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EL MONTE, Calif.--(BUSINESS WIRE)--Fulgent Genetics, Inc. (NASDAQ: FLGT) (“Fulgent,” or the “Company”), a technology-based company with a well-established laboratory services business and a therapeutic development business, today announced financial results for its third quarter ended September 30, 2025.

Third Quarter 2025 Results:

Revenue of $84.1 million, growing 17% year-over-year

GAAP loss of $6.6 million, or ($0.21) per share

Non-GAAP income of $4.5 million, or $0.14 per share

Adjusted EBITDA of $0.7 million

Non-GAAP income (loss), non-GAAP income (loss) per share, adjusted EBITDA income (loss), non-GAAP gross profit and margin, and non-GAAP operating income (loss) and margin, are described below under “Note Regarding Non-GAAP Financial Measures” and are reconciled to the most directly comparable GAAP financial measure, GAAP income (loss), GAAP gross profit and margin, and GAAP operating income (loss) and margin, in the accompanying tables.

Ming Hsieh, Chairperson of the Board of Directors and Chief Executive Officer, said, “We continued to build momentum in our laboratory services business and advancing our clinical trials for the Therapeutic Development business. I am especially pleased with the progress we have made with FID-007, as the preliminary data further demonstrated meaningful efficacy for previously treated head and neck cancer patients. We also had a good start with FID-022 phase one dosing escalation, which demonstrates the broad capabilities of our nano delivery technology platform. I look forward to continued progress as we drive growth in the balance of 2025.”

Paul Kim, Chief Financial Officer, said, “We are pleased with our results, and we again raise our guidance for the year. We continue to demonstrate strong momentum as we grow our laboratory services business and execute our strategic objectives. We believe we will close 2025 in a position of strength, with a healthy balance sheet.”

Outlook:

For the full year 2025, Fulgent now expects:

Revenue of approximately $325.0 million

GAAP loss of approximately ($1.70) per share

Non-GAAP income of approximately $0.30 per share

Cash, cash equivalents, restricted cash, and investments in marketable securities of approximately $800.0 million as of December 31, 2025*

*Cash expenditures may be higher or lower than currently estimated due to a variety of factors and circumstances, including as a result of the Company’s ongoing stock repurchase program, or other expenditures outside the ordinary course of business, including M&A. This number further assumes receipt of approximately $106 million in tax refunds prior to December 31, 2025, which may be delayed as a result of the current government shutdown.

Conference Call Information

Fulgent will host a conference call for the investment community today at 8:30 AM ET (5:30 AM PT) to discuss its third quarter 2025 results. The call may be accessed through a live audio webcast in the Investor Relations section of the Company’s website, http://ir.fulgentgenetics.com. An audio replay will be available at the same location.

Note Regarding Non-GAAP Financial Measures

Certain information set forth in this press release and/or to be discussed on the Company’s earnings call, including non-GAAP income (loss), non-GAAP income (loss) per share, adjusted EBITDA income (loss), non-GAAP gross profit and margin, and non-GAAP operating income (loss) and margin, are non-GAAP financial measures. Fulgent believes this information is useful to investors because it provides a basis for measuring the performance of the Company’s business, excluding certain income or expense items that management believes are not directly attributable to the Company’s operating results. Fulgent defines non-GAAP income (loss) as net income (loss) calculated in accordance with accounting principles generally accepted in the United States of America, or GAAP, plus amortization of intangible assets, plus equity-based compensation expenses, plus impairment loss of investments, plus acquisition-related costs, plus or minus the non-GAAP tax effect, and plus or minus other charges or gains, as identified, that management believes are not representative of the Company’s operations. The non-GAAP tax effect was calculated by excluding from the GAAP provision the impact of the amortization of intangible assets, equity-based compensation expenses, impairment loss of investments, and acquisition-related costs. Fulgent defines adjusted EBITDA income (loss) as GAAP income (loss) plus or minus interest (expense) income, plus or minus provisions (benefits) for income taxes, plus equity-based compensation expenses, plus insurance expense related to transferable tax credits, plus depreciation and amortization, plus impairment loss of investments, plus acquisition-related costs, and plus or minus other charges or gains, as identified, that management believes are not representative of the Company’s operations. Fulgent defines non-GAAP gross profit as gross profit calculated in accordance with GAAP plus equity-based compensation included in cost of revenue as shown in the table below. Fulgent defines non-GAAP gross margin by taking non-GAAP gross profit and dividing it by GAAP revenue. Fulgent defines non-GAAP operating profit (loss) by taking GAAP operating profit (loss) and adding equity-based compensation, amortization of intangible assets, and acquisition-related costs. Non-GAAP operating margin is calculated by taking non-GAAP operating profit (loss) and dividing it by GAAP revenue. Fulgent may continue to incur expenses similar to the items added to or subtracted from the GAAP financial measures, and, accordingly, the exclusion of these items in the presentation of these non-GAAP financial measures should not be construed as an implication that these items are unusual, infrequent or non-recurring. Management uses these non-GAAP financial measures along with the most directly comparable GAAP financial measure in evaluating the Company’s operating performance. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in conformity with GAAP, and non-GAAP financial measures as reported by Fulgent may not be comparable to similarly titled metrics reported by other companies. The Company does not provide reconciliations of forward-looking non-GAAP measures to GAAP measures, due to the inability to predict the amount and timing of impacts outside of the Company’s control on certain items, particularly items related to equity-based compensation, tax effects and potential impairments, among other items, which could be material. Reconciling such items would require unreasonable efforts. Because of the inherent uncertainty associated with the Company’s ability to project these future items, it is also unable to predict their probable significance.

About Fulgent

Fulgent is a technology-based company with a well-established laboratory services business and a therapeutic development business. Fulgent’s laboratory services business includes technical laboratory and testing services and professional interpretation of laboratory results by licensed physicians. Fulgent’s therapeutic development business is focused on developing drug candidates for treating a broad range of cancers using a novel nanoencapsulation and targeted therapy platform designed to improve the therapeutic window and pharmacokinetic profile of new and existing cancer drugs. The Company aims to transform from a diagnostic business into a fully integrated precision medicine company.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements in this press release include statements about, among other things: future performance; guidance, including guidance regarding expected quarterly and annual financial results, revenue, GAAP loss, non-GAAP loss, and cash, cash equivalents, restricted cash, and investments in marketable securities; evaluations and judgments regarding the stability of certain revenue sources, the Company’s cash position and sufficiency of its resources, momentum, trajectory, vision, future opportunities and future growth of the Company’s testing and laboratory services, technologies and expansion; the Company’s research and development efforts, including any implications that the results of earlier clinical trials will be representative or consistent with later clinical trials, the expected timing of enrollment and regulatory filings for these trials and the availability of data or results of these trials, including any implication that interim or preliminary data will be representative of final data; the Company’s identification and evaluation of opportunities and its ability to capitalize on opportunities, capture market share, or expand its presence in certain markets; and the Company’s ability to continue to grow its business.

Forward-looking statements are statements other than historical facts and relate to future events or circumstances or the Company’s future performance, and they are based on management’s current assumptions, expectations, and beliefs concerning future developments and their potential effect on the Company’s business. These forward-looking statements are subject to a number of risks and uncertainties, which may cause the forward-looking events and circumstances described in this press release to not occur, and actual results to differ materially and adversely from those described in or implied by the forward-looking statements. These risks and uncertainties include, among others: the market potential for, and the rate and degree of market adoption of, the Company’s tests; its ability to maintain turnaround times and otherwise keep pace with rapidly changing technology; the Company’s ability to maintain the low internal costs of its business model; the Company’s ability to maintain an acceptable margin; risks related to volatility in the Company’s results, which can fluctuate significantly from period to period; risks associated with the composition of the Company’s customer base, which can fluctuate from period to period and can be comprised of a small number of customers that account for a significant portion of the Company’s revenue; the Company’s level of success in obtaining coverage and adequate reimbursement and collectability levels from third-party payors for its tests and testing services; the Company’s level of success in establishing and obtaining the intended benefits from partnerships, strategic investments, joint ventures, acquisitions, or other relationships; the success of the Company’s development efforts, including the Company’s ability to progress its candidates through clinical trials on the timelines expected; the Company’s compliance with the various evolving and complex laws and regulations applicable to its business and its industry; and the Company’s ability to protect its proprietary technology and intellectual property. As a result of these risks and uncertainties, forward-looking statements should not be relied on or viewed as predictions of future events.

The forward-looking statements made in this press release speak only as of the date of this press release, and the Company assumes no obligation to update publicly any such forward-looking statements to reflect actual results or to changes in expectations, except as otherwise required by law.

The Company’s reports filed with the U.S. Securities and Exchange Commission, or the SEC, including its annual report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 28, 2025, and the other reports it files from time to time, including subsequently filed annual, quarterly and current reports, are made available on the Company’s website upon their filing with the SEC. These reports contain more information about the Company, its business and the risks affecting its business, as well as its results of operations for the periods covered by the financial results included in this press release.

FULGENT GENETICS, INC.

Condensed Consolidated Balance Sheet Data

September 30, 2025, and December 31, 2024

(in thousands)

September 30, 2025

December 31, 2024

ASSETS:

Cash and cash equivalents

$

117,641

$

55,144

Investments in marketable securities

669,940

773,313

Accounts receivable, net

71,187

69,021

Property, plant, and equipment, net

111,865

105,549

Other assets

243,930

216,937

Total assets

$

1,214,563

$

1,219,964

LIABILITIES & EQUITY:

Accounts payable, accrued liabilities and other liabilities

$

93,806

$

90,805

Total stockholders’ equity

1,120,757

1,129,159

Total liabilities & equity

$

1,214,563

$

1,219,964

 

FULGENT GENETICS, INC.

Condensed Consolidated Statement of Operations Data

Three and Nine Months Ended September 30, 2025, and 2024

(in thousands, except per share data)

(unaudited)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

$

84,069

$

71,743

$

239,335

$

207,256

Cost of revenue (1)

48,557

44,972

141,042

131,890

Gross profit

35,512

26,771

98,293

75,366

Operating expenses

Research and development (1)

13,860

11,783

39,735

36,703

Selling and marketing (1)

11,642

9,124

32,393

26,708

General and administrative (1)

23,335

20,950

75,018

63,765

Amortization of intangible assets

2,025

1,993

6,005

5,973

Total operating expenses

50,862

43,850

153,151

133,149

Operating loss

(15,350

)

(17,079

)

(54,858

)

(57,783

)

Interest income

7,874

8,090

23,983

23,181

Interest expense

(28

)

(14

)

(59

)

210

Impairment loss

—

(10,073

)

(9,926

)

(10,073

)

Other (expense) income, net

(5

)

544

109

554

Total other income (expense), net

7,841

(1,453

)

14,107

13,872

Loss before income taxes

(7,509

)

(18,532

)

(40,751

)

(43,911

)

Benefit from income taxes

(683

)

(3,838

)

(2,770

)

(6,281

)

Net loss from consolidated operations

(6,826

)

(14,694

)

(37,981

)

(37,630

)

Net loss attributable to noncontrolling interests

218

46

886

810

Net loss attributable to Fulgent

$

(6,608

)

$

(14,648

)

$

(37,095

)

$

(36,820

)

Net loss per common share attributable to Fulgent:

Basic

$

(0.21

)

$

(0.48

)

$

(1.21

)

$

(1.22

)

Diluted

$

(0.21

)

$

(0.48

)

$

(1.21

)

$

(1.22

)

Weighted-average common shares:

Basic

30,749

30,416

30,708

30,095

Diluted

30,749

30,416

30,708

30,095

(1) Equity-based compensation expense was allocated as follows:

Cost of revenue

$

1,697

$

1,940

$

5,214

$

5,948

Research and development

3,247

3,583

10,060

11,563

Selling and marketing

736

931

2,337

2,983

General and administrative

4,037

4,466

12,695

13,579

Total equity-based compensation expense

$

9,717

$

10,920

$

30,306

$

34,073

 

FULGENT GENETICS, INC.

Non-GAAP Income (Loss) Reconciliation

Three and Nine Months Ended September 30, 2025, and 2024

(in thousands, except per share data)

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net loss attributable to Fulgent

$

(6,608

)

$

(14,648

)

$

(37,095

)

$

(36,820

)

Amortization of intangible assets

2,025

1,993

6,005

5,973

Equity-based compensation expense

9,717

10,920

30,306

34,073

Impairment loss (1)

—

10,073

9,926

10,073

Acquisition-related costs

90

—

387

—

Non-GAAP tax effect

(703

)

1,100

(1,466

)

569

Non-GAAP income (loss) attributable to Fulgent

$

4,521

$

9,438

$

8,063

$

13,868

Net loss per common share attributable to Fulgent:

Basic

$

(0.21

)

$

(0.48

)

$

(1.21

)

$

(1.22

)

Diluted

$

(0.21

)

$

(0.48

)

$

(1.21

)

$

(1.22

)

Non-GAAP income per common share attributable to Fulgent:

Basic

$

0.15

$

0.31

$

0.26

$

0.46

Diluted

$

0.14

$

0.31

$

0.26

$

0.46

Weighted average common shares:

Basic

30,749

30,416

30,708

30,095

Diluted

31,312

30,679

30,952

30,404

FULGENT GENETICS, INC.

Non-GAAP Adjusted EBITDA Reconciliation

Three and Nine Months Ended September 30, 2025, and 2024

(in thousands)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Net loss attributable to Fulgent

$

(6,608

)

$

(14,648

)

$

(37,095

)

$

(36,820

)

Interest income, net

(7,846

)

(8,076

)

(23,924

)

(23,391

)

Benefit from income taxes

(683

)

(3,838

)

(2,770

)

(6,281

)

Depreciation and amortization

6,038

5,920

18,011

18,736

Equity-based compensation expense

9,717

10,920

30,306

34,073

Insurance expense related to transferable tax credits

—

—

283

—

Impairment loss

—

10,073

9,926

10,073

Acquisition-related costs

90

—

387

—

Adjusted EBITDA

$

708

$

351

$

(4,876

)

$

(3,610

)

 

FULGENT GENETICS, INC.

Non-GAAP Operating Margin

Three and Nine Months Ended September 30, 2025, and 2024

(in thousands, except percentages)

 

Three Months Ended

September 30,

Nine Months Ended

September 30,

2025

2024

2025

2024

Revenue

$

84,069

$

71,743

$

239,335

$

207,256

Cost of revenue

48,557

44,972

141,042

131,890

Gross profit

35,512

26,771

98,293

75,366

Gross margin

42.2

%

37.3

%

41.1

%

36.4

%

Equity-based compensation included in cost of revenue

1,697

1,940

5,214

5,948

Non-GAAP gross profit

37,209

28,711

103,507

81,314

Non-GAAP gross margin

44.3

%

40.0

%

43.2

%

39.2

%

Operating expenses

50,862

43,850

153,151

133,149

Equity-based compensation included in operating expenses

8,020

8,980

25,092

28,125

Amortization of intangible assets

2,025

1,993

6,005

5,973

Acquisition-related costs

90

—

387

—

Non-GAAP operating expenses

40,727

32,877

121,667

99,051

Non-GAAP operating loss

$

(3,518

)

$

(4,166

)

$

(18,160

)

$

(17,737

)

Non-GAAP operating margin

-4.2

%

-5.8

%

-7.6

%

-8.6

%

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Quebecor Inc. (QBR.A:CA) Q3 2025 Earnings Call November 6, 2025 11:00 AM EST

Company Participants

Hugues Simard - Chief Financial Officer
Pierre Péladeau - CEO & President

Conference Call Participants

Maher Yaghi - Scotiabank Global Banking and Markets, Research Division
Sam Schmidt - CIBC Capital Markets, Research Division
Matthew Griffiths - BofA Securities, Research Division
Jerome Dubreuil - Desjardins Securities Inc., Research Division
Vince Valentini - TD Cowen, Research Division
Aravinda Galappatthige - Canaccord Genuity Corp., Research Division
Drew McReynolds - RBC Capital Markets, Research Division
Drew McReynolds
Tim Casey - BMO Capital Markets Equity Research

Presentation

Operator

Good day, everyone, and thank you for standing by. Welcome to the Quebecor Inc. financial results for the third quarter 2025 conference call. I would now like to introduce Hugues Simard, Chief Financial Officer of Quebecor Inc. Please go ahead.

Hugues Simard
Chief Financial Officer

Ladies and gentlemen, welcome to this Quebecor conference call. My name is Hugues Simard. I'm the CFO. And joining me to discuss our financial and operating results for the third quarter of 2025 is Pierre Karl Peladeau, our President and Chief Executive Officer. Anyone unable to attend the conference call will be able to access the recorded version by logging on to the webcast available on Quebecor's website until January 5.

As usual, I also want to inform you that certain statements made on the call today may be considered forward-looking, and we would refer you to the risk factors outlined in today's press release and reports filed by the corporation with the regulatory authorities. Let me now turn the floor to Pierre Karl.

Pierre Péladeau
CEO & President

[Foreign Language] and good morning, everyone. So more than 15 years ago, recognizing a huge opportunity in Quebec and across Canada, Quebecor set out on a growth strategy based on wireless. First, launching as an MVNO, then building our own network and further

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KKR posted higher third-quarter revenue and profit as growth in its insurance business more than offset declines in its asset management business.

BOSTON--(BUSINESS WIRE)--Novanta Inc. (Nasdaq: NOVT) ("Novanta" or the “Company”), a trusted technology partner to medical and advanced technology equipment manufacturers, announced today that it has priced its previously announced public offering of 11 million of its 6.50% tangible equity units at $50.00 per unit (equal to the stated amount per unit). The transaction is a public offering made by means of a prospectus supplement under Novanta's effective shelf registration statement. Novanta's.

International Consolidated Airlines Group S.A. (OTCPK:ICAGY) Q3 2025 Earnings Call November 7, 2025 3:30 AM EST

Company Participants

Luis Martín - CEO & Executive Director
Nicholas Cadbury - e Group Chief Financial & Sustainability Officer
Sean Doyle - CEO & Chairman of British Airways
Carolina Martinoli - Chief Executive Officer and Chair of Vueling
Adam Daniels - Chairman & CEO of IAG Loyalty
Lynne Embleton - Chairman & CEO of Aer Lingus
Marco Sansavini - Chairman & CEO of Iberia

Conference Call Participants

Alexander Irving - Sanford C. Bernstein & Co., LLC., Research Division
James Hollins - BNP Paribas, Research Division
Stephen Furlong - Davy, Research Division
Jaime Rowbotham - Deutsche Bank AG, Research Division
Savanthi Syth - Raymond James & Associates, Inc., Research Division
Harry Gowers - JPMorgan Chase & Co, Research Division
Conor Dwyer - Citigroup Inc., Research Division
Ruairi Cullinane - RBC Capital Markets, Research Division
Andrew Lobbenberg - Barclays Bank PLC, Research Division
Patrick Creuset - Goldman Sachs Group, Inc., Research Division
Muneeba Kayani - BofA Securities, Research Division
Gerald Khoo - Panmure Liberum Limited, Research Division
James Goodall - Rothschild & Co Redburn, Research Division
Jarrod Castle - UBS Investment Bank, Research Division
Alexander Paterson - Peel Hunt LLP, Research Division

Presentation

Operator

Good morning, ladies and gentlemen, and welcome to the International Airlines Group Third Quarter 2025 Results Call. [Operator Instructions] I would like to remind all participants that this call is being recorded.

I will now hand over to Luis Gallego, Chief Executive Officer, to open the presentation. Please go ahead.

Luis Martín
CEO & Executive Director

Thank you very much. Good morning, everyone, and welcome to the IAG third quarter results. Today, I have with me Nicholas Cadbury, our CFO; as well as members of the IAG Management Committee. This has been another good quarter for IAG, and we are on track for another very good year. Our strong fundamentals underpin our best-in-class value creation over the long term. We are

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

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

Bitcoin is still trading above $100,000 after a bruising week of volatility. The market-leading cryptocurrency has been buoyed by renewed institutional inflows and signs of whale accumulation that, analysts say, suggest confidence is quietly returning to the largest cryptocurrency by market capitalization.

According to The Block’s price page, bitcoin traded near $101,500 after oscillating between $100,000 and $103,000 in the past 24 hours. The move marks the first stretch of stability since recent deleveraging events, which pushed BTC below six figures for the first time since May.

"The tone has shifted from panic to positioning," said Timothy Misir, head of research at BRN. "The leverage flush has left derivatives markets clean and spot markets primed for accumulation. With ETF inflows resuming and whales adding aggressively, the stage may be set for recalibration rather than continuation of the drawdown."

ETF inflows return after six days of outflows
After nearly a week of redemptions, U.S. spot bitcoin ETFs recorded $240 million in net inflows on Thursday — breaking a six-day losing streak. Ethereum ETFs added $12.5 million, and Solana ETFs extended their streak to eight straight days of inflows with $29 million.

Analysts regard the reversal as significant. ETF flows have become a proxy for institutional sentiment, and when redemptions stop, it often marks the end of short-term deleveraging phases.

Adding to the bullish signals, Misir flagged accumulation from large holders as bitcoin retreated to a five-month low. "Whales and institutions have added nearly 30,000 BTC this week, worth almost $3 billion," Misir noted. "Long-term holders remain in control, and that underpins the market’s structural stability."

Macro lens: mixed signals but easing tension
Macroeconomic data reinforced a sense of cautious optimism. U.S. employers announced 153,074 job cuts in October, a 175% year-over-year increase — the highest October reading since 2003 — highlighting corporate caution in a slowing economy.

Still, QCP Capital said in a Wednesday note that "the macro backdrop remains constructive but obscured by Washington’s ongoing government shutdown." The firm pointed to a mix of resilient GDP prints and softer payroll data, suggesting "robust productivity gains" and moderate growth momentum.

Yet, policy clarity remains elusive. After the Fed’s October rate cut, the odds of another move in December sit near 60%, according to QCP, but "the longer the blackout drags on, the more comfortable policymakers may become with pausing."

Markets found modest relief from the ongoing U.S.-China thaw, with trade tariffs eased earlier this week, and from the Fed’s resumed repo operations, which have alleviated recent dollar liquidity strain. The result has been a brief pause in the cross-asset deleveraging that hit equities, metals, and crypto alike earlier in the week.

Rotation over retreat
Market structure metrics show that capital is rotating within crypto, not exiting entirely. Data from FalconX indicates traders remain cautious but engaged.

"While there’s clearly some short-term bearishness, we’re not seeing people flee to cash," said Griffin Sears, head of derivatives at FalconX, shared with The Block. "Funds are selling alts and switching into major currencies like bitcoin and ether. That could spur another period of rising bitcoin dominance — a sign that institutional conviction still lies in BTC."

Ethereum traded near $3,340, while BNB hovered around $955 and Solana held at $155, The Block’s price page shows.

Onchain data also supports the recovery narrative. Roughly 71% of the total BTC supply remains in profit, while exchange balances continue to fall, a signal of long-term accumulation rather than capitulation.

Analyst outlooks shift, but conviction holds
Despite the rebound, market forecasts have become more restrained. Galaxy Digital trimmed its year-end bitcoin target from $185,000 to $120,000. The firm expects competition from AI and gold, coupled with profit taking, might throttle BTC’s upside.

Similarly, Cathie Wood’s Ark Invest lowered its bull-case projection by $300,000, suggesting stablecoins have absorbed part of BTC’s traditional use case.

Conversely, JPMorgan reiterated its view that bitcoin could reach $170,000 within 6–12 months, driven by macro easing and ETF momentum.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Bitcoin has recently fallen below the crucial $100K support level, indicating a notable bearish move. If buyers couldn’t hold this critical level, another cascade toward the $95K range will occur.

Technical Analysis
By Shayan

The Daily Chart
On the daily timeframe, BTC remains locked between the $100K–$102K demand block and the $114K resistance cluster, with both the 100-day and 200-day moving averages now acting as overhead resistance.

The most recent rejection from the 100-day MA around $110K led to a retest of the $101K support, completing a full liquidity sweep of the previous range low.

What stands out now is the price stabilization within a historical high-volume node, exactly where previous macro corrections have found their base. The extended series of equal lows (marked “$$”) suggests that liquidity below $100K has likely been harvested, a condition that, if followed by consolidation and a higher low formation, could confirm the presence of strong hands absorbing supply.

For bulls, the first confirmation of regained strength would be a reclaim of $106K–$108K, while for bears, a clean daily close below $99K opens the door to the $93K–$95K macro accumulation zone.

The 4-Hour Chart
Zooming in, the 4-hour structure displays a compressed descending range, where every lower high is forming closer to support, a classic pattern of momentum exhaustion.

The asset has repeatedly tested the $101K–$102K zone, creating short-term imbalance pockets above $106K and $110K, which may later act as magnet levels for any corrective rallies. This coiling behavior often appears near the end of a corrective phase, as leveraged positions are flushed out and volatility contracts.

If the price manages to reclaim the $106K pivot, a short-term reversal toward $110K could follow, completing the mean-reversion move. However, sustained rejection from $104K would keep the accumulation scenario open for a longer period, extending the sideways range through mid-November.

On-Chain Analysis
By Shayan

The Realized Price by UTXO Age Bands provides critical insight into the current supply–demand balance between market cohorts.

Bitcoin’s price has declined below the 1–3 month and 3–6 month holders (purple and blue lines), meaning these cohorts are collectively underwater. This shift transforms their realized price levels (roughly $107K–$110K) into overhead supply zones, regions where many of these short-term holders may exit at breakeven once the asset rebounds, creating initial resistance during recovery phases.

Conversely, the 6–12-month cohort’s realized price (yellow line, near $95K–$96K) is emerging as a potential demand boundary. This group, generally more patient mid-term holders, historically provides market support during late-stage corrections, absorbing supply from capitulating short-term investors.

This distribution of realized prices paints a clear structural picture; Bitcoin is trapped between realized supply (short-term loss holders) and realized demand (mid-term strong hands). A sustained defense above the 6–12 month realized price band would signal that longer-term capital continues to absorb fear-driven selling, maintaining the larger bullish cycle intact.

However, a decisive breakdown below that level would indicate a deeper capitulation event, likely resetting sentiment before any macro reversal.

Tags:

The Bitcoin bulls just can’t seem to staunch the relentless tide of selling. Each new push to the upside seems weaker than the last. Poor jobs data and fears that AI companies have become overbought tie into bearish market sentiment. Can Bitcoin suffer yet another price dip?

Jobs are falling as AI might also be about to dipThe worst unemployment figures for the month of October in the last twenty years saw 153,000 layoffs. According to a report by Challenger, Gray & Christmas, the main reason for what is now more than 1 million job losses since the start of 2025 is the effects of DOGE and its government cost-cutting actions. Another main contributor to the loss of jobs has been blamed on the rise of AI, which has allowed companies to restructure and automate processes.

On the subject of AI, stories now abound across mainstream media that are exploring the idea that AI has become vastly overbought, and that this is a bubble that could burst with huge repercussions for the US and global economies. 

Big Short investor Michael Burry has been in the news recently given that his company is publicly betting against tech giants Nvidia and Palantir. The legendary investor appears to be convinced that AI is in a bubble and is shorting these stocks accordingly.

S&P 500 ripe for a big pullback?

Source: TradingView

The S&P 500 does look as though it may be ready for a big dip that could even out-do the plunge caused by the Trump tariffs earlier this year. Since that plunge, the Index more than recovered, but as can be seen in the chart above, the price has reached the top of the blue channel, and it might be expected to start falling from here. The bottom of the channel is a realistic target, but will President Trump allow it to fall that far?

Weak $BTC bounce on the way back down

Source: TradingView

The short-term chart for $BTC suggests that the price is going to keep coming down from a relatively weak bounce. It can be seen that the price is staying below the descending trendline and looks to be heading back to the previous low.

Having said that, the Relative Strength Index at the bottom of the chart is showing that the price is about to enter the oversold area again, and the next time there is a bounce, it is more likely to break through the descending trendline.

Major trendline retest could happen soon

Source: TradingView

The daily chart does rather suggest that the $BTC price is going to come down one last time to retest the major trendline below. This would be only the third retest of what is an incredibly important trendline. If the retest doesn’t happen here, it would likely touch the trendline a bit further along.

At the bottom of the chart, the Stochastic RSI indicators are crossing back up. They may not still be doing so at the end of the week, but this doesn’t really matter as the indicators are quite near the bottom, and they would likely cross back up at some point next week anyway.

Potential bear market - but momentum indicators not in line with this

Source: TradingView

If the $BTC price comes down to retest the major trendline, but then falls through and confirms below, the writing would be on the wall for a bear market. In fact, one can see that the next very strong price structure below is the top of the last bull market at $69,000. 

In the bear market of 2022, the price did come all the way back to retest the top of the previous bull market - could this be about to happen once again?

However, in favour of a continuation of the bull market, the 2-week Stochastic RSI indicators are coming back down. They could bottom and cross back up in the next month or so. The weekly indicators are almost at the bottom now. This does not suggest an imminent bear market. Nevertheless, all eyes will be on how the $BTC price reacts to the major trendline.

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

TLDR

Table of Contents

TLDRBitcoin Operations Drive Major Revenue StreamCash App Performance Leads GrowthProto Mining Division Starts Revenue GenerationGet 3 Free Stock Ebooks

Block (XYZ) posted Q3 revenue of $6.11 billion but missed earnings expectations with $0.54 per share versus $0.63 expected.
Bitcoin revenue reached $1.97 billion, representing nearly one-third of total revenue and making it the second-largest revenue source.
Stock dropped 9.6% in after-hours trading to $64.10, extending 2025 losses to 18.24%.
Company holds 8,780 BTC valued over $1 billion but recorded $59 million in negative remeasurement for Q3.
New mining division Proto generated first revenue through hardware sales in third quarter.

Block reported third-quarter results that failed to meet Wall Street projections. Earnings per share came in at 54 cents, missing the 63-cent estimate by 14%.

Total revenue reached $6.11 billion for the quarter. The figure showed 2.3% growth year-over-year but fell short of the $6.33 billion target.

The stock took a hit after the earnings announcement. XYZ shares dropped 9.6% to $64.10 in after-hours trading after closing down 3.7% at $70.94.

Block, Inc., XYZ

Year-to-date performance shows Block down 18.24% in 2025. The earnings miss adds pressure to an already struggling stock price.

Bitcoin Operations Drive Major Revenue Stream
Bitcoin revenue totaled $1.97 billion during the third quarter. This makes cryptocurrency Block’s second-largest revenue generator behind subscriptions and services.

The bitcoin figure decreased from $2.4 billion in Q3 2024. Associated costs also fell to $1.89 billion from $2.36 billion year-over-year.

Block increased its bitcoin holdings throughout 2025. The company owned 8,780 BTC at September’s end, up from 8,485 BTC in January.

Current holdings exceed $1 billion in value. However, remeasurement losses hit $59 million in Q3 and $178 million year-to-date.

CEO Jack Dorsey highlighted growth in his shareholder letter. Gross profit jumped 18% year-over-year to $2.66 billion.

Cash App Performance Leads Growth
Cash App delivered $1.62 billion in profit, marking 24% yearly growth. Square’s merchant business contributed $1.018 billion, up 9%.

Operating income reached $409 million, growing 26% year-over-year. The number still missed analyst estimates of $473 million.

EBITDA came in at $833 million, a 3% increase. Wall Street had projected $840 million for this metric.

Block projects full-year 2025 gross profit at $10.24 billion. That represents 15% growth compared to 2024.

Proto Mining Division Starts Revenue Generation
Block’s mining arm Proto posted its first revenue in Q3. CFO Amrita Ahuja shared the news during the investor call.

Proto sold mining hardware including ASICs, hashboards, and complete rigs. Ahuja called Q3 revenue “modest” but pointed to a strong 2026 pipeline.

The division launched in November 2024. First mining rig placements weren’t announced until August 2025.

Block introduced new bitcoin payment tools in October. The company also deployed a merchant wallet for businesses.

Earlier in 2025, Block settled with New York financial regulators for $40 million. The settlement addressed alleged anti-money laundering failures tied partly to bitcoin operations.

BlackRock, the world’s largest asset manager, added 921 Bitcoin (BTC) to its portfolio on Thursday, November 6, but the overall net holdings are still 5,300 BTC in the red this week, signaling active portfolio adjustments amid ongoing market volatility.

With the recent sales, the fund’s reserves have diminished, now totaling around 798,000 BTC, valued at over $80 billion at current prices, according to HeyApollo ETF tracker data shared by co-founder Thomas Fahrer on November 7. 

BlackRock BTC moves. Source: Thomas Fahrer (@thomas_fahrer)
Looking at the broader picture, BlackRock has accounted for more than half of this week’s Bitcoin ETF outflows, which have amounted to a total of 8,132 BTC, worth $861 million.

Will Bitcoin recover?
Trading at $100,840 at the time of writing and down more than 2% on the day, Bitcoin has slipped 20% from its October all-time high of $126,080. 

BTC 24-hour price. Source: Finbold
The weakness has been the result of a convergence of bearish factors, including escalating U.S.–China tensions, government shutdowns, and institutional outflows. What’s more, October’s historic crash that wiped out $19 billion in liquidations has extended into November, dragging BTC down 17% over the past month. 

Some optimism still lingers, though. For instance, Tom Lee, Co-Founder and Head of Research at Fundstrat Global Advisors, believes the macro conditions could soon reverse. 

“Hopefully headwinds become tailwinds when you can resolve these things…. The October 10 deleveraging was the biggest in history, and that means there are still ripple effects being felt even two weeks later. It’s going to take some time for confidence to come back,” said Lee in a November 6 interview with CNBC.

From this point of view, the year’s finish will thus hinge on inflation data, liquidity, and Federal Reserve policies. Of course, the weakening U.S. dollar and renewed ETF inflows will also be important catalysts to watch.

Short-term uncertainty, on the other hand, remains, as the crypto has already slipped below $100,000 this week, with some warning signs pointing to a potential drop to as low as $92,000.

Featured image via Shutterstock

CryptoQuant warned in its Asia Morning Briefing that Bitcoin is now entering an extremely bearish phase. On-chain data shows that BTC is hovering around $101,000 as the Friday trading day began in Hong Kong.

At the time of publication, Bitcoin is currently exchanging hands at $101,970, down 1.22% in the last 24 hours. BTC has also plummeted by nearly 7% in the past week and more than 16% in the last 30 days.

BTC drops below the 365-day moving average

Bitcoin is currently trading below its 365-day MA.

See our latest report, published yesterday, about the implications if the price breaks below this level, specially in the current phase of bearish data.https://t.co/QlqDR6AfF3

— Julio Moreno (@jjcmoreno) November 6, 2025

CryptoQuant revealed in its latest weekly report that BTC dropped under the 365-day moving average of $102,000. The analytics firm argued that the drop indicated the loss of a key technical and psychological support that previously defined the bottom of the bull cycle. 

CryptoQuant’s Bull Score Index has plummeted to zero for the first time in more than 3 years. The signal was also last seen before the previous bear market. The analytics firm revealed that traders’ on-chain realized price bands indicate a potential downside move towards $72,000 if BTC fails to rally above $100,000 soon.

The market data firm cited Metcalfe’s network valuation model, which also identified $91,000 as the next structural support level. The firm believes that failure to reclaim the 365-day moving average quickly could trigger a much larger correction.

The analytics report comes as Bitcoin has seen weeks of weakening fundamentals, including increased outflows, lower network activity, and a flattening of key on-chain valuation metrics. CryptoQuant analysts argued that BTC’s chart resembles a similar break in 2021 below the metric, which initiated the start of a prolonged drawdown.

Bloomberg analyst Mike McGlone stated on Thursday that Bitcoin’s price may decline by nearly 50% if the current downward trend over the past month persists. He also believes that if BTC hits $100,000 could accelerate a drop toward $56,000.

“My look at the chart shows how normal it’s been for the first-born crypto to revert to its 48-month moving average, now around $56,000, after similarly extended rallies as in 2025.”

–Mike McGlone, Senior Commodity Analyst at Bloomberg Intelligence.

Bitcoin had dropped to $98,000 on November 4, which marks the current local bottom. It was also the first time since July that BTC plummeted below the $100,000 psychological level.

Glassnode says BTC’s market remains cautious and oversold

Bitcoin’s MVRV Ratio Signals Possible Bottom Formation Amid Fear and Liquidations

“Historically, when MVRV falls to the 1.8–2.0 range, it often coincides with mid-term market bottoms or early recovery phases.” – By @xwinfinance pic.twitter.com/IyYAMO7uof

— CryptoQuant.com (@cryptoquant_com) November 6, 2025

Analysts at XWIN Research Japan stated on Thursday that BTC’s Market Value to Realized Value (MVRV) has declined to historical lows. The firm confirmed that historical MVRV drops to the 1.8-2.0 range often coincides with mid-term market bottoms or early recovery phases.

Glassnode’s report earlier this week, titled ‘Defending $100K’, revealed that a normal correction within the ongoing cycle could be one key Bitcoin metric that indicates the recent drop. The report also revealed that 71% of the market’s supply is still in profit, and unrealized losses are contained to just 3.1% of market cap. The firm believes that the current reading of 3.1% suggests only moderate stress, unlike the 2022-2023 bear market, where losses reached extreme levels.

Glassnode added that it’s useful to assess the Relative Unrealized Loss, which measures the total unrealized losses in USD relative to market capitalization. The firm maintained that the market can be classified as a mild bear phase, characterized by orderly revaluation rather than panic, as long as unrealized losses remain within the current range.

The analytics firm argued that the data shows the market remains cautious, oversold, but not yet deeply capitulated. Glassnode also acknowledged that long-term holders are selling and ETF outflows continue, but believes it’s just a mid-cycle correction rather than the start of a bear market.

Analysts have been debating Bitcoin’s short-term trajectory, with ARK Invest’s Cathie Wood reducing her long-term Bitcoin price projection by $300,000 on Thursday. She warned that stablecoins are eroding the world’s largest digital asset’s role as a store of value in emerging markets.

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Meanwhile, the PI token continues to fight off the $0.20 support.

The crypto market hasn't lived up to investors' hopes recently.

Market cycles are a lot like seasons, because you can often feel a chill in the air well before the first snowflake lands. On that note, October's crypto storm delivered that first shock of cold, complete with the flash crash on Oct. 10, and pessimism has spread fast. Investors are now arguing that the new bear market has arrived, and that everyone should head for shelter.

The case sounds plausible. This October was the first negative October for Bitcoin (BTC 2.69%) in years, and nearly all major crypto assets are still smarting, well below their highs before the flash crash, including leaders like Ethereum (ETH 4.34%), Solana (SOL 3.01%), and XRP (XRP 5.11%), among many others. Even the strongest coins look winded right now -- so is this the start of a bear market, or worse, another crypto winter?

Image source: Getty Images.

The sell-off has been brutal, but it's not the only factor in play
There's no point in denying that October hurt. The flash crash on Oct. 10 was the largest single-day wipeout on record for the entire crypto asset class, an order of magnitude larger than past episodes. Plus, Bitcoin notched its first decline in an October since 2018, a down month that dented confidence after a string of strong gains; the past 30 days' decline of 19% is concerning (as of Nov. 6), but it came at a time when sentiment was already fragile.

But one month isn't a clear sign of a bear market.

Zoom out a bit, and the picture is still mixed. Solana is down by 20% this year so far, Chainlink is down 33%, and, while they're up for the year, Bitcoin, XRP, and Ethereum have all failed to outperform the stock market's gain of 14% this year so far. When considering the mix of bullish catalysts that the crypto sector, as well as these specific coins, got this year, that weak performance is indeed pretty surprising, and it makes sense for investors to be concerned.

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For instance, the same month that produced the flash crash also featured the single largest weekly inflow into global crypto exchange-traded funds (ETFs) on record, with an inflow of $5.9 billion in the first seven days, led by Bitcoin and also meaningful allocations to Ethereum. Flows turned choppy after the shock, but the pattern was not wholesale flight.

Aside from significant capital inflows, the macroeconomic picture is more likely to improve than to worsen.

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The Federal Reserve just announced it will end quantitative tightening (QT) on Dec. 1, and paired that announcement with an interest rate cut. The result of that shift will be an inflow of liquidity into the crypto financial system.

Liquidity is not a guarantee of higher crypto prices, but ending the active removal of liquidity via QT removes a persistent headwind. In other words, whereas October felt wintry, the policy forecast is for balmy weather. And that's what ultimately makes it hard to believe that crypto is going to enter into a deep bear market right now, though short-term weakness is probably going to continue for at least a while longer.

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How to invest through this stretch
But what if there is a crypto bear market, regardless of the positive catalysts and a macro backdrop that's set to improve soon?

The thing to remember is that bear markets often mint the best long-term entries for investors. For most, the crypto portfolio anchor in these uncertain times is Bitcoin.

It has the simplest and most reliable long-term investment thesis based on its programmatically increasing scarcity over time, the deepest ETF adoption, and it also benefits most from easier liquidity. It has also held up the best in these inclement conditions so far. Continue dollar-cost averaging (DCAing) into Bitcoin on a set schedule rather than trying to time the market, and you will be building the foundation for your portfolio's health regardless of the market conditions. If you're willing to take selective risks even when conditions are fragile, Ethereum and Solana both should earn a look for potentially buying on dips, or, if you're looking to accumulate a larger allocation, DCAing.

Could this still morph into a classic bear market?

Yes, especially if the currently abysmal sentiment among crypto-native investors ends up spreading somehow to the institutional investors on Wall Street who are finally starting to warm up to crypto.

But panic-selling is absolutely not the right response at the moment, even if things get somewhat more grim in the coming weeks. As always, the best game plan over the long term is to commit to rules-based accumulation of the highest-quality assets in the sector, while keeping more speculative bets modest.

TL;DR

Stablecoin issuer Tether reportedly acquired approximately $97  million worth of Bitcoin during a recent price dip, signaling opportunistic accumulation amid weakness.
This purchase appears outside the firm’s standard quarterly‑end buying pattern and aligns with its reserve diversification strategy that includes Bitcoin and gold.
Tether’s Bitcoin holdings are publicly estimated to exceed 90,000 BTC—placing the company among the largest institutional holders and reinforcing its pro‑crypto credibility.

The world’s largest stablecoin issuer, Tether, quietly added a fresh batch of Bitcoin during the recent market pullback, according to on‑chain tracking data and wallet activity. While there is no formal press release detailing the transaction, the blockchain metrics suggest that Tether moved the equivalent of about $97  million into Bitcoin, seizing a moment of downside momentum in the market.

Strategic Accumulation Amid Price Weakness
Under its announced policy, Tether has been funneling up to 15 % of its net realized profits each quarter into Bitcoin, as part of a broader reserve diversification approach. Historically, these purchases have occurred toward the end of each quarter. Now, the timing of this latest acquisition appears to deviate from that structure, suggesting that Tether may be responding dynamically to market dips rather than sticking strictly to a calendar schedule.

According to data compiled by BitcoinTreasuries.net and related sources, Tether’s holdings recently crossed the 92,000 BTC threshold, valued at several billion dollars. By acquiring during a market downturn, Tether is reinforcing its role as an active participant in the Bitcoin ecosystem.

Reinforcing Crypto‑Treasury Confidence
Tether’s move sends a strong signal to the market about institutional commitment to Bitcoin. By adding during a dip, they may encourage other institutions to view corrections as accumulation opportunities rather than just risk zones. Moreover, given that Tether has diversified into mining infrastructure and other Bitcoin‑adjacent investments, this purchase aligns smoothly with their long-term mindset.  

It is worth noting that despite regulatory headwinds around stablecoins and reserves, Tether has emphasised transparency initiatives, including attestations of its holdings. While any large move invites scrutiny, in a pro‑crypto sense, the acquisition strengthens Bitcoin’s narrative as an institutional reserve asset rather than simply a speculative instrument. The fact that a major stablecoin issuer is visibly building a sizable Bitcoin position should bolster both asset-class confidence and underlying network fundamentals.

Tether’s approximately $97  million Bitcoin purchase during the latest downturn may mark a shift from scheduled accumulation to opportunistic buying. Given their scale and visibility, this kind of move has implications beyond their own balance sheet—it potentially encourages a mindset among other players that periods of weakness are worth exploring rather than avoiding.

U.S. spot Bitcoin ETFs resumed inflows on Nov. 7 as institutional demand for the bellwether asset returned, after BTC bulls successfully defended the $100K support level.

Summary

U.S. Bitcoin ETFs switched back to inflows on Nov. 7 as institutional demand improved.
Bitcoin bulls have defended the $100k psycologcial support level twice this week.
Crypto markets experienced $586 million in liquidations. 

According to data from SoSoValue, the 12 spot Bitcoin exchange-traded funds recorded $240 million in net inflows on Thursday, marking an end to the prior six-day outflow streak that saw over $2 billion exit the funds.

BlackRock’s IBIT captured the lion’s share of inflows on the day, with $112.4 million entering the fund. This came just a day after it witnessed $375.5 million in outflows.

Fidelity’s FBTC and ARK 21Shares’ ARKB followed with $61.6 million and $60.4 million in inflows, respectively, while Bitwise’s BITB saw a modest $5.5 million inflow by the end of the trading session. The remaining BTC ETFs saw “zero” flows on the day.

Despite today’s return of inflows, November is still shaping up to be a challenging month for U.S. spot Bitcoin ETFs, which have collectively seen $661 million in net outflows so far. By comparison, October and September brought in $3.53 billion and $3.42 billion in inflows, respectively.

Inflows returned as Bitcoin price briefly recovered back above $104k, after a visit to multi-month lows on Nov. 5 when the flagship crypto fell below the six-figure mark. 

BTC defends $100k as crypto liquidations linger
Bitcoin dropped from an intraday high of $104,346 on Nov. 6 to a low of $100,527 later that day. While it managed a brief rebound, the price faced renewed selling pressure, dipping again to around $100,560 earlier today as bears kept up the momentum.

At press time, BTC has clawed back some ground, trading near $101,733, though it remains down 1.5% over the past 24 hours.

Analysts note that Bitcoin must continue to hold the critical $100K psychological support level to avoid opening the door to deeper losses, especially with market sentiment still fragile and liquidation pressures lingering. 

Over $586.21 million has been liquidated in the past 24 hours, with $378 million of it from long liquidations. Such unwinding of leveraged positions could continue to weigh on prices in the short term, especially when key support levels like Bitcoin’s $100K threshold fail to hold. Persistent volatility and cautious sentiment may further discourage risk-taking across major tokens.

As previously reported by crypto.news, on-chain data adds to the caution. Bitcoin’s MVRV ratio, which reflects unrealized profits across the network, has been drifting lower even as its price tries to stay above $100,000.

The MVRV ratio has consistently found support within the 1.7 to 1.8 range during this market cycle. This area has effectively served as a profit floor since early 2024. 

Historically, when the ratio approaches this zone, it suggests the market is entering a region of undervaluation, often followed by a period of consolidation or recovery. 

However, if Bitcoin’s price were to drop and the MVRV ratio were to retest the 1.7 to 1.8 range, the corresponding price range of $91,800 to $97,200 would represent the profit floor where bulls may look to re-enter the market.

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

TLDR

Net flows of $239.9 million on Thursday end a six-day streak of outflows that drained almost $1.4 billion.
BlackRock (IBIT) and Fidelity (FBTC) led the inflows, while Grayscale’s GBTC recorded no change.
Ether ETFs also saw an end to a negative streak; Solana ETFs have maintained positive inflows since their launch.

This Thursday, US spot Bitcoin ETFs experienced significant relief. They recorded a net inflow of $239.9 million. This positive income marks the end of a negative streak of six consecutive days of outflows, during which almost $1.4 billion was drained from the market.

According to data from Farside Investors, this expected reversal comes after a turbulent week. Profit-taking, driven by macroeconomic uncertainty, had led to heavy redemptions from the main institutional Bitcoin investment vehicles.

The rebound was led by the asset management giant, BlackRock, whose iShares Bitcoin Trust (IBIT) added $112.4 million. It was followed by Fidelity’s Wise Origin Bitcoin Fund (FBTC), with $61.6 million, and the ARK 21Shares Bitcoin ETF (ARKB), which reported $60.4 million. Notably, Grayscale’s GBTC fund, which had experienced consistent outflows, showed no change on this day.

In total, this six-day selling streak is considered one of the steepest pullbacks since US spot Bitcoin ETFs began trading in January.

Performance of other cryptocurrency ETFs
The positive momentum was not limited to Bitcoin. Similarly, exchange-traded products (ETPs) that track Ether (ETH) also saw the end of a six-day outflow streak, although on a smaller scale.

Data from Farside Investors indicates that spot ETH ETFs had net sales of approximately $837 million during that period. However, on Thursday, they managed to reverse the trend with modest gains of $12.51 million.

On the other hand, spot Solana (SOL) ETFs have shown outstanding performance since their launch on October 28. The data reveals that SOL-based products have accumulated $322 million in inflows and, significantly, have not experienced a single day of net outflows.

U.S. bitcoin ETFs record $240 million in inflows as market sentiment faces pressure from the ongoing government shutdown.Updated Nov 7, 2025, 11:17 a.m. Published Nov 7, 2025, 11:17 a.m.

U.S. exchange-traded funds (ETFs) recorded inflows of $240 million on Thursday, marking the first day of positive flows since Oct. 28, according to data from Farside.

No outflows were reported from any ETF provider, ending a six-day streak of consecutive outflows. The longest stretch of outflows since the ETFs launched remains eight consecutive trading days, a pattern that has historically coincided with market or local bottoms for bitcoin.

STORY CONTINUES BELOW

Since the U.S. government shutdown began on Oct. 1, ETF flows have mostly been negative, apart from the first week of October when bitcoin briefly rallied from $114,000 to $126,000. Persistent outflows have since aligned with bitcoin’s decline to $100,000. The asset is now down 11% since the shutdown, while the Nasdaq and gold have risen 2% and 4%, respectively.

As the shutdown continues, it is expected to further erode market confidence and increase the risk of reduced liquidity, likely curbing investors’ appetite for risk assets such as bitcoin. Notably, the 2018–2019 government shutdown coincided with a market bottom for bitcoin in that cycle.

According to prediction platform Polymarket, there is currently around a 50% chance that the government shutdown will extend beyond Nov. 16, a scenario that could continue to weigh on bitcoin and the broader crypto market.

Bitcoin’s current correction, which began on Oct. 6, has seen a 21% decline over 31 days. For comparison, the correction during the April tariff-driven selloff lasted 79 days and resulted in a 32% drop.

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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The crypto market has been shaky this week, and XRP has been right in the spotlight. A large transaction involving more than $280 million worth of XRP has drawn attention and raised questions about what might be coming next. While investors remain hopeful after recent positive Ripple developments, the latest wallet activity from Evernorth Holdings adds uncertainty to the market.

Massive XRP Movement Sparks SpeculationBlockchain tracking platform Whale Alert detected a transfer of 126,791,448 XRP, worth more than $280 million. At first, the transfer appeared to be a whale relocation between unknown wallets. However, deeper analysis revealed that both wallets belong to Evernorth Holdings, a Ripple-backed XRP treasury entity.

The receiving wallet was newly created on November 5 using BitGo custody services. This signals that Evernorth may be reorganizing or preparing funds for a strategic purpose. The primary wallet still holds more than 261 million XRP, while the new wallet now holds over 126 million XRP. Since Evernorth added more than 84 million XRP earlier this week, the company now controls around 473 million XRP, worth over $1 billion.

Crypto analyst XR Trader commented that the transfer should not be seen as a bullish or bearish signal by itself. He explained that large transfers like this are often routine and may be related to custody changes or internal treasury organization rather than market manipulation or selling activity. According to him, the impact of transfers is seen later, through changes in actual liquidity, not through headline transactions.

Evernorth’s Nasdaq PlansThe transfer comes just as Evernorth moves closer to its major business milestone. Evernorth is merging with Armada Acquisition Corp II to become a publicly traded company on Nasdaq, where the new stock ticker will be XRPN. Ripple will send 126,791,458 XRP to the company and receive XRPN shares in return on a one-for-one basis. After the merger, Evernorth will position itself as the largest XRP treasury firm in the world.

This merger follows a strong week for Ripple, where CEO Brad Garlinghouse announced that Ripple raised $500 million at a $40 billion valuation, with investment participation from leading financial firms, along with a new partnership with Mastercard.

XRP Price Weakens Despite Positive HeadlinesEven with major progress from Ripple and Evernorth, XRP’s price dropped. The coin fell more than 4 percent, dipping below the $2.20 support zone, and briefly touching $2.19. Trading volume shrank by more than 12 percent, showing declining interest from short-term traders. Futures data from Coinglass also shows a reduction in leveraged positions as open interest dropped nearly 5 percent, signaling fading confidence.

For now, the market is watching Evernorth closely. Internal treasury reshuffling is normal, but the size of this transfer and the upcoming Nasdaq listing bring anticipation. As long as the broader market stays weak, XRP may continue to feel pressure. A move back above $2.50 would show signs of strength and renewed buyer momentum.

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FAQsDoes the large XRP transfer signal a bullish or bearish trend?

Analysts say the move is neutral. Big transfers often reflect custody changes, and price impact shows up only if liquidity or selling later increases.

How much XRP does Evernorth currently control?

Evernorth holds about 473 million XRP, worth over $1 billion, making it one of the largest XRP treasury entities in the ecosystem.

What is Evernorth’s upcoming Nasdaq listing about?

Evernorth is merging with Armada Acquisition Corp II to list under the ticker XRPN, positioning itself as the leading XRP treasury company.

Why is XRP’s price falling despite positive Ripple news?

XRP slipped below support as market sentiment weakened, with lower trading volume and reduced futures interest showing fading short-term demand.

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Fri, 7/11/2025 - 9:26

Popular trader DonAlt, known for calling XRP's 700% rally, now warns that Strategy (MSTR) could lose up to 55% of its value if Bitcoin fails to hold the $100,000 level.

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Bitcoin is still circling around $102,000, and not everyone’s convinced it means anything. DonAlt — the trader known for spotting XRP tops and bottoms long before they show on most screens — is not buying it. "I just don’t see it," he wrote on X, adding he would "wait until $110,000 is reclaimed" before even thinking about a bottom. His fallback condition: "If we nuke sufficiently."

The charts support his stance. Bitcoin’s one-hour structure shows a hanging midrange with no volume support under $101,000. A clean rejection from $105,000 earlier this week confirmed what he calls "a market pretending to recover."

The real problem lies beneath: if the price drops below $100,000, there is barely any support until the next high-liquidity cluster at $94,000-$95,000, which fueled the breakout in August. A drop into that range would be what he describes as "sufficiently nuked."

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Saylor and Strategy at risk?DonAlt’s chart also drew a parallel with Strategy (MSTR), Saylor’s public Bitcoin vehicle, which is now sliding after losing support at $240. The next structural shelf sits almost 55% lower, around $109.

This means that if Bitcoin cannot hold six figures, MSTR’s treasury leverage cuts both ways. The firm’s position of 641,205 BTC, worth approximately $65 billion, still shows a gain on paper. However, one more leg down would erase most of that buffer.

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Upside exists, but it needs confirmation. Reclaiming $110,000 with strength would flip the market back to accumulation, triggering short covers toward $118,000-$120,000. Until then, the charts appear fragile, traders remain defensive and even the loudest bulls admit that they just do not see it.

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Most of the crypto market is in the red, but XRP's daily losses are worse than the rest of the larger caps.

The uncertainty in the cryptocurrency markets returned in the past 12 hours or so as BTC was stopped at $104,000 and pushed south toward $100,000, a level which it managed to defend so far. Its downfall, though, dragged most altcoins with it, and XRP is in fact one of the poorest performers daily, which is rather surprising given some of the positive developments around it in recent days.

So why is that?

Good Ripple News
Aside from several acquisitions made this year, Ripple just held its annual Swell Conference, in which it announced another major milestone. Following a $500 million investment round, led by prominent names such as Fortress Investment Group, Marshall Wace, Citadel Securities, and Pantera Capital, the company’s valuation skyrocketed to a whopping $40 billion.

The firm also partnered with Mastercard, WebBank, and emini to expand the use of its own stablecoin, RLUSD, on the XRP Ledger. The idea is to enable the stablecoin to be used for blockchain-based payments between Mastercard and WebBank.

Another piece of bullish news came from the on-chain sector, which showed that 21,595 new XRP wallets were created in the span of just two days. This is the largest such increase in eight months.

Additionally, the XRP Ledger continues to enjoy healthy engagement levels, as one of the native DEXes hit a new all-time high in terms of daily transactions of over 950,000.

But Why Down, XRP?
Perhaps the most evident reason behind the asset’s nosedive today is the overall negative market sentiment, as most cryptocurrencies are in the red daily and weekly. However, XRP has slipped by more than 4%, while the rest of the larger-cap digital assets are down by around 1%-1.5%.

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Whales’ behavior could be attributed to this downfall as they have been consistently selling off significant portions of the asset, including disposing of 900,000 tokens in just five days.

Consequently, some analysts have turned bearish on XRP, at least for the short term. As reported on Tuesday, IncomeSharks warned that Ripple’s cross-border token could soon dip below $2 again, which could open the doors for a “buy-the-dip” opportunity.

For now, XRP is fighting to stay above the $2.20 support following a massive 23% monthly decline. It also continues to fight off BNB for the fourth place in terms of market cap, and so far, it has the advantage, but it’s pretty narrow.

XRPUSD. Source: TradingView

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Tesla CEO Elon Musk’s record-breaking $1 trillion compensation package has set off a frenzy in the crypto world, inspiring a fresh surge of memecoin launches across major blockchains. Shortly after Tesla shareholders approved the historic deal on Thursday, traders began minting tokens such as “TRILLIONS,” “Elon’s $1,” and “MUSK” on Solana, Ethereum, and BNB Chain, according to data from DEXTools.

Within hours, trading activity exploded, with multiple TRILLIONS/SOL pairs soaring nearly 190% in value and combined volumes exceeding $20 million by Friday morning. However, not all traders struck gold — several tokens lost nearly all their value within minutes as developers executed liquidity pulls, a common exit scam tactic in decentralized finance.

This latest memecoin mania mirrors a familiar trend in crypto culture, where events tied to Elon Musk — from Tesla milestones to X (formerly Twitter) antics — often ignite speculative trading frenzies. Traders rapidly capitalize on trending topics to create tokens that capture the moment, despite many fading as fast as they appear.

Musk’s pay package, which grants him 12 tranches of Tesla stock if the company’s valuation climbs to $8.5 trillion, further cements his influence across Tesla, SpaceX, xAI, and X. The shareholder vote also included approval for Tesla to invest in xAI, strengthening Musk’s interconnected tech ecosystem spanning AI, space, and crypto innovation.

While most of these newly launched tokens will likely vanish once the hype fades, their rapid rise highlights the powerful intersection between internet culture, crypto markets, and Musk’s global influence. As long as Musk remains at the center of both financial and cultural conversations, memecoins bearing his name are bound to keep reemerging — turning his every headline into potential trading fuel.

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Solana (SOL) is showing renewed momentum as institutional investors continue to accumulate positions, suggesting a potential move toward the $200 mark. Despite a 15% weekly decline, Solana has remained steady within the crucial $150–$160 range, a zone that bulls are actively defending. This resilience indicates that the market could be shifting toward a bullish phase after several weeks of sideways movement.

Institutional demand for Solana has intensified, driven by a surge in Solana-based exchange-traded fund (ETF) inflows. Over $29 million poured into Solana ETFs today alone, pushing total inflows above $323 million in just eight days. The BitwiseInvest Solana ETF (BSOL) has been at the forefront, receiving $29.2 million in new investments today and surpassing $300 million in total inflows since last week. This consistent capital influx underscores growing investor confidence and institutional recognition of Solana’s long-term potential within the digital asset market.

Analysts highlight that Solana has entered a key demand zone following a prolonged consolidation phase, with buying activity emerging strongly between $150 and $160. If SOL maintains support above this range, analysts predict a short-term recovery toward $175–$185, possibly extending to $200 if bullish momentum strengthens.

At the time of writing, SOL trades at around $157, up 0.79% in the past 24 hours. A decisive break above $170 could open the door to higher targets, while a close below $150 might trigger a correction toward $140 or $130. Technical indicators such as the MACD show weakening bearish momentum, with a potential bullish crossover forming, and the RSI hovering near 37, signaling recovery potential.

With institutional confidence rising, Solana’s outlook appears increasingly bullish, positioning it as one of the most promising assets in the crypto market’s next upward phase.

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