Market Signal Briefing

Agu Kantsler

Okay. We're good to go. Sorry, ladies and gentlemen, we're having far too much of a good time over there and almost lost track of the time. So good morning, and welcome to the 2025 Annual General Meeting of Central Petroleum Limited. I'm Agu Kantsler, and I'm the Chair of Central Petroleum Limited. I'll be chairing the meeting today in accordance with the company's constitution. In accordance with the Corporations Act, today's AGM is being held in person here at the Christie Conference Spaces in Brisbane and as a virtual online meeting via the Computershare meeting platform.

Before we start our official proceedings, for those in attendance here, I ask you please to note the emergency exit for this room is via the entrance to my right. Please note the basic fire and evacuation procedures, which we have put up on the screen. In the event of an emergency, please follow the directions of the Christie Conference Spaces' staff.

I also wish to advise all of those attending that these proceedings are being audio recorded. It's now slightly after 10:00 a.m., and I've been informed by the Company Secretary that a quorum is present, so I declare the Annual General Meeting properly constituted and open.

As this meeting is being held both in person and virtually, there are a number of process matters, which I would like to bring to your attention. Firstly, for those shareholders and proxy holders who are online, your questions can be submitted at any time. To ask a question, select the Q&A icon. Type your question into the text box. Once you've finished typing, please hit the send button. To ask an audio

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

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

New delivery model and cyber resilience framework will reduce manual interventions and operational expenses

, /PRNewswire/ -- Kyndryl (NYSE: KD), a leading provider of mission-critical enterprise technology services, today announced a three-year partnership renewal with Vodafone Idea (Vi), India's leading telecom operator. This collaboration will transform Vi's IT operations delivery, streamline application operations management and provide a unified and integrated cyber resilience framework. 

As part of the extended agreement with Vi, Kyndryl will build and deliver a cyber resilience framework focused on security governance, zero-touch services, data protection, identity and access management, security operations and incident recovery services. Kyndryl will also redesign Vi's cybersecurity architecture to further enhance compliance for anticipated future regulatory frameworks. By strengthening the cybersecurity posture and reducing manual interventions, Kyndryl will mitigate the impact of security disruptions by providing early visibility into threats and vulnerabilities and faster recovery of critical business data.

Kyndryl will also deploy a next-generation IT Ops delivery model based on advanced automation and data-driven insights. This modernized approach will help Vi transition data insights and automation to advance the platform capabilities to a zero-touch delivery framework, significantly enhancing service delivery. Kyndryl will drive large transformation projects in backup, storage management and continuous data protection (CDP) that will provide Vi with enhanced operational agility and reduce costs. 

Vi will continue to leverage Kyndryl Bridge, Kyndryl's AI-powered open integration platform, to accelerate operational improvements through automation and deep, data-driven insights. To date, Kyndryl Bridge has deployed more than 1,000 unique automations at Vi to reduce delivery event noise by 15 percent and provide unified business services observability. Kyndryl Bridge generates more than 15 million AI-enabled insights each month, enabling more than 1,200 customers around the world to proactively run and transform their IT estates. Kyndryl continues to invest in Kyndryl Bridge to further enhance its quality of services and enable greater profitability and faster growth for customers across industries.

"At Vi, our focus is on building a resilient, scalable and intelligent IT backbone that can support rapid innovation and business agility," said Jagbir Singh, CTO, Vi. "Our partnership with Kyndryl enables us to leverage advanced automation, AI-driven insights and a zero-touch operations model to optimize our IT infrastructure. This collaboration is a strategic step forward in aligning our technology investments with long-term business objectives and delivering greater value to our customers."

"We're proud that Vodafone India has recognized Kyndryl's core expertise in managing mission-critical systems and delivering complex transformations through this extended partnership," said Lingraju Sawkar, President, Kyndryl India. "Our deep understanding of Vodafone India's business priorities has enabled us to consistently deliver innovations that have strengthened its IT and digital backbone, while driving business agility and operational efficiencies."

As telecom organizations in India and around the world focus on automation, data, cloud and network transformation to stay competitive, Kyndryl remains at the forefront of delivering integrated solutions across IT infrastructure, network management and security services, as well as big data, AI and automation solutions. 

Kyndryl's long-standing partnership with Vi has been pivotal in enabling seamless technology integration and IT transformation. This includes managing the integration of two separate entities to form Vodafone Idea Limited, ensuring zero impact during the COVID-19 pandemic with an agile, structured pandemic Business Continuity Plan (BCP) and driving 26 consolidation projects in record time to enhance key business functions.

With this extended collaboration, Vi is poised to further align its IT strategy with business objectives, maximize return on IT investments and reduce time-to-market for new digital services and products.

About Vodafone Idea Limited
Vodafone Idea Limited is an Aditya Birla Group and Vodafone Group partnership. It is amongst India's leading telecom service providers. The company holds a large spectrum portfolio including mid band 5G spectrum in 17 circles and mmWave spectrum in 16 circles. The Company provides Voice and Data services across 2G, 4G and 5G platforms and is expanding 5G services across 17 circles. To support the growing demand for data and voice, the Company is committed to delivering delightful customer experiences and contributing towards creating a truly 'Digital India' by enabling millions of citizens to connect and build a better tomorrow. The Company is developing infrastructure to introduce newer and smarter technologies, making both retail and enterprise customers future ready with innovative offerings, conveniently accessible through an ecosystem of digital channels as well as extensive on-ground presence. The Company's equity shares are listed on National Stock Exchange (NSE) and the BSE in India. The company offers products and services to its customers in India under the TM Brand name "Vi".   For more information, please visit: www.MyVi.in

About Kyndryl
Kyndryl (NYSE: KD) is a leading provider of mission-critical enterprise technology services, offering advisory, implementation and managed service capabilities to thousands of customers in more than 60 countries. As the world's largest IT infrastructure services provider, the company designs, builds, manages and modernizes the complex information systems that the world depends on every day. For more information, visit  www.kyndryl.com.

Forward-looking statements
This press-release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements often contain words such as "will," "anticipate," "predict," "project," "plan," "forecast," "estimate," "expect," "intend," "target," "may," "should," "would," "could," "outlook" and other similar words or expressions or the negative thereof or other variations thereon. All statements, other than statements of historical fact, including without limitation statements representing management's beliefs about future events, transactions, strategies, operations and financial results, may be forward-looking statements. These statements do not guarantee future performance and speak only as of the date of this press release and the company does not undertake to update its forward-looking statements. Actual outcomes or results may differ materially from those suggested by forward-looking statements as a result of risks and uncertainties including those described in the "Risk Factors" section of the company's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission.

Kyndryl press contact
[email protected]

SOURCE Kyndryl

Walmart will report fiscal third-quarter earnings before the bell on Thursday and give the latest read on consumer spending as the retail industry heads into the holiday season.

Here's what Wall Street expects for the company's fiscal third quarter, according to a survey of analysts by LSEG:

Earnings per share: 60 cents expectedRevenue: $177.43 billion expectedThe retail giant, which draws shoppers across incomes, is well-positioned to give a snapshot of U.S. consumer health and the impact of short-term factors that may have colored the quarter. As the nation's largest grocer, it has many shoppers who receive Supplemental Nutrition Assistance Program, or SNAP, benefits, formerly known as food stamps. Recipients stopped receiving that aid during the prolonged government shutdown.

Walmart has gained more high-income customers as even affluent households sought relief from pricier grocery bills and responded to store remodels and faster deliveries. And it can speak to consumer behavior across categories, since it sells discretionary items like makeup and clothes along with necessities like milk and toilet paper.

Walmart raised its full-year sales and profit forecast in August. At the time, the retailer said it expects net sales to rise between 3.75% and 4.75% for the fiscal year and its adjusted earnings per share to range from $2.52 to $2.62.

Back in August, Walmart CFO John David Rainey told CNBC that the big-box retailer had not noticed meaningful changes in consumer behavior, saying at the time that shoppers "continue to be very resilient."

Walmart's financial results on Thursday will follow cautious updates from Target, Home Depot and Lowe's. All three of those retailers lowered their full-year profit outlook this week and referred to consumers who were hesitant to make big purchases and hungry for deals. T.J. Maxx and Marshalls parent company TJX, on the other hand, hiked its full-year forecast, saying it's seeing a "strong start" to the holidays as it caters to value-conscious shoppers.

Read more

Walmart's earnings report will be the first since the Arkansas-based big-box retailer announced a leadership change. Walmart announced last week that John Furner, the CEO of Walmart's U.S. business, will succeed longtime CEO Doug McMillon on Feb. 1.

McMillon's tenure has been marked by sharp stock gains and e-commerce growth. During his years as CEO, shares of Walmart are up by more than 300%.

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

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

BlackRock has set up a new Delaware trust that could open the door to a staking-based Ethereum exchange-traded fund.

Summary

BlackRock formed the iShares Staked Ethereum Trust ETF on Nov.19 in Delaware.
The filing is an early step toward a potential staking-enabled Ethereum fund.
The move follows rising interest in yield-focused ETH ETFs among major issuers.

BlackRock has taken another step into Ethereum’s staking ecosystem by registering the iShares Staked Ethereum Trust ETF as a new statutory trust in Delaware.

Records from the Delaware Division of Corporations show the trust was officially formed through a filing on Nov. 19. 

A new setup for a staking-focused ETH product
While the listing does not include product documentation, the entity record is publicly available through the state’s search portal. Daniel Schweiger, a Wilmington-based BlackRock managing director who oversaw the registration of the iShares Ethereum Trust in late 2023, handled the filing.

The new trust was registered under the Securities Act of 1933, which requires detailed disclosures before a product can be offered to the public.

This step is a foundation, not a full Securities and Exchange Commission submission. BlackRock would still need to file a Form S-1 with the U.S. SEC. The firm has not shared a timeline and declined to comment when asked by reporters.

Delaware is a common home for U.S. financial entities due to its business laws and corporate system. Many ETF issuers choose the state for early-stage registrations, and BlackRock often uses the same approach when preparing new products.

How it fits into BlackRock’s ETF strategy
The new trust sits alongside ETHA, BlackRock’s spot Ethereum (ETH) ETF launched in July 2024. ETHA has drawn more than $13 billion in inflows and does not stake its ETH.

In July 2025, Nasdaq filed a Form 19b-4 to allow ETHA to stake ETH with approved validators. In addition to addressing concerns like custody, slashing penalties, and liquidity when unstaking, that update would allow the fund to earn staking rewards. 

Annual rewards from Ethereum staking usually fall between 3-5%. Issuers proposing staking features must explain how they choose validators, how rewards are tracked, and how they handle locked ETH. These points are central in SEC reviews.

Momentum across the ETF market
BlackRock’s move fits into a wave of new staking-focused ETF developments. Grayscale received approval in October 2025 to add staking to ETHE and its Mini Trust ETF, becoming the first 1933 Act Ethereum funds allowed to earn rewards.

Other firms like Fidelity, 21Shares, Franklin Templeton, and REX-Osprey have filed similar updates. REX-Osprey already offers a staked Solana (SOL) ETF and introduced a staked ETH version in September.

BlackRock’s head of digital assets, Robert Mitchnick, said in a Nov. 19 interview that staking features could draw $10–20 billion in new capital by mid-2026. ETF analysts expect new staking products to lock up a meaningful share of ETH, which could shape market liquidity and long-term supply.

Attention now turns to BlackRock’s possible S-1 filing, which would mark the next step toward a yield-bearing Ethereum ETF.

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XRP is under heavy selling pressure as fear spreads across the crypto market, pushing sentiment into one of its most fragile stages of the cycle. What was once a euphoric rally earlier this year has steadily shifted into denial among long-term holders — and now anxiety is beginning to dominate. With XRP flirting dangerously with a drop below the $2 mark, investors are watching closely, aware that this level carries major psychological and structural weight.

For now, XRP has managed to hold above $2, but the defense of this threshold is becoming increasingly difficult as liquidity thins and macro uncertainty intensifies. A break below this zone could trigger a deeper reset, while a successful rebound would reinforce it as a key long-term demand area.

This shift in sentiment is also reflected in on-chain metrics: long-term holders, previously sitting comfortably in profit, are now watching their unrealized gains compress. Historically, transitions from euphoria to denial and into anxiety have often preceded major market inflection points, making the current moment especially significant.

XRP NUPL Signals Growing Market Anxiety
Analyst Ali Martinez shared new data showing that XRP’s Long-Term Holder Net Unrealized Profit/Loss (NUPL) has now dropped below 0.5 — a level that historically marks a transition from confidence to growing anxiety among holders.

NUPL measures the difference between the total unrealized profit and loss in the network, helping identify where investors stand emotionally within the market cycle. When NUPL is above 0.5, it typically reflects optimism or belief, often associated with rising prices and strong conviction. But when it falls below 0.5, sentiment weakens, indicating that investors are no longer comfortably in profit.

XRP Long-Term Holder NUPL | Source: Ali Martinez
XRP dipping below this threshold means a significant portion of the market is losing confidence as unrealized gains shrink. Investors who were previously sitting on sizable profits are now seeing those margins erode, pushing them into a more defensive psychological state. Historically, this signals that the market is shifting toward anxiety — a stage where many holders begin doubting whether upside momentum will return.

This decline in NUPL aligns with XRP’s current price behavior near the $2 support level, emphasizing how fragile the market has become. While anxiety can fuel panic selling, it has also marked the beginning of long-term accumulation phases in past cycles. The next move for XRP may depend on whether fear intensifies — or whether strong hands step in to absorb supply.

Testing Critical Support as Selling Pressure Deepens
XRP continues to trade under heavy selling pressure, with the chart showing a clear series of lower highs and persistent failures to reclaim key moving averages. The price is now hovering near $2.14, testing a crucial support zone that has repeatedly acted as a psychological and structural level for buyers throughout the year. Each attempt to break above the 50-day and 200-day moving averages has been met with rejection, signaling that momentum remains firmly on the side of the sellers.

XRP testing local demand | Source: XRPUSDT chart on TradingView
Volume has gradually increased during recent downswings, suggesting that the sell-offs are driven more by capitulation than simple profit-taking. The sharp decline toward $1.20 in October still stands out as a sign of extreme volatility and liquidity stress, and although XRP quickly recovered from that anomaly, it highlighted how fragile the market structure had become. Since then, price has failed to establish a sustained uptrend, instead forming a tighter and more compressed consolidation beneath the major moving averages.

If the $2 support level breaks decisively, XRP could revisit deeper liquidity pockets around $1.75–$1.90, where buyers previously stepped in during September. However, holding above $2 would keep the possibility of a recovery alive, especially if market sentiment stabilizes.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Cardano trades at $0.466 as RSI divergence and a TD Sequential 9 signal emerge. Whale selling and exchange outflows add mixed pressure.

Cardano (ADA) is showing early signs of a potential short-term shift. At the time of writing, the asset traded at $0.466, with a slight drop in the last 24 hours and an 18% decline over the past week.

While pressure on the asset remains, recent indicators suggest a pause in the current downtrend.

Technical Signals Show Change in Momentum
Analyst Ali Martinez reported a bullish divergence between ADA’s price and the Relative Strength Index (RSI). The price has continued to post lower lows, but the RSI is rising. This divergence may reflect a loss of selling strength.

A TD Sequential “9” buy signal has also appeared on the daily chart. These setups are often monitored for early trend shifts. Martinez commented, “A rebound is coming!” as long as the divergence remains intact.

In addition, ADA is trading slightly below its 4-hour 9-period simple moving average (SMA), which stands at $0.47. The asset has moved sideways since mid-November, narrowing its range. This shows that momentum remains weak but stable.

Source: TradingView
The MACD line has moved above the signal line, and the histogram has reversed to positive. Though the signal is still forming, it implies that the latest sell-off might be losing its strength.

On-Chain Flows Remain Negative
Recent on-chain data shows continued outflows from spot exchanges. On November 19, net outflows totaled $1.80 million, according to CoinGlass. Traders appear to be withdrawing ADA from exchanges, possibly for long-term holding.

You may also like:

Here’s Why Cardano (ADA) Might Be Ready to Bounce Back

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Cardano Hits 1M Transactions but is ADA’s Price Finally About to Break $1?

Source: CoinGlass
Despite these outflows, ADA’s price has continued to fall. This trend points to weak demand, with buyers not stepping in despite the lower available supply. Outflows alone have not supported a recovery in price.

Sentiment and Whale Activity Remain Mixed
Platform data from Market Prophit shows that public sentiment toward ADA is currently negative, while its internal model indicates a bullish outlook. This reflects a split view across participants.

Analyst Man Of Bitcoin noted,

“The reaction so far appears weak, and a break below the last swing low would open the door to the next downside target at $0.427.”

Meanwhile, large holders have reduced exposure. Over the past month, whales have reportedly sold 440 million ADA, which may continue to weigh on short-term price action.

Tags:

U.S. Representative Brandon Gill (R-Texas), a close political ally of President Donald Trump and one of Congress' most active crypto supporters, has expanded his digital asset holdings with a new six-figure Bitcoin purchase. According to a transaction report filed with the House of Representatives clerk on November 18, Gill bought between $100,000 and $250,000 worth of Bitcoin on October 20, adding to a series of sizable BTC acquisitions he has made throughout 2025.

The Abu Dhabi Investment Council nearly tripled its exposure to Bitcoin during the third quarter through BlackRock’s spot Bitcoin fund, according to a recent report.

Several market participants saw it as a signal that institutional interest in crypto is still gaining momentum in the United Arab Emirates.

ADIC, an investment arm of Mubala Investment Company, told Bloomberg on Wednesday it sees Bitcoin (BTC) as the digital equivalent of gold.

ADIC’s IBIT increase came during a volatile period for Bitcoin. The quarter ended just days before BTC surged to an all-time high of $125,100 on Oct. 5, before dropping back below $90,000 on Wednesday.

IBIT has plunged since the end of the third quarterBloomberg reported that ADIC increased its IBIT holdings from 2.4 million shares at the start of Q3 to almost 8 million by Sept. 30, valuing the position at around $520 million. IBIT closed the quarter at $65 per share and rose to $71 on Oct. 6, the day after Bitcoin hit its all-time high.

IBIT’s stock price is down 19.39% over the past 30 days. Source: Google FinanceHowever, Bitcoin’s recent plunge below $100,000 has dragged IBIT lower as well. The ETF closed Wednesday at $50.71, down around 23% since the end of the third quarter.

Despite the Bitcoin price decline, the ADIC stock increase was widely read as a sign of broader institutional adoption.

Crypto investment platform M2 treasury manager, Zayed Aleem, said in a LinkedIn post on Wednesday that it is “fantastic to see such institutional conviction and another strong signal that the UAE is securing its place as a global hub for digital assets.” 

Echoing a similar sentiment, crypto commentator MartyParty said that “the position reflects a strategic bet on BTC’s role as a store of value.”

The news comes just one day after IBIT experienced its most significant daily outflows since its January 2024 launch, totaling $523.2 million, according to Farside, amid Bitcoin briefly falling to $88,000. At the time of publication, Bitcoin is trading at $92,089, according to CoinMarketCap.

IBIT is having an “ugly stretch,” says ETF analystETF analyst Eric Balchunas said on Wednesday that the IBIT ETF was having an “ugly stretch.” 

“Although YTD flows are still at an astronomical +$25b (6th overall). All told $3.3b in total outflows past month from BTC ETFs, which is 3.5% of AUM,” Balchunas said.

Since the IBIT launched in January 2024, it has posted around $63.12 million in net inflows, according to Farside.

Analysts are divided on where Bitcoin will go for the remainder of the year. Bitcoin analyst VICTOR recently said that the current drawdown is “the close your eyes and bid type of range.”

Magazine: Ethereum’s Fusaka fork explained for dummies: What the hell is PeerDAS?

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Ethereum has come under heavy selling pressure over the past few days as the broader crypto market entered a deep corrective phase. Yet, despite the volatility and widespread fear, ETH has managed to hold firmly above the key $3,000 level — a zone many analysts consider essential for maintaining the broader bullish structure.

Now, as price stabilizes and buyers begin to re-emerge, several market observers are starting to call for a potential recovery, arguing that Ethereum may be nearing the end of its downturn.

Adding fuel to this narrative is the continued accumulation from major players, most notably Tom Lee’s Bitmine. Tom Lee — a well-known Wall Street strategist, co-founder of Fundstrat Global Advisors, and long-time Bitcoin and Ethereum bull — has been one of the most influential voices in the digital asset market for nearly a decade. His firm Bitmine operates as a large institutional crypto investment entity focused on long-term accumulation, market-making, and strategic positioning during periods of fear.

According to recent on-chain data, Bitmine has continued buying ETH even as prices fell, signaling strong conviction in the asset’s long-term outlook. This behavior stands in sharp contrast to the broader market, where short-term holders have been capitulating.

Bitmine Continues Accumulating ETH Despite Market Weakness
According to fresh on-chain data from Lookonchain, accumulation activity around Ethereum is far from slowing down. A newly flagged wallet, 0xE2ed, believed to be associated with Tom Lee’s Bitmine, received 21,054 ETH (worth $66.57 million) from Kraken just a few hours ago. This move reinforces the view that large, sophisticated players are treating the recent correction as an opportunity rather than a threat.

Ethereum transactions on Arkham | Source: Lookonchain
The timing of this transfer is notable. Ethereum has been under sustained selling pressure for weeks, with sentiment turning sharply bearish as the market grappled with fear, liquidations, and a broader rotation into stablecoins. Yet despite this environment, Bitmine-linked wallets continue to absorb supply aggressively.

This pattern aligns with Bitmine’s broader strategy: accumulating high-quality crypto assets during periods of uncertainty to position for long-term upside. Large inflows to accumulation wallets during drawdowns have historically suggested strong conviction among institutional players, often preceding phases of recovery and renewed strength.

Suppose this wallet is indeed tied to Bitmine. In that case, it signals that some of the market’s most well-capitalized participants remain confident in Ethereum’s long-term value, regardless of short-term volatility.

ETH Price Analysis: Testing Long-Term Support Amid Heavy Volatility
Ethereum’s weekly chart shows the asset navigating a critical zone as price hovers just above $3,000, a level that has historically acted as a major demand area. After weeks of sustained selling pressure, ETH has pulled back from the $4,500 region and is now retesting its long-term moving averages. The 200-week MA, in particular, is positioned closely beneath the current price, acting as a structural anchor that has supported Ethereum in previous cycle corrections, including the deep capitulation seen in mid-2022 and the recovery phase of 2023.

ETH testing $3K Level | Source: ETHUSDT chart on TradingView
The recent candle structure reflects heightened volatility, with long wicks suggesting strong reactions from buyers near the $3,000 threshold. Volume has increased slightly during this downturn, indicating active participation from both sellers locking in profits and buyers positioning for potential reversal. Yet ETH remains below its 50-week MA, showing that short-term momentum continues to lean bearish.

Still, the broader pattern resembles earlier cycle pullbacks where Ethereum retraced sharply before forming higher lows and resuming its macro uptrend. If ETH can maintain this support band and reclaim the $3,300–$3,500 region, it may signal renewed strength. But a weekly close below $3,000 risks opening the door to deeper correction targets near $2,700.

Featured image from ChatGPT, chart from TradingView.com

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

The discourse around the next wave of Bitcoin adoption won’t be fueled by ideology or belief, but will be driven by pure economic advantage. As the global financial system moves toward higher costs, weaker currencies, and increasing inefficiencies, BTC is emerging as the most compelling alternative because it works more effectively. 

Economic Pressure Points That Will Accelerate Bitcoin Uptake
In the rapidly evolving landscape of digital finance, the narrative surrounding Bitcoin’s future has often been intertwined with fervent ideological conviction. A media company, known as TFTC on X, has highlighted why BTC adoption won’t be driven by ideology, but rather by economics.

Every merchant today is focused on handing over 2–3% of every transaction to payment processors and lives under the constant threat of chargebacks. Especially for small businesses, those costs and risks compound fast. However, BTC eliminates all of it with no processing fees, no chargebacks, just instant, final settlement straight into the merchant’s wallet.

As Miles, a crypto enthusiast, consistently pointed out, the economic incentives are so overwhelmingly strong that adoption becomes inevitable. Merchants save thousands on fees, and they can pass those savings back to their customers through instant cashback rewards for using BTC. 

This dynamic creates a self-reinforcing flywheel effect, allowing Merchants to lower their operational costs and increase their profit margins. At the same time, consumers would get tangible rewards and better value for their money by simply using BTC. Both sides will benefit immensely, while the BTC network will grow stronger. When the underlying math is this incredibly favorable, adoption is no longer a philosophical stance, but it’s an economic certainty.

The Path To Reclaiming Bullish Momentum
While the economic incentives will be responsible for Bitcoin’s next rally, analyst Rekt Capital has revealed a historical demand area, marked in orange, which has played a pivotal role in dictating BTC’s next major trend. The first time price tapped this zone, it produced a sharp +20% rebound before breaking down. After this breakdown, the BTC price moved to lower levels to absorb the remaining buy-side liquidity.

Once BTC reclaimed the orange region as support, it triggered a +37% rally to new all-time highs. On the second retest, this same support zone showed signs of strength. Currently, BTC is finding support at this same historical demand area. What would happen next will be critical in determining whether this demand area will continue to strengthen or if signs of weakening will finally emerge.

BTC hovering around a key demand support zone | Source: Chart from Rekt Capital on X
Furthermore, BTC will need to break the multi-week downtrend, marked in black on the chart, to relieve fear of fading support. A rebound from this demand area that fails to break the multi-week downtrend would only result in a yield of +10% move, which suggests that the support zone may be weakening.

BTC trading at $91,345 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com

With CryptoQuant flagging an exhausted demand wave and Polymarket traders clustering around an 85,000 retest, the market is trading without the catalysts that drove last year’s gains.
Nov 20, 2025, 2:15 a.m.

Good Morning, Asia. Here's what's making news in the markets:Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Bitcoin is slipping into a weaker market structure as the steady bid that supported prices earlier in the year gives way to diminished demand and defensive positioning.

STORY CONTINUES BELOW

In a recent note, CryptoQuant wrote that the cycle’s core demand wave has already passed, with ETF accumulation slowing, Treasury-company buying evaporating, and Strategy’s purchases falling to their lowest levels of the year.

This does not imply an imminent collapse, CryptoQuant argues, but it does mean upside is increasingly limited, with rallies likely to stall below the 365-day moving average until a new demand wave emerges.

Polymarket traders are positioning around that weakness, assigning the highest probability to a move toward 85,000 and giving almost no weight to upside scenarios.

Glassnode adds that short-term holders are realizing losses at their fastest pace since the FTX period, ETF flows remain negative, and derivatives markets have shifted into full risk-off mode, with options traders loading up on puts and implied volatility climbing.

Against that backdrop, Glassnode points to the Active Investor cost basis near $88,600 as the market’s next critical test.

A sustained move below this level would put recent active investors into losses for the first time this cycle and signal that bearish momentum is taking control. The next support sits at the True Market Mean around $82,000, which Glassnode describes as the point where a mild bearish phase could give way to a bear market structure similar to 2022 and 2023.

The coming weeks will show whether buyers can reassert themselves or whether support gives way and the downturn becomes more entrenched.

Market MovementBTC: Bitcoin is trading around $92,000 after briefly slipping under $90,000 earlier in the week, leaving the market on edge as it searches for support.

ETH: Ether is trading around $3,038, slipping modestly on the day as it continues to track Bitcoin’s broader defensive tone.

Gold: Gold is trading near $4,067 after touching an intraday high of $4,132, as risk aversion sweeps through the markets.

Nikkei 225: Asia-Pacific markets rose Thursday as a strong Nvidia earnings report boosted chip stocks, lifting the Nikkei 225 by 3.7%

Elsewhere in Crypto:Samourai Wallet Co-Founder Bill Hill Sentenced to 4 Years in Prison for Unlicensed Money Transmitting (CoinDesk)New Hampshire Unveils $100 Million Bitcoin Collateralized Municipal Bond (Decrypt)Bullish Swings to Profit in Third Quarter After Adding Options, U.S. Spot Trading (CoinDesk)More For You

Protocol Research: GoPlus Security

Nov 14, 2025

What to know:

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

More For You

Nvidia Earnings Beat, Strong Outlook Calm Jittery Markets; Bitcoin Re-Takes $90K

6 hours ago

"Blackwell sales are off the charts, and cloud GPUs are sold out," said Nvidia CEO Jensen Huang.

What to know:

Nvidia posted strong third quarter earnings alongside better than expected fourth quarter guidance.For the moment, the news has calmed jittery markets, with bitcoin climbing back over $90,000 from the day's low near $88,000.AI-linked crypto tokens surged as Nvidia reinforced its role at the core of the artificial intelligence boom.Read full story

World Liberty Financial (WLFI) , the DeFi venture closely tied to President Donald Trump and his family, disclosed that attackers accessed some user wallets through phishing and third-party security lapses before the platform officially launched.

Summary

WLFI says a pre-launch breach stemmed from phishing and third-party security lapses, not flaws in its own smart contracts, and has frozen affected wallets.
The incident comes amid heightened scrutiny of WLFI, which has faced questions about governance, transparency, and its rapid token sales.
The company claims to be reallocating funds only after new KYC checks.

The company says the breach did not stem from any flaws in its smart-contract architecture—but rather external vulnerabilities.

WLFI stated that attackers accessed the wallets through external phishing and third-party security lapses, not through flaws in WLFI’s platform or smart contracts.

The firm formally launched in 2024. It then rolled out a USD1 stablecoin in April followed by its signature WLFI token in September.

What happened
Upon identifying the issue, WLFI froze impacted wallets, verified ownership, and began developing new on-chain logic to restore funds to users, the company said.

WLFI required all affected users to re-complete Know Your Customer checks to confirm identity before receiving a new wallet. The company stated these measures were necessary to ensure funds were returned only to legitimate owners.

Engineers built and tested a new smart contract system designed to handle bulk reallocations securely. The process took longer than initially expected, according to WLFI.

Reallocation of user funds will begin shortly for individuals who completed the required verification process, the company said. Wallets belonging to users who have not yet reached out or completed the steps will remain frozen, though those users can still begin the verification workflow through the company’s help center, according to WLFI.

This is just the latest in a string of controversies for the firm, which its co-founder Donald Trump Jr. described in September as “the governance backbone of a real ecosystem changing how money moves.”

Recall how WLFI played a role in Binance’s $2 billion deal with an Emirati fund. Afterward, Binance founder Changpeng Zhao received a pardon for his four-month prison term from President Trump.

And, just this week, Senator Elizabeth Warren called for an investigation into WLFI, alleging that it may have sold governance tokens to wallets linked to North Korea, Russia, Iran, and Tornado Cash.

Bitcoin price found support near $88,500. BTC is now correcting some losses but faces many hurdles near $92,500 and $93,500.

Bitcoin started a fresh decline below $93,000 and $92,500.
The price is trading below $93,000 and the 100 hourly Simple moving average.
There is a bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it settles below the $90,000 zone.

Bitcoin Price Faces Hurdles
Bitcoin price failed to stay in a positive zone above the $92,000 level. BTC bears remained active below $92,000 and pushed the price lower.

The bears gained strength and were able to push the price below the $89,500 zone. A low was formed at $88,570, and the price is now attempting a recovery wave. There was a move above the 50% Fib retracement level of the recent decline from the $93,747 swing high to the $88,570 low.

Bitcoin is now trading below $93,000 and the 100 hourly Simple moving average. Besides, there is a bearish trend line forming with resistance at $93,500 on the hourly chart of the BTC/USD pair.

If the bulls attempt another recovery wave, the price could face resistance near the $92,500 level and the 76.4% Fib retracement level of the recent decline from the $93,747 swing high to the $88,570 low. The first key resistance is near the $93,500 level and the trend line.

Source: BTCUSD on TradingView.com
The next resistance could be $93,750. A close above the $93,750 resistance might send the price further higher. In the stated case, the price could rise and test the $94,500 resistance. Any more gains might send the price toward the $95,000 level. The next barrier for the bulls could be $95,500 and $96,200.

Another Decline In BTC?
If Bitcoin fails to rise above the $93,500 resistance zone, it could start another decline. Immediate support is near the $91,150 level. The first major support is near the $90,500 level.

The next support is now near the $90,000 zone. Any more losses might send the price toward the $88,500 support in the near term. The main support sits at $86,500, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $91,150, followed by $90,500.

Major Resistance Levels – $92,500 and $93,500.

10 minutes ago

Bitcoin whale activity has been ticking up as the price of Bitcoin has slumped, and this week could be their most active week all year as Bitcoin fell under $90,000, according to analysts from Santiment.

107

Bitcoin whale activity could experience its highest spike in weekly transactions this year with Bitcoin falling under $90,000, according to the market intelligence platform Santiment.

The increase in whale activity has grown in step with the slump in crypto prices, Santiment said in an X post on Wednesday. 

Bitcoin (BTC) dropped below $90,000 this week — the first time in seven months. Santiment said it has already tracked over 102,000 whale transactions exceeding $100,000, and a further 29,000 transactions over $1 million. 

“This week has a good chance of ending up as the most active whale week of 2025, with the context of these whale moves gradually turning from dumping to accumulating again.”  Source: SantimentSome analysts have speculated whale selling is partly to blame for the crypto market pullback.

However, data from the analytics platform Glassnode shows that large holders have been accumulating since late October, with a notable spike in whale wallets holding more than 1,000 Bitcoin starting last Friday. 

Whales are buying the dip Speaking to Cointelegraph, Pav Hundal, the lead analyst at crypto trading platform Swyftx, said he believes news cycles have driven spikes in whale activity over the last year, with a significant amount of twitch trading linked to geopolitical events in the US. 

“BTC has rallied in the wake of Nvidia’s bumper results and that suggests to me that both whales and retail are stepping in and buying,” he said, adding that “the buy-to-sell ratio across Swyftx’s own order books was at record highs in early trading, with 10 buys to every sell, compared to the average of 3:1. Investors are buying the dip.”

“The market is irrational at the moment. We’ve seen an unprecedented shake-out of short-term holders over the last few weeks. When you look at the data, I see this as mechanical shakeout. This looks like a much needed washout and reset for the market.”Bradley Duke, Managing Director and Head of Bitwise Asset Management in Europe, said in X post on Wednesday that his company has noticed that as fear and panic grip the market, whales have been buying the dip. 

Source: Bradley Duke“While fear and panic had afflicted many investors, the number of BTC Whales has spiked up of late. Large holders are keeping a level head and buying at discount prices from panic sellers. Stay strong,” he said. 

Patterns suggest a big forced seller: Multicoin execMeanwhile, Tushar Jain, co-founder and managing partner of investment firm Multicoin Capital, said in an X post on Wednesday that he can see a pattern in the selling and thinks it could soon come to an end. 

“It feels like a big forced seller is in the market. We are seeing systematic selling during specific hours. Probably a consequence of 10/10 liquidations. Hard to imagine this scale of forced selling continues for much longer.” BitMine chairman Tom Lee and Bitwise Asset Management chief investment officer Matt Hougan predicted on Monday that Bitcoin could hit a bottom as soon as this week. 

Magazine: 2026 is the year of pragmatic privacy in crypto: Canton, Zcash and more

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Solana (SOL) is under intense market pressure after a massive $201 million token transfer on November 17 sparked concerns about further losses.

While institutional interest in Solana-based ETFs remains strong, technical indicators point to a fragile market structure that could send SOL toward the $125–$120 region if buyers fail to regain momentum.

SOL's price trends to the downside on the daily chart. Source: SOLUSD on Tradingview
$201M Dump Raises Alarms as Solana Extends Downtrend
Forward Industries, Solana’s largest corporate holder, moved 1.44 million SOL, worth roughly $201.34 million, to Coinbase Prime earlier this week, according to Onchain Lens. The transfer triggered speculation of an impending major sell-off, especially as Solana has already declined nearly 50% over the past two months.

Although it remains unclear whether the tokens were sold or repositioned, the market reaction was swift. SOL briefly dipped to $128 before recovering to the $137 range. Trading volume, however, has declined by 38% to $5.65 billion, indicating elevated trader anxiety and aggressive repositioning.

Technically, SOL remains in a confirmed downtrend after losing the critical $155 support level. Indicators such as the Chaikin Money Flow (CMF) at -0.18 and a bearish Supertrend signal show persistent selling pressure.

If the price remains below the current consolidation zone, analysts warn of a potential 16% drop, placing $120 firmly in sight.

Institutional Inflows Persist Despite Price Weakness
The irony in Solana’s current situation is striking. Despite a weekly drop of 11%, institutional confidence is slowly picking up pace. Solana ETFs have rapidly expanded across major U.S. exchanges, with Fidelity, Canary, VanEck, 21Shares, and Bitwise all launching new SOL products in recent days.

Fidelity’s $FSOL recorded $2.07 million in day-one inflows, while total net inflows across all U.S. Solana ETFs have soared to $420.4 million. Meanwhile, November 18 marked the 15th consecutive day of positive ETF inflows, totaling $26.2 million, led by Bitwise’s BSOL.

This reflects a deeper narrative: institutional investors see Solana’s long-term fundamentals, speed, developer activity, and staking yields as compelling despite short-term volatility.

Key Levels: Can SOL Hold Above $130?
Analysts now highlight $125 and $120 as the most critical support zones. A failure to defend $130 could accelerate losses toward $120, with a deeper floor at $115. Conversely, a reclaim of $145, and ideally $160, would signal the first meaningful reversal in weeks.

For now, Solana sits at a crossroads. Heavy selling pressure on one side, surging institutional conviction on the other. The next few days may determine whether SOL stabilizes or slides deeper into bearish territory.

Cover image from ChatGPT, SOLUSD chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

To reduce protocol risk as it secures hundreds of billions in assets.

A more predictable, fixed Ethereum core supports greater yields.

For a network famous for reinventing itself every few years, Ethereum [ETH] might finally settle down.

Wall Street firms are buying ETH, as Vitalik Buterin pushes for a network that can grow up without losing its spark. If the core stays fixed and new ideas move to the edges, the chain could become far more stable.

Ironically, that newfound stability could be the very thing that keeps the excitement going.

At Devconnect in Buenos Aires, Vitalik Buterin delivered one of his clearest indications yet that Ethereum’s rapid-change era is ending. Speaking to more than 500 attendees, he argued that,

This is a turning point for a network built on constant iteration. Ethereum’s early roadmap relied on major upgrades every few years, each affecting performance or economics.

Economist Peter Schiff predicted on Wednesday that things would get “far worse” for Bitcoin (CRYPTO: BTC) once it fell below $88,000.

In an X post, Schiff noted that the apex cryptocurrency had fallen nearly 30% from its high in dollars and 42% from its high priced in gold. 

“How many people popping champagne corks at Bitcoin $100,000 parties a year ago expected 2025 to be this bad?” Schiff said, in what looked like a veiled swipe at Bitcoin bull Michael Saylor.

Schiff predicted that Bitcoin would face serious problems if it fell below $88,000, adding that 2026 “could be far worse.”

Bitcoiners Highlight Superior CAGRBitcoin was indeed going through a lean patch, having erased all of its 2025 gains in the ongoing slump.

However, Bitcoin advocates rebutted Schiff’s arguments.

“Imagine doing a victory lap with one good year after getting SMACKED by Bitcoin for over a decade straight,” Adam Living ston, cryptocurrency analyst and author, said, showing how BTC has surpassed gold and the S&P 500 in compound annual growth rate.

See Also: Eric Trump Predicted Q4 Will Be ‘Unbelievable’ For Crypto: Here’s How It’s Going

Schiff, a long-time critic of Bitcoin, argued earlier this week that the cryptocurrency’s reputation as the best-performing asset “no longer holds true” in 2025.

He also pointed to Strategy Inc. (NASDAQ:MSTR), often viewed as a Bitcoin proxy, noting it’s down 35% in 2025 and trading 65% below its November 2024 peak.

Winklevoss Remains BullishMeanwhile, Gemini Space Station Inc. (NASDAQ:GEMI) founder Cameron Winklevoss presented a bullish outlook, stating that this is the “last” chance to buy BTC below $90,000.

Price Action:  At the time of writing, BTC was exchanging hands at $92,340.82, down 0.28% in the last 24 hours, according to data from Benzinga Pro.
Benzinga Edge Rankings delivers real-time stock alerts, trade ideas, and professional investing tools to help you navigate the market. Find out more about MSTR and GEMI here.

Strategy (MSTR) Read Next: 

Coinbase Executive Admits Donation For $300 Million Ballroom Made To Maintain ‘Good Relations’ With Trump White House
Photo by Frame Stock Footage via Shutterstock

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

Market News and Data brought to you by Benzinga APIs

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

In brief
RippleX’s J. Ayo Akinyele has outlined early concepts for enabling native staking on XRPL, including reward distribution and protocol restructuring.
CTO David Schwartz proposed two high-level models: One involving a dual-layer validator system, another leveraging fees for zero-knowledge proofs.
Executives cautioned that staking remains technically viable but far from implementation due to its complexity and potential design risks.
Ripple executives have begun openly discussing the possibility of introducing XRP to DeFi by enabling staking initiatives on its blockchain designed to align incentives among validators and token holders.

The idea was first floated by J. Ayo Akinyele, head of engineering at RippleX, an initiative that supports developers building on the XRP Ledger.

“When I think about how XRP’s utility could keep expanding alongside new capabilities, a question naturally comes up,” Akinyele wrote in a blog post on Wednesday.

Those include enabling the XRP Ledger to support native staking and whether that would be a net benefit for network design and the protocol’s native token.

Staking encourages “long-term participation and can strengthen security by rewarding those who help maintain consensus,” Akinyele added.

To make staking possible, there needs to be a “source of staking rewards” and “to distribute them fairly,” Akinyele said, explaining that it would require restructuring at the core levels.

Staking refers to the process of locking up specific crypto assets to help secure a given network and earn participants protocol-defined rewards.

Staking also usually involves redistributing transaction fees, which the XRPL currently burns, to keep the supply deflationary and help maintain network efficiency.

The XRP Ledger was initially designed for efficient global value transfer and liquidity, particularly for cross-border payments. The concept would help XRP maintain its edge following the adoption of XRP by digital asset treasuries and exchange-traded funds, according to Akinyele.

Introducing staking, however, would challenge the ledger’s core principles, such as the Proof of Association mechanism, which prioritizes trust and stability over financial incentives.

Despite those challenges, David Schwartz, Ripple's CTO, floated two conceptual ideas for incorporating staking into XRPL in a subsequent tweet.

The first involves a two-layer consensus model with an incentivized inner layer. 

The dual-layer system would involve an "inner" layer of about 16 validators, selected by the "outer" layer based on stake. It would then handle ledger advancement through staking and slashing mechanisms to prevent issues such as double signing, Schwartz explained. 

The outer layer, which would involve the current validators without a staking component, would oversee amendments and fees and police the inner layer.

The second would retain the current consensus structure but use fees for zero-knowledge proofs. ZK proofs are a cryptographic way to prove a statement is true without sharing any extra details, allowing verification without trust.

While these ideas are “technically promising,” they are “not practical” any time soon due to the “complexity, effort, and risk,” Schwartz added, dialing back staking expectations. 

XRP is up 0.2% over 24 hours and is currently trading at $2.13, according to CoinGecko data.

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

BigBear posted a surprise profit of over $2.5 million in its most recent quarter.

BigBear.ai (BBAI 2.84%) recently reported its earnings numbers, and the results may have left investors feeling a bit puzzled. After all, the company didn't show progress on the top line, but its bottom line improved -- significantly. That's normally not what you see for a growth-focused company, which usually generates a ton of revenue growth but whose bottom line is often the troubling part.

The company, which focuses on artificial intelligence (AI) and data analytics, is seen by some investors as the next Palantir Technologies, and has at times been a hot buy this year. But depending on whether you bought near its low ($1.70) or its peak ($10.36) over the past year, your returns could look vastly different as it now trades at around $6. This has been an incredibly volatile investment to own.

Do BigBear's recent results suggest the company is going in the right direction?

Image source: Getty Images.

What was behind BigBear's big bottom-line improvement?
Last week, BigBear posted its third-quarter numbers covering the period ending Sept. 30. Revenue totaled $33.1 million -- a 20% drop from the $41.5 million it posted in the same period last year. The decline was mainly due to a drop in demand related to Army programs, which was the same reasoning it gave in the previous period when its sales were down.

Yet, despite the drop in sales, the company posted a positive net income figure of $2.5 million, versus a loss of $15.1 million in the same period a year ago. The reason for the improvement in the bottom line was due to a $26.1 million decrease in the fair value of derivatives, which included the revaluation of warrants. This is a non-operating item that investors should monitor closely each quarter, as it can significantly impact the company's bottom line. In the previous quarter, BigBear reported an increase in the fair value of its derivatives to the tune of $135.8 million, which had the reverse effect and led to its net loss totaling $228.6 million -- more than double the size of its $90.3 million operating loss.

For investors, a good idea is to stop at the operating income line to gauge how the business is performing. As long as the company experiences these wild swings in its derivatives, they can make its financials appear significantly worse or better than they really are.

Today's Change

(

-2.84

%) $

-0.17

Current Price

$

5.81

The big concern for BigBear still relates to its growth
BigBear is a risky tech company to invest in, as it continues to post operating losses and burn through cash -- using up $9.6 million over the course of its day-to-day operating activities last quarter. For investors who are comfortable with the risk, this can be potentially acceptable, but only if the company is generating at least some strong growth.

This is where I believe BigBear may have the toughest time convincing growth investors. Not only is it incurring losses, but without at least strong sales growth to demonstrate progress, there may be no reason for investors to remain committed. While there have been periods of growth in the past, the path has by no means been consistent for BigBear.

BBAI Revenue (Quarterly YoY Growth) data by YCharts

Should you buy BigBear stock today?
BigBear's stock is up around 36% this year (as of Nov. 14), and its modest market cap of $2.8 billion may have some investors still contemplating taking a chance on the AI stock, given the possible upside it may possess in the long run. But with many AI stocks to choose from and without the strong growth to provide proof that the business is the real deal, I think there's just too much risk with BigBear.ai right now.

Its business looks heavily dependent on government spending, and that isn't looking all that strong these days. BigBear is a stock you may want to keep on a watch list, as a wait-and-see approach looks to be most appropriate given the risk and uncertainty ahead.

Oil rose in the early Asian trade on possible bargain hunting.

Jack in the Box Inc. (JACK) Q4 2025 Earnings Call November 19, 2025 5:00 PM EST

Company Participants

Rachel Webb - VP of Finance and Investor Relations
Lance Tucker - CEO & Director
Dawn Hooper - Executive VP & CFO
Ryan Ostrom - Executive VP & Chief Customer & Digital Officer

Conference Call Participants

Brian Bittner - Oppenheimer & Co. Inc., Research Division
Alexander Slagle - Jefferies LLC, Research Division
Sara Senatore - BofA Securities, Research Division
Jeffrey Bernstein - Barclays Bank PLC, Research Division
Gregory Francfort - Guggenheim Securities, LLC, Research Division
Dennis Geiger - UBS Investment Bank, Research Division
Brian Harbour - Morgan Stanley, Research Division
Andrew Charles - TD Cowen, Research Division
Logan Reich - RBC Capital Markets, Research Division
James Sanderson - Northcoast Research Partners, LLC
Jake Bartlett - Truist Securities, Inc., Research Division

Presentation

Operator

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Jack in the Box Fourth Quarter Fiscal Year Earnings call. [Operator Instructions] It is now my pleasure to turn the call over to Rachel Webb, Vice President of Investor Relations. Please go ahead.

Rachel Webb
VP of Finance and Investor Relations

Thanks, operator, and good afternoon, everyone. We appreciate you joining today's conference call, highlighting results from our fourth quarter and fiscal year 2025. With me today are Chief Executive Officer, Lance Tucker; our Chief Financial Officer, Dawn Hooper; and our Chief Customer and Digital Officer, Ryan Ostrom. Following their prepared remarks, we will be happy to take questions from our covering sell-side analysts.

Note that during both our discussion and Q&A, we may refer to non-GAAP items. Please refer to the non-GAAP reconciliations provided in the earnings release, which is available on our Investor Relations website at jackinthebox.com.

We will also be

Recommended For You

Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>

Here are the key points:

For the 466 S&P 500 members that have reported Q3 results, total earnings are up +14.0% from the same period last year on +7.9% higher revenues, with 83.0% beating EPS estimates and 75.3% beating revenue estimates. The proportion of these 466 index members beating both EPS and revenue estimates is 65.9%.The Q3 earnings and revenue growth pace for these 466 index members represents an acceleration relative to what we have seen from this same group of companies in recent quarters. The proportion of these 466 index members beating EPS and revenue estimates is tracking significantly above the historical averages for this same group of companies.For the Retail sector, we now have Q3 results from 76.7% of sector companies in the S&P 500 index. Total earnings for these companies are up +18.5% on +8.4% higher revenues, with 69.6% beating EPS estimates and 82.6% beating revenue estimates.Looking at 2025 Q3 as a whole, combining the actual results from the 466 index members that have reported with estimates for the still-to-come companies, total S&P 500 index earnings are expected to be up +14.8% from the same period last year on +8.1% higher revenues.The Retail Sector – S&P 500 vs. S&P 600We have a dedicated sector classification for the Retail sector instead of clubbing these companies in the Consumer Discretionary and Consumer Staples sectors. We believe that the stand-alone Zacks Retail sector enables a more nuanced, granular understanding of the space.

For reference, Zacks has 16 ‘economic’ sectors, including the Retail sector, which compares to 11 such sectors in the ‘official’ S&P classification system. In addition to the Retail sector, we also have dedicated sectors for Automobile, Construction, Aerospace/Defense, Transportation, and Business Services.

Please note that the Zacks Retail sector includes not only conventional brick-and-mortar operators like Target (TGT - Free Report) and Home Depot (HD - Free Report) , but also restaurant and ecommerce players like Amazon (AMZN - Free Report) .

For the Retail sector in the S&P 500 index, we now have Q3 results from 23 of the 30 companies, or 76.7% of all the retailers in the large-cap index. For the small-cap S&P 600 index, we now have Q3 results from 23 of the 33 retailers, or 69.7% of the retailers in the index.

Total Q3 earnings for the Retail sector companies in the S&P 500 index that have reported are up +18.5% from the same period last year on +8.4% higher revenues, with 69.6% beating EPS estimates and 82.6% beating revenue estimates.

The comparison charts below put the Q3 EPS and revenue beats percentages for the large-cap index in a historical context.

Image Source: Zacks Investment Research

In order to put the Retail sector’s Q3 earnings and revenue growth rates in a historical context, we show below the growth rates with and without Amazon’s substantial contribution. Amazon’s Q3 earnings were up +29.3% from the same period last year on +11.9% higher revenues, though admittedly, the bulk of the e-commerce giant’s impressive growth pace is thanks largely to its cloud computing business. 

Image Source: Zacks Investment Research

A couple of trends stand out in the Retail sector’s Q3 earnings season performance thus far. First, the group’s top-line performance is solid, both in terms of growth rates and beat percentages. Second, margins remain under pressure, though the pressure appears to be less severe than in other recent periods.

For the S&P 600 index, total earnings for the 69.7% of the sector’s members that have already reported are up +17.9% from the same period last year, on +6.1% higher revenues, with 60.9% beating EPS estimates and 69.6% beating revenue estimates.

The comparison charts below show the Q3 EPS and revenue beats percentages for these small-cap retailers in a historical context.

Image Source: Zacks Investment Research

The comparison charts below show the Q3 earnings and revenue growth rates for these small-cap retailers in a historical context.

Image Source: Zacks Investment Research

The Earnings Big Picture

Looking at Q3 as a whole, combining the actual results that have come out with estimates for the still-to-come companies, total earnings are on track to +14.8% on +8.1% revenue gains. We have consistently shown in this space how Q3 estimates have steadily increased since the quarter began.

The chart below shows expectations for 2025 Q3 in terms of what was achieved in the preceding four periods and what is currently expected for the next four.

Image Source: Zacks Investment Research

The chart below shows how estimates for the current period (2025 Q4) have evolved over the past few weeks.

Image Source: Zacks Investment Research

The chart below shows the overall earnings picture for the S&P 500 index on an annual basis.

Image Source: Zacks Investment Research

The revisions trend turned negative in recent days after staying positive earlier through the Q3 reporting cycle. We are seeing this with estimates for the current period, with Q4 estimates modestly down since the quarter got underway in October.

Universal Technical Institute, Inc. (UTI) Q4 2025 Earnings Call November 19, 2025 4:30 PM EST

Company Participants

Matthew Kempton - Vice President of Corporate Finance
Jerome Grant - CEO & Director
Bruce Schuman - Executive VP & CFO

Conference Call Participants

Jasper Bibb - Truist Securities, Inc., Research Division
Mike Grondahl - Northland Capital Markets, Research Division
Griffin Boss - B. Riley Securities, Inc., Research Division
Raj Sharma

Presentation

Operator

Good afternoon, and welcome to the Universal Technical Institute Fourth Quarter and Full Year 2025 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Matt Kempton, Vice President, Corporate Finance and Investor Relations. Please go ahead.

Matthew Kempton
Vice President of Corporate Finance

Hello and welcome to Universal Technical Institute's Fiscal Fourth Quarter and Full Year 2025 Earnings Call. Joining me today are our CEO, Jerome Grant; and CFO, Bruce Schuman. Following our prepared remarks, we will open the call for your questions. A replay of this call, its transcript and our investor presentation will be archived on the Investor Relations section of our website at investor.uti.edu, along with our earnings release issued earlier today and furnished to the SEC.

During this call, we may make comments that contain forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, which, by their nature, address matters that are in the future and are uncertain. These statements reflect management's current beliefs and expectations and are subject to a number of factors that may cause actual results to differ materially from those statements. These factors include, but are not limited to, those discussed in our earnings release and SEC filings. These statements do not guarantee future performance, and therefore, undue reliance should not be placed upon them. We do not intend to update these forward-looking statements as a result of new information

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