Market Signal Briefing

SpaceX, led by Billionaire entrepreneur Elon Musk, has once again moved a total of 2,395 BTC of its Bitcoin holdings valued at $268 million just three months after its previous major transfer in July. On-chain data from Arkham Intelligence confirms that two significant transactions were made early Monday.

Key Takeaways
What triggered FLOKI’s 25% surge?
FLOKI’s rally was driven by $121 million in derivatives inflows and a 162% jump in Open Interest, signaling aggressive bullish positioning.

Why are analysts warning of a bull trap?
The RSI is overbought above 70, suggesting an imminent correction, while liquidity clusters show potential for volatile reversals in either direction.

The memecoin market recovered 5.5% in the past day. Market analysis shows Floki [FLOKI] played a major role in the rebound, surging 25% within this period—the highest gain among all memecoins.

While overall sentiment remains optimistic, early signs suggest that a bull trap may be forming, with bullish investors potentially facing steep losses. Here’s how AMBCrypto expects the market to unfold.

Where did FLOKI’s rally begin?
The clearest evidence of FLOKI’s rally comes from the derivatives market, where massive liquidity inflows were recorded in the past day.

Data from CoinGlass shows that Open Interest—the total number of unsettled derivative contracts—surged 162% to $37.5 million.

This suggests that investors are betting on FLOKI to lead the memecoin market recovery, as total crypto market capitalization rebounds to $3.75 trillion from $3.24 trillion on the 11th of October.

Source: CoinGlass

The Long/Short Ratio indicates that most derivative trading volume came from long traders—investors betting on further price gains. This means that market liquidity has tilted heavily in favor of bullish positions.

So far, most traders who took opposing short positions have lost. Liquidation data shows that $275,000 worth of short positions were wiped out as bearish traders were liquidated.

A bull trap ahead
Overconfident bulls could soon face a market reversal, according to technical indicators such as the Relative Strength Index (RSI) and the Average Directional Index (ADX).

The ADX, which measures trend strength, confirmed that the press time trend remained strong, reading at 38 rising. A high ADX value suggested that price momentum was likely to continue in the same direction.

Source: TrdaingView

However, the RSI gives a more cautionary signal. It shows that long traders in the derivatives market — those currently bullish — may face liquidation soon.

The RSI has entered the overbought zone above 70, a level historically followed by price corrections.

If this pattern repeats, the RSI will likely drop back into the bullish range between 50 and 70 after flushing out overleveraged traders, paving the way for a more sustainable rally.

What’s the likely scenario?
To forecast the next move, AMBCrypto analyzed the liquidation heat map to identify high-liquidity clusters on the chart.

Liquidity clusters represent areas of unfilled orders, which often act as magnets that pull prices toward them before reversing in the opposite direction.

Source: CoinGlass

Currently, there are significant clusters both above and below the current price, implying that the market could move in either direction without a clear dominant trend.

If price moves toward the upper liquidity clusters first, a subsequent decline may follow—aligning with the RSI’s signal for a short-term correction before another rally.

However, if price dips into lower clusters first, a deeper bearish outcome becomes more likely.

$2B to flow into BlackRock’s UK Bitcoin ETF: How UK traders could recycle into IBIT Gino Matos · 36 seconds ago · 2 min read

BlackRock’s iShares Bitcoin Trust (IBIT) began trading in the UK on Oct. 20, opening a market that could funnel between $1.5 billion and $2 billion into the fund over time as UK retail investors gain regulated access to Bitcoin (BTC) exposure.

The launch capitalizes on the Financial Conduct Authority’s (FCA) recent reversal of its ban on crypto-based exchange-traded products (ETPs).

BlackRock’s US Bitcoin ETF, which launched two years ago and has nearly $65 billion in lifetime inflows, now offers British investors entry at approximately $11 per unit. This is a fraction of Bitcoin’s current $110,365 price.

BlackRock reported $17 billion in net inflows to its digital asset products during the third quarter alone, part of $205 billion in total net inflows as the firm crossed $13 trillion in assets under management.

The math behind the opportunityThe UK crypto market holds an estimated £13.3 billion across 7 million investors, per FCA data from March 2025.

An IG report from early October projected the market could expand 20% following the FCA’s policy shift, translating to £2.4 billion to £3.2 billion in new capital, or roughly $3.2 billion to $4.3 billion.

Bitcoin products have captured 60.6% of crypto investment flows globally, according to CoinShares’ latest report.

Applied to UK projections, Bitcoin-focused vehicles could draw $1.93 billion to $2.6 billion. IBIT’s dominance in the US market, where it commands 75.5% of all Bitcoin ETF inflows since launch, suggests the fund could secure $1.5 billion to $2 billion from British investors.

Facilitating onboardingThe fund’s structure removes traditional barriers that kept mainstream investors on the sidelines.

Rather than navigating crypto exchanges, managing private keys, or purchasing entire coins, investors buy regulated shares through familiar brokerage accounts.

The low entry threshold, roughly $11 per unit, democratizes access to an asset that trades above $100,000.

BlackRock’s survey data supports aggressive growth projections. The firm expects a 21$ increase in UK adults investing in crypto for the first time over the next 12 months, with Britain ranking third in European crypto investment growth.

The company predicts 4 million Bitcoin investors in the UK by year-end.

Interest concentrates among younger demographics. IG’s research found 50% of 18-24-year-olds and 49% of 25-34-year-olds would consider investing in crypto via exchange-traded notes.

Additionally, 32%of prospective investors cite regulatory oversight and safety as primary motivations, while 19% value the ability to hold crypto within tax-efficient Individual Savings Accounts and Self-Invested Personal Pensions.

Bitcoin’s fixed supply of 21 million coins, with 95% already mined, creates scarcity dynamics that amplify demand pressures.

BTC’s price grew 120% last year, and is up by nearly 20% in 2025, driven partly by President Donald Trump’s pro-crypto stance following his return to the White House.

The UK government outlined plans last month for a comprehensive crypto-asset regulatory regime overseen by the FCA, positioning Britain to compete with jurisdictions that moved faster on digital asset frameworks.

BlackRock’s launch transforms that regulatory shift into accessible products for millions of retail investors who previously faced exclusion or complexity barriers.

Mentioned in this article

Latest Bitcoin Stories Latest UK Stories Latest Crypto Stories Press Releases

Tue, 21/10/2025 - 8:23

Ripple CTO David Schwartz breaks his silence on his role in new $1 billion XRP treasury firm Evernorth, confirming only an advisory part and hinting at limits to future commitments.

Cover image via U.Today

Ripple’s chief technology specialist, David Schwartz, has broken his silence on speculation around his involvement with Evernorth, a newly launched XRP treasury vehicle that just announced plans to raise over $1 billion through a Nasdaq listing. 

The firm, created via a merger with Armada Acquisition Corp II, is designed to operate like Strategy, but for XRP, absorbing supply from the open market and positioning itself as a long-term holder of the cryptocurrency.

The announcement, of course, created immediate buzz, as it was framed that Schwartz will "join" the project. However, within hours, the current Ripple CTO pushed back, clarifying that while he will advise the venture, he is not signing onto any arrangement that would consume his calendar beyond this year. 

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I'm not making any commitments past the end of the year that put significant demands on my daily schedule.

— David 'JoelKatz' Schwartz (@JoelKatz) October 21, 2025 This clarification matters because previously Schwartz announced that he would be leaving his current CTO job to take a break from active business and focus more on the family side of life. Still, he is maintaining his connection to Ripple but through a board of directors.

That is why it was confusing for some XRP enthusiasts to learn that Schwartz will be taking an advisory role in the new entity, but he himself clarified this point. For XRP holders, the nuance matters. Schwartz is lending his expertise, not abandoning his current post.

Another Ripple executive leavingAnother Ripple executive, Asheesh Birla, is also stepping down from Ripple’s board in light of a new $1 billion initiative, but to serve as its CEO. According to Birla, the company’s goal is to assemble a treasury war chest and pursue acquisitions in the wider digital-asset space, positioning XRP as the centerpiece of a diversified crypto portfolio strategy.

The market will be watching whether this structure, half Wall Street finance and half crypto-native conviction, finally gives XRP the kind of dedicated institutional sponsor it has long lacked.

Related articles

Crypto prices are sliding lower this morning, October 21, as renewed selling pressure pushes market sentiment back into fear.

Summary

Crypto prices are once again under pressure as selling picks up and traders turn cautious.
Over $40 billion in value has been wiped from the crypto market in the past 24 hours.
The Crypto Fear and Greed Index has dropped to 33, showing a clear return to fear territory.
Bitcoin (BTC) fell below $108,000, while Ethereum (ETH), Solana (SOL), and BNB each dropped around 5%.

The crypto market is turning cautious again amid global economic uncertainty and a wave of liquidations, wiping out over $40 billion in value. The Crypto Fear and Greed Index has fallen to 33 from 42 last week, slipping back into the “fear” zone and signaling a sharp shift from recent optimism.

BTC, ETH, others slump as crypto market slides
Bitcoin (BTC) is currently trading at $107,659, down 3.17% in the past 24 hours, per market data from crypto.news. The leading cryptocurrency briefly tested the $110,000 level but faced strong rejection, pulling back to current support near $107,500. If this level fails to hold, BTC could retest $105,000, a zone that previously acted as strong support during recent volatility.​

Ethereum (ETH) fell 5.28% to $3,860, extending its losses after failing to sustain above $4,000. Solana (SOL) dropped 5.05% to $183.42, while BNB (BNB) declined 5.84% to $1,068.90. Smaller-cap altcoins and memecoins were hit even harder, with several posting double-digit losses as traders exited risk positions.

The broader crypto market capitalization now stands at $3.74 trillion, a 2% decline from yesterday’s levels, with total trading volume holding steady at $437 billion.

Can crypto prices recover as regulatory pressure eases?
Part of the market’s hesitation ties back to the ongoing U.S. government shutdown, which has stretched into its third week. White House economic adviser Kevin Hassett recently told CNBC that a deal could be reached this week, which could reignite regulatory activity and bring a fresh wave of momentum back into the crypto market.

The shutdown, which began on October 1 after Congress failed to agree on spending priorities, has frozen key regulatory functions, including ETF approvals. More than 90 pending applications, covering assets like Solana, Litecoin (LTC), and XRP (XRP), remain stalled as the SEC and other agencies operate with minimal staff.

If the shutdown ends as expected, crypto regulation could resume quickly. Pending ETF decisions for major altcoins would move forward, potentially unlocking significant institutional capital and serving as a strong catalyst for price recovery.

Prediction data from polymarkets shows a 44% probability that the shutdown will end between October 23 and 26. An earlier resolution could reduce uncertainty and help stabilize crypto prices heading into the final quarter of 2025.​

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Coming out of the weekend, the Ethereum price has seen a rise in its bullish momentum. While it is still in its early stages, there is the possibility that the bulls are able to hold this momentum for a reasonable amount of time, thereby pushing sentiment straight into the positive once again. If this happens, then it carries some implications for the Ethereum price and could trigger the next wave of rallies for the cryptocurrency.

Ethereum Price Eyes Next Breakout
Speaking on the recent bullish momentum that the Ethereum price has enjoyed, crypto analyst Klejdi Muni revealed that this was a direct result of the formation of a bullish flag pattern on the chart. Not only did the Ethereum price complete this bullish formation, but it was also able to break above the flag, something that is very bullish for the cryptocurrency.

The initial breakout above the $4,000 resistance shows that bulls are picking up momentum, and the only hurdle now is to keep this momentum going. If the momentum is sustained, then the next target for the Ethereum price to beat would be at the $4,285 level. Once this level is broken, then it is only a matter of time before Ethereum rallies in what could be another campaign for new all-time highs.

On the flip side of this, though, is the possibility that bears would be able to drag the price back downward. This would happen if the support at $3,900 were to be broken. Such a move could invalidate the entire bullish thesis, especially if they are able to stop the current bullish momentum in its tracks. Thus, Ethereum bulls must keep the price above the $3,900 support if they want to maintain the current trajectory.

Source: TradingView
Bullishness Is The Order Of The Day
Another crypto analyst, Linofx1, has also echoed the bullish sentiments surrounding the Ethereum price. In their own analysis, Lino expressed that the Ethereum price was now bullish after testing a significant daily support level above $3,800.

With this, there was the formation of an Inverted Head and Shoulders pattern, which is ultimately bullish for any digital asset. The price was able to complete a breakout from the neckline, rising to the top before encountering some resistance. This, the analyst explains, shows that there has been a local change of character from bearish to bullish.

Source: TradingView
From here, the analyst highlights that the next level that needs to be broken is the $4,300 level. This is eerily close to Muni’s $4,285 resistance that holds the key to the next breakout.

ETH price fails to reclaim $4,000 | Source: ETHUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

Zcash’s shielded pool has surpassed 4.5M ZEC, locking nearly 27.5% of its supply and signaling growing confidence in privacy tech.Rapid shielding activity suggests holders prefer long-term storage over trading, potentially tightening market supply for ZEC.Rising adoption of zk-SNARKs and strong investor sentiment could sustain bullish momentum, supporting forecasts of major price gains.Zcash (ZEC), once a forgotten privacy coin, has made a remarkable comeback. In October’s fearful market conditions, it has become one of the most notable assets investors are watching closely.

The altcoin also achieved a major milestone: its Shielded Pool has surpassed 4.5 million ZEC. What does this mean, and how might it affect the price?

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Evidence Shows Interest in Zcash Goes Beyond PriceZcash (ZEC) recently hit a significant milestone — its shielded pool exceeded 4.5 million ZEC, according to CoinMetrics data.

Zcash shielded pool. Source: CoinmetricWithin just three weeks, around 1 million ZEC were moved into shielded pools, while ZEC’s price surged fivefold. However, instead of selling to take profits, users continued transferring their coins into shielded wallets.

Shielding in Zcash is the process of transferring funds from transparent addresses (t-addresses) to shielded addresses (z-addresses or u-addresses). This hides transaction details such as sender, receiver, and amount.

The technology relies on zk-SNARKs to ensure privacy without compromising the blockchain’s overall transparency. The growing number of users choosing to shield their coins reflects strong confidence in both the project and its privacy technology.

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“Signal: watch the Zcash shielded pool relative to ZEC price. Those who shield their ZEC don’t sell.” — Josh Swihart, CEO of Electric Coin Co. said.

What Does This Mean for ZEC’s Price?The expansion of the shielded pool suggests a decline in circulating supply. Coins that are shielded are typically held for longer periods instead of being traded frequently.

According to Coingecko data, ZEC’s total circulating supply is 16.34 million, with 4.5 million currently in shielded pools. That’s roughly 27.5% of the circulating supply, and the figure continues to rise. This dynamic adds upward pressure on price, especially if demand keeps increasing.

Victor, a developer within the Zcash ecosystem, described the phenomenon as a sign of real adoption rather than speculation.

“Normal crypto behavior: pump → exchange → dump.
Zcash behavior: pump → shield → zodl.
This isn’t speculation. It’s adoption of privacy tech.” — Victor said.

A recent BeInCrypto report noted that some analysts even predict ZEC could surge beyond $60,000.

Meanwhile, on the Myriad prediction platform, investors are betting that ZEC will hit $300 before November, with the odds reaching 69%.

Disclaimer

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Bitcoin’s price dropped again, falling below $108,000 as worries grow over rising tensions between the United States and China. The trade dispute between the two biggest economies has made investors nervous, pushing many to sell risky assets like crypto.

Bitcoin Stuck in a Volatile ZoneBitcoin is now trading around $107,800, after briefly jumping to $111,600 earlier. The coin has been moving up and down quickly as traders react to the changing political situation. 

According to Jeff Mei, Chief Operating Officer at BTSE, “macro concerns are driving day-to-day changes in the market.” He said traders are reducing their risk ahead of the upcoming meeting between U.S. President Trump and China’s President Xi Jinping. Mei added that even if they reach a deal, the market will stay unstable for a while.

US-China Trade War Hits Bitcoin HardThe trade fight between the U.S. and China has been heating up again, with new tariffs and export bans causing uncertainty in global markets. Every time the tension grows, Bitcoin’s price tends to drop as investors avoid risky assets. 

Earlier this month, Bitcoin fell to $104,782 after the U.S. announced new tariffs on Chinese goods, wiping out more than $150 billion from the crypto market.

The sell-off has also caused big losses for traders. Data from CoinGlass shows that over $322 million worth of crypto positions were liquidated in the past day. Earlier, on October 11, a huge $19 billion liquidation hit the market, the biggest in crypto history. 

Altcoins and ETFs Also FallThe drop didn’t stop with Bitcoin. Ethereum is down nearly 5%, BNB lost 6%, and Solana dropped 4.5%. Crypto exchange-traded funds (ETFs) also saw large outflows, with $40.5 million leaving Bitcoin funds and $145.7 million exiting Ethereum funds. Investor fear is rising, with the Fear and Greed Index now at 34, showing growing caution.

Can Bitcoin Bounce Back?Despite all the tension, some analysts still believe Bitcoin has a bright future. Traders are now watching for new inflation data that could affect the U.S. Federal Reserve’s interest rate decision. The CME FedWatch Tool shows a 98.9% chance of a small rate cut later this month, which could help crypto prices recover in the short term.

However, analyst Willy Woo warned that the next crypto downturn might come from a global economic slowdown, not just a market cycle. Whether Bitcoin will act more like gold or tech stocks in that case remains to be seen, but for now, trade politics continue to shape its every move.

Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

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Japan’s top regulator is reportedly weighing a policy change that would let banks offer Bitcoin custody and trading services.

Japan Considering Allowing Banks To Offer Crypto-Related Services
As reported by Japanese newspaper Yomiuri, Japan’s Financial Services Agency (FSA) is considering allowing banks to acquire and hold digital assets like Bitcoin for investment purposes.

This reform, if enacted, would change the banking landscape in the East Asian nation. Currently, banks are prohibited from making cryptocurrency acquisitions for the purpose of investments under FSA guidelines introduced in 2020.

Under the new regulation, banks would be able to trade Bitcoin and other digital assets in a similar way to stocks and government bonds. There would also be certain safeguards to ensure the institutions’ financial stability.

This isn’t the only rule change the FSA is looking at. According to the report, the regulator is also discussing permitting banking groups to register as “crypto exchange operators.” As these exchange operators, they will be able to offer digital asset trading and exchange services directly to customers.

The intent behind the move is to make it easier for retail investors to participate in the cryptocurrency sector through institutions that are well-regulated and highly credible.

The reform will be taken up in the next working group meeting of the Financial System Council, a government advisory panel under the Prime Minister. Whether the rule change will ultimately come to pass remains to be seen.

In some other news, Beijing has put a roadblock on Hong Kong’s stablecoin plans, according to the Financial Times. Hong Kong launched its stablecoin legislature earlier this year, making it so that institutions seeking to issue fiat-tied cryptocurrencies in the region have to obtain a license from the Hong Kong Monetary Authority (HKMA)

Several high profile names like Ant Group and JD.com had lined up to register with HKMA, with the first batch of licenses expected to arrive next year. It seems, however, that the tech giants have now put their plans on ice after Chinese regulators urged them not to move ahead, raising concerns about the rise of currencies controlled by the private sector.

While China continues to be cautious about stablecoins, the rest of the world has been moving forward in adoption of these digital assets, including other Asian countries. According to a Friday report, three major Japanese banks are preparing to issue a yen-backed token before the end of the year.

Separately, an earlier report from August noted that four major South Korean financial institutions were in talks with Tether and Circle, the issuers of the two largest stablecoins, USDT and USDC.

Bitcoin Price
Bitcoin has seen a jump of around 3% over the past day, recovering back above the $110,600 mark.

The price of the coin has made recovery from its recent plunge | Source: BTCUSDT on TradingView
Around $139 million in liquidations on derivatives exchanges have accompanied this Bitcoin surge.

The liquidation heatmap for the crypto market | Source: CoinGlass
Featured image from Dall-E, CoinGlass.com, chart from TradingView.com

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Tom Lee’s Ether treasury firm has been aggressively buying the dip since the market crash earlier this month. 

BitMine Immersion Technologies has made its fourth purchase of Ether since the record liquidity flush on October 10.

The company scooped up $250 million in ETH from Bitgo and Kraken on Monday, according to Arkham Intelligence which said “These accounts match Bitmine’s prior acquisition pattern.”

“Will Tom Lee ever stop buying?”

3.2 Million ETH Holdings
The wallets purchased 63,538 ETH this week and a whopping 379,271 ETH last week. This brings the total to 442,809 ETH worth around $1.74 billion at current prices purchased since the market crash.

This aggressive dip buying, which Bitcoin treasurys have not replicated, has pushed BitMine’s total to around 3.17 million ETH, but the company has yet to confirm the most recent purchases officially.

This would give it around 2.6% of the entire supply of the asset, and over 50% towards its target of 5%.

🚀 From 163,000 ETH to 3.24 MILLION ETH in just 3 months. 🤯

Bitmine’s accumulation is historic, week after week, they’ve been loading the bags nonstop:

July 14 — 163K

Aug 10 — 1.15M

Sept 14 — 2.15M

Oct 19 — 3.24M 🔥

At this pace, they’re on track to control 5% of all $ETH in… pic.twitter.com/skfLh9vQAi

— BMNR Bullz (@BMNRBullz) October 20, 2025

BitMine chairman Tom Lee is confident that this is not the top of the crypto cycle. “So I think we’re at the basement and working our way back up,” he told CNBC on Friday.

You may also like:

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Ethereum (ETH) Rally Ignites as Investors Pour $205M Despite Market Turmoil

Ethereum Reclaims $4K, Poised For Explosive Breakout Say Analysts

Lee has also recently stated that BitMine is preparing to roll out its own Ethereum staking solution very soon.

Coinbase is also bullish about fourth quarter momentum for crypto markets and the influence of digital asset treasurys (DATs).

“Looking at the supply/demand picture, it’s hard to overstate the impact that digital asset treasury companies have had on markets this year,” wrote David Duong, head of research at Coinbase Institutional, in a recent research paper.

Ether Prices Retreat
The same crypto market pattern has playing out daily: Asia pumps markets with buying, and America dumps with selling, preventing any sustained upward momentum.

As a result, Ether prices have fallen back below $4,000 again. ETH hit an intraday high of $4,080 in early trading on Monday, but sustained selling pressure on the US timezone pushed it back down to $3,940 where it currently trades.

The asset has only seen a marginal recovery from its double dip in October and needs to clear $4,000, and stay above it, to see any real progress.

Ethereum’s weekly chart is “loading a monster move” with a double retest of the exponential moving average, observed analyst ‘Merlijn the Trader” who added that it pumped 70% last time this was seen.

8h05 ▪
4
min read ▪ by
Fenelon L.

Summarize this article with:

A major outage of Amazon Web Services paralyzed the main crypto platforms on Monday, revealing once again the paradoxical dependence of a sector that advocates decentralization. From MetaMask to Coinbase through Base and OpenSea, malfunctions multiplied throughout the day.

In brief

Amazon Web Services experienced a massive outage on Monday, severely disrupting the crypto ecosystem for several hours.
MetaMask displayed zero balances for many users due to failures at Infura, its blockchain data provider.
Coinbase, Base, OpenSea and other major platforms faced persistent difficulties, especially on the US East Coast.

A centralized infrastructure weakens the crypto promise
The outage began early Monday morning, abruptly revealing the flaws of a sector nonetheless built on the promise of resilience. Users of MetaMask, one of the most widely used decentralized wallets in the world, were shocked to discover balances showing zero.

No, their funds had not disappeared: the issue came from Infura, the service that connects decentralized applications to blockchains. However, this provider depends directly on Amazon Web Services (AWS) to extract real-time data.

Deprived of this infrastructure, applications found themselves cut off from access to the Ethereum, Base, Polygon, Optimism, Arbitrum, Linea and Scroll networks. A disturbing observation: even tools praising decentralization still rely on centralized actors to operate.

The Base network, developed by Coinbase and presented as a fast and scalable solution, also faltered. After a brief lull in the afternoon, problems re-emerged: high latencies, synchronization errors, inconsistencies in block production. For a network meant to symbolize the modernity and robustness of Web3, the setback is severe.

As for Coinbase, Base’s parent company, it struggled to restore all its services. Several hours after the outage began, many users remained unable to trade or transfer their assets. This situation was all the more embarrassing as Robinhood, affected by the same AWS failure, had already resumed normal operation.

The paradox of decentralization revealed in broad daylight
OpenSea, the leading NFT marketplace, was not spared by the storm. Its CTO, Chris Maddern, explained that despite a “functioning appearance” of the site, several upstream providers continued to encounter major difficulties. 

Result: sporadic interruptions, an abnormally high error rate and a greatly degraded user experience. Maddern also warned that these disruptions could persist for several hours before a full return to normal.

This crisis highlights a central question: how can a sector founded on decentralization depend so much on a single cloud infrastructure provider? 

The AWS incident revealed a worrying structural fragility, exacerbated by the geographical concentration of servers. Users on the US East Coast were among the most affected.

Ironically, this widespread outage also had a positive side effect: a dramatic drop in Ethereum transaction fees. With activity sharply down, gas fees fell below 0.1 gwei, according to Etherscan data—a historically low level, equivalent to less than a tenth of the previous day’s rate and under 1% of the average costs seen in recent months. But beyond this technical pause, the message is clear: crypto still has a long way to go before realizing its ambitions of resilience and independence.

As long as the ecosystem relies on centralized giants like Amazon, it will remain exposed to this type of systemic vulnerabilities. The irony was not lost on observers, who noted the hypocrisy of a sector championing decentralization while depending on the shoulders of a single centralized actor.

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Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

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.

A trader dubbed the “Trump insider” has boosted his Bitcoin short by 200 BTC, bringing his total bearish position to 900 BTC worth about $99.6m.

Ethereum has reclaimed its position as the frontrunner in the digital asset market, leading a powerful comeback for cryptocurrencies in the third quarter of 2025. According to CoinGecko's latest report, the surge was fueled by renewed investor enthusiasm for decentralized finance (DeFi) and the rapid rise of tokenized real-world assets (RWAs), marking a new phase in crypto market evolution.

TLDR:

Péter Szilágyi’s leaked letter accused Ethereum Foundation of power centralization around Vitalik Buterin’s circle.
He claimed Ethereum’s success now depends on relationships with 5–10 key figures tied to venture capital firms.
The developer warned that underpayment and outside advisorships risked “protocol capture” and internal conflicts.
Community responses stressed Ethereum’s “decentralized code but centralized influence,” echoing governance concerns.

A leaked letter from Ethereum core developer Péter Szilágyi has reopened the debate over power concentration inside the Ethereum Foundation. 

The letter, sent in May 2024 and revealed by Wu Blockchain, outlines his frustrations with how influence is distributed across the network. Szilágyi claims that most key projects are controlled by a small inner circle closely linked to Vitalik Buterin. 

His statements paint a picture of Ethereum’s decentralization being more ideal than practice. The revelations have sparked renewed scrutiny from the crypto community over how governance really works within Ethereum.

Ethereum Developer Questions Decentralization and Leadership
Szilágyi wrote that Ethereum’s ecosystem is “failing” him due to internal contradictions between its stated values and actual decision-making. He said his role within the Foundation had been misrepresented, describing himself as a “useful fool” in a structure that rewards loyalty to influence rather than merit.

According to the letter, Szilágyi argued that Ethereum has drifted from its founding ideals. 

He suggested that financial motives have replaced the original principles of open collaboration and fairness. The developer claimed that projects succeed mainly based on their closeness to a small group of powerful figures and venture capital firms surrounding Vitalik Buterin.

He also expressed concern about how the Foundation’s financial policies have shaped this dynamic. Underpaid developers, he said, were often forced to seek outside compensation through advisorships and partnerships, creating conflicts of interest. 

Szilágyi noted that such practices opened the door for what he called “protocol capture,” where a handful of actors influence critical network directions.

His words echoed frustrations shared privately by other developers, who, he claimed, had faced similar moral and financial dilemmas. 

“We built something great, but we’ll shed all our principles once money enters the room,” Szilágyi stated in the letter.

Vitalik’s Influence and the Inner Circle Debate
The letter described Vitalik Buterin as an unintentional “kingmaker” whose opinions shape Ethereum’s success patterns. 

Szilágyi claimed that Buterin’s attention, donations, and endorsements dictate which projects thrive. He added that a small circle of five to ten figures now controls which ventures rise within the network, linking this influence to one to three major venture capital firms.

Szilágyi pointed to projects like Farcaster as examples of how proximity to Vitalik or his network could define success. He warned that Ethereum’s supposed decentralization in structure hides a deeper centralization of influence, where relationships outweigh innovation.

Wu Blockchain shared the letter publicly, bringing attention to Szilágyi’s claims. The crypto community quickly responded, debating whether Ethereum had drifted from its decentralized promise.

Ethereum core developer Péter Szilágyi revealed a letter he sent to the Ethereum Foundation leadership last year, criticizing Vitalik Buterin’s excessive influence and claiming that most projects are controlled by a small circle of 5–10 people and 1–3 venture capital firms behind…

— Wu Blockchain (@WuBlockchain) October 21, 2025

ACY Securities commented on the post, stating that

“if true, it exposes a governance flaw: decentralization in code but centralization in influence.” 

The statement captured the sentiment now circulating across crypto circles, Ethereum may be decentralized by design but increasingly centralized in power.

Szilágyi ended his message by admitting uncertainty about his future in the ecosystem, saying he feels “stuck between two hard places.” The letter’s tone suggested deep frustration rather than resignation but underscored growing unease about Ethereum’s leadership structure.

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Crypto Rover hat in seinem neuesten Marktupdate klare Worte gefunden. Schon gestern warnte er vor dem Widerstandsbereich um 112.000 US-Dollar und genau dort prallte Bitcoin jetzt erneut ab. Die Folge: eine deutliche rote Kerze nach unten. Der Trader sieht darin die Bestätigung, dass der aktuelle Abwärtstrend noch nicht vorbei ist. Während sich viele über den Rückschlag ärgern, bleibt Rover gelassen. Er hat seine Kaufzonen längst vorbereitet und wartet darauf, dass Bitcoin noch etwas tiefer fällt. Nach eigenen Angaben liegen rund 50 Millionen US-Dollar an Kauforders bereit, nicht nur für Bitcoin, sondern auch für Ethereum.

Auch Blackrock ist am Verkaufen, Quelle: https://farside.co.uk/btc/

Auf dem Chart zeigt sich ein klassisches Muster: tiefere Hochs auf der Oberseite, höhere Tiefs auf der Unterseite, eine Phase der Kompression, wie sie typisch ist, bevor es zu einem großen Ausbruch kommt. Für Rover ist entscheidend, ob Bitcoin die Marke um 106.000 US-Dollar hält. Fällt der Kurs darunter, rechnet er mit einem deutlichen Rücksetzer in Richtung 100.000 US-Dollar. Sollte diese Zone halten, wäre ein erneuter Anstieg bis 112.000 US-Dollar denkbar.

Zyklus schon am Ende?
Er beobachtet außerdem die Liquiditätszonen im Markt. Viele Short-Positionen liegen offen, während oberhalb des Kurses noch ungenutzte Liquidität wartet. Das könnte kurzfristig zu einem Short Squeeze führen, wenn größere Player ihre Positionen absichern. Dennoch bleibt der Analyst vorsichtig. Auf Wochenbasis verliert der Markt an Momentum, und der MACD zeigt erste bärische Signale. Für Rover ein Hinweis, dass sich Bitcoin dem Ende seines Zyklus nähert.

Der sogenannte „Bitcoin High-Cycle-Profit-Indikator“ deute ebenfalls darauf hin, dass die Rallye langsam ausläuft. Seine Einschätzung: kein sofortiger Crash, aber ein mögliches Ende der aktuellen Haussephase. Bitcoin könne in eine längere Seitwärtsphase oder sogar in eine mehrmonatige Korrektur übergehen. Trotzdem sieht Rover Chancen für einen letzten Anstieg, eine „Blow-off-Top“-Bewegung, bei der der Kurs ein letztes Hoch erreicht, bevor der Markt endgültig abkühlt.

BITCOIN SHORT SQUEEZE INCOMING! pic.twitter.com/79FqIZiEOL

— Crypto Rover (@rovercrc) October 21, 2025

In dieser Phase plant er, aktiv zu werden. Sollte Bitcoin noch einmal in die Zone um 100.000 US-Dollar fallen, will Rover massiv kaufen. Erst wenn Panik den Markt erfasst, sieht er den idealen Zeitpunkt für neue Long-Positionen. Für ihn bleibt Geduld entscheidend. Auf kurzfristiger Basis ist er weiter neutral bis leicht bärisch, auf mittlere Sicht aber bereit für die nächste große Bewegung.

Sein Fazit: Die Party ist noch nicht vorbei, aber das Licht wird langsam gedimmt. Trader sollten sich auf eine volatile Phase einstellen, in der schnelle Richtungswechsel die Regel sind. Ein Durchbruch unter die 100.000 US-Dollar-Marke könnte den Markt kurzfristig erschüttern, langfristig aber eine attraktive Kaufchance eröffnen.

Als Alternative zu Bitcoin investieren derzeit aber schon viele in den Vorverkauf von Bitcoin Hyper ($HYPER). Schon über 24,4 Millionen US-Dollar wurden investiert, einer der größten Presale des Jahres 2025.

Immer neue Updates, Quelle: https://bitcoinhyper.com/de/news

Bitcoin Hyper als Alternative mit Zukunft
Das Timing für die neue Layer 2 Blockchain könnte kaum besser sein: Am heutigen Dienstag hält die US-Notenbank ihre Konferenz zu Zahlungssystemen, bei der erstmals auch führende Köpfe der Kryptobranche teilnehmen, darunter Vertreter von Chainlink, Fireblocks, Coinbase und BlackRock.

Viele Analysten sehen darin einen wichtigen Schritt hin zu einer engeren Verbindung zwischen klassischem Finanzsystem und Krypto-Sektor, was Bitcoin Hyper in die Karten spielen könnte. Das Projekt baut das erste High-Performance-Layer-2-Netzwerk für Bitcoin auf Basis der Solana Virtual Machine. Ziel ist es, Bitcoin nicht nur als Wertspeicher zu nutzen, sondern als aktiv einsetzbares Asset für DeFi-Anwendungen, Gaming und reale Vermögenswerte.

Mit Transaktionsgeschwindigkeiten auf Solana-Niveau könnte Bitcoin Hyper eine völlig neue Nutzungsdimension eröffnen. Jeder übertragene BTC ist dabei durch echtes Bitcoin im Hauptnetz abgesichert, die Geschwindigkeit steigt, die Sicherheit bleibt. Der native Token HYPER treibt das Netzwerk an, deckt Gebühren, dient als Governance-Coin und kann mit einer dynamischen APY von 49 Prozent gestakt werden.

Angesichts der aktuellen Marktunsicherheit sehen viele Investoren in HYPER eine Chance, indirekt von Bitcoin zu profitieren, über ein Projekt, das den Nutzen der größten Kryptowährung massiv erweitern will. Natürlich sind auch hier die Risiken eines Memecoins zu kalkulieren, schnell Anstiege bieten auch immer die Möglichkeit für schnelle Kursstürze. 

Wer früh dabei ist, kann dennoch günstiger als zum Listingpreis einkaufen. Die laufende Presale-Phase endet in Kürze, der Preis liegt aktuell bei 0,013145 US-Dollar pro Token. Wer an die Zukunft von Bitcoin im Anwendungsbereich glaubt, dürfte Bitcoin Hyper genau beobachten.

Hier noch Bitcoin Hyper Presale Token kaufen.

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Key Takeaways
What’s driving Zcash’s recent price surge and bullish momentum?
 Strong technical indicators, rising retail accumulation, and buyer dominance across markets are fueling the rally.

Why is the $300 level critical for ZEC’s next move?
 It’s a key psychological and technical resistance zone that could confirm a breakout if bulls maintain momentum.

Zcash [ZEC] prices have gained by 8.5% in the past 24 hours, extending its bullish streak over the last four days. 

The token was trading at $238 and still holding firm above the 20-day Exponential Moving Average (EMA) after the recent bounce off at around $187. The support level is proving to be a solid base after the recent strong rejection 4 days ago.

Source: TradingView

Beyond price action, ZEC Stochastic RSI was bouncing from the oversold zone.

That is often the first sign of renewed strength in a market that’s been under pressure. It signals that selling has slowed down, and that buyers are quietly stepping back in.

Momentum is shifting while confidence is returning. These kinds of setups often come before bigger rallies, especially when trading volumes begin to climb.

And right now, ZEC seems to be following that exact pattern.

Buyers dominate as retail activity picks up
Across both spot and futures markets, buyers are dominating. According to CryptoQuant’s Cumulative Volume Delta data, buyer dominance has surged significantly over the last four days.

Source: CryptoQuant

Retail traders are joining in too. Accumulation is climbing, adding fuel to the growing momentum.

That is a convergence of bullish factors, with institutional interest meeting retail confidence. And when bullish factors converge, amplified effects are expected on its price charge.

The bullish on-chain metrics affirm the technical bias.

Source: CryptoQuant

Can ZEC push beyond $300?
The real test for Zcash now sits at the $300 resistance zone, a level that’s both psychological and technical. Breaking above $300 could confirm the strength of this rally.

Liquidity pockets are already building above the current price, hinting that a push toward this zone could stir up some volatility. But if the bulls hold their ground, it might just open the door for a clean breakout.

For now, all metrics and indicator points to a prolonged bullish run. As long as ZEC stays above its EMA support and momentum indicators keep flashing bullish signals, a climb toward $300 looks more like a question of when, not if.

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Ethereum (ETH) treasury firm BitMine Immersion Technologies today announced that it had bought another 203,800 ETH last week. Following its latest purchase, the firm’s total ETH holdings now stand 3.24 million tokens.

BitMine Continues To Stack Ethereum Despite Crash 
According to a press release issued earlier today, BitMine Immersion Technologies, a leading Ethereum treasury firm has further increased its ETH holdings. The firm added another 203,800 ETH over the last week, worth approximately $820 million.

Last week’s purchase has increased BitMine’s total ETH holdings to 3.24 million ETH, representing roughly 2.7% of the active circulating supply. In addition, the company holds 192 Bitcoin (BTC) and $219 in cash. The firm has $1.34 billion in combined crypto and cash holdings.

BitMine’s frequent ETH purchases have propelled it as the leading public company in terms of ETH held on its balance sheet. Earlier this month, the firm had reported that its total ETH holdings had surpassed 3 million tokens. Commenting, Tom Lee, Chairman of BitMine said:

The crypto market saw one of its largest deleveraging events ever last week and this put downward pressure on ETH prices. Open interest for ETH sits at the same levels as seen on June 30th of this year. Given the expected Supercycle for ethereum, this price dislocation represents an attractive risk/reward.  We acquired 203,826 ETH tokens over the past week pushing our ETH holdings to 3.24 million, or 2.7% of the supply of ETH. We are now more than halfway towards our initial pursuit of the ‘alchemy of 5%’ of ETH.

Lee added that he sees Ethereum as a “truly neutral” blockchain which is likely to witness growing institutional adoption. He added that BitMine remains committed to accumulating 5% of Ethereum’s total circulating supply.

Source: Coingecko
Following today’s announcement, the NYSE-listed firm’s stock BMNR surged an impressive 7.76%, trading at $53.72 at the time of writing. The stock is up an astonishing 640.87% over the past six months.

Source: Yahoo! Finance
Is ETH Destined For A New High?
As institutional adoption of Ethereum grows, analysts are predicting new all-time highs (ATH) for the second-largest cryptocurrency by market cap. According to crypto analyst HAMED_AZ, ETH can surge to $6,400 on the back of a new bullish wave.

Recent trends show that some institutional investors are even replacing BTC with ETH, due to the latter’s greater flexibility and wider variety of uses. Major asset manager, BlackRock recently shifted some of its BTC holdings to ETH.

That said, some analysts are cautious of the trend of Ethereum treasury firms adding ETH on their balance sheets. At press time, ETH trades at $4,019, up 1.2% in the past 24 hours.

Ethereum trades at $4,019 on the daily chart | Source: ETHUSDT on TradingView.com
Featured image from Unsplash.com, charts from Coingecko, Yahoo! Finance and TradingView.com

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work.
Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential.
In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills.
Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information.
In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery.
Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

Chainlink price appears to be shaping a bullish reversal setup as whales accumulate the token near a key resistance level. The setup could potentially spark a rally toward $24 or higher in the coming days.

Summary

Chainlink price has dropped over 7% in the past week.
Whales increases accumulation of LINK over the past past three days.
LINK Price has formed a bullish pattern on the daily chart.

According to data from crypto.news, Chainlink (LINK) has slipped 7.5% over the past week and is down about 25% from its October peak. Currently trading around $17.74, the token has fallen roughly 36% from its year‑to‑date high when viewed on a broader timeframe.

Still, despite the recent pullback, market sentiment around Chainlink began shifting positively on Oct. 21, fueled by a series of bullish developments that have put the token back in the spotlight.

In an Oct. 20 X post, the Chainlink team highlighted that its oracle services remained fully operational during the widespread Amazon Web Services (AWS) outage observed on Monday that disrupted large parts of the internet. This included major trading platforms like Coinbase and Robinhood, both of which rely heavily on centralized cloud infrastructure. 

The project’s resilience has reignited interest in Chainlink, as it successfully showcased the reliability and robustness of decentralized systems compared to centralized counterparts, boosting demand for its token.

Chainlink is a leading provider of decentralized oracle services, and its network of node operators, backed by cryptographic guarantees and a reputation-based incentive model, has delivered a level of reliability that many other oracle solutions have struggled to match.

As such, Chainlink has become the go-to oracle provider for systems where data integrity is critical.

In its recently released Q3 report, Chainlink Labs highlighted several major partnerships, including collaborations with interbank messaging giant Swift, U.S. clearinghouse DTCC, and its European counterpart Euroclear. The report also mentioned a pilot project with the U.S. Department of Commerce aimed at bringing government data on-chain.

Chainlink also used the update to shed light on its expanding vision that is transitioning from a pure oracle solution into a full-stack infrastructure platform powering tokenized assets and real-world applications.

Meanwhile, data from DeFiLlama shows that Chainlink continues to dominate the oracle landscape, securing over $92.58 billion in total value, around 68% of the entire market. Its closest rival, Chronicle, lags far behind with $10.5 billion in TVS.

A big upcoming development for Chainlink that has also boosted visibility for the token is Chainlink cofounder Sergey Nazarov’s inclusion in the Federal Reserve’s conference on payments innovation, scheduled for Oct. 21. Alongside representatives from Paxos, Circle, and Coinbase, Nazarov is expected to speak on the role of decentralized technologies in building more secure and transparent payment systems.

Such developments have caught the attention of both retail traders and whales, many of whom seem to be positioning early in anticipation of further growth and long-term potential for the project.

Backing this up, data from Santiment shows that whale wallets holding between 100k and 100 million LINK have steadily increased their holdings over the past three days. This accumulation trend is further reinforced by data from Nansen, which reveals notable exchange outflows. 

Source: Santiment
Specifically, the balance of LINK held across centralized exchanges dropped by 3.8% over the past week, bringing the total down to 269.6 million tokens, a sign that investors may be moving their assets into self-custody, typically seen as a bullish signal.

Chainlink price analysis
On the daily chart, Chainlink price appears to have formed a double bottom pattern, a structure often viewed as a bullish reversal, signaling that the recent selling pressure may be easing as buyers step in to defend a key support zone.

Chainlink price has formed a bullish reversal pattern on the daily chart — Oct. 21 | Source: crypto.news
The immediate resistance to watch lies near $20.24, which marks the neckline of this potential reversal formation. Interestingly, this level also lines up with the 50% Fibonacci retracement zone, adding more weight to its importance.

If LINK manages to break above this neckline while the RSI also pushes through its descending trendline resistance, it would likely add strong confirmation to the bullish setup. As of press time, the MACD lines were trending upward, suggesting that momentum is gradually shifting in favor of the bulls.

A confirmed breakout from this double bottom pattern could open the doors for a rally toward $24, which is derived by projecting the depth of the pattern above the neckline level. The target lies 35% above the current price level.

However, if LINK fails to hold above support and drops below $16.47, a level that corresponds with the 38.2 percent Fibonacci retracement, the bullish structure would be invalidated, possibly exposing the token to further downside risk.

Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only.

Kraken has released an anonymized, aggregate analysis of millions of wallets on its platform showing Australian clients' holdings and trading activity from August 2024–2025, comparing local trends with global averages. The report finds bitcoin held by 36.70% of Australian users (average AU BTC balance $17,409 vs $29,830 globally) and ethereum comprising 33.

Spot bitcoin ETFs in the US recorded $40.5 million in net outflows yesterday amid a broad recovery in crypto market prices.

LONDON — European stocks are set to open higher on Tuesday, continuing positive momentum built at the start of the week on the back of the region's defense stocks.

The U.K.'s FTSE index is seen opening 0.31% higher, Germany's DAX up 0.22%, France's CAC 40 up 0.2% and Italy's FTSE MIB 0.33% higher, according to data from IG.

European defense stocks were among the strong movers on Monday, with Thyssenkrupp gaining almost 7.9% by the end of the session following the spinout and IPO of its German warship manufacturer TKMS.

Hensoldt topped the STOXX 600 index, having added almost 8%, Renk gained around 6.7%, and Rheinmetall closed 5.9% higher after U.S. President Donald Trump had another tense meeting with Volodymyr Zelenskyy over the weekend regarding Ukrainian territory.

Third-quarter earnings season is kicking into gear this week with L'Oreal and Assa Abloy due to report Tuesday. There are no major data releases Tuesday.

Looking at global markets, U.S. stock futures were slightly higher overnight after Monday's broad rally. Investors await a busy earnings week that could inform the trajectory of the markets, with Netflix and Coca-Cola set to report on Tuesday.

Elsewhere, Asia-Pacific markets traded higher overnight, with South Korea's Kospi index jumping more than 2% to hit a sixth consecutive record high, building on a rally spurred by optimism around an impending trade deal with the U.S.

South Korean stocks have been on a roll since U.S. Treasury Secretary Scott Bessent told CNBC in an exclusive interview Wednesday stateside that Washington was "about to finish up" trade negotiations with the Asian country.

— CNBC's Nur Hikmah Md Ali, Hugh Leask and Pia Singh contributed to this market report.

ATLANTA & ZUG, Switzerland--(BUSINESS WIRE)--The Coca-Cola Company and Gutsche Family Investments have agreed to sell a 75% controlling interest in Coca-Cola Beverages Africa Pty. Ltd. to Coca-Cola HBC AG, the companies announced today.

CCBA is the largest Coca-Cola bottler in Africa. It operates in 14 countries on the continent and accounts for about 40% of all Coca-Cola product volume sold across Africa. Coca-Cola HBC is one of the largest Coca-Cola bottlers in the world, with operations in 29 countries across Europe and Africa, including Nigeria and Egypt.

Coca-Cola will sell 41.52% out of its 66.52% stake in CCBA to Coca-Cola HBC, and Coca-Cola HBC is acquiring 33.48% of CCBA that is held by GFI. In total, the transaction values 100% of CCBA at an equity value of US$3.4 billion.

The transactions are targeted to close by the end of 2026.

Coca-Cola and Coca-Cola HBC have also agreed to a separate option agreement for Coca-Cola HBC to acquire the remaining 25% of CCBA still owned by Coca-Cola within a six-year period from closing.

Refranchising Progress

The sale of Coca-Cola’s stake in CCBA is another significant step in the ongoing refranchising of company-owned or controlled bottling operations.

In 2024, bottling investments, as a percent of consolidated net revenue, was 13%, down from 52% in 2015. Following the closing of this transaction, the company expects bottling investments to make up approximately 5% of consolidated net revenue.

In July 2025, Coca-Cola reached another milestone in the refranchising process in India with the sale of a 40% ownership stake in Hindustan Coca-Cola Beverages Pvt. Ltd. to Jubilant Bhartia Group. Coca-Cola continues to own 60% of the Indian bottler.

“Coca-Cola HBC is a strong and valued bottler that will help usher in the next chapter of growth for CCBA,” said Henrique Braun, executive vice president and chief operating officer of Coca-Cola. “Coca-Cola HBC has demonstrated a strong track record of growing our system across Africa, having strong market share growth in Egypt and realizing strong volume and share growth in Nigeria over the past several years. We are pleased with Coca-Cola HBC’s continued and aligned investment in the Coca-Cola system and in taking another significant step forward in the refranchising of company-owned bottling operations.”

GFI Ongoing Involvement

After the sale, the Gutsche family will continue its involvement in both the Coca-Cola system and Africa through its ownership stake in Coca-Cola HBC.

“For more than eight decades, the Gutsche family has been dedicated to developing the Coca-Cola business across Southern and Eastern Africa,” said GFI Chairman Philipp Hugo Gutsche. “Coca-Cola HBC is the ideal partner to carry the CCBA business forward and to realize their shared vision for the Coca-Cola system on the continent.”

Coca-Cola HBC Expansion

Following closing of the acquisition, Coca-Cola HBC will represent two-thirds of Africa’s total Coca-Cola system volume and cover over 50% of the continent’s population, solidifying its long-term commitment to growth in Africa. With a proven track record of operating in Africa for nearly 75 years since its founding in Nigeria, the acquisition creates a platform for Coca-Cola HBC to share best practices, roll out its leading bespoke capabilities, and invest further in CCBA to drive sustainable, profitable growth.

“We are very excited to announce the acquisition of a majority stake in CCBA, with a path to full ownership,” said Zoran Bogdanovic, CEO of Coca-Cola HBC.

“With almost 75 years of experience in Nigeria and with our successful acquisition of Coca-Cola’s bottling business in Egypt in 2022, we see huge growth opportunities in Africa. It has a sizable and growing consumer base and significant potential to increase per capita consumption,” Bogdanovic said. “We believe we can unlock this growth and create value for our shareholders by leveraging our best-in-class bespoke capabilities, commercial expertise and industry-leading approach to sustainability. We appreciate the trust placed in us by Coca-Cola and GFI and look forward to welcoming the CCBA team to Coca-Cola HBC and driving joint success.”

Next Steps

Coca-Cola HBC’s acquisition of CCBA is targeted to be completed by the end of 2026, subject to satisfaction of conditions, including customary regulatory and antitrust approvals.

As part of the acquisition, Coca-Cola HBC will pursue a secondary listing on the Johannesburg Stock Exchange, underpinning its commitment to South Africa and the African continent.

Rothschild & Co acted as sole financial adviser to Coca-Cola. Goldman Sachs Bank Europe SE, Amsterdam Branch and UBS AG London Branch acted as financial advisers to Coca-Cola HBC. Nomura International acted as sole financial adviser to GFI.

About The Coca-Cola Company

The Coca-Cola Company (NYSE: KO) is a total beverage company with products sold in more than 200 countries and territories. Our company’s purpose is to refresh the world and make a difference. We sell multiple billion-dollar brands across several beverage categories worldwide. Our portfolio of sparkling soft drink brands includes Coca-Cola, Sprite and Fanta. Our water, sports, coffee and tea brands include Dasani, smartwater, vitaminwater, Topo Chico, BODYARMOR, Powerade, Costa, Georgia, Fuze Tea, Gold Peak and Ayataka. Our juice, value-added dairy and plant-based beverage brands include Minute Maid, Simply, innocent, Del Valle, fairlife and AdeS. We’re constantly transforming our portfolio, from reducing sugar in our drinks to bringing innovative new products to market. We seek to positively impact people’s lives, communities and the planet through water replenishment, packaging recycling, sustainable sourcing practices and carbon emissions reductions across our value chain. Together with our bottling partners, we employ more than 700,000 people, helping bring economic opportunity to local communities worldwide. Learn more at www.coca-colacompany.com and follow us on Instagram, Facebook and LinkedIn.

About Coca-Cola HBC AG

Coca-Cola HBC is a growth-focused consumer packaged goods business and strategic bottling partner of The Coca-Cola Company. We open up moments that refresh us all, by creating value for our stakeholders and supporting the socio-economic development of the communities in which we operate. With a vision to be the leading 24/7 beverage partner, we offer drinks for all occasions around the clock and work together with our customers to serve 750 million consumers across a broad geographic footprint of 29 countries. Our portfolio is one of the strongest, broadest and most flexible in the beverage industry, with consumer-leading beverage brands in the sparkling, adult sparkling, juice, water, sport, energy, ready-to-drink tea, coffee, and premium spirits categories. These include Coca-Cola, Coca-Cola Zero Sugar, Fanta, Sprite, Schweppes, Kinley, Costa Coffee, Caffè Vergnano, Valser, FuzeTea, Powerade, Cappy, Monster Energy, Finlandia Vodka, The Macallan, Jack Daniel’s and Grey Goose. We foster an open and inclusive work environment amongst our 33,000 employees and believe that building a more positive environmental impact is integral to our future growth. We rank among the top sustainability performers in ESG benchmarks such as the 2024 Dow Jones Best-in-Class Indices, CDP, MSCI ESG, FTSE4Good and ISS ESG.

Coca-Cola HBC is listed on the London Stock Exchange (LSE: CCH) and on the Athens Exchange (ATHEX: EEE). For more information, please visit https://www.coca-colahellenic.com.

About Coca-Cola Beverages Africa

CCBA is the eighth largest Coca-Cola authorised bottler in the world by revenue, and the largest on the continent. It accounts for over 40% of all Coca-Cola ready-to-drink beverages sold in Africa by volume. With over 14,000 employees in Africa, CCBA group services more than 800,000 customers with a host of international and local brands. CCBA group operates in 14 countries: South Africa, Kenya, Ethiopia, Uganda, Mozambique, Namibia, Tanzania, Botswana, Zambia, Eswatini, Lesotho, Malawi and the islands of Comoros and Mayotte.

About Gutsche Family Investments

Gutsche Family Investments is a private company incorporated under the laws of South Africa. The Gutsche family’s association with TCCC started in 1940 when PR Gutsche joined the SA Bottling Company Proprietary Limited as an employee. In 1956, the Gutsche family became a minority shareholder of the company and in 1960 became the sole shareholder. From 1960 to 1995, the company grew and acquired more territory within South Africa and started expansion into East Africa in 1994. At this time, the company became known as Coca-Cola Sabco Proprietary Limited and was a subsidiary of GFI. On the formation of CCBA in July 2016, GFI contributed its majority shareholding in several sub-Saharan African bottling businesses and held approximately 33.5% of CCBA.

Forward-Looking Statements

This press release may contain statements, estimates or projections that constitute “forward-looking statements” as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature.

Forward-looking statements are subject to certain risks and uncertainties that could cause The Coca-Cola Company’s actual results to differ materially from its historical experience and its present expectations or projections. These risks include, but are not limited to, the occurrence of any event, change or other circumstance that could give rise to the termination of the definitive agreement entered into in connection with the proposed sale, the ability to satisfy all conditions to closing, including obtaining clearances under applicable antitrust regulations, and complete the proposed sale on the anticipated timeline, the disruption of management’s attention from our ongoing business operations due to the proposed sale and the failure to realize the anticipated benefits from the proposed sale, and other risks discussed in The Coca-Cola Company’s filings with the Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K for the year ended December 31, 2024 and its subsequently filed reports on Form 10-Q, which filings are available from the SEC.

Coca-Cola HBC's actual results and events could also differ materially from those anticipated in the forward-looking statements in this announcement, including the corresponding risks described above. By their nature, forward-looking statements involve risk and uncertainty and they reflect current expectations and assumptions as to future events and circumstances that may not prove accurate. There can be no assurance that future results, level of activity, performance or achievements of Coca-Cola HBC or CCBA will meet these expectations.

You should not place undue reliance on forward-looking statements, which speak only as of the date they are made. Neither The Coca-Cola Company nor Coca-Cola HBC undertake any obligation to publicly update or revise any forward-looking statements, other than as required by law or regulation.

Volta Finance Limited (VTA/VTAS)
Legal Entity Identification Code: 2138004N6QDNAZ2V3W80

Publication of the Annual Report and Audited Financial Statements
(the “Accounts”) for the financial year ended 31 July 2025 and
Notice of the Annual General Meeting

NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, IN OR INTO
THE UNITED STATES

*****

Guernsey, 21 October 2025

Volta Finance Limited has published its results for the financial year ended 31 July 2025. The 2025 Accounts are attached to this release and will be available on the Volta Finance Limited website (www.voltafinance.com).

Notice of the Annual General Meeting of Volta Finance Limited on Thursday 4 December 2025 may be found at pages 87 and 88 of the Accounts.

For further information, please contact:

Company Secretary and Portfolio Administrator
BNP Paribas S.A., Guernsey Branch
[email protected]
+44 (0) 1481 750 850

Corporate Broker
Cavendish Financial plc
Andrew Worne
Daniel Balabanoff
+44 (0) 20 7397 8900

For the Investment Manager
AXA Investment Managers Paris
François Touati

[email protected]
+33 (0) 1 44 45 84 47

*****
ABOUT VOLTA FINANCE LIMITED

Volta Finance Limited is incorporated in Guernsey under the Companies (Guernsey) Law, 2008 (as amended) and listed on Euronext Amsterdam and the London Stock Exchange's Main Market for listed securities. Volta’s home member state for the purposes of the EU Transparency Directive is the Netherlands. As such, Volta is subject to regulation and supervision by the AFM, being the regulator for financial markets in the Netherlands.

Volta’s Investment objectives are to preserve its capital across the credit cycle and to provide a stable stream of income to its Shareholders through dividends that it expects to distribute on a quarterly basis. The Company currently seeks to achieve its investment objectives by pursuing exposure predominantly to CLO’s and similar asset classes. A more diversified investment strategy across structured finance assets may be pursued opportunistically. The Company has appointed AXA Investment Managers Paris an investment management company with a division specialised in structured credit, for the investment management of all its assets.

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ABOUT AXA INVESTMENT MANAGERS
AXA Investment Managers (AXA IM) is a multi-expert asset management company within the BNP Group, a global leader in financial protection and wealth management. AXA IM is one of the largest European-based asset managers with more than 3,000 professionals and €879 billion in assets under management as of the end of June 2025.

*****

This press release is published by AXA Investment Managers Paris (“AXA IM”), in its capacity as alternative investment fund manager (within the meaning of Directive 2011/61/EU, the “AIFM Directive”) of Volta Finance Limited (the "Volta Finance") whose portfolio is managed by AXA IM.

This press release is for information only and does not constitute an invitation or inducement to acquire shares in Volta Finance. Its circulation may be prohibited in certain jurisdictions and no recipient may circulate copies of this document in breach of such limitations or restrictions. This document is not an offer for sale of the securities referred to herein in the United States or to persons who are “U.S. persons” for purposes of Regulation S under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or otherwise in circumstances where such offer would be restricted by applicable law. Such securities may not be sold in the United States absent registration or an exemption from registration from the Securities Act. Volta Finance does not intend to register any portion of the offer of such securities in the United States or to conduct a public offering of such securities in the United States.

*****

This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) high net worth companies, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “relevant persons”). The securities referred to herein are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents. Past performance cannot be relied on as a guide to future performance.

*****
This press release contains statements that are, or may deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "believes", "anticipated", "expects", "intends", "is/are expected", "may", "will" or "should". They include the statements regarding the level of the dividend, the current market context and its impact on the long-term return of Volta Finance's investments. By their nature, forward-looking statements involve risks and uncertainties and readers are cautioned that any such forward-looking statements are not guarantees of future performance. Volta Finance's actual results, portfolio composition and performance may differ materially from the impression created by the forward-looking statements. AXA IM does not undertake any obligation to publicly update or revise forward-looking statements.

Any target information is based on certain assumptions as to future events which may not prove to be realised. Due to the uncertainty surrounding these future events, the targets are not intended to be and should not be regarded as profits or earnings or any other type of forecasts. There can be no assurance that any of these targets will be achieved. In addition, no assurance can be given that the investment objective will be achieved.

The figures provided that relate to past months or years and past performance cannot be relied on as a guide to future performance or construed as a reliable indicator as to future performance. Throughout this review, the citation of specific trades or strategies is intended to illustrate some of the investment methodologies and philosophies of Volta Finance, as implemented by AXA IM. The historical success or AXA IM’s belief in the future success, of any of these trades or strategies is not indicative of, and has no bearing on, future results.

The valuation of financial assets can vary significantly from the prices that the AXA IM could obtain if it sought to liquidate the positions on behalf of the Volta Finance due to market conditions and general economic environment. Such valuations do not constitute a fairness or similar opinion and should not be regarded as such.

Editor: AXA INVESTMENT MANAGERS PARIS, a company incorporated under the laws of France, having its registered office located at Tour Majunga, 6, Place de la Pyramide - 92800 Puteaux. AXA IMP is authorized by the Autorité des Marchés Financiers under registration number GP92008 as an alternative investment fund manager within the meaning of the AIFM Directive.

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2025.07.31 VFL - Annual Report_unsigned

Data presented at IDWeek 2025 after study stopped early for efficacyPrimary endpoint met, demonstrating non-inferiority of oral tebipenem HBr compared to intravenous treatment1Data will be shared with regulatory authorities to support regulatory filings
CAMBRIDGE, Mass., Oct. 21, 2025 (GLOBE NEWSWIRE) -- Spero Therapeutics, Inc. (Nasdaq: SPRO) and GSK plc (LSE/NYSE: GSK) today announced efficacy and safety results of the positive pivotal phase 3 PIVOT-PO trial evaluating tebipenem HBr, an investigational oral treatment for complicated urinary tract infections (cUTIs), including pyelonephritis (NCT06059846). These results were presented on October 20, 2025, in a late-breaking oral abstract session at IDWeek 2025 in Atlanta, Georgia.

Complicated UTIs represent an important health issue, with an estimated 2.9 million cases of cUTIs treated annually in the U.S. alone.2 These infections are often caused by multidrug-resistant pathogens3 and carry serious risks including organ failure, sepsis, and even death.3-5 They also result in significant emergency department visits and hospitalizations, contributing to over $6 billion per year in healthcare costs.6 Current standard of care includes carbapenem antibiotics in cases of sepsis or resistance to other antibiotics, but they are only available for intravenous administration.7, 8

The trial, which was stopped early for efficacy in May this year, demonstrated non-inferiority of tebipenem HBr compared to intravenous imipenem-cilastatin in hospitalized patients with cUTI, including pyelonephritis, based on the overall response (composite of clinical cure plus microbiological eradication of the bacteria causing the infection) at the test of cure visit. Tebipenem HBr (oral, 600 mg) achieved a 58.5% overall success rate (261/446 participants) compared to 60.2% overall success rate (291/483 participants) for imipenem-cilastatin (intravenous, 500 mg) (adjusted treatment difference: −1.3%; 95% CI: −7.5%, 4.8%). The safety profile of tebipenem HBr was generally similar to that of other carbapenem antibiotics. The most frequently reported adverse events (in ≥3% of patients who received tebipenem HBr) were diarrhea and headache; these events were all mild or moderate and non-serious.

Tony Wood, Chief Scientific Officer, GSK, said: “Complicated UTIs can have serious consequences for patients, including organ failure and sepsis, and oral options for drug-resistant infections are limited. These ground-breaking data show for the first time that cUTIs, including pyelonephritis, can be treated with an oral carbapenem antibiotic as effectively as with an intravenous one. We have a long-standing commitment to delivering novel anti-infectives and are delighted to offer the potential of tebipenem HBr as an effective oral alternative that could be taken at home.”

Esther Rajavelu, Chief Executive Officer, Spero Therapeutics, said: “These data presented at IDWeek represent the culmination of years of dedicated work by our team in close collaboration with GSK. We are deeply grateful to the physicians, researchers, support staff, and, most importantly, to the patients who made this study, and the ones before it, possible. Along with GSK, we are now focused on advancing tebipenem HBr toward FDA submission and bringing this important therapy to patients in need.”

Dr George Sakoulas, Infectious Disease specialist, Sharp Memorial Hospital in San Diego, commented: “Increasing antibiotic resistance among community-acquired bacteria that cause complicated urinary tract infections is greatly amplifying the burden of treatment for patients, clinicians, and payers. The therapeutic flexibility of a new oral antibiotic may reduce the need for intravenous antibiotics to treat cUTI, providing benefit to patients and improving treatment options.”

Secondary endpoints also show:

Clinical cure (i.e. absence of symptoms) rates at test of cure visit were 93.5% in the tebipenem HBr group (417/446) compared to 95.2% in the imipenem-cilastatin group (460/483) with adjusted treatment difference: −1.6% (95% CI: −4.7%, 1.4%)Microbiological response rates at test of cure visit were 60.3% in the tebipenem HBr group (269/446) compared to 61.3% in the imipenem-cilastatin group (296/483) with adjusted treatment difference: −0.8% (95% CI: −6.9%, 5.3%)Overall, clinical and microbiological response rates at test of cure in participants with infections caused by antimicrobial-resistant Enterobacterales were consistent with the respective response rates in the primary analysis population.
Spero has licensed tebipenem HBr to GSK for development and commercialization in all markets except certain Asian territories. GSK plans to work with US regulatory authorities to include the data as part of a filing in Q4 2025. If approved, tebipenem HBr would be the first oral carbapenem antibiotic in the US for patients who suffer from cUTIs, adding to GSK’s growing anti-infectives portfolio and helping address the challenges of antimicrobial resistance (AMR).

The development of tebipenem HBr is supported in part with federal funds from the U.S. Department of Health and Human Services; Administration for Strategic Preparedness and Response; Biomedical Advanced Research and Development Authority (BARDA), under contract number HHSO100201800015C.

About tebipenem HBr
Tebipenem pivoxil as hydrobromide salt (Tebipenem HBr) is a late-stage development asset developed in collaboration with Spero Therapeutics. Tebipenem HBr is being developed to treat cUTIs, including pyelonephritis. In September 2022, GSK entered into an exclusive license agreement with Spero Therapeutics for the development and commercialization of tebipenem HBr in all markets, except certain Asian territories. Under this agreement GSK has sub-licensed back to Spero Therapeutics the rights and responsibility to conduct certain development work including the PIVOT-PO Phase 3 study, after which sponsorship of the new drug application (NDA) will be transferred to GSK from Spero Therapeutics. Tebipenem HBr has received Qualified Infectious Disease Product (QIDP) and Fast Track designations from the U.S. Food and Drug Administration (FDA).

About the PIVOT-PO trial
PIVOT-PO was a global, randomized, double-blind, pivotal, non-inferiority (NI margin: -10%) Phase 3 clinical trial of oral tebipenem HBr compared to IV imipenem-cilastatin, in hospitalized adult patients with cUTI including pyelonephritis. Patients were randomized 1:1 to receive tebipenem pivoxil (600 mg) orally every six hours, or imipenem-cilastatin (500 mg) IV every six hours, for a total of seven to ten days. Matching placebos were used to maintain blinding. The primary efficacy endpoint was overall response (composite of clinical cure plus microbiological eradication) at the test-of-cure visit (about 17 days from first dose administration of study drug) in patients with qualifying pathogens susceptible to imipenem. The trial enrolled a total of 1,690 patients, with randomization stratified by age, baseline diagnosis (cUTI or pyelonephritis), and the presence or absence of urinary tract instrumentation. For further details on the trial, refer to clinicaltrials.gov identifier NCT06059846.

About complicated urinary tract infections (cUTIs)
cUTIs are broadly described as any UTI that carries an increased risk of morbidity and mortality.3 Definitions of cUTIs are not currently uniform among international societies and regulatory agencies.5, 9 cUTIs encompass a heterogeneous patient population due to the wide range of host factors, comorbidities and urological abnormalities associated with cUTIs.5, 9 Risk factors for cUTI include indwelling catheters, ureteric stents, neurogenic bladder, obstructive uropathy, urinary retention, urinary diversion, kidney stones, diabetes mellitus, immune deficiency, urinary tract modification, and UTIs in renal transplant patients.3, 10-13

About GSK
GSK is a global biopharma company with a purpose to unite science, technology, and talent to get ahead of disease together. Find out more at gsk.com.

About Spero Therapeutics
Spero Therapeutics, headquartered in Cambridge, Massachusetts, is a clinical-stage biopharmaceutical company focused on identifying and developing novel treatments for rare diseases and multi-drug resistant (MDR) bacterial infections with high unmet need. For more information, visit www.sperotherapeutics.com

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, statements regarding the progress and results of Spero's Phase 3 PIVOT-PO trial; the timing of a planned FDA filing in 2H 2025 for tebipenem HBr; the potential of tebipenem HBr to be the first oral carbapenem antibiotic for U.S. patients with cUTI, including pyelonephritis; the potential receipt of milestone payments under Spero’s license and collaboration agreements; and the potential benefits of any of Spero’s current or future product candidates in treating patients. In some cases, forward-looking statements may be identified by terms such as "may," "will," "should," "expect," "plan," "aim," "anticipate," "could," "intent," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue," the negative of these terms or other similar expressions. Any forward-looking statements in this press release are based on management’s current expectations and beliefs and are subject to a number of important risks, uncertainties and other factors that may cause actual results to differ materially from those indicated by such forward looking statements, including whether tebipenem HBr will advance through the clinical development process, or at all, taking into account the effects of possible regulatory delays, slower than anticipated patient enrollment, manufacturing challenges, clinical trial design and clinical outcomes; whether the results of such trials will warrant submission for approval from the FDA or equivalent foreign regulatory agencies; whether the FDA will ultimately approve tebipenem HBr and, if so, the timing of any such approval; whether the FDA will require any additional clinical data or place labeling restrictions on the use of tebipenem HBr that would delay approval and/or reduce the commercial prospects of tebipenem HBr; whether a successful commercial launch can be achieved and market acceptance of tebipenem HBr can be established; whether results obtained in preclinical studies and clinical trials will be indicative of results obtained in future clinical trials; Spero's reliance on third parties to manufacture, develop, and commercialize its product candidates, if approved, including, in the case of tebipenem HBr, Spero’s reliance on GSK pursuant to the exclusive GSK License Agreement to develop tebipenem HBr and GSK’s right thereunder to determine whether to further develop tebipenem HBr; Spero's need for additional funding; the ability to commercialize Spero's product candidates, if approved; Spero's ability to retain key personnel; Spero's leadership transitions; whether Spero's cash resources will be sufficient to fund its continuing operations for the periods and/or trials anticipated; and other factors discussed in the "Risk Factors" set forth in filings that Spero periodically makes with the SEC. The forward-looking statements included in this press release represent Spero's views only as of the date hereof and should not be relied upon as representing its views as of any subsequent date. Except as required by law, Spero explicitly disclaims any obligation to update any forward-looking statements.

Investor Relations Contact:
Shai Biran, PhD
Spero Therapeutics
[email protected]

Media Inquiries:
[email protected]

References

1. Hong D. et al, Oral Tebipenem Pivoxil Hydrobromide vs Intravenous Imipenem-Cilastatin in Patients with Complicated Urinary Tract Infections or Acute Pyelonephritis: Efficacy and Safety Results from the Phase 3 PIVOT-PO study, Oral presentation at IDWeek 2025, 20 October 2025.
2. Carreno JJ, et al. Longitudinal, Nationwide, Cohort Study to Assess Incidence, Outcomes, and Costs Associated With Complicated Urinary Tract Infection. Open Forum Infect Dis. 2019;6:ofz446.
3. Sabih A, Leslie SW. Complicated urinary tract infections. In: StatPearls. 2023. StatPearls Publishing: Treasure Island, FL, USA.
4. Vallejo-Torres L, et al. Cost of hospitalised patients due to complicated urinary tract infections: a retrospective observational study in countries with high prevalence of multidrug-resistant Gram-negative bacteria: the COMBACTE-MAGNET, RESCUING study. BMJ Open. 2018;8:e020251.
5. Marantidis J, Sussman RD. Unmet Needs in Complicated Urinary Tract Infections: Challenges, Recommendations, and Emerging Treatment Pathways. Infect Drug Resist. 2023:16:1391-1405.
6. Lodise TP, et al. Hospital admission patterns of adult patients with complicated urinary tract infections who present to the hospital by disease acuity and comorbid conditions: How many admissions are potentially avoidable? Am J Infect Control. 2021;49(12):1528-1534.
7. Cotroneo, N., et al. In Vitro and In Vivo Characterization of Tebipenem, an Oral Carbapenem. Antimicrobial agents and chemotherapy. 2020. 64(8), e02240-19.
8. Maeda M, et al. Efficacy of carbapenems versus alternative antimicrobials for treating complicated urinary tract infections caused by antimicrobial-resistant Gram-negative bacteria: protocol for a systematic review and meta-analysis. BMJ Open. 2023 Apr 21;13(4):e069166.
9. Fernandez MM, et al. Poster presented at ESCMID Global, 27–30 April 2024, Barcelona, Spain. Poster P1023.
10. Bonkat G, et al. Keep it Simple: A Proposal for a New Definition of Uncomplicated and Complicated Urinary Tract Infections from the EAU Urological Infections Guidelines Panel. Eur Urol. 2024;86(3):195-197.
11. Wagenlehner FME, et al. Epidemiology, definition and treatment of complicated urinary tract infections. Nat Rev Urol. 2020;17(10):586-600.
12. Gomila A, et al. Predictive factors for multidrug-resistant gram-negative bacteria among hospitalised patients with complicated urinary tract infections. Antimicrob Resist Infect Control. 2018;7:111.
13. Altunal N, et al. Ureteral stent infections: a prospective study. Braz J Infect Dis. 2017;21(3):361-364.

Please see below information about transactions made under the third tranche of the 2025 share buy-back programme for Equinor ASA (OSE:EQNR, NYSE:EQNR, CEUX:EQNRO, TQEX:EQNRO).

Date on which the buy-back tranche was announced: 23 July 2025.

The duration of the buy-back tranche: 24 July to no later than 27 October 2025.

Further information on the tranche can be found in the stock market announcement on its commencement dated 23 July 2025, available here: https://newsweb.oslobors.no/message/651645

From 13 October to 17 October 2025, Equinor ASA has purchased a total of 1,129,635 own shares at an average price of NOK 235.3736 per share.

Overview of transactions:

DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK)     13 OctoberOSE278,535238.535566,440,485.49 CEUX    TQEX        14 OctoberOSE285,400235.025167,076,163.54 CEUX    TQEX        15 OctoberOSE    CEUX    TQEX        16 OctoberOSE281,000235.918366,293,042.30 CEUX    TQEX        17 OctoberOSE284,700232.091866,076,535.46 CEUX    TQEX        Total for the periodOSE1,129,635235.3736265,886,226.79 CEUX    TQEX        Previously disclosed buy-backs under the trancheOSE14,704,821249.93803,675,294,128.05CEUX   TQEX   Total14,704,821249.93803,675,294,128.05     Total buy-backs under the tranche (accumulated)OSE15,834,456248.89903,941,180,354.84CEUX   TQEX   Total15,834,456248.89903,941,180,354.84 Following the completion of the above transactions, Equinor ASA owns a total of 42,531,946 own shares, corresponding to 1.66% of Equinor ASA’s share capital, including shares under Equinor’s share savings programme (excluding shares under Equinor’s share savings programme, Equinor owns a total of 32,211,644 own shares, corresponding to 1.26% of the share capital).

This is information that Equinor ASA is obliged to make public pursuant to the EU Market Abuse Regulation and that is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Appendix: A overview of all transactions made under the buy-back tranche that have been carried out during the above-mentioned time period is attached to this report and available at www.newsweb.no.

Contact details:

Investor relations
Bård Glad Pedersen, senior vice president Investor Relations,
+47 918 01 791

Media
Sissel Rinde, vice president Media Relations,
+47 412 60 584

Detailed overview of transactions