectation of $3.52 billion. The segment’s wholesale vehicle sales of 137,000 units decreased from 140,000 units in the year-ago quarter but matched our forecast. GMI reported an operating profit of $226 million, up from $42 million reported in the year-ago period and outpaced our estimate of $86 million. 

GM Financial generated net revenues of $4.34 billion in the quarter, which increased from $4.03 billion recorded in the year-ago period and surpassed our prediction of $4.18 billion. The segment recorded an EBT-adjusted operating profit of $804 million, up from $687 million recorded in the year-ago period. The metric also beat our prediction of $688 million.

GM’s Financial PositionGeneral Motors had cash and cash equivalents of $22.91 billion as of Sept. 30, 2025. The long-term automotive debt at the end of the quarter was $15.62 billion. Net automotive cash provided by operating activities amounted to $6.07 billion during the quarter under review. The company recorded an adjusted automotive free cash flow of $2.21 billion in the third quarter of 2025, down from $5.83 billion generated in the year-ago quarter.

GuidanceGeneral Motors has updated its full-year 2025 earnings guidance. The company now expects net income attributable to stockholders of $7.7–$8.3 billion, slightly narrower than the previous range of $7.7–$9.5 billion. Adjusted EBIT is projected at $12–$13 billion, up from $10.0–$12.5 billion, while automotive operating cash flow is now expected between $19.2 billion and $21.2 billion, above the prior $17–$20.5 billion range.

Adjusted automotive free cash flow is forecast at $10–$11.0 billion, compared with $7.5 billion–$10.0 billion earlier. Adjusted diluted EPS is $9.75–$10.50 compared with the prior guidance of $8.25-$10 billion.

Adjusted EBT of GM Financial unit is expected to range within $2.5 billion to $3 billion in 2025. Capex for 2025 is anticipated to be at the lower end of $10 billion to $11 billion guidance range.

GM expects 2026 to be a stronger year than 2025, with a clear focus on positioning the business for long-term profitability. Key levers for improvement include reducing EV-related losses, managing warranty costs, offsetting tariff impacts, optimizing regulatory compliance, and controlling fixed costs. The company plans to continue right-sizing its EV production capacity to better match demand. A top priority is restoring adjusted EBIT margins for GM North America to the 8%–10% range over time.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended upward during the past month.

The consensus estimate has shifted 17.21% due to these changes.

VGM ScoresCurrently, General Motors has a average Growth Score of C, though it is lagging a bit on the Momentum Score front with a D. However, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been trending upward for the stock, and the magnitude of these revisions looks promising. It comes with little surprise General Motors has a Zacks Rank #1 (Strong Buy). We expect an above average return from the stock in the next few months.

It has been about a month since the last earnings report for Danaher (DHR - Free Report) . Shares have added about 2% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Danaher due for a pullback? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Danaher Corporation before we dive into how investors and analysts have reacted as of late.

Danaher Q3 Earnings Beat Estimates, Life Sciences Sales Up Y/YDanaher’s third-quarter 2025 adjusted earnings of $1.89 per share beat the Zacks Consensus Estimate of $1.71. The bottom line increased 10.5% year over year.

Danaher reported net sales of $6.05 billion, which beat the consensus estimate of $6.00 billion. The metric increased 4.5% year over year, driven by the impressive performance of all the segments.

Its core sales increased 3% year over year in the quarter. Foreign-currency translations had a positive impact of 1.5%.

Segmental DiscussionRevenues from the Life Sciences segment totaled $1.79 billion, up 0.5% year over year. However, core sales decreased 1% year over year. Foreign-currency translations had a positive impact of 1.5%. Operating profit was $222 million compared with $35 million reported in the year-ago quarter.

Revenues from the Diagnostics segment totaled $2.46 billion, up 4% year over year. Core sales increased 3.5% year over year, while foreign currency had a positive impact of 1% on sales. However, acquisitions/divestitures impacted sales by 0.5%. Operating profit was $665 million, up 8.1% on a year-over-year basis.

Revenues from the Biotechnology segment totaled $1.80 billion, up 9% year over year. Core sales increased 6.5% year over year, while foreign-currency translations had a positive impact of 2.5%. Operating profit was $352 million, down 9.7% year over year.

Danaher’s Margin ProfileIn the third quarter, Danaher’s cost of sales increased 5.5% year over year to $2.53 billion. Gross profit of $3.52 billion increased 3.6% year over year. The gross margin was 58.2% compared with 58.7% in the year-ago quarter.

Selling, general and administrative expenses of $2.00 billion recorded a decrease of 3.3% on a year-over-year basis. Research and development expenses were $378 million, down 1.3% year over year.

Danaher’s operating profit increased 20.5% year over year to $1.15 billion. Operating margin expanded to 19.1% from 16.5% in the year-ago quarter.

Balance Sheet and Cash FlowExiting the third quarter, it had cash and equivalents of $1.53 billion compared with $2.08 billion at 2024-end. Long-term debt was $16.8 billion at the end of the quarter compared with $15.5 billion at the end of December 2024.

Danaher generated net cash of $4.30 billion from operating activities in the first nine months of 2025 compared with $4.67 billion in the previous year’s comparable period. Capital expenditures totaled $785 million in the same period, down 10.4% year over year. Adjusted free cash flow decreased 7.5% year over year to $3.52 billion in the first nine months of 2025.

In the same period, it paid out dividends of $652 million, up 13.8% on a year-over-year basis.

Danaher’s OutlookFor the fourth quarter, Danaher expects adjusted core sales from continuing operations to increase in the low single digits on a year-over-year basis.

The metric is anticipated to increase in low-single digits on a year-over-year basis in 2025. The company expects adjusted earnings to be $7.70-$7.80 per share.

How Have Estimates Been Moving Since Then?It turns out, estimates review have trended downward during the past month.

The consensus estimate has shifted -9.79% due to these changes.

VGM ScoresCurrently, Danaher has a subpar Growth Score of D, though it is lagging a bit on the Momentum Score front with an F. Charting a somewhat similar path, the stock has a grade of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Danaher has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.

A month has gone by since the last earnings report for Equifax (EFX - Free Report) . Shares have lost about 10.6% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Equifax due for a breakout? Well, first let's take a quick look at its most recent earnings report in order to get a better handle on the recent drivers for Equifax, Inc. before we dive into how investors and analysts have reacted as of late.

Equifax Beats on Q3 EarningsEquifax has reported impressive third-quarter 2025 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate.

EFX’s adjusted earnings were $2.04 per share, outpacing the Zacks Consensus Estimate by 5.7% and increasing 10.3% from the year-ago quarter. Total revenues of $1.5 billion surpassed the consensus estimate by 1.5% and grew 7.2% on a year-over-year basis.

Segmental Level Information For EFXRevenues in the Workforce Solutions segment totaled $649.4 million, increasing 5% from the year-ago quarter and surpassing our estimate of $641.7 million. Within the segment, Verification Services’ revenues were $553.6 million, up 5% from the year-ago quarter. Employer Services’ revenues of $95.8 million rose 1% on a year-over-year basis.

The USIS segment’s revenues were $530.2 million, rising 11% from the year-ago quarter and beating our estimated $509.6 million. Within the segment, Online Information Solutions’ revenues were $467.5 million, up 12% year over year. Financial Marketing Services’ revenues were $62.7 million, increasing 9% from the year-ago quarter.

Revenues in the International division amounted to $365.5 million, up 6% and 7% year over year on a reported and local-currency basis, respectively. The metric missed our projection of $368.6 million.

Latin America’s revenues of $102.1 million hiked 6% from the year-ago quarter on a reported basis and 9% on a local-currency basis. Revenues from Europe amounted to $102.3 million, up 8% year over year on a reported and 4% on a local-currency basis. Revenues from the Asia Pacific were $90.1 million, increasing 2% from the year-ago quarter on a reported basis and 4% on a local-currency basis. Canada’s revenues of $70.8 million rose 9% from the year-ago quarter on a reported basis and 11% on a local-currency basis.

Equifax’s Operating ResultsAdjusted EBITDA in the third quarter of 2025 amounted to $504.8 million, implying a 7% increase on a year-over-year basis. The adjusted EBITDA margin was 32.7%, flat with the year-ago quarter.

Workforce Solutions’ adjusted EBITDA margin was 51.2% compared with 51.6% in the year-ago quarter. The adjusted EBITDA margin for the USIS division was 35.2% compared with 33.9% in the third quarter of 2024. The adjusted EBITDA margin for the international segment was 31.3% in comparison with 27.7% in the year-ago quarter.

EFX’s Balance Sheet & Cash FlowEquifax exited the third quarter with cash and cash equivalents of $189 million compared with $195.2 million at the end of the second quarter of 2025. The company has a long-term debt of $4.1 billion compared with $4.3 billion in the preceding quarter.

Cash generated from operating activities amounted to $559.9 million, whereas capital expenditure totaled $122 million. The company distributed $61.5 million as dividends in the quarter.

Equifax's Q4 and 2025 OutlookFor the fourth quarter of 2025, the company expects revenues to $1.506-$1.536 billion. EFX anticipates an adjusted EPS of $1.98-$2.08.

For 2025, Equifax has raised its revenue guidance to $6.03-$6.06 billion from the preceding quarter’s view of $5.97-$6.04 billion. The company hiked its adjusted EPS to $7.55-$7.65 from the preceding quarter’s view of $7.33-$7.63.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.

VGM ScoresCurrently, Equifax has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Following the exact same course, the stock has a grade of C on the value side, putting it in the middle 20% for this investment strategy.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Equifax has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

A month has gone by since the last earnings report for Quest Diagnostics (DGX - Free Report) . Shares have added about 2.6% in that time frame, outperforming the S&P 500.

But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Quest Diagnostics due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important drivers.

Quest Diagnostics Q3 Earnings & Revenues Beat, Margins RiseQuest Diagnostics Inc.’s third-quarter 2025 adjusted earnings per share (EPS) of $2.60 beat the Zacks Consensus Estimate by 3.59%. The metric also exceeded the year-ago adjusted figure by 13%.

Certain one-time expenses, like the ones related to amortization expenses, certain restructuring and integration charges, other expenses and excess tax benefits associated with stock-based compensations, were excluded from the quarter’s adjusted figures. GAAP earnings were $2.16 per share, up 8.5% from last year’s comparable figure.

DGX’s Q3 Revenues in DetailRevenues reported in the third quarter rose 15.2% year over year to $2.82 billion. The metric surpassed the Zacks Consensus Estimate by 3.45%.

Diagnostic Information Services revenues in the quarter were up 13.5% on a year-over-year basis to $2.76 billion. This figure surpassed our model’s projection of $2.64 billion for the third quarter.

Volumes (measured by the number of requisitions) were up 12.5% year over year in the third quarter. Revenue per requisition increased 0.8% year over year.

DGX’s Q3 Margin PerformanceThe cost of services during the reported quarter was $1.87 billion, up 11.3% year over year. The gross profit was $949 million, up 17% year over year. The gross margin was 33.7%, up 110 basis points (bps).

SG&A expenses totaled $501 million in the quarter under review, up 11.8% from the third quarter of 2024. The adjusted operating margin of 15.9% represented a 132-bps expansion year over year.

DGX’s Financial PositionQuest Diagnostics exited the third quarter of 2025 with cash and cash equivalents of $432 million compared with $319 million at the end of the second quarter.

The cumulative net cash provided by operating activities at the end of the third quarter of 2025 was $1.42 billion compared with $858 million a year ago.

The company has a five-year annualized dividend growth rate of 7.21%.

DGX’s 2025 GuidanceQuest Diagnostics updated its full-year 2025 outlook. Revenues are expected to be in the range of $10.96-$11.00 billion (previously $10.80-$10.92 billion), which indicates a year-over-year increase of 11-11.4%. The Zacks Consensus Estimate is pegged at $10.85 billion.

Adjusted EPS is expected to be in the range of $9.76-$9.84 (earlier $9.63-$9.83). The Zacks Consensus Estimate for the metric is pegged at $9.74.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates revision.

VGM ScoresAt this time, Quest Diagnostics has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with an F. However, the stock has a score of B on the value side, putting it in the top 40% for value investors.

Overall, the stock has an aggregate VGM Score of B. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Quest Diagnostics has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

Key Takeaways VKTX finished enrollment of about 4,650 adults in the phase III VANQUISH-1 study of obesity drug VK2735.The study tests three weekly SC doses versus placebo, tracking body-weight change after 78 weeks.Rapid recruitment follows earlier full enrollment of the phase II VENTURE-Oral Dosing study this year.
Viking Therapeutics (VKTX - Free Report) announced that it has completed enrolling study participants in the phase III VANQUISH-1 study, which is evaluating the safety and efficacy of the subcutaneous (SC) formulation of its investigational obesity drug, VK2735.

This study has enrolled about 4,650 adults who are either obese or overweight and have at least one weight-related co-morbid condition. These patients have been randomized to one of three dosing arms (7.5 mg, 12.5 mg and 17.5 mg) of the drug or placebo, all of which require weekly administration. The study’s primary endpoint is the percent change in body weight from baseline after 78 weeks of treatment.

The announcement marks a milestone for Viking Therapeutics since the study initiation was declared in June. The number of patients enrolled in the study also crossed the company’s initial target of around 4,500 patients.

Another Enrollment Win for VKTX’s Obesity ProgramThis is not the first time this year that Viking has completed a recruitment milestone in record time. Earlier this year, the company completed enrollment in the phase II VENTURE-Oral Dosing study that evaluated the oral formulation of VK2735. This study, which was announced in January, reached full enrollment by March.

Viking Therapeutics is also currently enrolling patients in the ongoing phase III VANQUISH-2 study, which was initiated alongside the VANQUISH-1 study. This study will enrol nearly 1,100 obese or overweight adults with type II diabetes. The company expects to complete enrollment in the VANQUISH-2 study in the first quarter of 2026.

Such rapid enrollments suggest strong demand and interest around both the oral and SC versions of VK2735. This aligns with the market expansion for weight loss drugs fueled by the success of Eli Lilly’s (LLY - Free Report) Zepbound and Novo Nordisk’s (NVO - Free Report) Wegovy. The quick recruitment also indicates high patient and physician enthusiasm, which could translate into significant commercial potential if the drug proves effective and safe.

The initiation of the VANQUISH studies is supported by data from the mid-stage VENTURE study, which showed that patients who received the once-weekly VK2735 lost up to 14.7% of their body weight after 13 weeks.

Data from both VANQUISH studies are not expected until 2027.

VKTX Stock’s PerformanceYear to date, the company’s shares have lost 10% against the industry’s 17% growth.

Image Source: Zacks Investment Research

Stiff Competition in the Obesity SpaceThe obesity market has garnered much interest lately, as both Lilly and Novo Nordisk dominate this space with their respective obesity drugs. According to research conducted by Goldman Sachs, the obesity market in the United States is expected to reach $100 billion by 2030. This is also evident from the fact that LLY and NVO have not only optimized their production capacities but are also developing more potent and convenient GLP-1-based candidates in their clinical pipeline.

NVO and LLY are racing to introduce oral weight-loss pills. Novo Nordisk has already submitted a regulatory filing with the FDA seeking approval for an oral version of Wegovy, with a final decision expected before this year’s end. NVO is also developing several next-generation candidates in its obesity pipeline, including CagriSema (a combination of semaglutide and cagrilintide) and an oral pill, amycretin (a dual GLP-1 and amylin receptor agonist).

Lilly is investing broadly in obesity and has several new molecules currently in clinical development with a range of oral and injectable medications with different mechanisms of action. This includes two late-stage candidates, orforglipron, a once-daily oral GLP-1 small molecule, and retatrutide, a GGG tri-agonist, and some mid-stage candidates, bimagrumab, eloralintide and mazdutide. The company plans to file regulatory applications for orforglipron in obesity later this year, setting up the timeline for a potential launch next year.

Others like Pfizer (PFE - Free Report) , Merck and AbbVie are also looking to enter the obesity space by in-licensing obesity candidates and/or acquiring smaller biotechs, which could threaten Novo Nordisk and Eli Lilly’s dominance.

Last week, Pfizer closed the acquisition of obesity drug developer Metsera for around $10 billion, after a heated bidding war against Novo Nordisk. The Metsera acquisition has brought Pfizer back into the lucrative obesity space by adding the latter’s four novel clinical-stage incretin and amylin programs, which are expected to generate billions of dollars in peak sales.

Both AbbVie and Merck entered this space through a similar route — a licensing deal. While AbbVie forayed into the obesity space earlier this year after signing a licensing agreement with Denmark-based biotech Gubra for the latter’s experimental obesity drug, Merck secured a licensing deal for an investigational oral weight-loss drug developed by China-based Hansoh Pharma last December.

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

In a retail arena where giants falter and upstarts crumble, Walmart’s Q3 earnings triumphantly declare: the king isn’t just holding court, it’s expanding the empire.

It’s certainly been a mixed bag in terms of retail earnings this week. We saw home improvement retailer Home Depot post a mediocre quarterly performance that fell short of analyst expectations on profitability amid softer-than-anticipated demand. But rival Lowe’s maintained its focus on operational efficiencies and Pro segments which provided an edge, leading to a more resilient bottom line despite similar macro pressures like deferred big-ticket projects.

We then heard from Walmart competitor Target, who saw recent troubles linger in the latest quarter as the company missed on revenues and posted weak comparable sales. The number of transactions declined year-over-year as well for Target, reinforcing a theme of overall cautious spending and leading the retailer to cut its full-year profit guidance ahead of a potentially tepid holiday season.

All signs pointed to the weak retail sentiment spilling over into Walmart’s results, but the king of retail had other plans.

Walmart’s Third-Quarter Masterclass in Outperforming PeersWalmart delivered a robust fiscal third-quarter performance this morning, surpassing analyst expectations on both revenue and earnings amid resilient consumer demand for value and essentials. The company reported total revenue of $179.5 billion, up 5.8% year-over-year (+6.0% in constant currency), exceeding the Zacks Consensus Estimate of $177.14 billion by 1.3%.

The big-box retailer resumed its long history of earnings beats after a rare miss in the prior quarter. Adjusted earnings per share came in at $0.62, edging by our projection of $0.61 by 1.6%. Walmart’s bottom line grew 6.9% year-over-year; the positive surprise was driven by market share gains across income cohorts and operational efficiencies.

Comparable sales showed solid growth, with Walmart U.S. comps rising 4.5% (ex-fuel), supported by a 1.8% increase in transactions and a 2.7% uptick in average ticket. This follows a 4.6% increase in the prior quarter, where e-commerce played a significant role in boosting overall performance.

And once again, e-commerce was a standout with global sales surging 27%, fueled by store-fulfilled pickup, delivery, and marketplace expansions. Membership trends continued upward, with global membership income rising 16.7%. Advertising also shone, with global growth at 53% (including VIZIO) and Walmart Connect in the U.S. up 33% from the year-ago period.

Consumer spending patterns revealed a focus on value, with strength in groceries, health and wellness, and private brands, alongside modest gains in general merchandise like apparel and toys. Foot traffic improved, with global weekly visits exceeding 270 million, and higher-income households driving incremental gains.

Positive Q3 Results Lead to Enhanced OutlookWalmart updated its fiscal 2026 outlook upward, with the company now expecting net sales growth of 4.8%-5.1% (previously 3.75%-4.75%), and adjusted EPS of $2.58-$2.63 (up from $2.52-$2.62). However, the Bentonville-based retailer said it now expects capital expenditures for the year to be approximately 3.5% of net sales, on the high end of its previous range.

These results position Walmart favorably going forward, with its digital and membership momentum providing a competitive edge in a price-sensitive environment, potentially sustaining market share gains through the holiday quarter under incoming CEO John Furner's value-focused strategy. Walmart is aggressively emphasizing deeper discounts and broader "bigger savings" across toys, electronics, home goods, and gifts—particularly on items under $20—to appeal to budget-strapped consumers.

The approach prioritizes unmatched value combined with enhanced convenience, including accelerated same-day pickup, faster delivery, and a longer promotional calendar that spreads deals beyond Black Friday.

In contrast to Target's (TGT - Free Report) recent Q3 report, which featured weak comparative sales as well as a net sales decline that also missed estimates, Walmart's comprehensive beats highlight its broader appeal across essentials and e-commerce, underscoring resilience amid economic pressures.

For the broader retail industry, Walmart's performance signals a bifurcated consumer landscape, where value-oriented giants thrive by attracting diverse income groups while discretionary-focused peers like Target face headwinds, suggesting a continued emphasis on affordability and omnichannel strategies to navigate uncertainty.

WMT shares were trading up more than 6% in early trading following the release:

Image Source: StockCharts

Walmart’s Tech-Driven Evolution Results in Nasdaq ListingWalmart’s announcement to transfer its stock listing from the New York Stock Exchange to the Nasdaq Global Select Market, while retaining the ticker symbol “WMT,” appears driven by several strategic considerations. The primary stated reason is to better align with Walmart’s evolving emphasis on technology and innovation in retail. Specifically, the move underscores shared values between Walmart and Nasdaq, including a “technology-forward approach,” delivering exceptional client value, and redefining industries through innovation.

This comes amid Walmart’s broader AI push, including investments in supply chain optimization, predictive analytics, and personalized shopping tools, positioning the retailer more like a tech-enabled company rather than a traditional brick-and-mortar giant. Another likely factor is the opportunity for Walmart (WMT - Free Report) to be added to the Nasdaq 100 Index, which tracks the 100 largest nonfinancial companies on the Nasdaq. This could enhance liquidity, visibility among tech-savvy investors, and overall stock performance.

While not explicitly stated in the announcement, general advantages of listing on Nasdaq over NYSE could play a role, such as potentially lower listing fees, more flexible governance rules, or greater appeal to growth-oriented investors.

Nasdaq’s reputation as a hub for innovative companies aligns with Walmart’s transformation, especially as e-commerce now accounts for a significant portion of its growth (up 27% in Q3). The timing, coinciding with strong Q3 results and an upward revision to FY2026 guidance, suggests the move is part of a broader effort to signal confidence in its tech-driven future.

Overall, the outlook remains bright for the world’s largest retailer. The third-quarter earnings report reinforces Walmart's role as a barometer for consumer health, indicating stability and potential for further upside if holiday momentum builds.

When corporate executives make multi-million-dollar personal investments in the company they lead, it is one of the most potent signals an investor can receive. At Biohaven NYSE: BHVN, that signal has just been sent loud and clear.

Cover image via U.Today

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Bitcoin (BTC) has been experiencing volatility for some time as it continues to trade below the $100,000 resistance level. This stagnated rally led some analysts to believe that the crypto market is entering altcoin season. A leading cryptocurrency analytics platform, Cryptorank, thinks otherwise.

Altseason delayed as Bitcoin maintains market controlIn a post on X for the broader crypto community, Cryptorank noted that the recent volatility and market pullback do not validate an altcoin season. According to the insight shared, Bitcoin dominance has risen to approximately 55% despite fluctuations.

Cryptorank insists the market ups and downs are because of a broader market correction and in no way suggests weakening momentum for the flagship coin. It noted that investors are still betting on Bitcoin and not moving funds into altcoins just yet.

Bitcoin Dominance Holds Steady at ~55% Despite Market Volatility

Current market pullbacks don’t point to an upcoming altseason. Bitcoin’s dominance remains stable around 55% even amid volatility, signaling a broader market correction rather than a shift toward altcoins. pic.twitter.com/Pk2tFIr8e0

— CryptoRank.io (@CryptoRank_io) November 20, 2025 Notably, altcoin season usually begins when Bitcoin dominance drops. This happens because investors start moving their funds from BTC into smaller assets for better returns.

However, with Bitcoin dominance still holding steady at almost 55%, Cryptorank maintains that the price volatility is a general market correction, not that altcoins are about to witness a surge.

Some market participants have agreed with the analysis, noting that Bitcoin still leads in the crypto sector and is holding steady. Notably, Bitcoin has an enduring influence on the sector and continues to dictate the market pace for now.

Others are optimistic that altcoins will soon record significant gains despite Cryptorank’s analysis. As of press time, Bitcoin exchanges hands at $91,022.30, which represents a 0.54% decline in the last 24 hours.

The coin had previously jumped from a low of $88,526.83 to peak at $93,025.07 before slipping to the current level. Many consider the spike to $93,000 as BTC’s potential to push for higher levels despite the lingering fluctuations.

This is reflected in the trading volume, which has climbed by 24.71% to $87.6 billion within the same time frame. The increase in trading volume suggests that investors might be taking advantage of the current price to expand their portfolio as they anticipate a rebound.

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Market outlook and Bitcoin performanceWhile investors hope for a swift rebound, renowned market analyst DonAlt remains cautious in his expectations. He believes that before any significant upward price movement can be seen with Bitcoin, the price has to stay above $95,000.

The analyst believes that, given the lingering pressure on BTC, only a close above this threshold can protect the coin from slipping further down to new lows.

For Bitcoin evangelist Michael Saylor, he is not backing down from the asset. This is despite the 30% loss in dollar value within the last 60 days. Within this period, Strategy has lost around $20 billion as the coin’s volatility continues to put pressure on the business intelligence firm.

Parfin adds to a growing list of Tether's regional plays as it builds a stablecoin-driven ecosystem across Latin America.

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Equities ripped higher yesterday, with the Nasdaq up 2.15% and the S&P 500 up 1.39% after Nvidia beat earnings and guided for $65 billion in Q4 revenue. Crypto moved the other way: BTC fell, most sectors closed red, and only a few outliers held up. Today we break down the divergence, Aave’s 2.6x YoY TVL growth and new app rollout, and why Solana’s equity-perp ecosystem is lagging Hyperliquid’s HIP-3 flywheel.

Indices
Despite the recovery in equities yesterday, BTC continued to show weakness and fell -1.66% on a day when the Nasdaq, S&P 500, and Gold were up 2.15%, 1.39%, and 0.77%, respectively.

Nvidia’s earnings helped calm fears of the AI bubble popping, at least for now. The chipmaker beat analyst expectations with strong data center demand, and projected fourth quarter revenue of $65 billion, compared to the $61 billion estimate. With Nvidia shares up 5% after hours, the tech-heavy indices should continue to see some relief. The case for BTC is less straightforward, with OG Bitcoin whales continuing to sell as BTC struggles to reclaim the key $100,000 level.

The weakness in BTC spread across the crypto market, with nearly every sector closing in the red. Memes were the rare outlier, rising 0.2% on the day, driven by SPX and MemeCore — which gained 6.3% and 2.3%, respectively. L2s also held up better than most, down only -0.5%. 

Starknet stood out in the group, jumping 20.8% on the day and 81% on the week as it picked up the privacy narrative bid following news that the team plans to launch Ztarknet, a Starknet L2 designed for Zcash.

On the downside, Crypto Miners fell -5.9% despite Nvidia’s strong results reinvigorating the AI trade. The No Revenue index was the next weakest, dropping -4.5%, with XRP and XLM down -4.9% and -3.9%, respectively, on the day. Even tokens with strong fundamentals were not spared, with the Revenue index finishing -3% lower.

Market Update
It can be hard to stay optimistic in markets like this, but it is worth remembering that some teams are still shipping, still innovating, and still strengthening their fundamentals week after week. These are the projects that typically emerge strongest when sentiment finally turns. One name that stands out right now for me is Aave, which rolled out both the new Aave App and Aave v4 this week.

Let’s start with fundamentals. Over the past year, the total value of assets deposited into Aave has grown from $20.5 billion to a peak of $74 billion in early October. Even after the recent market pullback brought that number down to $53.8 billion, Aave is still up roughly 2.6x year over year, which speaks to real, sustained demand for the protocol.

The price of the Aave token may be drifting near April lows, but weekly revenues tell a different story. Revenues today are about 2.6x higher than they were back then, which suggests that the token is seeing multiple compression driven more by sentiment than by fundamentals.

These fundamentals are primed to strengthen further with the launch of the Aave App. The goal is simple: Remove complexity and give everyday users a clean, intuitive savings experience. And the pitch is strong. Aave is offering interest rates of up to 6.5% on USD deposits, well above the 0.40-3.50% range offered by savings accounts.

Onboarding is designed to be easy, with deposits supported through bank accounts and debit cards, and balances advertised as insured up to $1 million. The app is available in early access on iOS with Android support on the way. 

However, the insurance piece deserves a closer look. The coverage is provided by Relm Insurance, a firm that focuses on emerging industries such as fintech, digital assets, AI and the space economy. Relm’s crypto asset insurance includes coverage for risks like smart contract exploits, stablecoin depegs, oracle manipulation, liquidity pool exploits and governance attacks. What remains unclear are the policy limits, the risk premiums Aave is paying, and whether Relm has the balance sheet strength or reinsurance in place to backstop large claims. For context, insuring $1 million of USDC on Aave v3 through Nexus Mutual costs about 1.9% annually.

As a potential user, I would want these details around the insurance promise laid out clearly and upfront before I’d feel comfortable depositing capital into the app. And as an investor, it raises questions about the cost structure of offering both high savings rates and insurance at scale. These uncertainties sit alongside the broader question of how long Aave intends to subsidize the difference between the 6.5% yield offered in the app and the 4% APY available in stablecoin markets on Aave today.

Even with those uncertainties, this moment feels important. The Neobank narrative is gaining momentum, and Aave is now positioned directly in that slipstream. Pair that with the arrival of Aave v4, and you have the foundation for what could be the protocol’s next major growth phase.

Solana equity perps?
Solana has long positioned itself as a platform purpose-built for institutional trading, with Anatoly Yakovenko describing the vision as “Nasdaq, but on a public, permissionless blockchain.” Central to this mission is bringing TradFi assets onchain, a goal that is slowly materializing. Since June 30, 2025, over 60 tokenized stocks from major US companies and ETFs (e.g., Apple, Nvidia, S&P 500) are now available for non-US persons to buy and hold like they would any SPL token.

These tokenized stocks have gained significant traction on Solana, reaching $143 million in AUM compared to just $6.3 million for the EVM-based xStocks version. Furthermore, Galaxy Digital’s decision to tokenize its GLXY equity via the Opening Bell platform, along with its work with Superstate, signals that institutional adoption is slowly gaining momentum.

However, on the other side — equity perpetuals — Solana seems to be lagging behind. While Solana is advancing its capabilities by enabling CLOB latency (via BAM) to support trading of synthetic perps, Hyperliquid’s HIP-3 mainnet and subsequent “Growth Mode” (offering a 90% fee discount) has changed the landscape. With TradeXYZ clearing $400 million in daily volume, there is a question of whether Hyperliquid’s dominance is already too far ahead.

The main argument for Solana’s struggle here is Hyperliquid’s distribution advantage via HIP-3. Normally, general-purpose chains benefit from users’ “proximity to capital” — the friction of bridging to a new exchange and setting up a wallet usually makes users prefer to stay within their own ecosystem. However, through Builder codes, Hyperliquid has secured integrations with top distribution channels: Phantom now directly offers HIP-3 equities through its frontend interface.

Source: Phantom Builder code volume ASXN

Alternatively, the argument is that Solana retains a structural advantage due to its proximity to tokenized spot tokens (e.g., xStocks). This simplifies the task for market makers, as they can easily hedge between spot and perps (theoretically, as xStocks currently lack the onchain volume). In this regard, protocols like Drift that focus on scaling composability are well-positioned. For example, users could easily enter delta-neutral positions (collateralizing xStock to short an xStock perp). This could solve a very important problem with perps currently: the extremely high cost of carry.

That being said, most Solana protocols have still not integrated perpetual equities, so it remains to be seen how they execute on this theoretical advantage.

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Key Takeaways
Why does the 162M DOGE inflow matter now?
It increases sell-side pressure while Dogecoin trades near $0.1518, where buyers previously stopped deeper drops.

What signals should DOGE traders watch next?
Wedge resistance near $0.1819, Taker Buy CVD strength, and rising Open Interest that often precedes volatility.

Dogecoin faced significant pressure after a massive 162 million DOGE inflow worth $24.83 million moved into Robinhood, adding sharp short-term liquidity risk. 

This kind of inflow usually signals that sellers may prepare for increased activity, especially when it arrives during a tightening structure. 

However, Dogecoin [DOGE] held above the $0.1518 support, and buyers continue to slow every attempt at deeper weakness. 

Even though the inflow signals downside pressure, the market shows mixed reactions across other indicators. 

If sellers capitalise on this supply, DOGE may face a sharper local reaction in the coming sessions.

Is Dogecoin preparing for a breakout?
Dogecoin traded inside a descending wedge, with price compressing between the $0.1518 support and the $0.1819 rejection area.

Buyers defended the wedge’s lower boundary, reducing downside momentum despite persistent resistance at upper levels. Even so, DOGE struggled to clear overhead pressure, which created slow movement near the wedge apex.

By contrast, each rejection grew weaker, hinting at fading bearish strength as compression tightened.

The RSI at 40 stayed weak yet stable, indicating reduced bearish momentum as DOGE approached a volatility point. On top of that, a clean break above wedge resistance could open a move toward $0.2150, while a breakdown would invite $0.1400.

If compression continued, DOGE could deliver a sharp volatility spike soon.

Source: TradingView

Are buyers still steering the flow?
Taker Buy CVD stayed firmly on the bullish side, showing clear buyer aggression despite the massive 162 million DOGE inflow. 

Although large inflows usually amplified sell pressure, CVD strength signaled buyers absorbed orders across key zones.

However, liquidity still leaned bearish because such transfers often preceded stronger downside attempts. Even so, the CVD slope showed no weakening, which signals that buyers still control immediate flow behavior.

Besides, this dynamic supported the wedge structure and reduced the risk of an immediate breakdown below $0.1518. 

If CVD strength continues, sellers may struggle to trigger a clean downward push despite the heavy supply entering the market.

Open Interest rises as traders position early
Open Interest climbed 4.10% to $1.69 billion, signaling a notable rise in speculative participation ahead of a possible breakout. 

Although OI expansion alone does not determine direction, it reflects growing anticipation around DOGE’s tightening structure. 

However, rising OI during wedge compression often precedes strong volatility as both sides build positions. Even so, leverage remains controlled enough to prevent imbalanced liquidation clusters. 

If traders continue building exposure at this pace, DOGE may experience a sharp move as soon as the price interacts with the wedge boundary again.

Liquidations lean against shorts
Liquidation data showed shorts taking $406K in losses against only $14K for longs, revealing strong buyer defense.

This imbalance did not guarantee upside continuation, but it showed sellers failed to crack $0.1518 even after the inflow. However, inflow-driven supply still created openings for renewed bearish attempts.

Even so, repeated short liquidations inside a tightening wedge often hinted at waning bearish pressure.

Bulls continued defending lower levels, preventing a clean follow-through from sellers. If this defense held, DOGE could stabilize long enough to retest $0.1819.

To conclude, Dogecoin now sat at a decisive moment where a massive 162M DOGE inflow, a tightening wedge, strong CVD dominance, rising OI, and short-leaning liquidations collide. 

Although inflows increase short-term risk, buyers continue defending key levels and absorbing sell pressure. If this balance persisted, DOGE might attempt an upside reaction rather than slide toward deeper correction levels.

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Despite the ongoing bearish action of the market, Ethereum is showing signs of strength in some areas. In a significant landmark, the leading altcoin has surpassed Bitcoin, the largest digital asset, in a key metric that has defined industry strength.

Ethereum Is Dominating An Important Metric
A recent report from Leon Waidmann, a market expert and head of On-Chain Foundation, reveals that Ethereum is dominating a crucial metric over Bitcoin. The recent flip highlights ETH’s growing momentum, probably fueled by its maturing ecosystem, rising institutional attention, and increasing network activity.

According to the market expert, Ethereum has overtaken Bitcoin in one of the most closely watched adoption metrics in the sector: the share of total supply held by Digital Asset Treasuries (DATs). As more corporate treasuries, investment companies, and blockchain-native businesses choose to retain ETH rather than BTC, the market is starting to reflect a new narrative.

ETH treasury companies holding a major portion of supply | Source: Chart from Leon Waidmann on X
Data shows that ETH treasury companies currently hold 4.3% of the total supply, which is higher than that of BTC at 3.6%. ETH’s surpassing BTC in this metric underscores a growing moment where the foundational role of Ethereum in the cryptocurrency ecosystem is translating into real, quantifiable institutional preference.

In the expert’s view, the surprising flip is completely logical. This is because ETH has more stakeholders with actual operational demands compared to Bitcoin. These include layer 2s, DeFi protocols, DAOs, Foundations, treasury companies, government experimenting with on-chain infrastructure, and countless web3 projects being built on Ethereum. Should this current trend continue to expand, Waidmann also foresees major stablecoin issuers showing interest in holding a strategic stake in the blockchain. 

Engagement Across The Leading Blockchain Is Decreasing
Since the recent pullback in ETH’s price, there has been a steady decline in activity across the network, an uncommon change for an ecosystem that usually leads the market in long-term activity. Waidmann reported that the weekly active wallet addresses in the ETH ecosystem have cooled down after months of heightened engagement.

As seen on the Ethereum Weekly Engagement chart, the number of active ETH wallet addresses is at over 8.2 million, falling from a peak of 20 million in June 2025. This decrease indicates a brief slowdown in user engagement with DeFi, NFTs, and on-chain transactions.

Presently, activity across the network has declined by more than 60%, and layer 2 interaction continues to hold. However, the overall usage of the ecosystem is clearly in a downward trend. Waidmann stated that this sharp drop is probably related to a cooling down in airdrop-farming activities throughout Layer 2s.

A significant portion of ETH is currently being withdrawn from crypto exchanges, signaling renewed conviction in the altcoin’s price prospects. ETH is being accumulated at a substantial rate. Over the past 30 days, 700,000 ETH have been moved out of exchanges. Merlijn The Trader noted that this kind of supply shock never appears to be bullish until the chart catches up. 

ETH trading at $3,039 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Pngtree, chart from Tradingview.com

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The Bitwise XRP ETF officially launched on the New York Stock Exchange this morning, trading under the eye-catching ticker $XRP. Within hours of going live, the fund crossed 610,045 XRP traded, translating to $14.26 million in early volume. Updated projections now estimate the ETF could finish Day 1 with as much as $92.7 million.

Ripple CEO Celebrates: ‘The Turkey Trot Begins’Reacting to the launch, Ripple CEO Brad Garlinghouse congratulated Bitwise and joked that the “pre-Thanksgiving XRP ETF turkey trot” has officially begun.

His message quickly spread across the XRP community, highlighting how significant this moment is for XRP’s push into mainstream financial markets.

Bitwise Leadership Calls It a Milestone MomentBitwise CIO Matt Hougan echoed the excitement, calling the ETF debut a huge achievement for both the asset and the community behind it. “Very excited to launch the Bitwise XRP ETF,” Hougan said. “What a journey for this asset and this community. Excited to see what’s next.”

XRP Price Pulls Back Slightly Despite ETF BuzzEven with the ETF’s strong launch, XRP’s price is seeing mild pressure. The token is down around 1%, trading near $2.10. Analysts warn that if XRP falls below $2.10, it could slip toward $1.95. Still, the ETF’s early performance shows demand for XRP exposure remains strong, even during broader market volatility.

Can Bitwise Beat Canary Capital’s Huge Opening Day?With such a fast start, traders are now watching to see whether Bitwise’s ETF can challenge Canary Capital’s breakout debut earlier this month, which saw over $58.5 million in trading volume on Day 1. If current momentum continues, Bitwise may be on track to set a new benchmark for XRP ETFs.

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Institutional activity declined significantly, and the market remains pressured by Bitcoin's weak structure and ETF outflows.Updated Nov 20, 2025, 4:12 p.m. Published Nov 20, 2025, 4:12 p.m.

The token pierced the critical $2.10 floor during late-session selling as traders dumped positions ahead of a potential deeper correction.

News Background• XRP traded within a volatile $2.03–$2.15 range as broader crypto markets weakened under macro pressure
• The token’s sharp bounce from $2.03 occurred amid a 28% volume surge, signaling active dip-buying before momentum faded
• Multiple failed attempts to reclaim the $2.14–$2.15 zone capped upside throughout the session
• Market sentiment remains fragile as Bitcoin’s death-cross and heavy ETF outflows weigh on altcoins
• Institutional activity slowed sharply in final trading hour as XRP cracked the widely-watched $2.10 support level

STORY CONTINUES BELOW

Price Action SummaryXRP slid 1.0% from $2.13 to $2.11 over the latest 24-hour session, navigating a choppy $2.03–$2.15 range. The token initially showed resilience against broader market weakness, but bullish momentum deteriorated steadily.

The most significant move came at 21:00 UTC when a 177.9M volume spike—28% above the 24-hour average—helped XRP rebound sharply from $2.03. However, the recovery stalled repeatedly at the $2.14–$2.15 resistance band. A pattern of lower highs developed as sellers absorbed each attempted breakout.

The session ended with a decisive breakdown: XRP plunged from $2.124 to $2.103 as heavy sell volume hit the tape. The drop punched cleanly through the critical $2.10 support, a level that had held for several sessions.

Late-session liquidity collapsed, signaling institutional traders stepped to the sidelines ahead of potential continuation selling.

Technical AnalysisXRP’s chart structure shifted firmly bearish as breakdown signals stacked across intraday timeframes.

Support & Resistance DynamicsThe loss of $2.10 turned prior support into immediate resistance. Meanwhile, the market now orients around the cycle low at $2.03, which formed during the heavy-volume rejection earlier in the session. The inability to reclaim $2.14–$2.15 keeps the near-term ceiling well-defined and the risk skewed to the downside.

Volume BehaviorThe 177.9M surge during the $2.03 rebound confirmed strong participation, but the lack of follow-through volume during recovery attempts signaled exhaustion. The final-hour breakdown occurred on 4.4M units in a single interval—enough to trigger algorithmic momentum selling.

Trend StructureXRP now prints a clear sequence of lower highs and lower lows, consistent with early-stage continuation structures that often precede retests of major swing supports. The broader trend remains pressured by an unresolved medium-term downslope that began after repeated failures above $2.48.

Momentum ConditionsShort-term oscillators approach oversold readings, suggesting potential stabilization if $2.03 holds. But without reclaiming $2.15, any bounce risks becoming reactive rather than structural.

What Traders Should WatchXRP sits at an unstable inflection point:

• $2.03 must hold to prevent a deeper breakdown toward $1.91–$1.73 next-tier support
• A reclaim of $2.15 is required to neutralize the bearish continuation structure
• Liquidity conditions suggest institutions paused activity after the $2.10 failure—renewed volume will dictate the next impulse
• Bitcoin’s weak structure and death-cross dynamic continue to pressure altcoins disproportionately
• Watch for volatility clusters around derivatives liquidation points—XRP saw ~$28M liquidated in prior sessions, and fresh forced selling could accelerate moves

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Solana ETFs Post Second-Biggest November Inflows as Demand Grows During Downturn

45 minutes ago

Spot SOL exchange-traded funds extended an inflow streak since they began trading on Oct. 28 while bitcoin and ether ETFs bled hundreds of millions of dollars.

What to know:

U.S. spot solana ETFs have experienced inflows for the 17 consecutive days since their debut last month.The ETFs have amassed a total net inflow of $476 million, with a notable single-day inflow of $48.5 million on Wednesday.Unlike solana, spot bitcoin and ether ETFs have faced significant outflows, highlighting a shift in investor interest.Read full story

Bitcoin's (CRYPTO: BTC) 28% drawdown below $90,000 has unleashed a wave of frustration and fresh bear-market calls by crypto market commentators.

What Happened: On-chain data provider Santiment notes that sentiment has turned sharply negative as traders, influencers, and even institutions warn of deeper downside.

Bitcoin now dominates social conversations, with users fixated on how far the correction could extend.

The mood has flipped as weeks ago, after BTC hit its $125,800 all-time high, traders were calling for $130,000–$170,000 targets.

Now the loudest forecasts cluster around $40,000–$80,000, signalling a broad psychological shift toward pessimism.

Yet an important contrarian datapoint emerged: "Buy the dip" mentions just surged to an eight-month high.

Historically, rebounds rarely begin while dip-buying confidence remains elevated, true capitulation happens when optimism collapses and FUD peaks.

Also Read: BlackRock Preps Staked Ethereum ETF Launch—But Vitalik Buterin Warns Against ‘Wall Street Capture’

Why It Matters: Whale behaviour has been a major driver.

Wallets holding 10–10,000 BTC dumped 77,120 BTC last week, around 0.44% of supply, accelerating the selloff. Retail wallets, however, are still holding, despite growing panic in commentary.

But whale activity is now flashing an early shift. Santiment's on-chain data shows:

Over the past week, whales executed 102,900+ transactions above $100,000
And 29,000+ transactions above $1 million
Putting this on track to be the most active whale week of 2025
Crucially, the tone is changing: the same cohort that spent weeks net selling is now showing initial signs of accumulation, suggesting large players may be positioning ahead of a macro reversal.

Read Next:

Bitcoin Back To $91,000 As Ethereum, XRP, Dogecoin Try To Hold Key Levels
Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

TL;DR

Bitcoin exchange inflows surge, led by Binance and Coinbase.
Binance’s record stablecoin reserves provide strong exit liquidity.
US traders dominate Q4 Bitcoin movements and ETF-related activity.

Bitcoin moves toward major exchanges again, marking another period of portfolio adjustments, profit-taking, and search for clearer direction. Exchange inflows stay elevated through November, reaching 580,000 BTC across centralized markets. The amount sits below last year’s levels, yet the new wave of spot trading activity and fresh deposits aligns with several dips under $90,000.

Binance leads with 163,800 BTC in deposits, followed by Coinbase at 130,000 BTC. As balances shift, BTC trades near $92,000, while brief drops toward $88,000 stem from long-position liquidations instead of broad selling pressure or signs of capitulation.

Binance Records Strong Inflows and Expands Its Role in Market Volatility
BTC inflows on Binance increase sharply from late October, following renewed appetite for spot trading. Price weakness accompanies the spike, as the market leader loses previous levels above $110,000.

Smaller exchanges like Bybit and OKX fail to attract similar deposit activity. Large movements appear concentrated among US-based traders, who often dominate Q4 flows. Coinbase also receives a portion of institutional BTC, partly tied to ETF turnover.

Binance continues to influence sell-offs. Large sales during downturns often deepen declines and trigger waves of liquidations. The exchange absorbs BTC during rallies for profit-taking and supports intense trading periods.

Source: CryptoQuant
A record stablecoin reserve on Binance strengthens exit liquidity, allowing traders to move large amounts efficiently. A portion of incoming BTC also serves as collateral for derivatives positions, adding to trading volume.

TL;DR

Ethereum ETF outflows drastically decreased, marking a more balanced market session.
Ethereum’s price rebounded after touching the $2.8K realized price zone, a historical low-cycle support.
Large holders (whales) are accumulating ETH while retailers sell, replicating market bottom patterns.

After several days of sharp declines, Ethereum is showing signs of stabilization; the crypto seems to have found a breather, placing it near the $2,870 mark. The recovery occurs in a context of slowing outflows from Ethereum ETFs, exchange-traded funds, a factor that has dominated selling pressure so far in November.

This time, the negative influence again came from Grayscale’s ETHE, an asset that lost $15.7 million in 24 hours. Undeniably, it’s a negative flow, but that figure is smaller than the withdrawals that repeatedly exceeded $60 million in the middle of the month.

On the other hand, activity in funds from other issuers, such as BlackRock, Fidelity, and Bitwise, was practically nil, with Invesco being the only positive exception with a modest inflow of $2.9 million.

Despite this scenario, the cumulative balance for November remains over $465 million in net outflows, with Grayscale ETHE totaling $4.9 billion in withdrawals since its launch. Nevertheless, the lighter session on November 19 signals a potential phase of Ethereum stabilization by whale support.

Whales Accumulate at Historical On-Chain Support
Ethereum’s rebound is no coincidence. Its price succumbed to a key on-chain support zone, the “$2.8K realized price cluster,” a historical mark aligning with Ethereum’s cycle lows, just like in 2020, 2022, and mid-last year.

On-chain data confirms that the realized price levels of the largest holder cohorts converge in this $2.8K area, indicating that most large investors are not experiencing significant losses or gains at this point.

ETHEREUM IS SITTING ON ITS MOST IMPORTANT ON-CHAIN SUPPORT$ETH flushed to $2.87K earlier today, and then ripped right back once Nvidia crushed earnings. But the bounce isn’t the real story — the level is.

$2.8K is a massive on-chain floor. It lines up with the realized price… pic.twitter.com/nMTvJhb0qD

— CryptosRus (@CryptosR_Us) November 20, 2025

On-chain charts also reveal a visible “capital rotation“: retailers (wallets from 1 to 100 ETH) continue to reduce their balances, while whales (over 10k ETH) are actively expanding their positions.

This divergence is a classic pattern seen near previous market bottoms, where large holders use lower prices to increase their exposure. With decreasing long liquidations and increasing short interest, this structure aligns with past transition periods, consolidating Ethereum stabilization by whale support at this crucial technical level.

A new bill introduced by Ohio congressman Rep. Warren Davidson would allow Americans to pay federal taxes with Bitcoin with the collected BTC then ushered into the United States’ planned Strategic Bitcoin Reserve. 

The “Bitcoin for America Act” would allow the United States to “diversify its national wealth into a non-inflationary asset that serves as a long-term store of value,” the bill reads, noting the potential for the nation to fall behind Russia, China, and emerging nations should there be no action. 

“The Bitcoin for America Act marks an important step toward modernizing our financial systems and embracing the innovation that millions of Americans already use every day,” said Rep. Warren Davidson in a statement.

“This bill will give the American people more choice in paying their taxes as well as give our government a stronger financial foundation," he added. "The Bitcoin for America Act will position our country to lead—not follow—as the world navigates the future of sound money and digital innovation.”

Editor's note: This story is breaking and will be updated with additional details.

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

On a daily basis, the liquidations have skyrocketed to over $750 million.

It has almost become an inevitability that the cryptocurrency markets will turn red as the US trading hours begin, and the last 60 minutes or so are no exceptions.

Bitcoin has headed south and has led the way for many altcoins to follow suit. Naturally, the liquidations are on the rise on all timeframes.

BTCUSD. Source: TradingView
The chart above paints a clear picture as today’s retracement appears like a copycat of yesterday’s. Recall that BTC dumped to $88,500 24 hours ago, but the bears took it a step further today, pushing the cryptocurrency to a new seven-month low of just over $88,000.

Although that level has managed to hold the price correction for now, it has been repeatedly tested in the past week and might be on the verge of giving in.

The altcoins are in no better shape. ETH has plunged under $2,900 once again, after a 3% decline in the past hour alone. XRP is currently testing the crucial $2.00 level after a 3.3% hourly drop. SOL has slumped even more in the past hour, losing 4.1% of value and now sits inches above $130.

Even more painful declines come from STRK (8.5%), ARB (4.6%), DOT (4.5%), and WLD (4.2%) – all registered in the span of less than 60 minutes.

Naturally, the liquidations within this timeframe have jumped to more than $180 million, according to CoinGlass data. The lion’s share (or $176 million) comes from longs, with ETH actually leading BTC ($25 million vs $22 million).

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The total value of wrecked positions for the past 24 hours is up to $750 million, with nearly 220,000 traders wiped out. The single-largest liquidated position took place on Hyperliquid and was worth over $24 million.

Liquidation Data on CoinGlass

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About the author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.

TL;DR

Bitcoin Core successfully passed its first independent security audit conducted by the French firm Quarkslab.
No high or medium-severity vulnerabilities were found in the codebase, confirming its maturity.
The audit focused on the P2P layer and block validation logic, sensitive components of the network.

The world’s largest decentralized network has received an institutional vote of confidence. The software that secures the pioneer crypto network, Bitcoin Core, successfully passed its first security audit, confirming the security and maturity of Bitcoin Core’s codebase.

The review was carried out by the French security firm Quarkslab, commissioned by OSTIF on behalf of Brink. The audit lasted 104 days, between May and September, during which auditors carefully examined the project’s most sensitive components, with a special emphasis on the peer-to-peer (P2P) layer and block validation logic.

The final report highlights that Bitcoin Core’s codebase is “the most secure and best tested” of those evaluated so far, despite its large size, which includes over 200,000 lines of C++ and more than 1,200 already implemented tests.

During the review, no high or medium-severity vulnerabilities were found, identifying only two minor severity issues and some suggestions for improvement related to test coverage. It is crucial to note that none of the findings had any impact on network consensus, denial-of-service attack resilience, or transaction validation.

Reinforcing the P2P Layer Amidst the Debate
The central focus of the review was Bitcoin’s P2P layer, the essential component for peer discovery and the relaying of blocks and transactions across approximately 125 connections per node.

Auditors stated that no cases were found where malicious data could bypass validation or the banning mechanism designed to isolate misbehaving peers. Furthermore, no exploitable pathways were identified in critical areas such as mempool logic or chain reorganization management, reinforcing Bitcoin Core’s security and maturity.

This result comes amidst a dispute between supporters of Bitcoin Core and Bitcoin Knots, a debate that revolves around whether or not to allow the inclusion of non-financial data on the blockchain. While critics warn that the change could “open the floodgates” to spam, Bitcoin Core developers argue that imposing restrictions would harm network cohesion and contradict the technology’s principles of openness.

Despite this discussion, the audit reinforces confidence in Bitcoin Core’s security and maturity at an institutional level, a sentiment that aligns with a Galaxy Digital survey, where most institutional investors polled were indifferent or sided with Bitcoin Core in the dispute.

In the last 48 hours, Ripple's XRP has faced significant market pressure after large-scale sell-offs by major holders. Approximately 190 million XRP tokens, valued at nearly $400 million at current prices, were sold, causing the token's price to retreat from its recent highs.

Key NotesETF flows, staking demand, and institutional tokenization pilots position Ethereum for a potential late-November rebound.Chainlink’s CCIP and ongoing SWIFT/banking pilots reinforce its role as core tokenization infrastructure.Telegram’s massive distribution, new listings, and in-app finance tools strengthen TON’s growth setup despite the pullback.
With Black Friday landing on Nov. 28, some large-cap and large-cap-adjacent tokens still have credible catalysts and resilient trading footprints despite the recent chop.

Here are three altcoins picked by ChatGPT for their performance and fundamentals. Learn why they may be positioned for a holiday-season bounce, and it’s wise to consider buying the dip.

Ethereum (ETH): ETF flow support and staked ETH

ETH
$2 995

24h volatility:
1.9%

Market cap:
$361.05 B

Vol. 24h:
$38.27 B

is down 14% in a span of a week, hovering around $3,000.

ETH price this week | Source: CoinMarketcap

Day-to-day flows are volatile, but ETF dashboards still show ongoing creations/redemptions. This institutional “shock absorber” wasn’t present in past cycles. If flows stabilize or flip positive in late November, that has historically helped ETH lead relief rallies.

U.S. spot ether ETFs have become a meaningful demand channel, with mid-year data showing sustained net inflows and asset growth outpacing ETH’s spot performance. Fresh headlines today also show BlackRock taking the first step toward a staked-ETH ETF, a potential second-order catalyst for institutional demand into year-end.

ETH anchors most tokenization, stablecoin settlement, and DeFi activity. Multiple banks and venues continue to pilot tokenized assets on rails that directly or indirectly touch Ethereum. Citi’s latest outlook kept a constructive year-end price target tied to app usage and staking appeal.

Chainlink (LINK): the tokenization plumbing trade
Chainlink

LINK
$13.60

24h volatility:
2.3%

Market cap:
$9.48 B

Vol. 24h:
$942.44 M

dropped 12.5% in the last 7 days, trading around $13.6 at the moment.

Chainlink price this week | Source: CoinMarketcap

SWIFT and major global banks are pressing ahead with blockchain-based settlement and tokenization pilots. Chainlink’s CCIP is one of the key interoperability stacks being tested in that context. The project recently won a SWIFT hackathon focused on cross-border, compliance-aware settlement. That narrative tends to attract flows on risk-on days and cushion drawdowns on risk-off days.

Chainlink oracles secure data for dozens of chains, while CCIP aims to standardize cross-chain messaging and value transfer for banks, custodians, and market infrastructures: exactly the institutions now exploring tokenized deposits, funds, and securities.

Toncoin (TON): Telegram distribution at scale
TON is down 17% throughout the recent market crash, trading around $1.71.

TON price this week | Source: CoinMarketcap

However, Telegram’s deepening integration has been a powerful real-world distribution engine for [NC]: first through the official TON Wallet rollout in the U.S., and more recently via broader mini-app finance experiments inside the messenger. Major exchange listings this week (including Coinbase launching TON-USD trading) add liquidity and visibility into the holiday period.

TON has shown relative strength on days when Telegram-related product news hits. Fresh listings can also tighten spreads and expand the addressable buyer base: conditions that have historically supported follow-through.

Fundamentals in brief: Since Telegram named TON its “official Web3 infrastructure,” on-app stablecoin transfers and mini-app finance have turned the messenger’s vast user base into a funnel for on-chain activity: an adoption dynamic few L1s can match.

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

Cryptocurrency News, News

Yana Khlebnikova joined CoinSpeaker as an editor in January 2025, after previous stints at Techopedia, crypto.news, Cointelegraph, and CoinMarketCap, where she honed her expertise in cryptocurrency journalism.

Yana Khlebnikova on LinkedIn

Tether Invests in LatAm Crypto Infrastructure Firm Parfin to Boost USDT Among InstitutionsThe investment is part of Tether’s broader push to expand stablecoin settlement and tokenization tools among institutions across Latin America, the firm said. Nov 20, 2025, 2:55 p.m.

Tether, the company behind the world’s largest stablecoin USDT USDT$0.9992, said Thursday it has invested in Parfin, a Latin American crypto firm that builds digital asset infrastructure for institutions.

The firm said the deal will help scale tools for banks and institutions to move more of their operations onto blockchain rails, a shift Tether sees as critical for making crypto infrastructure more practical and accessible in regions with limited financial infrastructure.

STORY CONTINUES BELOW

The firms did not disclose details of the investment.

The investment is part of Tether’s larger push to deepen its footprint in emerging markets and expand the real-world use of USDT for cross-border payments and asset tokenization. The partnership also signals that Tether, long seen primarily as a retail-focused stablecoin issuer for emerging market users, is now pushing deeper into the institutional layer of crypto finance.

Parfin offers tools for custody, tokenization, and blockchain-based settlement aimed at financial institutions. Its services are tailored for use cases like trade finance, credit markets, and institutional payments, areas where Tether wants to see broader adoption of USDT as a settlement asset.

Read more: Tether Invests in Ledn to Expand Bitcoin-Backed Lending Amid Surging Demand

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Thu, 20/11/2025 - 14:57

Meme coin Shiba Inu (SHIB) enters a price zone where daily, weekly and monthly charts all press the token to a decisive break, with the next move set to choose between a major rebound and a deeper slide.

Cover image via www.freepik.com

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.

Shiba Inu (SHIB) has reached a point where the charts are giving us a clear picture of what's going on for the once popular meme coin. The price of SHIB, according to Trading View, sits near $0.00000867, and all three major time frames — daily, weekly, monthly — now point to the same conclusion: SHIB is currently at the lower end of its range, and the next move will decide if this is just a correction or if it will go deeper.

If you look at the daily chart, SHIB trades below the middle Bollinger Band at about $0.00000950, and every attempt to climb toward the upper band around $0.00001044 has failed. This shows a market that cannot break through the resistance, but it is not collapsing either.

SHIB/USD by TradingViewThe weekly chart explains why the situation feels tighter. The Shiba Inu coin has been stuck under the weekly midband at about $0.00001197 for months, and the price now sits just above the weekly lower band near $0.00000843. When an asset sits this close to the lower band without breaching it, it usually signals exhaustion rather than a trend break. 

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It also shows that buyers are no longer in control. 

Can SHIB survive a 30% drawdown?The monthly chart sets the full boundary. The midband is high at about $0.00001580. That level is the best case path, and it would require a move of more than 80% from current pricing to flip SHIB back into long-term bullish form. 

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The lower band is at about $0.00000599, and that is the worst-case slide, a drop of around 31% that would send SHIB back to its early days' support.

The crossroads are as follows: if the SHIB price moves back above the weekly midband, it will continue rising, but if it goes below the monthly lower band, it will confirm the other direction.

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