Market Signal Briefing

STAMFORD, Conn.--(BUSINESS WIRE)--ITT Inc. today announced the completion of the second phase of a planned ~$25 million expansion of its manufacturing site in Saudi Arabia.

Transaction concludes a multi-phase program through which Hut 8 stabilized and strengthened the Portfolio following its acquisition out of bankruptcy

, /PRNewswire/ -- Hut 8 Corp. (Nasdaq, TSX: HUT) ("Hut 8" or the "Company"), an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases, today announced that it has entered into a definitive share purchase agreement (the "Agreement") with TransAlta Corporation (NYSE: TAC; TSX: TA) ("TransAlta"), one of Canada's largest publicly traded power generators. Under the Agreement, TransAlta will acquire the 310-megawatt portfolio of four natural gas-fired power plants in Ontario (the "Portfolio") owned and operated by Far North Power Corp. ("Far North"), an entity formed by Hut 8 and Macquarie Equipment Finance Ltd. ("Macquarie"), a subsidiary of Macquarie Group Limited.

The transaction concludes a multi-phase program through which Hut 8 stabilized and strengthened the Portfolio following its acquisition out of bankruptcy. Upon assuming responsibility for the Portfolio, Hut 8 executed the operational and commercial measures necessary to re-establish the assets as revenue-generating facilities. Earlier this year, Far North secured five-year capacity contracts across the 310-megawatt Portfolio through the Ontario IESO Medium-Term 2 ("MT2") auction. These contracts transition the power generation assets from short-term, seasonal arrangements to long-term, investment-grade-backed revenue commitments, significantly increasing cash-flow stability and duration while preserving merchant energy revenue upside.

Asher Genoot, CEO of Hut 8, said: "Our power-native team executed a disciplined program to strengthen the four natural-gas power plants comprising the Portfolio, enhancing their operational and commercial footing. This work enabled the award of investment-grade, long-term capacity contracts across all four sites through the MT2 process. With that foundation in place, we created the appropriate conditions to crystallize the value of the Portfolio for our shareholders."

Hut 8 continues to advance a multi-gigawatt pipeline of power-first digital infrastructure development opportunities across North America. While the Company maintains a strategic interest in power generation, it intends to prioritize capital allocation toward large-scale digital infrastructure development opportunities.

Sean Glennan, CFO of Hut 8, said: "These are attractive contracted facilities, but they are not core to our current strategy or capital plan, which is focused on high-return opportunities within our development pipeline. Redeploying capital from the Portfolio enables us to advance those opportunities while demonstrating our ability to invest in, optimize, and ultimately monetize complex power assets."

TransAlta's scale, commercial platform, and longstanding operating presence in Ontario make it a natural long-term owner of the Portfolio, positioning it for its next phase of value creation under TransAlta's stewardship.

John Kousinioris, President and Chief Executive Officer of TransAlta, said: "With this acquisition, our position in Ontario increases through contracted and complementary assets.  As electrification and population growth continues, the market will meaningfully rely on existing firm, dispatchable generation for grid reliability. Beyond the contract period these assets are attractively positioned for re-contracting opportunities as well as with optionality given the co-located land. The transaction adds to our reliable and increasingly diversified portfolio, and we see long term value in these assets."

CIBC Capital Markets acted as financial advisor to Hut 8, and Bennett Jones LLP served as legal counsel to the Company.

About Hut 8

Hut 8 Corp. is an energy infrastructure platform integrating power, digital infrastructure, and compute at scale to fuel next-generation, energy-intensive use cases. We take a power-first, innovation-driven approach to developing, commercializing, and operating the critical infrastructure that underpins the breakthrough technologies of today and tomorrow. Our platform spans 1,020 megawatts of energy capacity under management and 1,530 megawatts of energy capacity under development across 19 sites in the United States and Canada: five Bitcoin mining, hosting, and Managed Services sites in Alberta, New York, and Texas; five high performance computing data centers in British Columbia and Ontario; four power generation assets in Ontario; one non-operational site in Alberta; and four sites under development across Louisiana, Texas, and Illinois. For more information, visit hut8.com and follow us on X at @Hut8Corp.

About TransAlta Corporation

TransAlta owns, operates and develops a diverse fleet of electrical power generation assets in Canada, the United States and Australia with a focus on long-term shareholder value. TransAlta provides municipalities, medium and large industries, businesses and utility customers with affordable, energy efficient and reliable power. Today, TransAlta is one of Canada's largest producers of wind power and Alberta's largest producer of thermal generation and hydro-electric power. For over 114 years, TransAlta has been a responsible operator and a proud member of the communities where we operate and where our employees work and live. TransAlta aligns its corporate goals with the UN Sustainable Development Goals and the Future-Fit Business Benchmark, which also defines sustainable goals for businesses. Our reporting on climate change management has been guided by the International Financial Reporting Standards (IFRS) S2 Climate-related Disclosures Standard and the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. TransAlta has achieved a 70 per cent reduction in GHG emissions or 22.7 million tonnes CO2e since 2015 and received an upgraded MSCI ESG rating of AA. For more information about TransAlta, visit our web site at transalta.com.

Cautionary Note Regarding Forward-Looking Information

This press release includes "forward-looking information" and "forward-looking statements" within the meaning of Canadian securities laws and United States securities laws, respectively (collectively, "forward-looking information"). All information, other than statements of historical facts, included in this press release that address activities, events, or developments that Hut 8 expects or anticipates will or may occur in the future, including statements relating to the timing, structure and completion of the transaction pursuant to the Agreement, the commencement and impact of the MT2 contracts, the anticipated revenue generation and performance of the Portfolio, the ability of this transaction to crystallize the value of the Portfolio for the Company's shareholders, the Company's ability to advance its power pipeline, the Company's ability to redeploy capital from the transaction to advance other opportunities, and the Company's future business strategy, competitive strengths, expansion, and growth of the business and operations more generally, and other such matters is forward-looking information. Forward-looking information is often identified by the words "may", "would", "could", "should", "will", "intend", "plan", "anticipate", "allow", "believe", "estimate", "expect", "predict", "can", "might", "potential", "predict", "is designed to", "likely," or similar expressions.

Statements containing forward-looking information are not historical facts, but instead represent management's expectations, estimates, and projections regarding future events based on certain material factors and assumptions at the time the statement was made. While considered reasonable by Hut 8 as of the date of this press release, such statements are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, level of activity, performance, or achievements to be materially different from those expressed or implied by such forward-looking information, including, but not limited to, failure of critical systems; geopolitical, social, economic, and other events and circumstances; competition from current and future competitors; risks related to power requirements; cybersecurity threats and breaches; hazards and operational risks; changes in leasing arrangements; Internet-related disruptions; dependence on key personnel; having a limited operating history; attracting and retaining customers; entering into new offerings or lines of business; price fluctuations and rapidly changing technologies; construction of new data centers, data center expansions, or data center redevelopment; predicting facility requirements; strategic alliances or joint ventures; operating and expanding internationally; failing to grow hashrate; purchasing miners; relying on third-party mining pool service providers; uncertainty in the development and acceptance of the Bitcoin network; Bitcoin halving events; competition from other methods of investing in Bitcoin; concentration of Bitcoin holdings; hedging transactions; potential liquidity constraints; legal, regulatory, governmental, and technological uncertainties; physical risks related to climate change; involvement in legal proceedings; trading volatility; and other risks described from time to time in Company's filings with the U.S. Securities and Exchange Commission. In particular, see the Company's recent and upcoming annual and quarterly reports and other continuous disclosure documents, which are available under the Company's EDGAR profile at www.sec.gov and SEDAR+ profile at www.sedarplus.ca.

SOURCE Hut 8 Corp.

In 253 ALK TKI pre-treated patients, ORR by BICR was 31% (95% CI: 26, 37), with initial estimated durability of response of 64% and 53% at the 12-month and 18-month landmarks, respectively
In the subset of 63 TKI pre-treated patients who were lorlatinib-naïve, ORR by BICR was 46% (95% CI: 33, 59), with initial estimated durability of response of 80% and 60% at the 12- and 18-month landmarks, respectively
Neladalkib demonstrated intracranial responses, ability to address key drivers of disease progression, and a generally well-tolerated safety profile with low rates of dose discontinuation (5%) and dose reduction (17%) due to TEAEs, consistent with its ALK-selective, TRK-sparing design
Company plans to discuss pivotal data for the TKI pre-treated ALK-positive NSCLC population with the FDA at a pre-NDA meeting; detailed study results are planned for presentation at a future medical meeting
Company to host a conference call today, November 17th at 8:00am ET

, /PRNewswire/ -- Nuvalent, Inc. (Nasdaq: NUVL), a clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for clinically proven kinase targets in cancer, today announced positive topline pivotal data for neladalkib, an investigational ALK-selective inhibitor, in tyrosine kinase inhibitor (TKI) pre-treated patients with advanced ALK-positive non-small cell lung cancer (NSCLC) from the global ALKOVE-1 Phase 1/2 clinical trial. Additionally, the company shared the first report of preliminary data from the Phase 2 exploratory cohort for TKI-naïve patients with advanced ALK-positive NSCLC from the ALKOVE-1 study.

"Today's announcement adds to the growing body of research that is transforming potential outcomes for ALK-positive lung cancer and offering new hope to patients," said Kirk Smith, patient and President of the Board of ALK Positive Inc. "We encourage the continued innovation and development of new therapeutic options for patients, with the hope that one day, advanced ALK-positive NSCLC could be managed as a chronic condition more often than as a life-threatening disease."

"In treating ALK-positive lung cancer, our goal is not only to help patients live longer, but also to help them live well with their disease," said Alice T. Shaw, M.D., Ph.D., a thoracic oncologist at Dana-Farber Cancer Institute and ALKOVE-1 trial investigator. "These encouraging topline data suggest that neladalkib may represent a new and differentiated treatment option for ALK positive lung cancer, offering durable clinical benefit while potentially reducing the risk of side effects that can affect quality of life." 

"We are deeply grateful to the patients, caregivers and investigators who have made this milestone possible for our neladalkib program. I continue to be inspired by the unwavering dedication of the Nuvalent team to making a difference for patients, and humbled by the courage and conviction of the over 1,000 patients that have already chosen to receive neladalkib through either our ALKOVE-1 trial or our global Expanded Access Program," said James Porter, Ph.D., Chief Executive Officer at Nuvalent. "Our focus remains on delivering our precisely targeted therapies to patients as quickly as possible, and we look forward to discussing these pivotal data with the FDA and aligning on a potential registration path for neladalkib in TKI pre-treated patients with advanced ALK-positive NSCLC."

Summary of Topline Pivotal Data

Neladalkib is being evaluated in ALKOVE-1, a first-in-human Phase 1/2 clinical trial for patients with advanced ALK-positive NSCLC and other solid tumors. The recommended Phase 2 dose (RP2D) for neladalkib of 150 mg once daily (QD) was determined during the Phase 1 dose-escalation portion of the trial. The global, single-arm, multi-cohort, open-label Phase 2 portion is designed to evaluate neladalkib at the RP2D with registrational intent for TKI pre-treated patients with advanced ALK-positive NSCLC. Global enrollment in ALKOVE-1 remains ongoing for adult and adolescent patients with ALK-positive solid tumors other than NSCLC, and for adolescent patients with ALK-positive NSCLC.

In this topline pivotal dataset for the TKI pre-treated ALK-positive NSCLC population, data are pooled across Phase 1 and 2 and reported for the primary objective of objective response rate (ORR, RECIST 1.1) by blinded independent central review (BICR). Key secondary objectives include duration of response (DOR), intracranial ORR (IC-ORR), and safety.

As of the data cut-off date of August 29, 2025, 781 patients with ALK-positive solid tumors had received neladalkib at any starting dose across the Phase 1 and Phase 2 portions of the ALKOVE-1 clinical trial. Of these, 656 patients with advanced ALK-positive NSCLC were treated with neladalkib at the RP2D.

Efficacy Analysis in TKI Pre-treated Advanced ALK-positive NSCLC

The pivotal primary analysis population consisted of 253 TKI pre-treated patients with advanced ALK-positive NSCLC with measurable disease by BICR who received neladalkib at the RP2D by September 30, 2024, with DOR follow-up of at least 6 months available for nearly all responders.

The pivotal primary analysis population was distinct from the ALK TKI pre-treated populations that have been reported for the currently available ALK TKIs:

Patients received a median of 3 prior lines of therapy (range, 1 – 11) and 51% had received prior chemotherapy.
78% of patients had received 2 or more prior ALK TKIs ± prior chemotherapy, of which 91% had received prior lorlatinib. No approved therapies have demonstrated activity after lorlatinib.
19% of patients had a secondary ALK G1202R resistance mutation, and 17% had a compound ALK resistance mutation, which are key drivers of disease progression.
40% of patients had active CNS disease by BICR at baseline.

Of the overall TKI pre-treated population, 25% (63/253) of patients were lorlatinib-naïve. Within this subpopulation:

25% received prior chemotherapy.
100% had received ≥ 1 prior 2G ALK TKI ± prior chemotherapy, of which 70% received prior alectinib only. No patients received crizotinib as their only ALK TKI.
19% of patients had a secondary ALK G1202R mutation.
35% had active CNS disease by BICR at baseline.

Activity was observed across subsets of TKI pre-treated patients, and durability of response was assessed as the probability of patients remaining in response for at least 6, 12, and 18 months by Kaplan-Meier estimate (Table 1).

Table 1.

Any prior ALK TKI
± chemotherapy  a

TKI Pre-treated,

Lorlatinib-naïve b

n

253

63

ORR, % (n/N)

(95% CI)

31% (79/253) c,d

(26, 37)

46% (29/63) e

(33, 59)

% DOR ≥ 6 months f

(95% CI)

76%

(64, 84)

89%

(69, 96)

% DOR ≥ 12 months f

(95% CI)

64%

(51, 75)

80%

(58, 91)

% DOR ≥ 18 months f

(95% CI)

53%

(34, 68)

60%

(19, 85)

G1202R mutation  g

n

47

12

ORR, % (n/N)

(95% CI)

68% (32/47) h, i

(53, 81)

83% (10/12)

(52, 98)

% DOR ≥ 6 months f

(95% CI)

84%

(65, 93)

90%

(47, 99)

% DOR ≥ 12 months f

(95% CI)

80%

(61, 91)

77%

(34, 94)

% DOR ≥ 18 months f

(95% CI)

70%

(42, 86)

77%

(34, 94)

Measurable CNS lesions

n

92 j

24 k

IC-ORR, % (n/N)

(95% CI)

32% (29/92) l, m

(22, 42)

63% (15/24) l

(41, 81)

IC-CR, % (n/N)

13% (12/92) n

21% (5/24) n

% IC-DOR ≥ 6 months f

(95% CI)

81%

(59, 91)

92%

(57, 99)

% IC-DOR ≥ 12 months f

(95% CI)

71%

(48, 85)

92%

(57, 99)

% IC-DOR ≥ 18 months f

(95% CI)

71%

(48, 85)

92%

(57, 99)

a Median DOR (mDOR) not reached with median follow-up of 11.3 months.

b mDOR not reached.

c Includes 2 unconfirmed partial responses (uPRs).

d Includes responses in patients previously treated with lorlatinib (ORR = 26% [50/190 including 2 uPRs] with mDOR = 17.6 months [95% CI: 6.9, NE]).

e For patients receiving only 1 prior 2nd generation ALK TKI (alectinib [n = 44] or brigatinib [n = 2]) ± chemotherapy, ORR was 48% (22/46) with mDOR not reached, and DOR ≥ 12 and 18 months of 74% (95% CI: 48, 88).

f Estimated for responders by Kaplan-Meier analysis.

g ALK G1202R mutation identified in local or central testing of blood (ctDNA) or tissue. Patients may have had other mutations in addition to ALK G1202R.

h Includes responses in patients with compound ALK mutations (≥2 ALK mutations, cis allelic configuration not determined in all cases) after ≥ 2 prior ALK TKIs (ORR = 58% [25/43, including 1 uPR] with DOR ≥ 12 months of 69% [95% CI: 45, 84]) and in patients with ALK resistance mutations other than G1202R, including C1156Y, I1171N, I1171T, F1174C, F1174L, V1180L, L1196M, L1198F, D1203N, E1210K, and G1269A.

i Includes 1 uPR.

j For intracranial (IC) responders, the emerging IC-mDOR was 21.6 months (95% CI: 10.1, NE) and continues to mature.

k For IC-responders, the emerging IC-mDOR was 21.6 months (95% CI: 21.6, NE) and continues to mature.

l Includes 2 IC-uPRs.

m IC responses were also observed in lorlatinib-experienced patients with measurable CNS lesions at baseline (IC-ORR = 21%, 14/68) with IC-mDOR not reached, IC-DOR ≥ 6 months of 71% (95% CI: 41, 88), and IC-DOR ≥ 12 and 18 months of 55% (95% CI: 26, 77).

n Includes 1 IC-uCR with prior confirmed IC-PR.

Preliminary Data from Exploratory Cohort for TKI-Naïve Patients with Advanced ALK-positive NSCLC

Encouraging preliminary data were available for 44 TKI-naïve patients with advanced ALK-positive NSCLC and measurable disease by BICR. These patients were treated with neladalkib at RP2D in an exploratory cohort of ALKOVE-1, with data cut-off of August 29, 2025. Patients may have received up to one prior line of chemotherapy.

The preliminary ORR was 86% (38/44; 2 uPRs) and a CR rate of 9% (4/44; 1 uCR with prior confirmed PR) was observed. DOR ranged from 1.7+ to 14.8+ months with DOR ≥ 6 and 12 months of 91% (95% CI: 70, 98) and only two progression events among responders. In 9 patients with measurable intracranial lesions, the IC-ORR was 78% (7/9) and the intracranial CR rate was 44% (4/9; 1 IC-uCR with prior confirmed IC-PR). The IC-DOR ranged from 3.1+ to 7.0+ months with no CNS progression among responders.

Global enrollment of TKI-naïve patients is ongoing in ALKAZAR, Nuvalent's Phase 3 randomized controlled trial of neladalkib versus alectinib.

Safety Analyses in Advanced ALK-positive NSCLC

Neladalkib demonstrated a generally well-tolerated safety profile consistent with its ALK-selective, TRK-sparing design.

In the 656 patients with advanced ALK-positive NSCLC treated at RP2D as of the data cut-off date, the median duration of exposure was 6.0 months (range, 0.1, 28.4). The most frequent treatment-emergent adverse events (TEAEs) occurring in ≥ 15% of patients were alanine aminotransferase increased (47%), aspartate aminotransferase increased (44%), constipation (28%), dysgeusia (23%), peripheral edema (18%), cough and nausea (16% each).

The most common TEAE of transaminase elevations were generally observed to be asymptomatic lab abnormalities that were low-grade, transient, and reversible with dose interruptions or reductions. Preliminary data suggest increased incidence in less heavily pre-treated patients. Enhanced monitoring for transaminase elevations and prompt dose interventions have been implemented in the protocol for the ALKAZAR Phase 3 randomized, controlled trial.

Across the 656 patients treated in ALKOVE-1 at RP2D, dose reductions due to TEAEs occurred in 17% of patients and 5% of patients discontinued treatment due to TEAEs.

The company plans to discuss the topline pivotal data for TKI pre-treated ALK-positive NSCLC with the U.S. Food and Drug Administration (FDA) at a pre-New Drug Application (NDA) meeting. Additionally, Nuvalent plans to present detailed study results at a future medical meeting.

Webcast and Conference Call Information

A conference call with management will be held today at 8:00 am ET. To access the call, please dial +1 (800) 836-8184 (domestic) or +1 (646) 357-8785 (international) at least 10 minutes prior to the start time and ask to be joined to the Nuvalent call.

Accompanying slides and a live video webcast will be available in the Investors section of the Nuvalent website at https://investors.nuvalent.com/events. A replay and accompanying slides will be archived on the Nuvalent website for 30 days.

About Neladalkib
Neladalkib is an investigational brain-penetrant ALK-selective inhibitor created with the aim to overcome limitations observed with currently available ALK inhibitors. Neladalkib is designed to remain active in tumors that have developed resistance to first-, second-, and third-generation ALK inhibitors, including tumors with single or compound treatment-emergent ALK mutations such as G1202R. In addition, neladalkib is designed for central nervous system (CNS) penetrance to improve treatment options for patients with brain metastases, and to avoid inhibition of the structurally related tropomyosin receptor kinase (TRK) family. Together, these characteristics have the potential to avoid TRK-related CNS adverse events seen with dual TRK/ALK inhibitors and to drive deep, durable responses for patients across all lines of therapy. Neladalkib has received breakthrough therapy designation from the U.S. Food and Drug Administration (FDA) for the treatment of patients with locally advanced or metastatic ALK-positive non-small cell lung cancer (NSCLC) who have been previously treated with 2 or more ALK tyrosine kinase inhibitors and orphan drug designation for ALK-positive NSCLC.

About the ALKOVE-1 Phase 1/2 and ALKAZAR Phase 3 Clinical Trials
The ALKOVE-1 trial (NCT05384626) is a first-in-human Phase 1/2 clinical trial for patients with advanced ALK-positive NSCLC and other solid tumors. The completed Phase 1 portion enrolled ALK-positive NSCLC patients who previously received at least one ALK TKI, or patients with other ALK-positive solid tumors who had been previously treated or for whom no satisfactory standard of care exists. The Phase 1 portion of the trial was designed to evaluate the overall safety and tolerability of neladalkib, with additional objectives including determination of the recommended Phase 2 dose (RP2D), characterization of the pharmacokinetic profile, and evaluation of preliminary anti-tumor activity. The global, single arm, open label Phase 2 portion is designed with registrational intent for TKI pre-treated patients with advanced ALK-positive NSCLC. Global enrollment in ALKOVE-1 remains ongoing for adult and adolescent patients with ALK-positive solid tumors outside of NSCLC, and adolescent patients with ALK-positive NSCLC.

The ALKAZAR trial (NCT06765109) is a global, randomized, controlled trial designed to enroll approximately 450 patients with TKI-naïve ALK-positive NSCLC. Patients are randomized 1:1 to receive neladalkib or ALECENSA® (alectinib). The primary endpoint is progression free survival (PFS) based on Blinded Independent Central Review (BICR). Secondary endpoints include PFS based on investigator's assessment, and BICR assessment of objective response rate (ORR), intracranial objective response rate (IC-ORR), overall survival (OS), and safety.

About Nuvalent
Nuvalent, Inc. (Nasdaq: NUVL) is a clinical-stage biopharmaceutical company focused on creating precisely targeted therapies for patients with cancer, designed to overcome the limitations of existing therapies for clinically proven kinase targets. Leveraging deep expertise in chemistry and structure-based drug design, we develop innovative small molecules that have the potential to overcome resistance, minimize adverse events, address brain metastases, and drive more durable responses. Nuvalent is advancing a robust pipeline with investigational candidates for ROS1-positive, ALK-positive, and HER2-altered non-small cell lung cancer, and multiple discovery-stage research programs.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including, without limitation, implied and express statements regarding Nuvalent's strategy, business plans, and focus; the expected timing of data announcements; the clinical development programs for our investigational product candidates, including neladalkib; the potential clinical effects of our investigational product candidates, including neladalkib; the design and enrollment of Nuvalent's clinical trials, including for the ALKOVE-1 and ALKAZAR trials their intended pivotal registration-directed design; the potential of Nuvalent's pipeline programs, including neladalkib, zidesamtinib and NVL-330; the implications of data readouts and presentations; timing and content of FDA submissions and interactions; Nuvalent's research and development programs for the treatment of cancer; and risks and uncertainties associated with drug development. The words "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "aim," "goal," "intend," "believe," "expect," "estimate," "seek," "predict," "future," "project," "potential," "continue," "target" or the negative of these terms and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Drug development and commercialization involve a high degree of risk, and only a small number of research and development programs result in commercialization of a product. You should not place undue reliance on these statements or the scientific data presented.

Any forward-looking statements in this press release are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties, and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this press release, including, without limitation: risks that Nuvalent may not fully enroll its clinical trials or that enrollment will take longer than expected; unexpected concerns that may arise from additional data, analysis, or results obtained during preclinical studies and clinical trials; the risk that preliminary results of clinical trials may not be predictive of future results from the same or other trials; the risk that results of earlier clinical trials may not be predictive of the results of later-stage clinical trials; the risk that data from our clinical trials may not be sufficient to support registration and that Nuvalent may be required to conduct one or more additional studies or trials prior to seeking registration of zidesamtinib and neladalkib; the occurrence of adverse safety events; risks that the FDA may not approve our potential products on the timelines we expect, or at all; risks of unexpected costs, delays, or other unexpected hurdles; risks that Nuvalent may not be able to nominate drug candidates from its discovery programs; the direct or indirect impact of public health emergencies or global geopolitical circumstances on the timing and anticipated timing and results of Nuvalent's clinical trials, strategy, and future operations, including the ALKOVE-1 and ALKAZAR trials; the timing and outcome of Nuvalent's planned interactions with regulatory authorities and the ability of Nuvalent to interact with such officials as a result of government shutdowns or other political circumstances; and risks related to obtaining, maintaining, and protecting Nuvalent's intellectual property. These and other risks and uncertainties are described in greater detail in the section entitled "Risk Factors" in Nuvalent's Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, as well as any prior and subsequent filings with the Securities and Exchange Commission. In addition, any forward-looking statements represent Nuvalent's views only as of today and should not be relied upon as representing its views as of any subsequent date. Nuvalent explicitly disclaims any obligation to update any forward-looking statements.

SOURCE Nuvalent, Inc.

TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), an oil and gas company with producing assets in New Mexico, North Dakota, Montana, Texas, and Louisiana, today reported operational and financial results for the third quarter 2025. THIRD QUARTER 2025 HIGHLIGHTS Produced Q3-2025 net production volumes of 1,566 barrels of oil per day (“Bbls/d”), an increase of 5% compared to Q2-2025; Reported 2,398 barrels of oil equivalent per day (“Boe/d”); Boe/d i.

IXICO PLC (LSE:IXI, OTC:PHYOF) shares jumped 5% to 11.28p after the neuroscience analytics specialist landed a four-year contract worth more than £3.5 million to support a global phase III trial in Huntington’s Disease.

The London-based group will provide imaging services for the study under a deal with a major pharmaceutical company. Phase III trials are the final and most expensive stage before a drugmaker seeks regulatory approval, making this a commercially meaningful win for IXICO.

Huntington’s is a rare, inherited disorder that destroys nerve cells in the brain and has no cure. With research efforts accelerating, IXICO has carved out a strong position in the field through its artificial intelligence platform, which detects subtle changes in neurological scans and supports biomarker development.

Chief executive Bram Goorden called the award “an important contract in terms of value and trial stage”, saying it reinforces the company’s role in Huntington’s research. He added that rising investment in rare neurological diseases is encouraging and could pave the way for significant scientific advances.

The contract also extends momentum behind IXICO’s “Innovate, Lead, Scale” strategy, aimed at expanding its global footprint across late-stage neuroscience trials.

"Building on the company’s Innovate Lead Scale strategy, we believe this late-stage contract further demonstrates IXICO’s position as a leading imaging contract research organisation providing services on a global basis," said broker Cavendish in a note to clients, reiterating its 24p price target.

, /PRNewswire/ -- Target Hospitality Corp. ("Target Hospitality", "Target" or the "Company") (Nasdaq: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services, today announced a 400-bed community expansion ("Community Expansion" or the "Expansion") to the previously announced 250-bed data center community ("Data Center Community" or the "Community").         

The Community Expansion represents a 160% increase from the initial Community size, resulting in a customized and purpose-built community capable of supporting up to 650 individuals ("Expanded Data Center Community").  As a reminder, this Community can grow to support up to 1,500 individuals.

The Expansion is expected to provide approximately $40 million of committed minimum revenue over its initial two-year term through March 2028 ("Expansion Contract").  Additionally, the Expansion Contract includes four one-year extension options after the initial term, enabling seamless contract extensions through March 2032.

The Expansion Contract increases the total contract value for the Expanded Data Center Community to approximately $83 million in committed minimum revenue, representing an over 90% increase from the initial $43 million Data Center Community contract value. 

Target will utilize a portion of its existing asset portfolio to complete the Community Expansion, resulting in a capital investment of approximately $10 to $15 million.  The Company will begin construction on the Expansion in the fourth quarter of 2025, with anticipated completion in the first quarter of 2026.  This decision illustrates Target's ability to utilize existing assets to service a range of end-market demand while simultaneously high-grading its contract portfolio.

The pace of Target's customer activity underscores the growing demand for purpose-built, highly customized hospitality solutions, which are crucial to the development of AI and data center infrastructure.  With this increased focus on workforce accommodations, Target is in advanced discussions regarding other potential commercial opportunities to support this accelerating industry demand.  Target's ability to deliver tailored communities focused on speed-to-market solutions positions the Company as a critical part of the data center value chain, creating a key strategic growth vertical.

"We are excited to support the rapid growth in our customers' demand and provide vital solutions that contribute to the success of this data center project. The development activity is remarkable, with the community size increasing by 160% in three months, exceeding our expectations. Target's ability to respond to this accelerated demand demonstrates the advantages of our vertically integrated accommodations platform and the unique capabilities of our Target Hyper/Scale brand. We believe these qualities establish Target as an essential partner in this industry and a leading provider of customized hospitality solutions that support this rapidly expanding AI and data center end market," stated Brad Archer, President and Chief Executive Officer.  

About Target Hospitality

Target Hospitality is one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services in the United States. Target builds, owns and operates a customized and growing network of communities for a range of end users through a full suite of value-added solutions including premium food service management, concierge, laundry, logistics, security and recreational facilities services.

Cautionary Statement Regarding Forward-Looking Statements

Certain statements made in this press release (including the financial outlook contained herein) are "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside our control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: operational, economic, including inflation, political and regulatory risks; our ability to effectively compete in the specialty rental accommodations and hospitality services industry, including growing the HFS – South, Government and Workforce Hospitality Solutions segments; effective management of our communities; natural disasters and other business disruptions, including outbreaks of epidemic or pandemic disease; the duration of any future public health crisis, related economic repercussions and the resulting negative impact to global economic demand; the effect of changes in state building codes on marketing our buildings; changes in demand within a number of key industry end-markets and geographic regions; changes in end-market demand requirements that could lead to cancelation of contracts for convenience in the Government segment; our reliance on third party manufacturers and suppliers; failure to retain key personnel; increases in raw material and labor costs; the effect of impairment charges on our operating results; our future operating results fluctuating, failing to match performance or to meet expectations; our exposure to various possible claims and the potential inadequacy of our insurance; unanticipated changes in our tax obligations; our obligations under various laws and regulations; the effect of litigation, judgments, orders, regulatory or customer bankruptcy proceedings on our business; our ability to successfully acquire and integrate new operations; global or local economic and political movements, including any changes in policy under the Trump administration or any future administration; federal government budgeting and appropriations; our ability to effectively manage our credit risk, liquidity and collect on our accounts receivable; our ability to fulfill Target Hospitality's public company obligations; any failure of our management information systems;  our ability to refinance debt on favorable terms and meet our debt service requirements and obligations; and risks related to our outstanding debt obligations.  We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. 

Investor Contact

Mark Schuck
(832) 702 – 8009
[email protected]

SOURCE Target Hospitality

Ethereum’s extreme fear reading and strong $3,100 support suggest a sharp rebound could trigger over $3 billion in Short liquidations above $3,500.Solana’s ETF inflows contrast with bearish sentiment, positioning a move toward $156 to unleash nearly $800 million in Short-side liquidation pressure.Zcash shows concentrated Long-side risk, with a drop under $600 threatening $123 million in liquidations as leveraged open interest hits record levels.The market has moved past the halfway point of November, and the total altcoin market cap has fallen below $1 trillion. The ability of altcoins to rebound while sentiment hits rock bottom may trigger volatility and large-scale liquidations in several assets.

Which altcoins face this risk, and what special factors deserve close attention? Details follow below.

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1. Ethereum (ETH)Ethereum’s liquidation map shows a clear imbalance between potential liquidation volumes on the Long and Short sides.

Traders are allocating more capital and leverage to Short positions. As a result, they would suffer heavier losses if ETH rebounds this week.

ETH Exchange Liquidation Map. Source: CoinglassIf ETH rises above $3,500, more than $3 billion worth of Short positions could be liquidated. In contrast, if ETH drops below $2,700, Long liquidations would total only about $1.2 billion.

Short sellers have reasons to maintain their positions. ETH ETFs recorded $728.3 million in outflows last week. Additionally, crypto billionaire Arthur Hayes has recently sold ETH.

However, on the technical side, ETH remains at a major support zone around $3,100. This level has the potential to trigger a strong recovery.

The sentiment indicator for ETH has also fallen into extreme fear. Historically, ETH has often rebounded sharply from similar conditions.

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Because of this, an ETH recovery has a solid basis and could trigger significant losses for Short traders.

2. Solana (SOL)Similar to ETH, Solana’s liquidation map also shows a strong imbalance, with Short liquidation volume dominating.

SOL’s drop below $150 in November has led many short-term traders to expect a further decline toward $100. Not only retail traders, but whales have also shown short-selling behavior this month.

However, SOL ETF data paints a more positive picture. According to SoSoValue, U.S. SOL ETFs recorded a net inflow of more than $12 million on November 14 and over $46 million for the past week. Meanwhile, both BTC ETFs and ETH ETFs saw negative net flows.

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SOL ETF Daily Total Net Inflow. Source: SoSoValueThis gives SOL a reason to rebound, as investors still see strong ETF demand. The liquidation map shows that if SOL climbs to $156, Short liquidations may reach nearly $800 million.

SOL Exchange Liquidation Map. Source: CoinglassConversely, if SOL falls to $120 this week, Long liquidations could reach around $350 million.

3. Zcash (ZEC)In contrast to ETH and SOL, ZEC’s liquidation map shows that Long traders face the bulk of potential liquidation risk.

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Short-term traders appear confident that ZEC will continue forming higher highs in November. They have reasons for this outlook. ZEC locked in the Zcash Shielded Pool has increased sharply this month, and several experts still expect ZEC to reach as high as $10,000 potentially.

ZEC Exchange Liquidation Map. Source: CoinglassHowever, ZEC has faced repeated rejections near the $700 level. Many analysts, therefore, worry about a correction this week.

If a correction occurs and ZEC drops below $600, Long liquidations could exceed $123 million.

Moreover, Coinglass data shows that ZEC’s total open interest reached an all-time high of $1.38 billion in November. This reflects a high level of leveraged exposure, which increases the risk of volatile moves and large-scale liquidations.

ZCash Futures Open Interest. Source: CoinglassBecause of this, holding Long positions in ZEC could offer short-term gains. But without clear take-profit or stop-loss plans, these positions could quickly face liquidation pressure.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

A Hyperliquid whale, undeterred by the BTC downturn, made a bet on a wide selection of altcoins, including older assets and memes.

Published
19 minutes ago on
November 17, 2025

Falcon Finance, the synthetic dollar protocol whose TVL has been climbing all year, has unveiled a new transparency and security framework for USDf. The all-new standard being rolled out by Falcon is a reflection of both demand from its users and the level it aspires to reach now that the supply of its yield-bearing stablecoin has surpassed $2B. No longer the plucky contender, USDf has evolved into a major player and serious rival to USDe.

Falcon’s stablecoin protocol enables users to lock crypto assets as collateral – including plain stablecoins such as USDT and USDC – and to mint USDf. After minting the synthetic stablecoin, they can then earn yield on it through staking it in the Falcon Finance dashboard – and additionally utilize the liquid token they receive in return to explore further earning opportunities across the DeFi ecosystem. The launch of a new transparency framework attests to the progress USDf has made this year – and indicates where Falcon’s DeFi protocol is headed next.

Transparency as a ServiceWhile USDf has had a very good year, the broader yield-bearing stablecoin sector has encountered the occasional speed-bump, the latest being the depeg of Stream’s xUSD, whose yield strategies were found to be deviating from delta-neutral sources – despite what its founders had claimed to the contrary. While not a USDf problem, it’s understandable that Falcon Finance should have used the opportunity to reassure users that USDf is fully backed – and that its yield is fully sustainable.

Unveiling its new risk management framework, Falcon’s Andrei Garchev said: “Users should never have to guess what is backing their assets or how risk is being managed. If USDf is to serve as collateral and a yield instrument for serious builders and institutions, its reserves, custody, and controls must be transparent by default and validated by independent experts.”

Putting It All on the TableFalcon Finance had already released a transparency dashboard that reveals key metrics concerning the backing for its native stablecoin, full breakdown of reserves, and yield strategy allocation. This framework has since been further enhanced by the addition of new metrics that provide an unprecedented insight into the security and risk-management parameters built into USDf. After staking USDf to create sUSDf, Falcon users can tap into a yield-bearing token that leverages diversified, institutional-grade trading strategies.

Not only does Falcon enable users to view near real-time data points concerning USDf’s backing and supply, but it enlists independent auditors to provide attestation. Coupled with third-party smart contract audits, these measures have bolstered confidence in USDf, contributing to its growing adoption by retail DeFi users and institutions too.

Falcon Finance believes that it can attract clients, including Web3 projects overseeing Digital Asset Treasuries (DATs), seeking yield that beats the returns available from ETH staking. With yield for staked USDf currently standing at over 9%, it’s currently delivering around 2x that benchmark. Falcon’s decision to provide full transparency into its operations should help to further grow TVL while driving greater institutional adoption of yield-bearing stablecoins, now a $15B sector.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

XRP price is trading with renewed strength as traders prepare for a volatile macro week ahead. Mainly dominated by U.S. inflation data, retail sales numbers, and fresh comments from Federal Reserve officials. Despite last week’s choppy market conditions, XRP has maintained a steady structure, outperforming several large-cap altcoins. It has also attracted interest from traders looking for assets showing relative stability during Bitcoin’s pullback.

XRP Price Analysis: Bulls Defend Key Support LevelsThe XRP price continues to defend the $2.20 support region, a level that has cushioned multiple pullbacks in recent sessions. Each dip into this zone has been quickly absorbed, highlighting strong spot demand and healthy liquidity on the buy side. For bullish momentum to accelerate, XRP needs a decisive close above the $2.30 resistance, which has capped upside attempts for over a week.

A breakout above $2.30 would position XRP for a potential 10–15% rally, targeting $2.45, followed by a secondary resistance near $2.52, where a larger liquidity cluster sits.  But the question arises, are the bulls still in play?

XRP is rebounding from the strong demand zone at $2.18–$2.20, forming a short-term double-bottom structure, while Bollinger Bands show early expansion, hinting at rising volatility. The CMF is trending higher, signaling improving buy-side pressure even as price remains in a broader range. A sustained move above the mid-band and $2.30 could trigger a push toward the $2.45 and $2.60 resistance levels. However, failure to hold $2.18 may reopen downside risk toward $2.05. For now, momentum favors a relief bounce toward the upper range targets.

Final Thoughts: What Could Trigger the Next Move?This week’s U.S. inflation data and Fed commentary remain the biggest external catalysts. A cooler-than-expected CPI reading could boost risk appetite and help XRP power through the $2.30 barrier. Conversely, a hotter print may delay a breakout and drag the price back toward $2.18–$2.20, a level that must hold to preserve the bullish structure.

XRP price is well-positioned for a breakout attempt as long as it maintains support above $2.20. A strong move through $2.30could ignite a fresh upside wave toward $2.45–$2.52, while extended macro pressure may keep the token consolidating within its current tight range.

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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11h05 ▪
4
min read ▪ by
James G.

Summarize this article with:

U.S. Bitcoin ETFs faced another difficult week as steady capital outflows added strain to an already uneasy market. Investor caution increased as withdrawals accelerated, pushing Bitcoin further below the $100,000 mark and signaling a broader loss of confidence in digital assets.

In brief

US Bitcoin ETFs record a tough week with $492M in Friday outflows and more than $1.1B pulled from funds over seven days.
BlackRock’s IBIT leads exits with $463M out, while only Grayscale’s BTC product posts small inflows amid broad market caution.
Bitcoin trades near $95.5K after slipping below $100K, with nearly 10% weekly losses and rising fear across major crypto assets.
Traders cite profit-taking, thin liquidity, and macro uncertainty as key forces weighing on sentiment and driving reduced exposure.

Bitcoin ETFs Extend Losing Streak With Third Straight Day of Heavy Outflows
U.S.-based Bitcoin ETFs recorded more than $492 million in net outflows on Friday, marking a third consecutive day of declines. Outflows have persisted for weeks, and traders continue to scale back their exposure while volatility remains high.

BlackRock’s IBIT led Friday’s withdrawals with $463.10 million in outflows, extending a series of sharp pullbacks. Grayscale’s GBTC followed with $25.09 million in outflows, while Fidelity’s FBTC saw $2.06 million leave the fund. 

Only Grayscale’s BTC product attracted new capital, bringing in $4.17 million. Meanwhile, WisdomTree’s BTCW posted a smaller loss of $6.03 million. Most other ETFs—including ARKB, BRRR, EZBC, and DEFI—reported no inflow or outflow activity. 

Cumulative net inflows remain positive at 58.85B, while total net assets stand at $125.34 billion, roughly 6.67% of Bitcoin’s market cap. Still, Thursday’s $869.86 million withdrawal set the tone for a weak finish. By the end of the week, U.S. ETF outflows reached more than $1.11 billion, marking one of the heaviest weekly departures in recent months.

BTC Decline Continues With Traders Watching for Further Losses
Pressure in ETF flows mirrors Bitcoin’s recent price movement. BTC fell below the key $100,000 level earlier in the week and is now trading near $95,500. Minor intraday recoveries have not eased concerns, as broader sentiment remains firmly risk-off. Market data indicate that Bitcoin has declined by nearly 10% over the past week, with fear spreading across major assets.

Several factors continue to weigh on crypto markets:

Profit-taking after earlier highs reduces buying interest.
Thin liquidity amplifies price swings during sell-offs.
Macro uncertainty keeps traders defensive.
Fed rate cut odds near 50% leave markets without a clear direction.
Delayed economic data adds hesitation to risk-taking.

Some investors see the retracement as a healthy pause following the strong momentum earlier in the year. Market behavior remains orderly, indicating controlled selling rather than widespread capitulation.

Bitcoin ETFs have become a key indicator of institutional sentiment, and a shift back toward inflows could help stabilize market conditions. For now, traders are watching to see whether Bitcoin can hold above current levels or whether further declines will shape the coming weeks.

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James G.

James Godstime is a crypto journalist and market analyst with over three years of experience in crypto, Web3, and finance. He simplifies complex and technical ideas to engage readers. Outside of work, he enjoys football and tennis, which he follows passionately.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

XRP Stands Out With 89% Gain as BTC, ETH, CD20 Fall to Muted Returns Over 365 DaysDespite recent price losses, XRP is still up 89% on a 365-day basis. Updated Nov 17, 2025, 10:11 a.m. Published Nov 17, 2025, 10:11 a.m.

The recent crypto swoon has pushed bitcoin BTC$95,864.78, ether ETH$3,208.21, and major CoinDesk indices down to the point where they're posting muted or negative returns over the past 365 days – an unenviable position that only XRP has managed to avoid.

As of Sunday, payments-focused XRP was up 89% over the past 365 days, significantly outshining the modest 3.6% gains posted by both bitcoin and the CoinDesk 20 (CD20) Index, according to CoinDesk data.

STORY CONTINUES BELOW

The CoinDesk 5 Index was up just over 2%, making it the only other winner, while ether saw a flat 2% gain. Meanwhile, rivals like solana SOL$142.33 and ADA$0.4952 suffered steep losses, both down more than 36%. The CoinDesk Meme Index posted the worst performance, down 78%, reflecting the heavy toll taken by the riskiest corners of the crypto market.

XRP stands out on a 365 days as BTC, ETH and other indices lag. (CoinDesk Indices)

XRP is also the only major token to boast a positive year-to-date gain.

What makes XRP's outperformance more impressive is that its price is down 36% from the record high of over $3.6, registered four months ago. BTC, the leading cryptocurrency by market capitalization, has also dropped 24% since reaching a peak of over $126,000 on Oct. 8.

Several catalysts, including regulatory developments, have contributed to XRP's outperformance.

The resolution of the SEC lawsuit against Ripple, the fintech firm that uses XRP to facilitate cross-border transactions, was a major milestone, removing a significant legal barrier that had clouded XRP's adoption prospects in the U.S. This cleared the way for increased institutional participation and is seen as a critical turning point for XRP’s mainstream adoption.

On the tech front, Ripple’s rollout of the XRPL EVM sidechain and Ripple's RLUSD stablecoin, which has reached a market cap of $1 billion within a year of its December 2024 launch, has expanded XRP's use case beyond payments and into DeFi applications.

Ripple's strategic partnerships in key regions, such as the Middle East, and its U.S. banking license application have further strengthened XRP's appeal, as evident from the debut of Canary Capital's spot XRP exchange-traded fund (ETF) in the U.S. last week. The fund debuted with the highest day-one volume for any ETF this year.

Leading industry observers are confident that XRP ETFs will be hugely successful in drawing demand from institutional investors.

"I think it would be a huge, huge product. There's a ton of interest in XRP," asset manager Bitwise's CEO Hunter Horsley told CoinDesk TV. "There’s a lot of energy, enthusiasm, and interest around it,"

Horsley explained that over $100 trillion is currently sitting on traditional financial rails, and more of that is migrating onto-chain. An ETF is often the first time many of those assets can access exposure to a new asset. "If investors have the chance to trade and gain exposure to XRP, it will be a highly useful and in-demand product," he said.

Outperformance at costThere’s an old saying: there’s no such thing as a free lunch, and that definitely applies to XRP.

While the token has outperformed several major cryptocurrencies, it has also been among the most volatile, according to CoinDesk data.

XRP’s annualized 365-day volatility stands at 91%, compared to bitcoin’s 44%. The only assets with higher volatility are the CoinDesk Meme Index at 115.85% and cardano at 100.55%.

However, with growing institutional interest and potential ETF approvals on the horizon, XRP’s volatility may ease as it attracts more stable, long-term capital.

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XRP price is slipping again, and the mood across the market isn’t helping. With Nvidia, Walmart, Target, and Home Depot all reporting earnings this week—plus the return of US economic data after the historic 43-day government shutdown—risk sentiment is shaky. Traders are watching every candle with suspicion. In the middle of all this, XRP price has moved into a fragile zone, raising a tough question: is a drop to 0.65 even on the table?

XRP Price Prediction: Why the Market Mood Matters Right Now

Before jumping into the technicals, it’s worth understanding the backdrop. The shutdown halted key economic reports for more than a month, leaving investors moving blind. As the data pipeline reopens, volatility tends to spike.

Add to that:

Nvidia’s earnings, which heavily influence risk appetiteMajor retailers reporting results that reflect real consumer strengthFOMC minutes that may hint at the next interest-rate shiftOngoing weakness in housing and sentiment dataThis kind of week can easily pressure altcoins. XRP feels that pressure more than most when momentum is already leaning down.

What the XRP Price Daily Chart Is Actually ShowingThe daily candles tell a clear story: XRP is in a controlled downtrend, but not a freefall.

XRP/USD Daily Chart- TradingView1. Price Is Stuck Under the Mid-Bollinger BandThe mid-band has acted like a ceiling for nearly the entire month. Every attempt to reclaim it has failed, which shows sellers remain in control.

2. The Lower Bollinger Band Has Started to Slope DownA downward-angled lower band often precedes another leg lower. It signals room for volatility to expand on the downside.

3. Repeated Taps of the 2.20–2.00 Support ZoneThis region is being tested over and over without a convincing rebound. When support becomes a lounge chair instead of a trampoline, breakdowns happen.

4. Heikin Ashi Candles Are SofteningThe candles are losing body size, with more flat-bottomed reds showing up. That’s a classic continuation signal in Heikin Ashi analysis. The chart is weak. But weak does not automatically mean catastrophic.

Is 0.65 a Realistic Scenario?0.65 is nowhere near the current structure. To reach that level, XRP price would need to slice through several major supports that haven’t even been threatened on this timeframe.

For a move toward 0.65, you would need:

A macro shock hitting all risk assetsBitcoin breaking its macro higher-low structureAltcoins entering a broad capitulationXRP-specific negative catalysts (legal, liquidity, exchange delistings, etc.)None of those conditions are present right now.So while traders often float extreme targets in fear-heavy markets, the chart doesn’t justify a scenario that dramatic.

The More Likely Downside PathBased on the current structure, the realistic progression looks closer to this:

2.20 – First support, already weakening2.00 – Stronger shelf, but vulnerable if momentum stays negative1.75–1.50 – Next demand zone if volatility widens1.00–0.85 – Panic zone, possible only during market-wide distressA crash straight into 0.65 would require an event far bigger than anything visible on the chart.

What Would Invalidate the Bearish Bias?XRP needs to prove strength, not hint at it.

A real reversal begins only if:

• It closes a daily candle above the mid-Bollinger band: This would show buyers are finally taking back control.

• It forms two consecutive strong Heikin Ashi green candles: This isn’t happening yet.

• It reclaims the blue moving-average zone: That band has rejected price multiple times. A reclaim would shift the short-term trend.

Until these conditions appear, the bias stays bearish with controlled downside.

XRP Price Prediction: Will XRP Price Crash to 0.65?The chart points to more downside, but not a collapse to 0.65. $XRP is weak, momentum is fading, and support is slowly eroding. But the structure does not support a multi-level crash that deep unless the entire crypto market enters a panic phase.

For now, the most realistic scenario is a drift toward the lower supports between 2.00 and 1.75, not a meltdown into the 0.60s.

If market conditions worsen after this week’s earnings and economic data flood back, those lower levels become more likely—but 0.65 remains a distant extreme, not an imminent threat.

Institutional ownership, ETF absorption, and Strategy's capital access point to a short consolidation instead of a deep drawdown, Bernstein argues.

Nick Szabo warned that Bitcoin is not completely trustless and could be vulnerable to attacks.

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After losing the key $100,000 price mark due to a sharp pullback last week, the price of Bitcoin is now changing hands between $95,000 and $95,100. Despite the magnitude of the current drawdown in price, it is still below the level of the preceding major corrections.

Ongoing Bitcoin Pullback Still Behind Previous Drawdown
Bitcoin has been in a downward trend since it reached its all-time high of around $126,000. While investors and traders closely monitoring the charts may perceive the most recent decline in Bitcoin’s price as severe and significant, on-chain data reveals a completely different picture regarding the development. 

In a post on the X platform, Darkfost, a market expert and author, revealed that the drawdown of the ongoing correction reached about 23% as of Sunday. However, the current pullback still sits slightly below the magnitude of the previous major downturn despite increased volatility and growing panic throughout the market.

Since such a level of corrections is often seen in each market cycle, Darkfost stated that there is nothing unusual about this large pullback so far. As indicated on the Bitcoin Drawdown metric, the previous corrections, particularly the last two, reached 26% and 28%, respectively. These corrections occurred in September 2024 and May 2025.

BTC’s ongoing correction compared to previous pullbacks | Source: Chart from Darkfost on X
Darkfost has also examined the supply of BTC in profit to determine the impact of the current correction on the market. After analyzing the Bitcoin Percent Supply in Profit metric, the expert found that this ongoing pullback is having the biggest effect on the market, even though it is not the largest. Meanwhile, this pressure is mostly felt by short-term BTC holders. 

Data shows that the percentage of supply in profit has recently fallen to 68% following a sharp pullback to $93,000, marking its lowest level observed within the recent drawdown. It is worth noting that the last time the market felt this much impact from a pullback was in October 2023, just after the bear market. As on-chain data and BTC’s price draw closer to critical levels, Darkfost has urged investors to monitor the trend in the coming few weeks in order to determine the next market direction.

Short-Term BTC Holders Are Panicking Again
Presently, a strong feeling of fear and uncertainty has been observed among BTC short-term holders. Darkfost highlighted that the market is experiencing the biggest panic move from these key investors since the last all-time high of $126,000.

This negative action is indicative of the recent movement of thousands of BTC by these investors into centralized exchanges, probably to sell them off. During the weekend, short-term holders sent more than 65,000 BTC to crypto exchanges at a loss.

The massive portion of BTC that has moved to centralized exchanges is a clear indication of capitulation among the cohort, who appear to be losing confidence and are choosing to exit the market to minimize their losses. Should this amount of coins be sold, this will lead to billions of dollars leaving the market, which would ultimately trigger more decline in Bitcoin’s price.

BTC trading at $95,683 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Freepik, chart from Tradingview.com

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

Key NotesBitMine's Tom Lee has hinted at a possible 100x increase in ETH price.He noted that the coin is already following a similar price pattern which BTC followed years ago.BitMine currently holds 3.5 million ETH in its stash, making it the largest corporate holder of the coin.
.
Thomas Jong Lee, popularly known as “Tom” Lee, has pointed out a similar pattern between Ethereum

ETH
$3 192

24h volatility:
1.2%

Market cap:
$386.10 B

Vol. 24h:
$35.48 B

and Bitcoin

BTC
$95 521

24h volatility:
0.9%

Market cap:
$1.91 T

Vol. 24h:
$80.29 B

.

He noted that the former is mirroring a price pattern Bitcoin followed a few years ago, and because of this, he isn’t ruling out the possibility of ETH achieving a 100x gain, even though the second-largest cryptocurrency by market cap is still trailing behind BTC.

Ethereum Lags Behind Bitcoin
Tom Lee, the executive chair of Ether treasury company BitMine, took to X to state that Ethereum has started on the same path that led to a 100x multiplication of Bitcoin price since 2017.

According to Lee, he first endorsed BTC as a worthy investment to clients of his research firm, Fundstrat, in 2017.

Bitcoin is a volatile asset.

We first recommended Bitcoin to Fundstrat clients in 2017 (1%-2% allocation)
– Bitcoin 2017 ~$1,000

Since then (past 8.5 years), $BTC:
– 6 declines > -50%
– 3 declines > – 75%

2025, Bitcoin 100x from our first recommendation

TAKEAWAY:
To have… pic.twitter.com/xtIRGLdnWM

— Thomas (Tom) Lee (not drummer) FSInsight.com (@fundstrat) November 16, 2025

At the time, the coin was worth around $1,000, and since then it has experienced multiple price drops of up to 75%. Even with those declines, the flagship cryptocurrency remains worth many times more than it was eight years ago.

Bitcoin is currently trading at $95,593.98, corresponding with a 0.41% dip within the last 24 hours.

Bitcoin has now “100x from our first recommendation,” Lee asserted. “We believe ETH is embarking on that same “Supercycle.”

This year alone, ETH has struggled behind BTC, with the latter breaking through several new highs, including an all-time high (ATH) above $126,000 in October.

Ethereum also recorded an ATH of $4,946, almost hitting $5,000, but this was back in August. Ethereum’s current market price is $3,185.26, with a 0.9% decline over 24 hours.

More Ethereum Treasury Firms Rising
The number of Ethereum treasury firms is consistently on the increase. BitMine Immersion Technologies has accumulated a total of 3,505,723 ETH as of November 9.

This stake represents 2.9% of Ethereum’s 120.69 million-token circulating supply, which puts it at the top of the list of corporate Ethereum holders worldwide.

BTCS is another firm with an aggressive Ethereum accumulation strategy. This has gone a long way in enhancing its financial position, driving net income to $65.59 million, powered primarily by $73.72 million in unrealized gains.

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

Cryptocurrency News, News

Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.

Godfrey Benjamin on X

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I’ve watched Uniswap price light up trading screens this week, soaring 18.14%. All thanks to renewed protocol optimism and whale-driven momentum. Today’s 1.92% move builds on a strong reversal as governance chatter heats up around the Fee Switch Proposal. This drew traders who sense a fresh incentive alignment. 

Successively, the technical rebound took off just as market sentiment hit extreme fear levels, adding fuel for a volatility surge. UNI’s price surging past short-term averages confirms that it’s not just noise, but a real bid from spot buyers. 

While derivatives Open Interest dipped 8%, signaling less froth from leverage, conviction in spot seems to be what’s driving this rally. Join me as I decode the price targets for the near term.

UNI Bulls Eye $9.46, Volatility Ahead?Let’s dive into UNI’s pure chart action. The UNI price reclaimed its 30-day SMA at $6.42, quickly powering through to knock on the door of the 200-day SMA at $7.94. This move marks the first clean reversal in weeks, with the MACD histogram crossing positive territory. 

Now, that’s a classic momentum signal, telling me institutional players are returning to push trend-following algos higher. I see RSI-14 at 53.16, sitting comfortably above neutral yet steering clear of the overbought zone.

Successively, volume tells the next layer of the story. UNI’s 24h trading volume jumped a hefty 47.59%, up to $682 million. Wondering, when do targets get hit? If bulls can close a daily candle above $8, especially with volume holding above $650 million, the path to $9.46 opens wide. Based on current volatility, I expect a potential test of $9.46 within the next 7 to 10 days, with a sharp reversal in sentiment.

Conversely, if UNI fails to hold $7.41, sellers could retest the 30-day SMA around $6.42. However, negative momentum would likely stay capped unless RSI dips below 40 and volume drops back under $400 million. Bearish swings appear limited, since market structure shows strong historical support under $6.50. Successively, bullish conviction remains high unless volume fades or price closes below the weekly low of $7.07.

FAQsIs UNI overbought after the recent rally?

Not yet. With RSI near 53 and away from the 70-mark, strength can persist before a reversal.

What price should traders watch if UNI breaks $8?

If $8 flips to support, $9.46 stands as the next technical resistance that could see profit-taking.

How risky is UNI after this surge?

Volatility is high, so moves can cut both ways. Strong support exists above $6.42, minimizing crash risk unless volume collapses.

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Mon, 17/11/2025 - 8:54

Shiba Inu's volume is close to hitting extremely low levels, which could kill all the momentum on the market.

Cover image via U.Today

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Shiba Inu is about to enter one of the riskiest stages a cryptocurrency asset can go through: apathy rather than a crash. Although the price is not plummeting sharply, something much worse is going on below the surface: market participation is almost completely disappearing, volume is evaporating and liquidity is drying up.

Nothing left for SHIBA meme asset ceases to exist when it is no longer moving. This is painfully obvious from the chart. All major moving averages, including the 50-day, 100-day and particularly the 200-day MA, are acting as layered resistance, and SHIB is trapped below them.

SHIB/USDT Chart by TradingViewThe price action shows an attempt at a bounce that was unsuccessful in breaking the structure, followed by a gradual decline that is currently centered on $0.0000090-$0.0000093. The RSI is in the 39-41 range. It is not strong enough to indicate a buildup, nor is it oversold enough for a reversal. To put it another way, there are no catalysts, no momentum and no volatility.

HOT Stories

Volume being lostThe more significant issue is that the volume is continuously dropping. Recent candles are getting smaller and fading toward historical lows. Every SHIB investor should be much more concerned about that than about a day with a red price. Low volume indicates fewer purchasers, less vendors, no strain on liquidity, absence of speculative interest and a lack of volatility to spur growth.

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This is how markets pass away quietly rather than violently. Statistically speaking, the next step is worse: an acceleration of the downtrend, not due to selling pressure but rather because no one is interested in purchasing dips anymore. Even tiny sell orders can cause the price to drop during this phase.

Two things would bring SHIB back to life: a macro rotation into meme assets, which is currently not taking place, and listings, announcements, burns and the entry of big holders, all acting as narrative catalysts. Right now, none of those are in action. The trend will continue if SHIB is unable to recover $0.0000105. Additionally, it becomes more difficult rather than easier to reach that level when volume collapses.

Everyone is afraid of crashes, but what you should be afraid of is the lack of volatility and volume, which silently kills projects.

Related articles

Bitcoin's 30-day correlation with the Nasdaq 100 has reached the highest level since 2022.Bitcoin also exhibits negative asymmetry, falling harder when equities decline.Analysts say BTC acts more like a high-beta tech asset than a safe haven.Bitcoin’s 30-day correlation with the Nasdaq 100 Index has surged to its highest level in 3 years. Meanwhile, its link to traditional safe-haven assets, such as gold, has dropped to nearly zero.

This significant shift raises questions about Bitcoin’s digital gold narrative as it now acts more like a high-beta technology asset than a stable store of value.

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Bitcoin Mirrors Tech Stock Volatility as Market Dynamics ShiftIn a recent post on X (formerly Twitter), The Kobeissi Letter highlighted that the cryptocurrency’s 30-day correlation with the Nasdaq 100 Index has reached roughly 0.80. This was the highest reading since 2022 and the second-strongest level in the past decade.

Bitcoin’s correlation with equities turned positive in 2020. Over the last five years, the largest cryptocurrency has generally moved in the same direction as the tech-heavy index. It only broke that pattern for short stretches in 2023.

This long-running trend has now pushed Bitcoin’s five-year correlation with the Nasdaq to 0.54. Meanwhile, The Kobeissi Letter noted that Bitcoin shows almost no statistical relationship with assets traditionally viewed as safe havens, including gold.

“Bitcoin is increasingly behaving like a leveraged tech stock,” the post read.

Furthermore, in its latest report, Wintermute pointed to a more pressing dynamic: the quality of the correlation has shifted. The firm explained that while the directional correlation with the Nasdaq remains elevated, its quality has deteriorated into a bearish skew. This means that,

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When equities fall, BTC falls harder.
When equities rise, BTC participates weakly.

“Right now, that skew is firmly negative, showing that BTC still trades as a high-beta expression of risk sentiment, but only when it cuts the wrong way,” the analysis reveals.

Bitcoin and Nasdaq Correlation. Source: WintermuteNotably, the “pain gap,” has surged to levels not seen since late 2022. This results in a structural performance disadvantage, where Bitcoin underperforms in risk-on environments—characterized by investor optimism—and overreacts in risk-off scenarios, amplifying downside moves.

Wintermute’s Jasper De Maere revealed that two forces explain why this skew is appearing now. First, investor mindshare has shifted toward equities, especially mega-cap tech. It has absorbed most of the risk-on flows that previously rotated into crypto.

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“This crowding of mindshare means BTC remains correlated when global risk sentiment turns, but doesn’t benefit proportionally when optimism returns. It reacts as a ‘high-beta tail’ of macro risk rather than a standalone narrative, the downside beta remains, the upside narrative premium does not,” De Maere stated.

Second, structural liquidity in crypto remains thin. Stablecoin supply has stalled, ETF inflows have slowed, and exchange depth has not recovered to early-2024 levels. This fragile liquidity amplifies downside moves, reinforcing the negative skew.

“Historically, this kind of negative asymmetry doesn’t appear near tops but rather shows up near bottoms. When BTC falls harder on bad equity days than it rises on good ones, it usually signals exhaustion, not strength,” the report added.

Market data further corroborates this. Over the past 41 days, the crypto sector has shed $1.1 trillion in market capitalization, equating to $27 billion daily. Bitcoin itself has dropped 25% in the last month, moving below $95,000 amid a broader sell-off.

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“US stock market futures just opened and they are completely unfazed by the crypto decline this weekend. Even as crypto has lost -$100 billion since Friday, US stock market futures are GREEN,” The Kobeissi Letter reported.

Furthermore, gold has surpassed $4,100 per ounce, outperforming Bitcoin by 25 percentage points since early October. According to The Kobeissi Letter,

“The isolated nature of the -25% crypto downturn further supports our view: This is a leverage and liquidation-based crypto ‘bear market.'”

Taken together, these developments raise a crucial question for investors: can Bitcoin still be viewed as a safe-haven asset? With correlations elevated, liquidity thin, and downside reactions outweighing upside participation, the current data points to a market where Bitcoin behaves more like a high-beta speculative asset than a defensive hedge.

Whether this dynamic proves temporary or structural will depend on how risk sentiment, liquidity conditions, and investor positioning evolve in the months ahead.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Journalist

Posted: November 17, 2025

Key Takeaways
Why did Arthur Hayes make such a big sale?
He cut risk during a downturn that liquidated over $620 million in positions.

Why is Hayes suddenly bullish on ZEC?
Rising liquidity pressure and growing interest in privacy coins pushed him to buy more ZEC.

The market’s taken a rough turn, and Arthur Hayes is trimming his sails.

The BitMEX Co-Founder offloaded nearly $5 million worth of tokens in a single day, cutting down his positions across several major altcoins. His moves came as the market slipped to multi-month lows, adding to an already uneasy week for traders.

Arthur Hayes lets go of major altcoins
Data from Lookonchain showed Arthur Hayes moving quickly to cut risk after the market’s downturn, routing multiple transactions through FalconX and Wintermute. His largest sale was roughly $2.48 million in Ethereum [ETH], followed by $1.38 million in Ethena [ENA] and about $480,000 in Lido DAO [LDO].

Source: X

He also reduced positions in Aave [AAVE], Uniswap [UNI], and ether.fi, sending a combined few hundred thousand dollars’ worth of tokens to OTC desks. The transfer history shows a clear unwind of exposure within hours.

The rapid exits have caused conversation about Hayes potentially rotating into Zcash [ZEC]. The narrative is gaining traction across X and Reddit.

More recently, Lookonchain reported that Hayes has sold 1,480 ETH worth $4.7 million over the past two days. However, his timing hasn’t been strong. The last time he sold ETH on the 1st of August, it was the local bottom.

Source: X

He ended up buying back at a higher price just nine days later.

A market shaken
Hayes’ rapid sell-off occurred during a period of deep market stress.

Over the past 24 hours, 152,035 traders were liquidated, wiping out nearly $620 million in positions, according to CoinMarketCap.

Bitcoin [BTC] accounted for the largest share with $243.5 million in liquidations, followed by Ethereum at about $170 million. The Heatmap showed pockets of pressure across major altcoins as well, including ZEC, Solana [SOL], and Ripple [XRP].

Source: Coinmarketcap

The biggest single liquidation hit Hyperliquid’s BTC-USD pair for $30.6 million. With leveraged trades unwinding at this scale, sentiment has changed. This creates an environment where large holders like Hayes can move defensively.

Hayes backs ZEC
Building on that, Hayes’ latest public call may have added to ZEC’s surge.

After posting a ZEC/BTC chart and saying he had “aped more,” traders quickly took notice. The pair has been climbing steadily from around 0.0045 BTC and recently pushed through 0.0068 BTC.

A clear pattern of higher highs and higher lows. The chart also showed stronger volume.

Source: X

With rising interest and tighter liquidity, Hayes’s buying confirmed the sentiment shift towards ZEC.

AMBCrypto previously reported that Hayes still sees room for the crypto market to grow.

He noted that past Bitcoin cycles peaked in Q4 after the halving and said this one could do the same in 2025. It could even stretch into 2026 if Trump boosts spending and keeps markets risk-on.

6 minutes ago

Bitcoin’s price is now at a “pivotal juncture” as the fate of the market cycle depends on incoming macro signals and maintaining key technical price levels.

66

US spot Bitcoin exchange-traded funds (ETFs) closed a third straight week in the red, deepening concerns that one of Bitcoin’s biggest institutional demand engines is stalling.

Spot Bitcoin (BTC) ETFs saw $1.1 billion in net negative outflows during the past trading week, marking their fourth-largest week of outflows on record, according to Farside Investors data.

The ETF outflows occurred during a significant correction, as Bitcoin’s price fell by over 9.9% during the past week, to trade at $95,740 at the time of writing, Cointelegraph data shows.

Bitcoin ETF flows (in USD, million). Source: Farside InvestorsThe recent correction marked the first pattern of an emerging “mini” bear market, according to crypto insights platform Matrixport.

“Our data showed a market losing momentum and lacking the catalysts needed for a sustained rally,” wrote Matrixport in a Friday X post, adding:

“With ETF flows weakening, OG investors reducing exposure, and macro conditions offering no immediate catalyst, the path forward remains highly dependent on upcoming policy decisions from the Federal Reserve.”The crypto market remains in a “pivotal juncture,” as key price levels and macro triggers will determine the next significant move, according to Matrixport.

Source: MatrixportUS spot Bitcoin ETF inflows and investments from Michael Saylor’s Strategy were the main demand drivers for Bitcoin in 2025.

Solana ETF inflows defy market gravitySpot Solana (SOL) ETFs continue to defy the gravity of the cryptocurrency market, generating positive inflows despite the broader downturn.

Solana ETFs ended last week with $12 million in inflows on Friday, logging 13 days of consecutive inflows since their launch on Oct. 29.

Spot Ether (ETH) ETFs logged $177 million in outflows on Friday, marking the fourth consecutive day in the red, according to Farside Investors.

Solana ETF flows (in USD, million). Source: Farside InvestorsDespite the positive ETF inflows, Solana’s price fell 15% on the weekly chart, while Ether’s price fell 11% during the same period.

Magazine: Bitcoin to see ‘one more big thrust’ to $150K, ETH pressure builds

Michael Saylor is explicitly telling markets that Strategy (MSTR) has been built to withstand a Bitcoin crash that would wipe out almost every other leveraged player in the ecosystem.

In an interview with Grant Cardone streamed live on November 14 , the Strategy executive chairman drew a clear theoretical stress line for the company’s balance sheet and stated that even a catastrophic move lower in BTC would not force him to liquidate the core position.

Strategy Can Eat A 90% Bitcoin Collapse
Asked how far Bitcoin would have to fall before MicroStrategy faces real danger, Saylor answered with balance-sheet math rather than rhetoric. He pointed to roughly eight billion dollars of debt and tens of billions in equity value tied to Bitcoin, and then set the threshold: Bitcoin, he said, “would have to fall 90% from here for us to be sort of collateralized, to be one-on-one.”

Even at that point, his first response would not be to sell BTC into a collapsing market. Instead, he described equity holders as the primary buffer. “We probably would dilute the equity, and so it would be bad for the equity,” he told Cardone, before stating the hierarchy even more bluntly: “The equity is going to be a loser.”

By contrast, he framed liquidation as essentially off the table in any realistic bear market scenario. When Cardone pressed him on whether Strategy could be forced to unwind its Bitcoin position, Saylor answered flatly: “We’re not going to liquidate.”

The bond side only enters the conversation in an almost total-loss scenario. “If Bitcoin fell to zero tomorrow forever, then the bonds would default,” Saylor said. He then compressed the entire risk profile into a single line: “If you think Bitcoin is going to go to $10,000, I think we’re good. If you think Bitcoin’s going to a dollar tomorrow forever, then yeah, the bonds would default.”

That framing makes the structure very clear. Equity is a highly levered, high-beta claim on Bitcoin that can be diluted if necessary. Bondholders and holders of MicroStrategy’s various credit-like instruments only face real danger if Bitcoin essentially dies as an asset class.

The 4-Year Cycle Is Dead
Saylor also used the interview to distance himself from one of the core narratives many Bitcoin traders still live by: the four-year halving cycle. His view is that the mechanical supply cut may have helped shape earlier phases of Bitcoin’s monetization, but it is no longer the dominant driver of price in a market now intertwined with global macro and institutional flows.

“I don’t believe in four-year cycles anyway,” Saylor said. “I never believed in the— I think that they might have had some credence in the first 12 years.” He then shifted straight to scale and order of magnitude. After [the last] halving, the reduction in new supply is on the order of a couple hundred BTC a day. In his translation, “225 Bitcoin a day get taken out of the supply after the next halving, that’s twenty million dollars or twenty-two million dollars of buying.”

Against a spot and derivatives complex that can see tens or even hundreds of billions of dollars in notional volume in a single session, that number, he argued, is marginal. “Trust me, twenty million dollars of buying… is not even a third-order issue at this point,” he said.

What matters now? “The dynamics in the market are much more that Jerome Powell thinks he wants to hold interest rates higher for longer. It’s macroeconomics. It’s political. It’s structural. When IBIT’s derivatives market went from $10 billion to $50 billion, it did that in four weeks. […] It’s the actions of the mega finance actors that are determining the future of Bitcoin right now, Saylor said.

At press time, Bitcoin traded at $95,624.

Bitcoin price, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image from YouTube, chart from TradingView.com