Market Signal Briefing

Felix Pinkston
Nov 18, 2025 04:49

Bitcoin experiences significant drawdown, trading below $94,000. Market indicators suggest potential stabilization, while US economic challenges and regulatory developments add complexity.

Bitcoin (BTC) has experienced its third-largest drawdown of the current cycle, plummeting 25% from its all-time high to trade below $94,000, according to Bitfinex Alpha. The cryptocurrency's momentum remains on a downward trajectory in the short term, yet there are signs that the market may be entering a consolidation phase rather than an extended decline.

Market Indicators and Analysis
BTC is currently trading below the short-term holders' (STH) cost basis of $111,900 and the -1 standard deviation band near $97,500, which keeps downside risks present until these levels are reclaimed. However, on-chain indicators are beginning to show signs of exhaustion. The STH Realised Profit-Loss Ratio has fallen below 0.20, indicating that over 80% of coins moved on-chain are being sold at a loss, a zone historically associated with market bottoms. Furthermore, STH supply in profit has collapsed to 7.6%, reminiscent of prior cycle troughs. While further demand inflows are needed to confirm a bottom, these metrics suggest that a stable base may form soon.

US Economic Context
The US enters late 2025 with a softer macroeconomic backdrop following a 43-day government shutdown, which has inflicted $7–$14 billion in permanent GDP losses and liquidity stress among workers. Although markets initially dismissed the disruption, sentiment quickly deteriorated, impacting the S&P 500 as investors reconsidered fiscal risks and the possibility of a Federal Reserve pause.

Business sentiment is cooling as well, with the NFIB Small Business Optimism Index slipping in October due to weaker sales, tighter profits, and labor shortages. Global demand is also weakening, as evidenced by the Global PMI New Export Orders Index's drop to 48.5, marking its fastest contraction in nearly two years.

Regulatory Developments and Global Trends
In regulatory news, US crypto regulation has taken a significant step forward with a bipartisan Senate draft bill proposing to shift digital asset oversight from the SEC to the CFTC. This legislation would classify most tokens as "digital commodities" and necessitate exchange and custodian registration under a commodities-style framework, although questions about DeFi and AML rules remain.

Crypto is expanding into entertainment, with TKO Group Holdings, parent of the UFC, signing a multiyear deal with Polymarket to integrate real-time prediction-market data into live events starting in 2026. Meanwhile, the Czech National Bank has launched a $1 million pilot portfolio containing Bitcoin, a stablecoin, and a tokenized deposit, marking its first direct exposure to digital assets, reflecting growing interest in blockchain-based financial infrastructure.

For more information, visit the Bitfinex Alpha.

Image source: Shutterstock

bitcoin
crypto market
us economy

The Bitcoin price has seen a significant pullback, retracing nearly 26% from its all-time highs, fueling speculation about the potential onset of a new bear market. 

Compounding this uncertainty, a fresh sell signal has emerged from one of the cryptocurrency’s key indicators, reminiscent of the past when similar signals led to a staggering 67% drop in value.

Bitcoin Price Could Plunge To $31,000
Market expert Ali Martinez pointed out in a recent post on social media platform X (formerly Twitter) that the last time the SuperTrend indicator issued a sell signal for Bitcoin was in 2022. At that time, Bitcoin, which had reached an all-time high of $69,000, subsequently fell to around $17,000. 

While the market landscape has changed significantly since then—with the introduction of exchange-traded funds (ETFs), new digital asset treasuries (DATs), and increased institutional support spurred by pro-crypto regulations—the current situation mirrors some of those past concerns.

BTC’s SuperTrend indicator flashing a new sell signal. Source: Ali Martinez on X
As it stands, the Bitcoin price is trading just above $94,500. If the historical trend of a 67% retracement were to repeat in the next months, the price could potentially fall to around $31,185, which could be the potential bottom of the new bear market. 

Adding to the conversation, another analyst known as Mr. Wall Street suggested that the recent Bitcoin price peak might be at $126,000. He forecasted that the next major downward move could see BTC hit levels between $74,000 and $82,000, ultimately reaching a target between $54,000 and $60,000 by the fourth quarter of 2026. 

This perspective contributes to the notion that Bitcoin is likely confirmed in a bear market, which could result in a year-long decline marked by price fluctuations similar to those seen in previous bear cycles.

A New Death Cross Emerges
Further complicating the outlook, analyst Doctor Profit pointed out a significant technical signal: the Bitcoin price experienced a death cross for the first time since April 2025. 

This event, marked by the 50-day moving average (MA) crossing below the 200-day moving average, historically led to rallies of 25% to 60% in the following three months. 

However, Doctor Profit emphasized a crucial difference this time around: the death cross occurred while Bitcoin was trading 6% below the 50-day exponential moving average (EMA50). In the previous instances, such crosses happened while Bitcoin was positioned above the EMA50, suggesting a different market sentiment this time.

The current bearish sentiment is intensified by negative trends in ETF sales and whale net volume, adding significant pressure to the Bitcoin price. 

With the average entry price for Bitcoin buyers over the past six months set at approximately $94,600, falling back toward or below this level could trigger fresh selling pressure. 

Historically, short-term traders tend to exit at breakeven or even at a slight loss, raising concerns about further declines. Doctor Profit concluded his analysis stating: 

This combination of ETF selling, whale selling, and a large cluster of sellers sitting at breakeven levels is a dangerous setup and adds to the bearish case. 

The daily chart shows BTC’s price trending downwards. Source: BTCUSDT on TradingView.com
Featured image from DALL-E, chart from TradingView.com 

Journalist

Posted: November 18, 2025

Key Takeaways
What’s driving Aptos’s liquidity?
The surging stablecoin supply, which grew by 5.3X in a year, drove Aptos’s liquidity.

Why are APT prices still down? 
Prices were down since fundamentals like DEX volume and TPS were declining on top of a bearish market structure.

Aptos [APT] was accelerating on the liquidity front of the chain even though its price stayed down, about 11% in the past week. Volume was up by 36% but was mainly from sellers.

The stablecoin supply was responsible for the growing liquidity on the Layer 1 blockchain, challenging majors like Ethereum [ETH] and BNB Chain.

Aptos leads against BNB Chain, Ethereum
According to data from Artemis, Aptos’s stablecoin supply rose by more than 5x in the past year. Additionally, Aptos surged ahead of BNB Chain and Ethereum in stablecoin flow in the past 24 hours.

The data showed that the change in Aptos’s stablecoin supply during this period exceeded $500 million. BNB came second with slightly above $400 million.

For Ethereum, the change was $200 million, less than half of what flowed on the Aptos blockchain.

Source: Artemis

The growth in stablecoin supply on Aptos indicated liquidity was continuing to scale. However, this growth was not enough to counter the weak price outlook.

The weak fundamentals! 
The monthly DEX volume of Aptos dropped by more than 3x, as per DefiLlama data.

In October, Aptos processed $4.77 billion, while in November, the volume has dropped to $1.52 billion. This diminution was probably why the price was also struggling.

Midyear, particularly late Q2 and early Q3, had the highest DEX volume, averaging above the $4 billion mark.

Source: DefiLlama

Additionally, APT block times were dropping steadily throughout the year 2025. This translated to slow transactions, from about 225 transactions per millisecond (ms) to less than 100.

The decrease could be attributed to the growth happening on the chain. Usually, chains slow down during scaling. This provides additional reasons for the price struggle.

APT price is still bearish
On the charts, APT price was trading inside a descending trend channel, even though it was starting to show strength.

This was due to the fact APT price was staying above the middle of the channel. The channel has been in place since mid-October.

Still, the structure remained mildly bearish, as seen in the RSI Divergence indicator. The reading was slightly below the neutral zone. However, the On Balance Volume (OBV) was up to $28.76 million.

Source: TradingView

Looking ahead, failure to hold above the midsection of the channel would mean the price heading to $2.20 support. Otherwise, breaking above the upper resistance would potentially hint at a reversal.

11 minutes ago

Bitwise’s Matt Hougan said a price bottom is coming soon and will present a “generational opportunity” and a “gift for long-term investors.”

151

Bitcoin could hit a bottom as soon as this week, according to BitMine chairman Tom Lee and Bitwise Asset Management chief investment officer Matt Hougan, as Bitcoin briefly dropped below $90,000, its lowest in seven months.

During an interview on Monday with CNBC, Lee said crypto is suffering after the big liquidation event on Oct. 10, and traders are still nervous about whether the US Federal Reserve will cut rates in December. 

“I think that’s all creating this downside pressure. But I think the good news is there are signs of exhaustion. I did speak with Tom Demar of Demar Analytics, and he thinks there are signs that would look like a bottom that could be occurring sometime this week,” Lee said. 

Bitcoin (BTC) briefly fell under $90,000 on Tuesday, according to CoinGecko, a price last seen in April.

Earlier this week, crypto executives told Cointelegraph that the recent weakness in the cryptocurrency markets was due to a combination of factors, including outflows from exchange-traded funds, long-term sales by whales, and escalating geopolitical tensions.

Tom Lee and Matt Hougan both believe a bottom in crypto prices is coming very soon. Source: YouTube Generational opportunity for long-term BTC investors Hougan agreed that a bottom is incoming soon and also added that current price levels present a “generational opportunity” and a “gift for long-term investors.” 

He also pointed to traders being nervous about the economy, artificial intelligence valuations, and US President Donald Trump’s tariffs as possible causes of the market pain. 

“I think we’re nearing a bottom. I look at this as a great buying opportunity for long-term investors. Bitcoin was the first thing to turn over before this broader market pullback. It was sort of the canary in the coal mine signaling that there was some risk in all sorts of risk-on assets,” Hougan said. 

“I think it’ll be the first thing to bottom and I agree with Tom. We’re getting very close to that point. So, I think it’s an exciting opportunity again for people who are looking out a year or more into the future.” BitMine’s Lee predicts Bitcoin new high by year’s endBitcoin is currently trading at $90,718, and is down 28% from its all-time high of over $126,000, which it hit on Oct. 6. 

However, Lee predicts that Bitcoin will regain all lost ground and record another new all-time high when a rally in the stock market pulls it higher later this year. 

“Between now and year end, you know, I’m pretty bullish on stocks. You know, this sort of weakness in the first half of November was what we expected, but as markets rally, I think that’s going to help propel Bitcoin to an all-time high.” Magazine: 2026 is the year of pragmatic privacy in crypto: Canton, Zcash and more

In brief
The crypto market sell-off has been linked to risk-aversion spill over from traditional markets, particularly profit-taking in overvalued AI stocks, Decrypt was told.
On-chain data shows 8 out of 10 metrics are bearish, while derivatives and options data point to traders betting on further downside.
A recovery requires a close above $105,000, hinging on a dovish Fed and positive economic data, one analyst said.
Bitcoin’s outlook continues to deteriorate amid unwavering selling pressure, as uncertainty grips the broader financial markets.

The top crypto’s descent has triggered a death cross and the first weekly candlestick close below the 50-week moving average–two technical but critical signals that hint at a potential start to Bitcoin’s bear market.

A death cross occurs when the 50-day moving average crosses below the 200-day moving average. The popular bearish indicator suggests that short-term momentum is falling faster than the long-term trend, potentially signaling the start of a bear market.

Bitcoin is down nearly 14% over the past week and is currently trading around $91,600, according to CoinGecko data. Last week’s selling pressure pushed it to close below the 50-week moving average, just above $100,000.

It marks the first weekly close below this level since October 2023, when the bull market began. A weekly close above the 50-week moving average had previously signaled the start of the bull run. A close below that level now raises serious questions about the potential for a near-term recovery.

The price action over the past three months has led analysts to conclude the start of a bear market for crypto, according to a previous Decrypt report. 

Adding credence to this outlook is CryptoQuant’s Bull Score index. Eight out of 10 key on-chain metrics have lit up red, signaling a bearish trend amid the crypto market’s ongoing hemorrhage. 

“The main reason for the crypto market decline is growing investor fears in traditional markets,” Farzam Ehsani, CEO of VALR, told Decrypt. 

During risk-averse conditions, crypto markets tend to move in unison with tech stocks, Ehsani explained, which have come under pressure as investors begin to take profits from AI-related equities.

More pain ahead?The derivatives markets show open interest has crossed above October 10 levels, indicating that speculation continues to build up despite a downtrending market outlook.

A sustained downtick in cumulative volume delta, coupled with an uptick in open interest, suggests that investors are speculating on lower prices by opening short positions.

Supporting this downtrend is the recent drop in 25-delta skew into negative territory, indicating that put buying for downside protection remains a prominent play among options traders. 

However, a closer look at the perpetual data shows that the uptick in the funding rate and the spike in bid-ask delta at 5% to 10% depth indicate that investors are starting to buy the dips. 

If the price fails to plug the bleeding, these buyers could be forced to sell, creating a long squeeze that exacerbates the downtrend.

Despite the bleak outlook, Ehsani expects a short-term rebound or the start of a recovery if Bitcoin consolidates above $100,000. 

“A firm commitment from the Federal Reserve to cut rates in December and statistical data showing robust U.S. economic growth amid successful efforts to combat inflation” are key catalysts that could improve sentiment and aid recovery, according to the analyst.

He tempered his outlook, suggesting that a “breakout above $105,000 is necessary to return to a confident growth pattern.” 

Until this happens, Ehsani expects the sell-side momentum to dominate the trend with sellers capping any attempts at recovery.

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The cryptocurrency market has entered another sharp correction phase, sending digital assets deep into the red. Bitcoin has slipped toward the $90,000 mark while Ethereum has dropped below $3,000. This breakdown below the $90,000 level is crucial because it has not happened in more than seven months

Market analyst Gareth Soloway has released a fresh technical outlook on Bitcoin  and Ethereum, confirming that both cryptocurrencies have now tapped key support levels that could decide whether the current bull trend continues or breaks down.

Bitcoin Slides to $90K as Sellers Take Control

Bitcoin’s price declined to around $90,662 at the time of reporting, marking close to a 5% drop in the last 24 hours. The world’s largest cryptocurrency briefly fell as low as $89,673, struggling to reclaim the $96,000 area that acted as recent resistance. The day’s trading range between $89,673 and $95,928 shows rising volatility and more aggressive sell pressure in derivatives and spot markets.

Market sentiment has also weakened after multiple failed attempts to break and sustain above the psychological $100,000 barrier.

Ethereum Breaks Key Support, Drops Under $3,000Ethereum has also turned bearish, falling below the crucial $3,000 support zone. ETH traded between $2,948 and $3,218 in the past 24 hours. The slip below $3,000 is significant because it has historically acted as a defense zone backed by institutional interest, staking demand, and network growth expectations.

Gareth Soloway Issues Fresh Technical AlertSoloway has released a new technical outlook for both Bitcoin and Ethereum, stating that the latest drop has pushed both cryptocurrencies directly into important support zones. According to Soloway, these levels may determine whether the broader bull trend continues or begins to break down, making the next few trading sessions highly critical for market direction.

Next Levels to WatchFor Bitcoin, the analyst is monitoring the $88,000 to $90,000 range as short-term structural support. A bounce from this zone could bring BTC back toward $94,000 or $97,000, while a confirmed breakdown could expose the mid-$80,000 region.

For Ethereum, it remains to be seen whether price can reclaim above $3,000 with strong volume. A successful push back above could restore bullish confidence, while sustained weakness may send ETH toward $2,750 or even $2,600 in an extended correction.

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El Salvador took advantage of the ongoing market correction, scooping up over 1000 Bitcoin (CRYPTO: BTC) in the last week for its reserves.

El Salvador Buys The DipPresident Nayib Bukele posted on X a screenshot from El Salvador’s Bitcoin Office dashboard, showing 1,098 BTC, worth $99.34 million, bought in the last week. Notably, 1,090 BTC, worth $98.61 million, were purchased within the past 24 hours.

“Hooah,” he exclaimed, cheering the Central American nation’s Bitcoin-buying policy.

El Salvador’s national Bitcoin stockpile has grown to 7,437.37 BTC, worth $672.85 million at current prices, with an unrealized profit of $264.63 million, according to DropsTab.

The aggressive accumulation comes alongside Bitcoin's steep decline, which dragged the apex cryptocurrency below $90,000 for the first time in nearly seven months.

See Also: Bitcoin (BTC) Price Predictions: 2025, 2026, 2030

El Salvador’s Bitcoin JourneyEl Salvador became the first country to adopt the leading digital asset as its legal tender in 2021. Despite these efforts, Bitcoin adoption among Salvadorans remains low, with the majority still relying on the U.S. dollar as the country's primary currency.

The International Monetary Fund had asked El Salvador to halt public sector Bitcoin purchases as part of a $1.4 billion funding deal earlier this year. While the country tweaked its Bitcoin law and made the acceptance of Bitcoin voluntary rather than mandatory, it hasn't stopped its purchases.

As of this writing, El Salvador is the fifth-biggest government holder of Bitcoin, according to bitcointreasuries.net, behind the U.S., China and the UK.

Price Action: At the time of writing, BTC was exchanging hands at $90,469, down 4.89% in the last 24 hours, according to data from Benzinga Pro.

Read Next: 

Cathie Wood Bets Big On This Peter Thiel-Backed Coinbase Rival As Bitcoin Crashes Below $91,000
Photo Courtesy: Joey Sussman on Shutterstock.com

Market News and Data brought to you by Benzinga APIs

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

Bitcoin dropped below $90,000, intensifying a month-long decline that has wiped out its 2025 gains and shaken confidence across the digital-asset space.

Summary

Bitcoin fell below $90,000, marking a significant drop that has wiped out its 2025 gains, continuing a month-long downtrend from its October peak of over $126,000.
The downturn is attributed to growing economic concerns, including uncertainty over interest rate policies and overvaluation in speculative markets, causing traders to reassess risk.
A selloff in October triggered over $19 billion in liquidations, and retail participation has faded, with institutions and digital-asset treasuries under pressure to adjust their positions as support levels fall.

The leading cryptocurrency fell by up to 2.4% during Asian trading hours, extending its fall from a peak of over $126,000 in early October, Bloomberg reported. At last check, Bitcoin hovered at around $89,847. See below.

The last time Bitcoin traded below this level — eventually plunging to $74,400 in April — was when President Donald Trump’s tariff plans rattled global financial markets.

This latest downturn comes amid escalating economic pressures, including renewed concerns about interest rates and overvaluations in speculative markets. As traders reassess the likelihood of a Federal Reserve rate cut in December and stock markets pull back from recent peaks, risk sentiment has soured, leaving Bitcoin exposed to further losses.

$19b selloff, liquidations shake investor confidence
The crypto market has struggled to find stability since an October selloff triggered over $19 billion in liquidations, erasing more than $1 trillion in market value.

While institutional holders have largely remained steadfast, retail participation and buying on dips have faded, especially among speculative altcoins.

Recent data from Coinglass shows nearly $950 million in long and short positions liquidated in the past 24 hours.

Digital-asset treasuries, including Michael Saylor’s Strategy Inc., which accumulated large crypto holdings earlier this year, are under increasing pressure to reevaluate their positions as prices fall below critical support levels.

Options traders are betting on further declines, with demand for downside protection at the $85,000 and $80,000 levels dominating recent market activity.

Expect individual investors, corporates and governments to take advantage of the dip and accumulate Bitcoin.

For example, El Salvador acquired 1,091 Bitcoin, valued at over $100 million, adding it to an ever-growing crypto reserve. Since making Bitcoin legal tender in 2021, the country has consistently purchased Bitcoin in downturns, aiming to build a long-term digital asset treasury.

With this latest acquisition, El Salvador now holds a total of 7,474 BTC, worth approximately $688 million, further solidifying its position as one of the largest Bitcoin holders among nations.

, /PRNewswire/ -- Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving StubHub Holdings, Inc. (NYSE: STUB).

If you have information that could assist in the StubHub investigation or if you are a StubHub investor who suffered a loss and would like to learn more, you can provide your information here:

https://www.rgrdlaw.com/cases-stubhub-holdings-inc-investigation-stub.html

You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at [email protected].

THE COMPANY: StubHub operates a ticketing marketplace for live event tickets worldwide.

THE INVESTIGATION: Robbins Geller is investigating whether StubHub and certain of its top executives made materially false and/or misleading statements and/or omitted material information regarding StubHub's business and operations.

ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world's leading law firms representing investors in securities fraud and shareholder litigation.  Our Firm has been ranked #1 in the ISS Securities Class Action Services rankings for four out of the last five years for securing the most monetary relief for investors.  In 2024, we recovered over $2.5 billion for investors in securities-related class action cases – more than the next five law firms combined, according to ISS.  With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs' firms in the world, and the Firm's attorneys have obtained many of the largest securities class action recoveries in history, including the largest ever – $7.2 billion – in In re Enron Corp. Sec. Litig.  Please visit the following page for more information:

https://www.rgrdlaw.com/services-litigation-securities-fraud.html

Past results do not guarantee future outcomes.  
Services may be performed by attorneys in any of our offices. 

Contact:

            Robbins Geller Rudman & Dowd LLP 

            J.C. Sanchez, Jennifer N. Caringal

             655 W. Broadway, Suite 1900, San Diego, CA  92101 

            800-449-4900 

            [email protected] 

SOURCE Robbins Geller Rudman & Dowd LLP

PRINCETON, N.J.--(BUSINESS WIRE)--Bristol Myers Squibb Announces Early Participation Results, Amendment and Early Settlement of Tender Offers.

Q3: 2025-11-17 Earnings SummaryEPS of $3.88 beats by $2.75

 |

Revenue of

$2.58B

(17.64% Y/Y)

beats by $18.41M

Trip.com Group Limited (TCOM) Q3 2025 Earnings Call November 17, 2025 7:01 PM EST

Company Participants

Michelle Qi - Senior IR Director
James Liang - Co-Founder & Executive Chairman
Jane Sun - CEO & Director
Xiaofan Wang - CFO & Executive VP

Conference Call Participants

Joyce Ju - BofA Securities, Research Division
Alex Yao - JPMorgan Chase & Co, Research Division
Thomas Chong - Jefferies LLC, Research Division
Yang Liu - Morgan Stanley, Research Division
John Choi - Daiwa Securities Co. Ltd., Research Division
Wei Xiong - UBS Investment Bank, Research Division
Brian Gong - Citigroup Inc., Research Division
Wei Fang - Mizuho Securities USA LLC, Research Division
Parash Jain - HSBC Global Investment Research
Simon Cheung - Goldman Sachs Group, Inc., Research Division
Ellie Jiang - Macquarie Research
Qiuting Wang - China International Capital Corporation Limited, Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to Trip.com Group Third Quarter 2025 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I'd now like to hand the conference over to your first speaker today, Michelle Qi, Senior IR Director. Please go ahead.

Michelle Qi
Senior IR Director

Thank you. Thank you, all. Good morning, and welcome to Trip.com Group's Third Quarter of 2025 Earnings Conference Call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms. Jane Sun, Chief Executive Officer; and Ms. Cindy Wang, Chief Financial Officer.

During this call, we will discuss our future outlook and performance, which are forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, our results may be materially different from the views expressed today. A number of potential risks and uncertainties are outlined in Trip.com Group's public filings with the Securities and Exchange Commission. Trip.com Group does not undertake any obligation

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NEW HAVEN, Conn., Nov. 17, 2025 (GLOBE NEWSWIRE) -- Invivyd, Inc. (Invivyd) (Nasdaq: IVVD) today announced the pricing of an underwritten public offering of 44,000,000 shares of its common stock at an offering price of $2.50 per share and, to certain investors, in lieu of common stock, pre-funded warrants to purchase 6,000,000 shares of its common stock at a price of $2.4999 per pre-funded warrant. The gross proceeds from this offering are expected to be approximately $125.0 million, before deducting underwriting discounts and commissions and offering expenses payable by Invivyd. The purchase price per share of each pre-funded warrant represents the per share offering price for the common stock, minus the $0.0001 per share exercise price of each such pre-funded warrant. All of the shares and pre-funded warrants are being offered by Invivyd. In addition, Invivyd has granted the underwriters an option for a period of 30 days to purchase up to an additional 7,500,000 shares of Invivyd common stock at the public offering price, less underwriting discounts and commissions. The offering is expected to close on or about November 19, 2025, subject to the satisfaction of customary closing conditions.

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This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Invivyd

Invivyd, Inc. (Nasdaq: IVVD) is a biopharmaceutical company devoted to delivering protection from serious viral infectious diseases, beginning with SARS-CoV-2. Invivyd deploys a proprietary integrated technology platform unique in the industry designed to assess, monitor, develop, and adapt to create best in class antibodies. In March 2024, Invivyd received emergency use authorization (EUA) from the U.S. FDA for a monoclonal antibody (mAb) in its pipeline of innovative antibody candidates.

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This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “anticipates,” “believes,” “could,” “expects,” “intends,” “potential,” “projects,” and “future” or similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding the amount of proceeds from the offering, the timing of the closing of the offering, as well as the anticipated use of the net proceeds from the offering. Forward-looking statements by their nature address matters that are, to different degrees, uncertain. Uncertainties and risks may cause Invivyd’s actual results to be materially different than those expressed in or implied by Invivyd’s forward-looking statements. For Invivyd, this includes satisfaction of the customary closing conditions of the offering, delays in obtaining required stock exchange or other regulatory approvals, political uncertainties, stock price volatility and uncertainties relating to the financial markets, the medical community and the global economy, and the impact of instability in general business and economic conditions, including changes in inflation, interest rates and the labor market. Other factors that may cause Invivyd’s actual results to differ materially from those expressed or implied in the forward-looking statements in this press release are described under the heading “Risk Factors” in the preliminary prospectus supplement and the free writing prospectus relating to the offering filed with the SEC, in Invivyd’s Annual Report on Form 10-K for the year ended December 31, 2024 and Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 filed with the SEC, and in Invivyd’s other filings with the SEC, and in its future reports to be filed with the SEC and available at www.sec.gov. Forward-looking statements contained in this press release are made as of this date, and Invivyd undertakes no duty to update such information whether as a result of new information, future events or otherwise, except as required under applicable law.

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Media Relations
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[email protected]

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SummaryThe iShares Top 20 U.S. Stocks ETF offers extreme concentration in mega caps, diverging sharply from both MGC and SPY sector allocations.TOPT's high concentration amplifies both potential returns and risks, making it more sensitive to price changes and less diversified than MGC or SPY.While TOPT has recently outperformed due to mega-cap strength, its structure is more suitable for tactical, bullish stances on top holdings rather than core portfolios.I rate TOPT as a Hold for passive investors, favoring MGC as a smarter, lower-risk alternative for core S&P 500-like exposure. skynesher/E+ via Getty Images

When I discussed the Vanguard Mega Cap Index Fund ETF Shares (MGC), I found the move from the broader S&P 500 ETFs to MGC a decent addition to core portfolios. A CAGR of 0.5% outperformance was

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.

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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.

Solana is once again under heavy pressure as major holders intensify selling and build short positions, placing the token's critical demand zone in the spotlight. After weeks of volatile price action, the market has shifted toward bearish positioning, signaling a shift in sentiment among large players that previously supported Solana during market rebounds.

Bitcoin's drop back into the mid-$90,000s has reignited the debate: is this the start of a true bear market, or a sharp reset inside an ongoing uptrend? Analysts are converging on the same battleground levels but differ on what they imply.

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XRP supply in profit is at its lowest levels in 12 months, and one analyst has warned of further downside if investors decide to cut their losses. Could XRP ETFs bring the bulls back?

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XRP could be headed for further downside if it fails to secure a meaningful recovery soon, with 41.5% of XRP holders underwater at current prices, according to analysts. 

In an X post on Monday, crypto analytics firm Glassnode stated that the “XRP supply in profit” has reached its lowest levels since November 2024, when the price was approximately $0.53. 

“Today, despite trading ~4× higher ($2.15), 41.5% of supply (~26.5B XRP) sits in loss — a clear sign of a top-heavy and structurally fragile market dominated by late buyers,” said Glassnode. 

Source: GlassnodeIG Australia market analyst Tony Sycamore told Cointelegraph the recent price drop has likely come as a surprise to many XRP investors, and the top-heavy structure means some may be looking to cut their losses if the downward trend continues.

“The date suggests that many XRP holders likely bought when XRP was above $3.00 ( Jan, July, August, September, and early October), leaving their entry point well above the current ~$2.16 level,” Sycamore said.

“The 40%+ sell-off from July $3.66 high has blindsided both long-term hodlers expecting perpetual upside and newer entrants who bought near the highs due to FOMO and viewed dips as a buying opportunity,” he said.

Sycamore said this widespread unrealized loss is now weighing on sentiment and raises the risk of further downside, as stop-losses and forced sales could increase selling pressure.

“Recovery will require a decisive rebound back above $2.70,” he said. 

However, one factor that holders are hoping will help return bullish momentum to XRP is the wave of exchange-traded funds (ETFs) that are expected to hit the market this week.  

Following the launch of the first spot-XRP ETF by Canary Capital on Thursday, which marked the most successful first-day performance for US ETFs in 2025, there are four more ETFs from Franklin Templeton, Bitwise, 21Shares and CoinShares just days away from launch. 

However, the price has yet to show a resurgence. XRP is currently $2.14 at the time of writing, down over 40% since reaching its all-time high of $3.65 on July 18.

Magazine: Saylor denies Bitcoin sell-off, XRP ETF debut tops chart: Hodler’s Digest, Nov. 9 – 15

Dogecoin has made a sharp rebound while Shiba Inu continues to find lower lows – Dogecoin price predictions could mark the start of a new bull run.

Bitcoin ETFs saw four days of outflows, with holdings dropping from 441,000 to 271,000 BTC; the Fear and Greed Index hit 11.Retail investors have avoided the downturn, while whales bought in, including a $31.16 million ETH purchase in one day.Permanent Bitcoin holders accumulated a record 186,000 BTC during the selloff, signaling strong long-term demand.The US Bitcoin exchange-traded funds (ETFs) keep flowing out as the crypto Fear and Greed Index dropped to 11, reflecting extreme fear.

Retail investors have stayed out of the market during this downturn, while data shows that whales are the primary buyers amid the selloff.

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ETF Outflows and Retail Absence Signal Market ShiftUS Bitcoin spot ETFs have experienced persistent capital flight, with holdings declining from 441,000 BTC on October 10 to about 271,000 BTC by mid-November. This marks a sharp reversal from institutional support earlier this year.

According to Farside Investors data, Bitcoin ETFs have now logged four consecutive days of outflows, extending the defensive tone that has dominated the month. Earlier in the period, redemptions peaked at well over $800 million in a single day, highlighting how sharply sentiment had soured. The latest figure shows a much smaller outflow of around $60 million, but still signals that buyers remain cautious and momentum has yet to turn.

Spot average order size. Source: CryptoQuantSpot average order size metrics show that retail traders are not returning, even as Bitcoin has dropped almost 27% from its October 6 all-time high of $126,272.76. Exchange data from Binance, Coinbase, Kraken, and OKX indicates larger order sizes, highlighting whale activity rather than small-scale retail buyers.

The Fear and Greed Index plummeted to 11, underscoring extreme market fear. Historically, such levels correlate with market bottoms, but retail investors remain cautious and reluctant to engage. In the morning hours in Asia, Bitcoin traded at somewhere between $91,000 and $92,000, down more than 3% in 24 hours and 13-14% for the week. Ethereum briefly slipped below $3,000, and Solana was at around $130, declining over 5% in 24 hours and 21% over the week.

Whale Accumulation amid Market WeaknessAs retail investors sit on the sidelines, large players continue to accumulate aggressively. A whale purchased 10,275 ETH at $3,032 for $31.16 million USDT within 24 hours before November 17, based on on-chain monitoring by OnchainLens. Between November 12 and November 17, this address acquired a total of 13,612 ETH for $41.89 million USDT, at an average price of $3,077.

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Nansen transaction log showing whale’s $31.16M ETH purchase over 24 hours. Source: OnchainLensPermanent Bitcoin holders—wallets that have never recorded outflows—are supporting what CryptoQuant describes as the largest accumulation surge in recent selloffs. Permanent holder demand rose from 159,000 BTC to 345,000 BTC, marking the biggest absorption in several cycles. This substantial accumulation occurred even as the price fell, highlighting a stark divergence between long-term and short-term market behaviors.

This divergence between whale accumulation and retail caution highlights a shift in market dynamics. However, CryptoQuant CEO Ki Young Ju notes that the current dip involves long-term holders rotating coins among themselves rather than new money entering the market. This suggests the drawdown does not mark the start of a new bear market, though current conditions may not present the classic buy-the-dip moment sought by retail.

30-day permanent holder demand showing record accumulation during price selloff. Source: CryptoQuantStructural Changes and Institutional DynamicsThis selloff differs from past crypto winters. Major financial institutions, including JPMorgan, now accept Bitcoin as collateral for loans despite its price weakness. This evolving infrastructure offers more support compared to previous bearish cycles. Deeper liquidity is available, helping to steady the market.

Technical signals remain bearish for now. Bitcoin has dropped more than 20% from its record high; recently, its 50-day moving average fell below its 200-day moving average—a “death cross.”

Macroeconomic factors add more pressure. The Federal Reserve delayed interest rate cuts, and global central banks maintain tightening. Falling Treasury liquidity creates headwinds for risk assets. Still, analysts see longer-term macro trends—such as high sovereign debt and ongoing geopolitical tensions—as supportive for Bitcoin in the future.

Mining firms are adjusting accordingly. Frank Holmes, executive chairman of HIVE Digital Technologies, emphasized that his company will continue mining and holding Bitcoin, unlike competitors who are pivoting to high-performance computing. He contends that building Tier 3 data centers for GPU work is both costly and complex, so his mine-and-hold strategy will continue despite volatility.

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Amplify ETFs has officially announced that its new XRP-linked premium income fund, trading under the ticker XRPM, will launch on November 18, 2025. The ETF will be listed on the Cboe BZX Exchange and will open through a New Issue Auction at 9:30 a.m. ET, giving traditional investors a regulated doorway into XRP-related returns without holding the asset directly.

XRPM will list on the Cboe BZX Exchange under the CUSIP 032108375 with a reported net asset size of $750,000 and 30,000 shares outstanding at launch. The total expense ratio is set at 0.75 percent. Cboe confirmed that the ETF meets all requirements under the Exchange Act of 1934 and will be quoted on SIAC Tape B for full market visibility.

Why XRPM Stands OutAccording to Amplify, the XRPM ETF aims to combine XRP price appreciation potential with a high-income options strategy. The fund targets a 36 percent annualized option premium income while still maintaining exposure to 40 to 70 percent of XRP’s upside performance. Instead of directly purchasing XRP, the ETF will gain exposure through XRP-based exchange-traded products, futures, and covered call options to generate consistent monthly payout opportunities.

Weekly Options and Monthly IncomeThe strategy behind XRPM revolves around weekly covered call writing, which allows four times more premium-collection opportunities compared to traditional monthly options strategies. Amplify describes this as a way to “harvest volatility,” meaning that short-term price movements in XRP can be converted into recurring income. The fund aims to distribute income monthly, positioning it as an appealing product for yield-focused investors seeking crypto-linked payouts.

Institutional SignificanceThe approval and launch of XRPM arrives at a time when demand for regulated, yield-enhanced crypto exposure is increasing. By offering a structured, compliance-ready ETF tied to XRP performance, XRPM acts as a new bridge between institutional finance and digital assets. Its debut highlights the growing trend of turning crypto volatility into a mainstream investment income opportunity.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

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Leading cryptocurrencies declined alongside stocks on Monday amid a wave of sharp selling.

CryptocurrencyGains +/-Price (Recorded at 8:25 p.m. ET)Bitcoin (CRYPTO: BTC)-3.20%$91,828.39Ethereum (CRYPTO: ETH)
               -2.19%$3,031.90XRP (CRYPTO: XRP)                         -3.56%$2.15Solana (CRYPTO: SOL)                         -4.85%$131.86Dogecoin (CRYPTO: DOGE)                         -4.21%$0.1527Crypto Liquidations SurgeBitcoin's problems worsened as the apex cryptocurrency sank below $92,000, marking its lowest point in nearly eight months. The trading volume rose 26% in the last 24 hours, suggesting high selling interest.

Ethereum failed to hold the $3,000 support, hitting an intraday low of $2,957.31 before recovering some losses overnight. XRP and Dogecoin also recorded sharp declines.

Bitcoin and Ethereum’s market shares declined, while altcoin dominance increased to about 30%. 

Cryptocurrency liquidations topped $760 million in the last 24 hours, according to Coinglass, with  $483 million in long positions wiped out.

Bitcoin's open interest increased 0.41% in the last 24 hours. The Long/Short ratio dropped further to 0.84, indicating that new short positions are being opened.

The "Extreme Fear" sentiment intensified, according to the Crypto Fear & Greed Index, hitting levels last seen in the last week of February.

Top Gainers (24 Hours) 

Cryptocurrency (Market Cap>$100 M)Gains +/-Price (Recorded at 8:25 p.m. ET)Internet Computer (ICP )   +17.99%$5.82Horizen (ZEN)    
               +14.45%$15.41Velo (VELO )          +13.94%$0.007210The global cryptocurrency market capitalization stood at $3.13 trillion, decreasing by 1.81% in the last 24 hours.

Stocks End In The RedStocks kicked off the week on a weak note. The Dow Jones Industrial Average shed 557.24 points, or 1.18%, to end at 46,590.24. The S&P 500 fell 0.92% to finish at 6,672.41, while the tech-heavy Nasdaq Composite slid 0.84% to settle at 22,708.07

Artificial intelligence darling Nvidia Corp. (NASDAQ:NVDA) dipped 1.88%, contributing to the tech sell-off. The company is set to report its third-quarter earnings after the closing bell on Wednesday.

Investors will also watch out for September's nonfarm payrolls numbers on Thursday, the first major economic data release since the 42-day government shutdown-induced blackout.

Don’t Expect V-Shape Recovery, Warns AnalystLacie Zhang, Research Analyst at Bitget Wallet, highlighted in a note to Benzinga Bitcoin's recent "death cross," where the 50-day short-term moving average slipped below the 200-day short-term moving average.

"In some cycles it has marked macro bottoms and strong reversals, while in deeper bear phases it has preceded continued downside," Zhang pointed out the mixed implications.

"Short-term, we expect Bitcoin to consolidate in the $90,000–$110,000 range through November, while Ethereum trades around $3,000–$3,600," the analyst projected.

Widely followed cryptocurrency analyst and trader Michaël van de Poppe emphasized the high volatility and predicted downsides in the first few days of the week.

"Also, given that last week was such a terrible weekly candle, it’s impossible to expect an imminent V-shape recovery after that. Things take time," the analyst remarked.

Despite the pain, Van De Poppe declared that they won’t be selling and are prepared to be “patient.”

Photo Courtesy: Marc Bruxelle on Shutterstock.com

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The global crypto market has entered one of its sharpest correction phases in recent history, with assets like Bitcoin, Ethereum, and XRP continuing to fall. Over the last 41 days, the market has lost more than $1.1 trillion in value, averaging nearly $27 billion erased per day. 

As of today, Bitcoin has fallen to around $91,238, down more than 13% this week, while Ethereum slipped to $3,012 and XRP dropped to $2.13, losing over 15% in seven days. Several popular altcoins also remain in deep red territory. Analysts say this downturn is not driven by weak fundamentals, but by a combination of structural, psychological, and mechanical factors.

The Crash Timeline and Why It Feels Different

According to research shared by The Kobesi Letter, the decline started soon after crypto’s market cap approached $4.3 trillion. A series of major political and macro headlines added uncertainty, beginning with 100% tariff announcements on China, followed by mixed messages about U.S. crypto leadership. Despite positive comments supporting crypto innovation, Bitcoin, Ethereum, and most altcoins continued falling.

Today, the entire market is now 10% below the levels seen during the record $19 billion liquidation event on October 10, indicating that the downturn has continued far beyond a single flash crash.

Why the Drop Is Structural, Not Just EmotionalThe current decline is not caused by bad news or failing fundamentals. In fact, several developments remained positive, including support statements from U.S. leadership and continued long-term confidence from institutions.

Instead, the downturn appears tied to mechanical market structure, starting with institutional outflows in late October. In the first week of November alone, crypto funds recorded $1.2 billion in withdrawals, setting off a chain reaction.

Could Bitcoin Drop to $50,000, or Bounce Soon?Short-term technical readings show the market is becoming oversold, which increases the chances of a temporary relief bounce. But if selling pressure continues and macro conditions weaken, experts say a drop toward $50,000 cannot be ruled out, especially if long-term holders continue selling.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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The cryptocurrency market is witnessing a renewed wave of interest in early-stage decentralized finance platforms as Ethereum struggles to retain momentum near the $3,300 mark. The latest capital rotation trend suggests investors are increasingly evaluating whether the next major DeFi success story could emerge outside the well-established large-cap ecosystem.