Market Signal Briefing

COFACE SA (OTCPK:CFACY) Q3 2025 Earnings Call November 3, 2025 12:00 PM EST

Company Participants

Xavier Durand - CEO & Chairman of Management Board
Phalla Gervais - Member of Management Board and Chief Financial & Risk Officer
Thomas Jacquet - Head of Investor Relations & Rating Agencies

Conference Call Participants

Michael Huttner - Joh. Berenberg, Gossler & Co. KG, Research Division
Benoit Valleaux - ODDO BHF Corporate & Markets, Research Division
Amalie Zdravkovic - Deutsche Bank AG, Research Division
Pierre Chedeville - CIC Market Solutions, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Coface SA 9 Months' 2025 Results Presentation. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Xavier Durand, CEO. Please go ahead, sir.

Xavier Durand
CEO & Chairman of Management Board

Thank you very much, and good evening to all. Thank you for logging in this call. We'd like to start on time. Well, I mean, as you will have seen by the announcement, we're recording another very solid quarter in the third quarter at Coface. The number is EUR 52 million for Q3 2025 of net income, which brings the total year-to-date to EUR 176.3 million. A lot of the discussions and points that I'm going to make are actually very much in line with the trends we discussed in the prior quarter. So really no big surprise.

You see total revenue for the first 9 months up 1.8%, that same FX and the parameter with the premiums for insurance growing 1.1%. You see revenues from other activities that are up almost 11% in the third quarter, which continues to validate the strategy we've put in place to develop an ecosystem around the credit management space.

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Lear Corporation (NYSE:LEA) reported upbeat earnings for the third quarter on Friday.

The company posted quarterly earnings of $2.79 per share which beat the analyst consensus estimate of $2.73 per share. The company reported quarterly sales of $5.680 billion which beat the analyst consensus estimate of $5.600 billion.

Lear raised its FY2025 sales guidance from $22.470 billion-$23.070 billion to $22.850 billion-$23.150 billion.

“Lear continued its solid momentum in the third quarter, delivering one of the highest third quarter operating cash flows in our history and solid operating performance across both business segments despite disruptions at key customers,” said Ray Scott, Lear’s President and CEO.

Lear shares rose 3.7% to trade at $108.55 on Monday.

These analysts made changes to their price targets on Lear following earnings announcement.

Wells Fargo analyst Colin Langan maintained Lear with an Equal-Weight rating and raised the price target from $108 to $112.
JP Morgan analyst Ryan Brinkman maintained the stock with an Overweight rating and raised the price target from $133 to $138.
TD Cowen analyst Itay Michaeli maintained the stock with a Hold and raised the price target from $115 to $117.
Considering buying LEA stock? Here’s what analysts think:

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LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP, a leading national shareholder rights law firm, today announced that it has commenced an investigation on behalf of Avantor, Inc. (“Avantor” or the “Company”) (NYSE: AVTR) investors concerning the Company's possible violations of the federal securities laws. IF YOU ARE AN INVESTOR WHO LOST MONEY ON AVANTOR, INC. (AVTR), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS. What Happened? On April 25, 2025, Av.

The STORM-PE RCT data presented at the VIVA 2025 Conference showed PE patients treated with CAVT in combination with anticoagulation demonstrated significantly greater improvements in thrombus burden reduction, heart rate, oxygen requirement, and functional outcomes compared to those who received only anticoagulation
Results of STORM-PE demonstrating superior efficacy of CAVT with anticoagulation versus anticoagulation alone were also published in Circulation today
, /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN) announced additional results of the ground-breaking STORM-PE randomized controlled trial (RCT), which found that the use of computer assisted vacuum thrombectomy (CAVT™) with anticoagulation achieved significantly greater improvements in thrombus burden reduction, heart rate, oxygen requirement, and functional outcomes compared to anticoagulation alone in patients with acute intermediate-high risk pulmonary embolism (PE). The data were presented at this week's Vascular Interventional Advances (VIVA) 2025 Conference. The primary results were also published today in American Heart Association's journal Circulation.

STORM-PE is a pivotal, prospective, multi-center randomized controlled trial that enrolled 100 patients across 22 international sites to evaluate computer assisted vacuum thrombectomy (CAVT) using Penumbra’s Lightning Flash™ plus anticoagulation, versus anticoagulation alone, for the treatment of acute intermediate-high risk pulmonary embolism (PE).

"The latest STORM-PE findings demonstrate substantial improvements in both clinical and functional outcomes, with a significantly higher proportion of patients treated with CAVT plus anticoagulation returning to normalization within 48 hours compared to anticoagulation alone—a remarkable result," Rachel Rosovsky, MD, MPH, co-global principal investigator of STORM-PE RCT, hematologist at Massachusetts General Hospital and Associate Professor of Medicine at Harvard Medical School. "STORM-PE highlights the critical importance of early intervention in patients with intermediate-high risk PE and provides the strongest evidence to date that advanced therapy with CAVT offers superior efficacy compared to the current standard treatment of anticoagulation alone. These breakthrough results not only advance the field but also have the potential to meaningfully improve patient care and recovery."

In the trial, patients treated with CAVT plus anticoagulation experienced:

Significantly lowered thrombus burden at 48 hours, with a 2.7 times larger reduction in refined modified Miller score (42.1% vs. 15.6% relative reduction; P < 0.001)
Early physiological recovery with significantly lower heart rate (80.0 bpm vs 86.4 bpm; P = 0.022) and less tachycardia (heart rate > 100, 2.2% vs 20%; P = 0.008), reduced supplemental oxygen requirements (0.5 L/min vs 1.4 L/min; P = 0.027), and a lower NEWS2 risk of clinical deterioration (1.8 vs. 2.7; P = 0.034) at 48 hours
2.2 times greater likelihood of progressing towards recovery of functional status, based on post-venous thromboembolism functional status (PVFS) from pre-PE event to discharge (P = 0.032)
Significantly longer distance walked during the 90-day six-minute walk test (472m vs 376m; P = 0.019). Additionally, CAVT patients near normalized by 90-days, walking 94% of their predicted walk distance vs 75% in the anticoagulation only arm (P = 0.022)
Safety rates through 90 days were comparable, with no device-related mortality, no additional PE-related mortality > 7 days, and no difference in symptomatic PE-recurrence, confirming the safety profile of CAVT.
"These impressive functional outcomes combined with superior reduction in right heart strain add to the growing body of evidence demonstrating the significant impact CAVT can have on acute PE patients," said Robert Lookstein, MD, MSc; co-global principal investigator of the STORM-PE RCT and professor of radiology and surgery at Icahn School of Medicine at Mount Sinai. "This is a foundational trial that will significantly advance PE care, allowing these advanced therapies to be offered to more patients, improving patient outcomes, and potentially leading to the inclusion in future treatment guidelines."

As published today in Circulation, STORM-PE primary outcomes show that patients treated with CAVT in addition to anticoagulation achieved superior reduction in right heart strain with a comparable safety profile versus anticoagulation alone in patients with acute intermediate-high risk PE. These findings were also presented at the Transcatheter Cardiovascular Therapeutics® (TCT®), the annual scientific symposium of the Cardiovascular Research Foundation® (CRF®), last week.

"STORM-PE confirms that mechanical thrombectomy with CAVT has a significant impact on clinical and functional outcomes," said James F. Benenati, MD, FSIR, chief medical officer at Penumbra. "The STORM-PE results demonstrate that CAVT can rapidly and safely improve patient outcomes and should be considered as a therapeutic option for patients with acute intermediate-high risk PE."

In the U.S., an estimated 900,000 cases of venous thromboembolism, which includes PE, occur annuallyi. PE can be life-threatening, representing the third leading cause of cardiovascular death after heart attack and stroke. i,ii. Penumbra's Lightning Flash portfolio is the most advanced mechanical thrombectomy system on the market to address venous and pulmonary thrombus. It features Penumbra's Lightning CAVT technology with the latest dual clot detection algorithms, using both pressure and flow-based processes to detect blood clot and blood flow. The portfolio is designed to help remove blood clots with speed, safety, and simplicity, allowing physicians to better navigate the body's complex anatomy and deliver high power aspiration for clot removal.

About STORM-PE
STORM-PE is a pivotal, prospective, multi-center randomized controlled trial that enrolled 100 patients across 22 international sites to evaluate computer assisted vacuum thrombectomy (CAVT) using Penumbra's Lightning Flash™ plus anticoagulation, versus anticoagulation alone, for the treatment of acute intermediate-high risk pulmonary embolism (PE). Conducted in partnership with The PERT Consortium®, the trial's primary efficacy endpoint — reduction in RV/LV ratio at 48 hours — was assessed by a blinded independent core laboratory. All safety events were independently adjudicated by an external clinical events committee.

About Penumbra
Penumbra, Inc., the world's leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT™), centers on removing blood clots from head-to-toe with speed, safety, and simplicity. By pioneering these innovations, we support healthcare providers, hospitals and clinics in more than 100 countries, working to improve patient outcomes and quality of life. For more information, visit www.penumbrainc.com and connect on Instagram, LinkedIn and X.

Important Safety Information
Additional information about Penumbra's products can be located on Penumbra's website at https://www.penumbrainc.com/providers. Caution: Federal (USA) law restricts these devices to sale by or on the order of a physician. Prior to use, please refer to the Instructions for Use (IFU) for complete product indications, contraindications, warnings, precautions, potential adverse events, and detailed instructions for use. Please visit www.peninc.info/risk for the complete IFU Summary Statements. The clinical results presented herein are for informational purposes only and may not be predictive for all patients. Individual results may vary depending on patient-specific attributes and other factors.

Forward-Looking Statements
Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 18, 2025. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.

Contact

Jennifer Heth

Parinaz Farzin 

Penumbra, Inc

Merryman Communications

[email protected]   

[email protected]

510-995-9791

310.600.6746

i "Learn about Pulmonary Embolism," American Lung Association. Accessed on Oct. 7, 2025. https://www.lung.org/lung-health-diseases/lung-disease-lookup/pulmonary-embolism/learn-about-pulmonary-embolism

ii "Pulmonary Embolism: A Clinical Approach," American College of Cardiology. Accessed on Oct. 9, 2025. https://www.acc.org/Latest-in-Cardiology/Articles/2025/02/01/42/Cover-Story-Pulmonary-Embolism#:~:text=Pulmonary%20embolism%20(PE)%20continues%20to,venous%20thromboembolism%20in%20the%20country.

SOURCE Penumbra, Inc.

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.

CompaniesLIMA, Nov 3 (Reuters) - Peruvian oil firm Upland Oil and Gas said on Monday it would ask the South American nation's regulator to review its application to operate in Block 192, once Peru's largest Amazon oilfield, after it was disqualified days earlier.

State agency Perupetro disqualified Upland, which operates other reserves in the country's Amazon region, on grounds it did not demonstrate financial capacity, but Upland said it did have sufficient capital to invest and resume exploitation.

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The now dormant block has been the site of protests by local Indigenous communities demanding remediation for extensive damage to the surrounding forest, soil and waterways.

But Block 192, which is located near the border with Ecuador, is considered key to supplying the Talara refinery of state-oil firm Petroperu

(PETROBC1.LM), opens new tab, which is battling a debt crisis following its expensive modernization of the plant.

A Perupetro commission determined late last week that the financial solvency presented by Upland was "insufficient to prove its economic and financial capacity to assume 79% of the license contract for Block 192."

"Upland Oil and Gas reiterates that it has sufficient capital and financing to comply with the investment program indicated by Perupetro - despite considering it excessive," Upland responded in a statement.

It added that it was willing to provide a credit line to the embattled state oil firm.

Petroperu, which would be a minority partner in the block, has previously said it expects to produce up to 12,000 barrels per day of crude oil from the reserve.

"This important asset for the country has been paralyzed for more than five years, causing the Peruvian government to lose more than $1 billion in taxes and royalties," Upland said.

Once Peru's largest - and leakiest - field, Block 192's production was put on hold largely as a result of a number of oil spills permeating the tropical topsoil, native plants and streams that flow to the Amazon River.

Reporting by Marco Aquino; Writing by Sarah Morland; Editing Natalia Siniawski

Our Standards: The Thomson Reuters Trust Principles., opens new tab

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.

By

Bill McColl

Bill McColl has 25+ years of experience as a senior producer and writer for TV, radio, and digital media leading teams of anchors, reporters, and editors in creating news broadcasts, covering some of the most notable news stories of the time.

Published November 03, 2025

Shares of IREN have soared nearly 600% in 2025 so far.
IREN

Key Takeaways
Shares of IREN surged to a record high Monday after the Australian Bitcoin miner and data center company said it inked a $9.7 billion deal with Microsoft. IREN is also spending $5.8 billion to purchase Nvidia chips from Dell Technologies.

IREN (IREN) shares jumped to an all-time high Monday after the Australian Bitcoin miner and data center company said it inked a $9.7 billion deal with Microsoft (MSFT).

Shares of IREN were up over 8% near $66 in recent trading after reaching an intraday high of $75.73 earlier in the session. Shares of Microsoft were little changed.

The company said the deal would give Microsoft access to Nvidia (NVDA) chips in its data centers over five years. IREN also said it struck a deal to purchase related Nvidia chips and ancillary equipment from Dell Technologies (DELL) for about $5.8 billion.

IREN said it plans to pay for all the capital expenditures involved by “a combination of existing cash, customer prepayments, operating cashflows and additional financing initiatives.”

Why This Is Significant
IREN, like some other Bitcoin miners, has pivoted to focus more of its business on providing AI infrastructure to capitalize on the boom in demand for computing.

Co-founder and CEO Daniel Roberts said that the Microsoft agreement represents “another major step forward for IREN as we continue to expand large-scale GPU deployments across our 3GW secured power portfolio in North America.”

With Monday's gains, IREN shares are up close to 600% for 2025.

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Fintech giant Affirm Holdings Inc (NASDAQ:AFRM) is trading a modest 0.6% higher at $72.31 at last check, still stuck beneath familiar pressure at the $80 level. The shares' most recent pullback was captured by the the $70 level, which now happens to be the site of another historically bullish trendline for the shares.

Specifically, AFRM has pulled back to the 126-day trendline. Per Schaeffer's Senior Quantitative Analyst Rocky White, the stock is within 0.75 of the moving average's average true range (ATR) after remaining above it 80% of the time in the past two months. This signal has occurred seven other times in the past 10 years, after which the stock was higher one month later 50% of the time with an average 12.5% gain. A move of similar magnitude would put AFRM above $81 for the first time since September.

Puts have been swarming the equity. At the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX), AFRM sports a 50-day put/call volume ratio of 1.38 that ranks in the 99th annual percentile. Plus, the stock's Schaeffer's put/call open interest ratio (SOIR) of 1.08 sits in the 96th percentile of annual readings. Should this bearish sentiment begin to unwind, it could add another layer of support for the shares.

Though short interest is down 18.8% in the past two reporting periods, it still accounts for 5% of the stock's total available float. At the stock's average pace of trading, it would take short sellers almost two days to buy back these bearish bets.

Affirm is also one of the next fintech names to announce earnings, with the report due out after the close on Thursday, November, 6. AFRM has a split history of post-earnings performances, with four of the last eight reports producing impressive next-day pops, including a 10.6% lift in August. The stock averaged an earnings swing of 14.8% over the two years, while this quarter, analysts are expecting a larger-than-usual 19% move, regardless of direction. 

American Airlines Group Inc (NASDAQ:AAL) climbed for most of October, particularly the couple days after its mixed third-quarter earnings report on Oct. 23. However, the stock quickly ran into pressure at the $14 level, which also capped a rally in early September. At last glance today, AAL was up 1.7% at $13.35, sporting a 22.9% year-to-date deficit. 

Options traders targeted the airliner after its report, and it made an appearance on Schaeffer's Senior Quantitative Analyst Rocky White's list of S&P 400 stocks that attracted the highest options volume over the past two weeks. In the last 10 days, 825,527 calls and 616,866 puts exchanged hands. The November 14 call was the most popular contract during this time, followed by the March 12 put. 

These options are reasonably priced at the moment. AAL's Schaeffer's Volatility Index (SVI) of 50% ranks in the low 18th percentile of its annual range. What's more, the stock tends to outperform these expectations, per its Schaeffer's Volatility Scorecard (SVS) of 94 out of 100. 

On Monday, onchain analyst Emmett Gallic spotted a heavyweight bitcoin whale making waves after dropping 2,300 BTC into a Paxos-tagged deposit address. Despite that hefty move, the whale is still swimming in deep crypto waters—holding 32,490.38 BTC worth a cool $3.44 billion.

Liquid, a crypto perp DEX aggregator, has raised $7.6 million in seed funding from investors including Paradigm and General Catalyst.

TL;DR

Digital asset investment products experienced $360 million in outflows after Federal Reserve Chair Jerome Powell signaled uncertainty on future interest rate cuts.
Bitcoin ETFs were the hardest hit, losing $946 million, while Solana ETFs drew record inflows of $421 million.
Institutional demand for Solana reached $3.3 billion in 2025, highlighting strong investor interest in differentiated blockchain assets despite broader market caution.

Crypto investment products saw significant withdrawals last week, totaling $360 million, after Federal Reserve Chair Jerome Powell indicated that future interest rate cuts are not guaranteed. Investors interpreted Powell’s comments as cautious, creating headwinds for digital assets, particularly in the United States. Bitcoin-focused products suffered the most, with ETFs losing $946 million, reflecting sensitivity to monetary policy signals and a broader risk-off environment. Market participants also noted that investor sentiment was influenced by geopolitical developments and lingering uncertainty in traditional equities, amplifying outflows from riskier digital assets.

Powell’s Hawkish Comments Shake Investor Confidence
Powell’s remarks emphasized the need to avoid easing policy too quickly, warning that premature rate cuts could undermine inflation progress. These statements prompted US investors to pull $439 million from crypto products. Meanwhile, Germany and Switzerland recorded inflows of $32 million and $30.8 million, showing that regional confidence in digital assets remains intact despite global market uncertainty. The absence of major US economic data also contributed to cautious sentiment throughout the week, while rising treasury yields further weighed on investor appetite.

Solana Stands Out With Record Institutional Demand
Contrary to the overall trend, Solana attracted $421 million in inflows, marking one of the largest weekly gains for the blockchain. Institutional interest has been fueled by new US Solana ETFs, including Bitwise’s BSOL, which drew significant investment in its first trading week. Data from SoSoValue shows Solana ETFs saw four consecutive days of inflows totaling $200 million after launch, while Bitcoin and Ethereum products continued to experience outflows.

Grayscale’s GSOL, launched on NYSE Arca on October 29, offers direct SOL exposure with potential staking rewards, differentiating it from traditional Bitcoin products. Solana’s proof-of-stake design, transaction speed, and low fees have contributed to its growing institutional appeal. Year-to-date inflows into Solana ETFs have reached $3.3 billion, demonstrating strong confidence in the network’s technology and ecosystem growth, even amid broader market pressure.

The contrast between Bitcoin outflows and Solana inflows highlights a shift in investor focus toward platforms offering both yield potential and scalable infrastructure.  

Toncoin (TON) has pulled back from its bullish momentum after Nasdaq reprimanded TON Strategy, a major holder of TON, for failing to obtain shareholder approval before issuing stock to finance a $272.7 million purchase. The price of Toncoin has dropped, with a market cap of $5.16 billion, marking an 8.07% 24-hour decline.

In brief
Balancer, a multi-chain automated market maker, suffered a major exploit that has resulted in an estimated $128 million in losses.
Liquidity pools across Ethereum, Arbitrum, Base, and other chains have been affected by the attack.
Berachain has halted its blockchain and is preparing for a hard fork to recover the lost funds.
Crypto automated market maker Balancer suffered a major exploit early Monday that resulted in an estimated $128 million worth of digital assets being stolen across multiple blockchains. As a result, emerging network Berachain has forcefully halted its blockchain and is attempting a hard fork to resolve the issue.

Balancer was offering its services across multiple chains—including Ethereum, Arbitrum, and Base—and all of those that used Balancer V2 were vulnerable to the attack. On top of this, many protocols have used its codebase to build their own products, which also suffer from the same vulnerability.

The exploit likely came as the result of a “tiny precision/rounding error” found in Balancer V2 liquidity pools, on-chain analytics firm Nansen told Decrypt. The attacker pushed the pools towards that rounding error via multiple swaps within a single transaction. That led to the Balancer Pool Token, which represents ownership in Balancer liquidity pools, being undervalued by the liquidity pool.

“With the BPT price depressed, the attacker swapped into or minted BPT at that deflated value. They immediately converted those (underpriced) BPT back into underlying assets and then into ETH, pocketing the difference,” Nansen Research Analyst Nicolai Sondergaard told Decrypt. 

Security experts Cyvers and PeckShield both estimate the total losses to be worth approximately $128 million. Nansen estimated the figure to be closer to $100 million, a figure that is dropping as token prices decline amid a broader market plunge. The stolen funds were then sent through several different addresses and swapped on decentralized exchanges.

Balancer has acknowledged the exploit and confirmed that the issue is isolated to Balancer V2 Composable Stable Pools specifically—meaning V3 pools remain unaffected. The project is now working with “leading security researchers” to create a full postmortem on the incident. Balancer’s BAL token has dropped more than 11% on the day to a $56 million market capitalization, according to CoinGecko.

“[It’s] likely the worst is behind at this point, as it does not seem like the exploiter is withdrawing any more funds,” Sondergaard said.

Today, around 7:48 AM UTC, an exploit affected Balancer V2 Composable Stable Pools.

Our team is working with leading security researchers to understand the issue and will share additional findings and a full post-mortem as soon as possible.

Because these pools have been live… pic.twitter.com/LRLNNXogt3

— Balancer (@Balancer) November 3, 2025

Bera stopped in its tracksAs a result of the attack, Berachain validators coordinated to halt the blockchain, with plans to perform an emergency hard fork to roll back the chain to its state before the exploit.

This is because Berachain’s native decentralized exchange is built upon the same vulnerable codebase as Balancer V2, Cyvers told Decrypt. That explains why Berachain was hit so hard, with an estimated $12.86 million in losses.

“Given that it affected non-native assets (not just BERA), the rollback/rollforward involves more than a simple hard fork,” the Berachain Foundation announcement said, explaining why the blockchain was halted in the meantime.

The Berachain validators have coordinated to purposefully halt the Berachain network as the core team performs an emergency hard fork to address Balancer V2 related exploits on the BEX.

This halt has been executed purposefully, and the network will be operational shortly upon…

— Berachain Foundation 🐻⛓ (@berachain) November 3, 2025

This move is highly contentious among crypto-natives who believe in the immutability of blockchains. For many die-hard crypto believers, forking a chain and undoing transactions goes against everything that crypto stands for. 

Ethereum famously rolled back its blockchain via a hard fork after the famous 2016 hack of The DAO, which led to $50 million in ETH being stolen—an amount that represented a significant amount of the total supply at the time. The controversial hard fork divided the community, with those against the split staying with the original chain in what is now called Ethereum Classic.

“I'm sure that some won't be happy about this, and we recognize that this could be seen as a contentious decision,” pseudonymous Berachain founder and CSO Smokey the Bera, wrote on X. “Users and LPs on the network are always our priority and when approximately $12 million of user funds are at risk from a malicious attacker, we attempted to coordinate the validator set to protect those users.” 

“The goal is to recover funds ASAP and ensure that all LPs are safe,” Smokey added.

Berachain’s token has similarly dropped almost 10% on the day to a $211 million market cap, according to CoinGecko.

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XRP, one of the leading altcoins, has approached a horizontal support level, according to the most recent data. 

Horizontal support is a pivotal concept in technical analysis. It is a price level where a majority of traders are expected to buy a certain asset (whether it's a cryptocurrency or a stock). Essentially, it acts as the price floor. 

HOT Stories

The price is currently approaching this critical floor (as shown by the red candlestick dipping into the gray box).

Failed price reversal XRP experienced a rather strong uptrend from around October 23, with the price of XRP/USDT rising from the low $2.30s to a peak near $2.70 around October 27.

Following the peak, the price entered a downtrend and then consolidated before another sharp fall at the end of the chart.

The previous lows on October 23 and the low of the first major dip appear to have touched or come close to this level, which is why it has been flagged as a significant support zone.

The final red candlestick on the chart is shown aggressively breaking into the top of this support zone. This, of course, shows strong selling pressure.

If the support somehow manages to hold, strong buying pressure in this gray zone will likely cause the price to "bounce" back up.

However, if the selling pressure is too strong, and the price breaks clearly below the bottom of the gray box (below ~$2.30), the support would be considered broken. 

A painful decline or a renewed rally: what's next for HYPE?

HYPE – the native cryptocurrency of the decentralized exchange Hyperliquid – was among the crypto sensations this summer, reaching an all-time high price of almost $60 in mid-September.

However, its valuation has retraced substantially since that peak, and one popular analyst believes the downfall might be just starting.

Major Crash on the Horizon?
The popular X user, Ali Martinez, analyzed the price performance of HYPE and argued that its chart could be forming a classic head-and-shoulders pattern. He said a drop to $36 will confirm that scenario, which in turn may lead to a collapse to as low as $20.

Hyperliquid $HYPE could be forming a head and shoulders pattern. If confirmed, it projects a move to $20. pic.twitter.com/3lKhj8ppqt

— Ali (@ali_charts) November 3, 2025

As of this writing, HYPE trades at approximately $41, meaning that such a plunge would represent a 50% decline. Another renowned market observer who is rather bearish on the asset is Altcoin Sherpa. The X user told their over 250,000 followers that HYPE’s performance looks “poor” and revealed that they are cutting their position after seeing the latest downtrend.

“Looks like some twap out, slow efficient selling. Not sure what’s going on, but going to just wait for more clarity,” they stated on the social media platform.

The Bullish Predictions
Numerous other analysts see the current price level as an ideal buying opportunity. X user Ahmed said they will start accumulating HYPE tokens again, while Crypto Tony promised to do the same if the price dips to $38.40.

Corgil is also optimistic, claiming that the cryptocurrency is just “one announcement away” from reaching a new all-time high before the major token unlock in November. Many industry participants have warned that hundreds of millions of dollars’ worth of HYPE will be released towards the end of the month, which could increase the supply and have a negative impact on the price.

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“Everyone with an inch of a brain knows Hyperliquid team will re-lock or come up with something else that would challenge ‘typical’ crypto-project playbook,” Corgil assumed.

Meanwhile, a mysterious crypto trader who usually bets serious sums and has a 100% win rate recently opened a 10x long position on HYPE, sparking speculation that they may know something we don’t.

Tags:

Liquidity shifts from the Federal Reserve could determine whether Bitcoin (CRYPTO: BTC) reverses its downtrend or enters a 2019-style correction.

What Happened: Prominent analyst Kevin pointed out that during quantitative easing (QE) or balance sheet expansion, Bitcoin dominance tends to top out, paving the way for altcoin outperformance.

Conversely, during quantitative tightening (QT) phases, liquidity tightens and Bitcoin outperforms the rest of the market, a pattern seen since mid-2022.

In a new post in his exclusive Patreon group, the analyst said that with liquidity likely to loosen from Dec. 1, Bitcoin dominance could reverse lower, forming a macro lower high after BTC hits a new all-time high, potentially triggering altcoin strength into year-end.

Also Read: Bitcoin Crashes 4% To $106,000: Is The Bull Run Over?

Why It Matters: Kevin outlined two possible scenarios for the upcoming months:

Base Case (Bullish): Bitcoin rallies soon, BTC dominance peaks in December, and altcoins outperform as liquidity expands.
Alternative (Bearish): A 2019-style correction, where both Bitcoin and altcoins fall — though alts decline less, causing BTC dominance to drop regardless.
He noted that Bitcoin remains range-bound between $98,000–$125,000, with key support at $106,800. High-timeframe indicators (3D–1W) are still resetting, suggesting that momentum may take time to recover.

Bitcoin's failure to hold above the bull market support band last week confirms resistance, signaling continued corrective behaviour.

Kevin cautioned that losing the current support zone could threaten the macro uptrend, making it a critical level to watch.

Read Next: 

Bitcoin Drops To $107,000 As Ethereum, XRP, Dogecoin Plummet Over 5%
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Bitcoin development nonprofit Btrust has named Nigerian Bitcoin Core contributor Abubakar Nur Khalil as its new chief executive officer, the organization announced today. 

Khalil had previously served as interim CEO while sitting on the board as a non-voting member. Khalil will step down from his board position and report directly to the organization’s directors in the full-time role. 

His three-year term is renewable once.

Founded to support open-source Bitcoin development in the Global South, Btrust has expanded its footprint across Africa, Latin America, and India over the past year. The non-profit received initial funding from Jay-Z and Jack Dorsey.

During his interim leadership, the group increased partnerships with organizations including Bitshala, Vinteum and 2140, and reported record grant distribution. 

Since mid-2024, Btrust says it has issued more than $1.7 million in funding, with over half going directly to developers.

Khalil co-founded Btrust Builders, an initiative focused on growing the open-source developer pipeline in emerging markets. He is recognized as a prominent advocate for Bitcoin development in Africa.

“I’m honored to have led Btrust as interim CEO over the past year,” Khalil said in a statement, adding that he aims to strengthen the organization’s systems and scale its impact in 2026 and beyond. “Ensuring that Bitcoin continues to be a money that works for everyone worldwide.”

Board member Obi Nwosu said Khalil is well-positioned to guide Btrust through its next phase as it builds out long-term programs and developer support infrastructure. 

The organization said continuity will be a major focus as it transitions from early-stage growth to broader execution.

Btrust’s board launched the CEO search in July, citing the need for dedicated leadership as its programming expands globally. The organization said the appointment marks “a meaningful next chapter” in its mission to strengthen decentralized Bitcoin development.

Abubakar Nur Khalil will also be speaking at Bitcoin MENA, happening December 8–9, 2025, at the ADNEC Center in Abu Dhabi.

Micah Zimmerman

Micah first discovered Bitcoin in 2018 but remained a skeptic on the sidelines for too long. Since 2021, he has covered crypto and business and now works as a junior news reporter for Bitcoin Magazine, based in North Carolina.

Journalist

Posted: November 4, 2025

Key Takeaways 
What’s behind the real estate firm’s BTC play? 
To diversify rental income flow to BTC as a hedge against USD inflation. 

Will the BTC bet withstand the short-term headwinds? 
That remains to be seen, but analysts are confident of a potential leg higher for BTC. 

Florida-based real estate investment firm Cardone Capital has increased its exposure to Bitcoin [BTC]. Its Founder, Grant Cardone, announced that the fund had added $72 million worth of Bitcoin in October and November. 

Source: X

It is suggested that Cardone took advantage of the recent discounted prices. He added that there was a potential $504 million fund if he sells some of his condos to add exposure. 

But what’s the real strategy behind Cardone? It has a hybrid system that buys real estate and reinvests a portion of the cash flows (rental income) in BTC for a long-term inflation hedge against the USD. 

The firm plans to allocate about 15%-50% of its investment capital to BTC and may sell or borrow against the position to repay investors or fund operations. Sounds familiar? That’s a copy of Michael Saylor’s Strategy playbook. 

BTC treasury firms’ headache
With Michael Saylor’s Strategy sitting on billions of dollars of profits via its BTC plan, it’s hard to avoid the temptations of replicating the same in any industry. But the sector is facing short-term headwinds. 

Most of the mNAVs (market-to-net-asset-value) traded at a discount, capping the BTC strategy. They can’t raise capital to fund new crypto bids.

To boost the mNAV and market standings, they were forced to sell crypto holdings to fund share buybacks. 

Amid the mNAV discount crisis, this key demand line for BTC has slumped in Q4. In fact, the overall institutional demand, including ETFs, declined below miner supply for the first time since March. 

Can Cardone’s BTC play pay off?
Reacting to the update, Charles Edwards, Founder of Capriole Investments, said, 

“Won’t lie, this was the main metric keeping me bullish the last months while every other asset outperformed Bitcoin.”

Source: Capriole Investments

It remains to be seen whether new BTC treasury bets will yield the same windfall seen by Saylor’s Strategy amid the headwinds. 

Meanwhile, BTC slipped below $ 110,000 again as institutional appetite waned. Some analysts projected an extended consolidation before another leg higher. 

In brief
U.S. Bitcoin ETFs had $946 million in outflows last week, with iShares Bitcoin Trust losing $400 million.
Solana ETFs attracted $421 million in new investments, driven by recently launched U.S.-based funds.
Total digital asset fund outflows reached $360 million as investors reacted to U.S. central bank Chair Jerome Powell's cautious stance on December rate cuts.
U.S. Bitcoin exchange-traded funds bore the brunt of institutional outflows last week, accounting for $946 million worth of withdrawals, according to a new report from digital asset manager CoinShares.

iShares Bitcoin Trust (IBIT) shed approximately $400 million last week, the most among the 11 spot BTC funds currently trading. But total net outflows for all funds tracking digital assets were a less dramatic $360 million.

“Digital asset investment products saw outflows totalling $360 million last week despite the recent U.S. interest rate cut, as investors interpreted Fed Chair Jerome Powell’s comments on the likelihood of another cut in December as ‘not a foregone conclusion,’” CoinShares Director of Research James Butterfill said in the report. “This hawkish tone, combined with a notable absence of key U.S. economic data releases, appears to have left investors in a state of limbo.”

The BTC fund losses were offset by ETF gains in other regions. Funds from issuers in Germany and Switzerland had net inflows of more than $30 million last week. Canada and Australia issuers generated $8.5 million and $7.2 million worth of inflows.

The overall crypto fund category was buoyed by higher than usual inflows into Solana exchange-traded products. Investors poured $421 million into SOL-based ETFs last week, driven by hype for the new U.S.-based funds that started trading in late October.

Last week’s debuts included the Bitwise Solana ETF, which trades on the Nasdaq under the BSOL ticker. The fund has already reached $105 million worth of assets under management after launching a week ago. A competitor, the Rex-Osprey Solana Staking ETF, which also trades on the Nasdaq under the SSK ticker, took 12 trading days to reach $100 million worth of AUM.

The scarcity of U.S. economic data is due to the ongoing U.S. government shutdown, which has lasted more than 33 days. By Wednesday this week, the shutdown will be the longest in U.S. history. Users on Myriad, a prediction market owned by Decrypt parent company Dastan, think there’s a 97% chance lawmakers won’t end the shutdown in the next two days.

Crypto markets tumbled Monday morning, forcing the liquidation of more than $1 billion worth of crypto contracts. Bitcoin and Ethereum were nearly tied, accounting for $312 million and $303 million worth of closed contracts, respectively.

At the time of writing, Bitcoin was trading for $107,463 after having dropped 2.5% in the past day. And Ethereum was trading for $3,657.77, about 5.1% lower than it was this time Sunday, according to crypto price aggregator CoinGecko.

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

Volume jumped 628% as SUI sliced through key support, then bounced — without buyer conviction. Nov 3, 2025, 7:08 p.m.

SUI, the native token of the Sui network, plunged 9% to $2.10 over the past 24 hours, sharply underperforming the broader crypto market during a sector-wide selloff.

STORY CONTINUES BELOW

The token's 4.89% lag behind the crypto market suggests the move wasn’t just about market weakness but that it was SUI-specific.

The selloff carried the hallmarks of institutional liquidation. Prices dropped from $2.32 to test critical support, with trading volume surging 53% above the 7-day average. The spike in activity points to large-block repositioning, not a retail-driven panic.

At the core of the move was a decisive breakdown at $2.16. SUI dropped through that level on volume of 99.13 million tokens — 628% above its 24-hour average — confirming strong bearish pressure. That breakdown was followed by a sharp rebound from $2.04, forming a V-shaped bounce as institutions appeared to scoop up the token at lower levels.

Still, the recovery lost steam near $2.13, a psychological resistance zone. Volume declined into the close, suggesting buyers lacked conviction to push SUI meaningfully higher in the short term.

Elsewhere, the CoinDesk 5 Index (CD5) saw a 3.35% drop to $1,860.70, including a flash crash to $1,826.66 before bouncing back. The move also showed signs of institutional selling, overwhelming technical support in a high-volatility session.

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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BTC sank under $106,000, causing another wave of long liquidations. Altcoins fell at a faster rate, with SOL crashing to the $166 range.

It was a very disappointing week for bitcoin price action last week. Monday saw a nice move up into resistance, but that momentum quickly faded as bitcoin retraced the bullish move to end up right back down at the lows by Thursday. The market was a mixed bag as the Federal Reserve’s 25 basis point cut was expected, but Chairman Powell put a damper on expectations going forward, stating that there were no plans to continue with another interest rate cut in December’s FOMC meeting, which the market had been expecting. Bitcoin closed the week out at $110,591, which wasn’t entirely bearish, but was not confidence-inspiring for the bulls either.

Key Support and Resistance Levels Now

The $106,900 support level held again last week at the 0.146 Fibonacci Retracement, providing a nice bounce for the bulls on Thursday into the weekly close on Sunday. Bulls do not want this level to be tested again going forward, as it would be more likely to fail on the next test. Losing this level is very likely to lead to losing $100,000 and a test of long-term support at $96,000. We do have potential support at $104,000 before there, but this level has been tested twice already, so it would be a big ask for this level to hold as support once again.

The bearish price action last week has only created additional resistance levels for the bulls to overcome here. Price closed last week below the 21-EMA, which sits right around $111,000 entering this week. The volume profile is also showing us a point of control (POC) at $111,000 as well. If price manages to climb above $111,000, we will look to $114,600 as the next resistance level. Closing above $114,600 opens up $122,000 as the final hurdle to overcome for the bulls to take back control of the action.

Outlook For This Week

Bitcoin is likely to break support to the downside this week unless buyers can step up in a big way, with strong buying volume. Look for $106,900 support to be lost if the price starts closing below $108,000. $104,000 should provide a bounce below there, but the $96,000 support is likely to be tested if $104,000 doesn’t hold for long. Bulls will likely need some sort of macro catalyst this week to save themselves from lower prices, as the daily chart is looking very bearish heading into this week. As of Monday morning, it appears bitcoin is losing the $106,900 level and will test $104,000 or lower.

Market mood: Bearish – The bulls’ hopes were beaten back this week when the price failed to hold above the $115,500 resistance level. The onus is still on the bulls to take out some upper resistance levels to try to swing bias back in their favor.

The next few weeks
Bitcoin is likely to take a backseat to the Nasdaq price action going forward. It will be very difficult to sustain any kind of upward movement if the Nasdaq continues to correct lower over the coming weeks. So, bitcoin bulls will be hoping for the Nasdaq to resume its uptrend to help them out. Bulls will also be looking out for the Consumer Price Index, due to be released on November 13, for an improvement from last month’s lukewarm inflation numbers. Cooler inflation data should tilt the odds in favor of another interest rate cut in the Federal Reserve’s December meeting. Unless the bulls get a lot of help here, the bears should remain in control for the foreseeable future.

Terminology Guide:

Bulls/Bullish: Buyers or investors expecting the price to go higher.

Bears/Bearish: Sellers or investors expecting the price to go lower.

Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.

Resistance or resistance level: Opposite of support.  The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.

EMA: Exponential Moving Average. A moving average that applies more weight to recent prices than earlier prices, reducing the lag of the moving average.

Fibonacci Retracements and Extensions: Ratios based on what is known as the golden ratio, a universal ratio pertaining to growth and decay cycles in nature. The golden ratio is based on the constants Phi (1.618) and phi (0.618).

Volume Profile: An indicator that displays the total volume of buys and sells at specific price levels. The point of control (or POC) is a horizontal line on this indicator that shows us the price level at which the highest volume of transactions occurred.