Market Signal Briefing

BTC/USDT vs. Nasdaq futures daily chart. Source: TradingView
Several Wall Street chief executives, including Mike Gitlin of Capital Group, Ted Pick of Morgan Stanley, and David Solomon of Goldman Sachs, cautioned that investors should prepare for an equity market drawdown of more than 10% over the next 12 to 24 months.

Gitlin noted that while corporate earnings remain strong, valuations appear stretched.

“Most people would say we’re somewhere between fair and full, but I don’t think a lot of people would say we’re between cheap and fair,” he said during a financial summit hosted by the Hong Kong Monetary Authority.

The same issue, he added, applies to credit spreads, suggesting limited upside for risk assets in the short term.

Their collective tone underscored the likelihood of a near-term correction, one they described as a “normal feature” of market cycles. But with both equities and Bitcoin trading near historically elevated levels, risk sentiment weakened broadly this week.

Long-Term Bitcoin Holders Exit
On-chain data from CryptoQuant shows that long-term Bitcoin holders have sold over 400,000 BTC in the past 30 days, roughly 2% of total circulating supply, marking one of the most significant distribution phases of 2025.

Validators halted the network on Monday as the exploit on Balancer V2 exposed vulnerabilities in Berachain's native decentralized exchange.

Bitwise's Solana ETF (BSOL) posted record weekly inflows of $417 to $421 million, making it among the top 20 ETFs across all asset classes by net inflows.

BTC's major support is gone, but self-custody activity is rising. Buyers appear active. Is it active enough to stop further bleeding?

As markets remained choppy, Bitcoin (BTC) suffered a fresh decline of almost 3% on Tuesday as it fell below the critical support zone at $107,000, a major trading range that had remained intact for 130 days.

CryptoQuant noted that this failure could expose the market to further downside momentum.

Bitcoin’s Line of Defense Breached
According to the analysis, the established range between approximately $107,000 and $123,000 has served as the battlefield for buyers and sellers since mid-June, and price action reflected high vulnerability at the range floor. However, while the price continued to show weakness and remains under pressure near the bottom of this multi-month structure, on-chain data from Binance reveals a contrasting pattern that signals a rise in underlying demand.

CryptoQuant stated that the 7-day moving average of Exchange Withdrawing Addresses on Binance has increased sharply, rising from roughly 340 on October 30 to close to 418 on Monday, which indicates a growing cohort of market participants is moving Bitcoin off the exchange and into self-custody.

This trend is historically associated with accumulation behavior rather than preparation for selling, and suggests that some holders may now view the current price zone as attractive for long-term positioning.

The earlier opposing trend of falling price versus rising withdrawals suggested that demand was forming around the $107,000 zone, potentially offering short-term protection. Those withdrawal patterns signaled that certain buyers were attempting to build a base by shifting coins into self-custody and away from exchange sell-side pressure. But CryptoQuant noted that this signal alone was not a guarantee that support would hold.

The outcome, according to the analysis, was always based on whether the accumulation magnitude was strong enough to counter ongoing selling. With Bitcoin now trading around $104,000 and below that previously observed support area, the focus shifts toward whether this withdrawal trend continues to rise or begins to cool. The sustainability of this metric in the coming days will determine if buyers still step in at lower prices or if the breakdown below the range continues.

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Rising Activity From STH Signals Early Accumulation
Bitcoin’s short-term holder cohorts are beginning to accumulate again, but this does not necessarily mean the market has found a local bottom. CryptoQuant’s analysis tracking Bitcoin’s Realized Price by UTXO Age Bands focuses on two short-term groups. First, those holding BTC between one and three months, and second, those holding between three and six months. These two cohorts are typically the most reactive during market corrections and tend to drive volatility.

In previous uptrends, especially from early 2024 to mid-2025, the realized price of the one-to-three-month band often acted as a first support line, as newer buyers defended their cost basis during pullbacks. Meanwhile, the three-to-six-month cohort has historically behaved in a contrarian way. It was found that their accumulation tends to rise when prices are falling, and fade when prices are rising.

The analytics firm observed that this three-to-six-month group has now started accumulating again, but the trend is not fully developed. This could mean that while these holders are stepping in, they may not yet view current prices as attractive enough for aggressive entry, or are waiting for more fear, capitulation, or deeper discount conditions to unfold before increasing their positioning in size.

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XRP Showing Signs of Weakness as Momentum Fades — Can Bulls Defend the $2.25 Support?According to renowned market analyst Ali Martinez, XRP is beginning to show signs of weakness after its recent rally, with momentum indicators pointing toward a potential pullback. 

Following a strong surge that pushed the token to multi-month highs, buyers appear to be losing steam, raising concerns about whether the $2.25 support zone will hold or if a deeper correction is imminent.

Source: Ali MartinezThe Relative Strength Index (RSI) is cooling from overbought levels, signaling fading buying momentum, while a bearish Moving Average Convergence Divergence (MACD) crossover suggests profit-taking among short-term traders. Together, these indicators point to weakening bullish strength and a potential retest of lower support zones.

Historically, the $2.25 zone has been a pivotal level for XRP, flipping between resistance in past rallies and support during pullbacks. 

Holding above it could reinforce the bullish structure and spark a rebound toward the $2.45–$2.55 range. Conversely, a clean break below $2.25 may open the door for deeper losses, with the next key support around $2.05.

In the days ahead, XRP’s reaction around the $2.25 level will be pivotal. A strong rebound could reignite bullish momentum, confirming a healthy correction within the broader uptrend as the altcoin traverses oversold territory. 

However, a breakdown below this support may trigger a deeper retracement, flushing out leveraged positions before the next major move.

Ripple’s RLUSD Stablecoin Crosses $1 Billion Valuation, Signaling Growing Institutional AdoptionAccording to on-chain data from CryptoQuant, Ripple’s recently launched stablecoin, RLUSD, has officially surpassed a $1 billion market valuation, marking a major milestone for the blockchain company and signaling accelerating institutional interest in Ripple’s ecosystem.

Source: CryptoQuantRLUSD’s explosive growth positions it among the fastest-rising stablecoins in the market. Built on both the XRP Ledger and Ethereum, it’s engineered to bridge traditional finance with decentralized systems through a compliant, transparent, and enterprise-grade framework. 

This rapid adoption underscores Ripple’s broader strategy to move beyond cross-border payments and cement its presence in the expanding world of tokenized finance.

Analysts attribute RLUSD’s rapid rise to Ripple’s global partnerships and clear regulatory positioning. 

Unlike many rivals, RLUSD is backed by full reserves, institutional-grade security, and audited transparency, a formula that’s winning over banks, fintechs, and liquidity providers seeking a trusted stablecoin for settlement and on-chain payments.

“Crossing the $1 billion threshold highlights the market’s confidence in Ripple’s ability to deliver stability and trust in digital assets,” said a CryptoQuant market analyst. “Institutional players are clearly viewing RLUSD as a credible bridge between crypto liquidity and traditional finance.”

The timing of this milestone is also significant. As global demand for tokenized assets and real-world asset (RWA) solutions accelerates, RLUSD provides Ripple with the foundation to integrate stable settlement rails across diverse financial applications, from DeFi liquidity pools to enterprise remittance platforms.

ConclusionXRP sits at a critical juncture, with the $2.25 support zone poised to decide its next major move. A decisive defense could reignite bullish momentum, transforming the recent pullback into a springboard for higher targets. 

While technicals point to short-term exhaustion, underlying market optimism and rising institutional interest suggest any dip may be short-lived. Conversely, a breakdown below $2.25 could trigger deeper losses, making the coming days pivotal for XRP’s trend direction.

On the other hand, RLUSD’s rapid climb to a $1 billion valuation cements Ripple as a major force in the stablecoin and digital finance landscape. The milestone validates Ripple’s vision of uniting regulatory compliance with blockchain innovation while underscoring rising institutional trust in its infrastructure. 

As adoption expands across payment rails, DeFi ecosystems, and tokenized asset markets, RLUSD is emerging as a cornerstone of liquidity and confidence, positioning Ripple at the forefront of the next financial revolution.

Tue, 4/11/2025 - 8:14

Shiba Inu saw a price drop that certainly was not expected in such a short period of time, considering the market structure of the asset.

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

As the meme coin industry and the larger cryptocurrency market continue to be dominated by pessimism, Shiba Inu has officially dropped to its lowest level since January 2024. The token has fallen to about $0.0000089, confirming a protracted downtrend that now spans nearly nine months, breaking through crucial short-term support. 

Exhaustion is clearly depicted on the chart. The 50-day, 100-day and 200-day lines are the three major moving averages that SHIB has continuously traded below. This technical configuration usually indicates ongoing seller control.

What is pushing SHIB downSince late summer, the 200-day moving average in particular has served as a ceiling, rejecting all attempts at recovery. The weak momentum and increasing risk of an oversold continuation rather than reversal are further highlighted by the RSI hovering around 32. There are no indications of a bullish divergence, and SHIB is trapped in a long-term decline channel. Instead of panic-driven capitulation, which frequently precedes significant rebounds, price action points to a steady decline.

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SHIB/USDT Chart by TradingViewThe next crucial support zone is located between $0.0000075 and $0.0000080, and SHIB’s mid-2024 rally was previously launched from this area. A significant decline below that level might pave the way for a complete retracement of last year’s gains at $0.0000065. Essentially, in recent months, Shiba Inu’s ecosystem has had difficulty producing significant catalysts. Although its layer-2 scaling network, Shibarium, initially demonstrated promise, on-chain activity has plateaued and has not resulted in any buying pressure.

No liquidity for SHIB?As liquidity concentrates around Bitcoin and Ethereum, investors’ focus has also shifted away from meme tokens. For now, SHIB investors should prepare for continued downside unless the market stages a broader recovery. There might be brief relief bounces, but they are probably only going to last a short while if there is not a spike in volume or new network momentum.

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SHIB may try to recover back toward $0.000010-$0.000011 if sentiment in the cryptocurrency space becomes riskier once more, but for the time being, the trend is still clearly bearish, with a downward path of least resistance.

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Hyperliquid price continues its decline yet rising whale accumulation hints at a potential rebound near the $36 support level.

Summary

HYPE price drops 9% to $37.6, but spot and futures volumes rise sharply.
Whale accumulation grows as Hyperliquid buybacks and listings expand.
Technicals remain cautious with key support at $36 and resistance at $42.

Hyperliquid traded at $37.63 at press time, down 9% in the past 24 hours. The token sits near the lower end of its seven-day range and has fallen 20% over the week and 25% in the past month. It now trades 36% below its all-time high of $59.3 set on Sept. 18.

Daily Hyperliquid (HYPE) token trading volume rose 59% to $796.7 million, showing a pickup in market activity. Derivatives volume climbed 38.7% to $2.81 billion, while open interest dropped 7.7% to $1.59 billion.

Rising derivatives activity with lower open interest usually means traders are closing or rotating positions rather than building new long exposure, often a sign of short-term caution or upcoming volatility.

Whale accumulation and ecosystem strength
An on-chain analysis from CryptoQuant contributor EgyHash, published on Nov. 3, shows clear signs that large holders are accumulating. Spot volume growth and rising average order sizes point to accumulation behavior by big accounts. Futures data mirror that trend with growing average order sizes, suggesting institutional or high-net-worth traders are also stepping in. 

Adding to the bullish activity, Hyperliquid’s ecosystem channels a large share of protocol fees into buybacks. The Assistance Fund has repurchased more than $340 million so far this year and continues to buy regularly. Monthly buybacks of about $65 million and planned delegated programs could add meaningful demand by year’s end.

Additional tailwinds are being generated by infrastructure improvements and exchange listings. Bybit, OKX, and Robinhood Europe have all added HYPE trading pairs, and Bitget Wallet’s HyperEVM bridge has attracted USD Coin (USDC) liquidity worth over $4.5 billion. These moves, combined with exchange-traded fund filings by 21Shares and Bitwise, have drawn institutional attention that could amplify the rebound narrative if momentum returns.

Hyperliquid price technical analysis
HYPE is trading below the middle Bollinger Band on the daily chart, which is around $41. Cooling momentum is indicated by the price almost hugging the lower band. The MACD is still negative, momentum indicators are largely bearish, and the relative strength index at 40 shows slight weakness.

Hyperliquid daily chart. Credit: crypto.news
Most short- and mid-term moving averages (10–100 day) are above the price and trending lower, confirming a short-term bearish structure. The $36–$38 range is crucial since its around the 200-day estimated moving average. A daily close below $36 could invite deeper selling toward $32, where previous buyers emerged.

Resistance is located between $41 and $42 if bulls defend this level. A breakout above that area might cause the market to pick up steam, targeting $49 and potentially $55 if whale accumulation continues.

Exercise of RSUs and options LONDON, UK / ACCESS Newswire / November 4, 2025 / Orosur Mining Inc. ("Orosur" or the "Company") (TSXV:OMI)(AIM:OMI) announces the following: The Company has issued 4,358,332 Common Shares ("Shares") representing 1.13% of the Company's current issued share capital, following the exercise of 3,123,332 RSUs and 1,280,000 options by directors and consultants of the Company. All of the directors will be retaining their Shares and not selling after exercise.

Please see below information about transactions made under the fourth 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: 29 October 2025. The duration of the buy-back tranche: 30 October to no later than 2 February 2026.

Further information on the tranche can be found in the stock market announcement on its commencement dated 29 October 2025, available here: https://newsweb.oslobors.no/message/658157

From 30 October to 31 October 2025, Equinor ASA has purchased a total of 601.752 own shares at an average price of NOK 241.5536 per share.

Overview of transactions:

DateTrading venueAggregated daily volume (number of shares)Daily weighted average share price (NOK)Total daily transaction value (NOK)     30 OctoberOSE300,142242.359172,742,144.99 CEUX    TQEX        31 OctoberOSE301,610240.752172,613,240.88 CEUX    TQEX        Total for the periodOSE601,752241.5536145,355,385.87 CEUX    TQEX        Previously disclosed buy-backs under the tranche OSE   CEUX   TQEX   Total        Total buy-backs under the tranche (accumulated)OSE601,752241.5536145,355,385.87CEUX   TQEX   Total601,752241.5536145,355,385.87  
Following completion of the above transactions, Equinor ASA owns a total of 44,244,364 own shares, corresponding to 1.73% 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 33,924,062 own shares, corresponding to 1.33% 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

November 04, 2025 02:00 ET

 | Source:

Pulsar Helium

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR TO BE TRANSMITTED, DISTRIBUTED TO, OR SENT BY, ANY NATIONAL OR RESIDENT OR CITIZEN OF ANY SUCH COUNTRIES OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION MAY CONTRAVENE LOCAL SECURITIES LAWS OR REGULATIONS.

CASCAIS, Portugal, Nov. 04, 2025 (GLOBE NEWSWIRE) -- Pulsar Helium Inc. (AIM: PLSR, TSXV: PLSR, OTCQB: PSRHF) (“Pulsar” or the “Company”), a leading helium project development company, is pleased to announce that it has signed a definitive agreement (the “Agreement”) with Oscillate plc (“Oscillate”) to supersede the non-binding term sheet announced on September 2, 2025, to acquire up to 100% of Oscillate’s wholly owned subsidiary, Quantum Hydrogen Inc. (“Quantum”) in an all-share transaction (the “Transaction”).

Terms of the Agreement

Under the Agreement, Pulsar is to acquire 80% of the issued share capital of Quantum (the “Quantum Shares”) from Oscillate in consideration of the issuance of new Pulsar common shares (the “Consideration Shares” and each common share of Pulsar, a “Pulsar Share”) having an aggregate value of US$400,000, and to be issued in five equal monthly tranches of US$80,000 each over a five-month period commencing upon receipt of TSX Venture Exchange (“TSXV”) approval to the Transaction. The number of Consideration Shares in each tranche will be determined by the thirty-day volume-weighted average price (“VWAP”) of Pulsar’s Shares on the TSXV prior to each issuance (subject to the minimum price allowable by the TSXV). Pulsar has also been granted the option to acquire the remaining 20% of the Quantum Shares from Oscillate within eighteen months for an additional US$400,000 in Pulsar Shares, issuable under the same terms and pricing mechanism as set out above.

The Pulsar Shares to be issued in connection with the Transaction will be subject to a four-month-and-one-day hold period from the date of issuance, and such issuance remains subject to receipt of TSXV acceptance.

The Company also notes that Neil Herbert, a director of Pulsar, is a minority shareholder in Oscillate, and accordingly has abstained from participating in Pulsar’s Board’s deliberations and voting on the Transactions, in line with corporate governance best practices.

Highlights of the Transaction

Quantum holds exclusive mineral rights for non-hydrocarbon gases in Minnesota (59,100 gross acres) that are located in the St. Louis and Itasca Counties (the "Assets"), to the west of Pulsar's flagship Topaz project.Circa 1,000% increase to Pulsar's gross acreage in Minnesota, on completion of the acquisition of the Oscillate Shares.Proximal and prospective for helium and hydrogen, with geological traits analogous to the Topaz project, where recent testing at the Jetstream #1 appraisal well confirmed strong reservoir productivity, expected to support future production.Pulsar will have the opportunity to apply Pulsar's extensive subsurface knowledge to the Assets, which represent a more conventional gas reservoir.Pulsar remains focused on achieving its core objective of becoming a major helium producer at Topaz, with this additional acreage being a low-cost, long-term addition intended for future exploration activities.
Quantum has not yet produced financial statements, however the lease option that it owns in respect of the Assets is held on Quantum’s balance sheet with a value of approximately US$296,000.

Strategic Rationale for the Transaction

The mineral rights comprising the Assets are situated within a non-hydrocarbon-bearing sedimentary basin that overlies Archaean crystalline basement, the same helium source rock type as at the Topaz project. While Topaz represents a helium discovery within fractured basement, the Assets represent a more conventional gas reservoir: helium generated in basement granites migrating into overlying sedimentary reservoirs sealed by mudstone and siltstone units. Pulsar has developed a strong technical foundation in identifying and characterising helium migration pathways, source-proximity relationships, and structural controls through its work at Topaz. This acquisition will allow Pulsar to leverage its experience across additional acreage with similar helium generation potential. Pulsar's board believes this represents a logical and low-risk way to expand its exploration portfolio, while remaining firmly within the Company's core technical focus.

About Pulsar Helium Inc.

Pulsar Helium Inc. is a publicly traded company quoted on the AIM market of the London Stock Exchange and listed on the TSX Venture Exchange with the ticker PLSR, as well as on the OTCQB with the ticker PSRHF. Pulsar's portfolio consists of its flagship Topaz helium project in Minnesota, USA, and the Tunu helium project in Greenland. Pulsar is the first mover in both locations with primary helium occurrences not associated with the production of hydrocarbons identified at each.

About the Topaz Project

The Topaz project is located in northern Minnesota, USA, where Pulsar is the first mover and holds exclusive leases. Drilling at the Jetstream #1 appraisal well reached a total depth (“TD”) of 5,100 feet (1,555 meters) in January 2025, successfully penetrating the entire interpreted helium-bearing reservoir and beyond. Drilling of the Jetstream #2 appraisal well was completed on February 1, 2025, reaching a TD of 5,638 feet (1,718 meters). In August 2025, the Jetstream #1 well was successfully flow-tested using a wellhead compressor, delivering a peak gas flow rate of approximately 1.3 million cubic feet per day with a sustained flow of 7–8% helium (as helium-4). Recent laboratory analyses have also confirmed the presence of helium-3 in measurable concentrations, representing one of the highest naturally occurring helium-3 values publicly reported in a terrestrial gas reservoir. The forthcoming multi-well drilling campaign will build on these results to expand Pulsar’s understanding of the reservoir and advance Topaz toward development.

On behalf Pulsar Helium Inc.

“Thomas Abraham-James”

President, CEO and Director

Further Information:

Pulsar Helium Inc.
[email protected]     
+ 1 (218) 203-5301 (USA/Canada)
+44 (0) 2033 55 9889 (United Kingdom)
https://pulsarhelium.com
https://ca.linkedin.com/company/pulsar-helium-inc.

Strand Hanson Limited
(Nominated & Financial Adviser, and Joint Broker)
Ritchie Balmer / Rob Patrick / Richard Johnson
+44 (0) 207 409 3494

OAK Securities*
(Joint Broker)
Richard McGlashan / Mungo Sheehan
+44 7879 646641 / +44 7788 266844
[email protected] / [email protected]
*OAK Securities is the trading name of Merlin Partners LLP, a firm incorporated in the United Kingdom and regulated by the UK Financial Conduct Authority.

Yellow Jersey PR Limited
(Financial PR)
Charles Goodwin / Annabelle Wills
+44 777 5194 357
[email protected]

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking information within the meaning of Canadian securities legislation (collectively, "forward-looking statements") that relate to the Company's current expectations and views of future events. Any statements that express, or involve discussions as to, expectations, beliefs, plans, objectives, assumptions or future events or performance (often, but not always, through the use of words or phrases such as "will likely result", "are expected to", "expects", "will continue", "is anticipated", "anticipates", "believes", "estimated", "intends", "plans", "forecast", "projection", "strategy", "objective" and "outlook") are not historical facts and may be forward-looking statements. Forward-looking statements herein include, but are not limited to, statements relating to the anticipated impact from the acquisition of the Oscillate Shares and the Assets, including that the Assets represent a more conventional gas reservoir; the potential impact of the recently announced drill results, flow testing and pressure testing at the Jetstream #1 appraisal well on supporting future production; the potential of helium-3 being present in economic quantities and being recoverable, and the potential for future wells. Forward-looking statements may involve estimates and are based upon assumptions made by management of the Company, including, but not limited to, the Company's capital cost estimates, management's expectations regarding the availability of capital to fund the Company's future capital and operating requirements and the ability to obtain all requisite regulatory approvals, including the receipt of TSXV approval to the Transaction. 

No reserves have been assigned in connection with the Company's property interests to date, given their early stage of development. The future value of the Company is therefore dependent on the success or otherwise of its activities, which are principally directed toward the future exploration, appraisal and development of its assets, and potential acquisition of property interests in the future. Un-risked Contingent and Prospective Helium Volumes have been defined at the Topaz Project. However, estimating helium volumes is subject to significant uncertainties associated with technical data and the interpretation of that data, future commodity prices, and development and operating costs. There can be no guarantee that the Company will successfully convert its helium volume to reserves and produce that estimated volume. Estimates may alter significantly or become more uncertain when new information becomes available due to for example, additional drilling or production tests over the life of field. As estimates change, development and production plans may also vary. Downward revision of helium volume estimates may adversely affect the Company's operational or financial performance.

Helium volume estimates are expressions of judgement based on knowledge, experience and industry practice. These estimates are imprecise and depend to some extent on interpretations, which may ultimately prove to be inaccurate and require adjustment or, even if valid when originally calculated, may alter significantly when new information or techniques become available. As further information becomes available through additional drilling and analysis the estimates are likely to change. Any adjustments to volume could affect the Company's exploration and development plans which may, in turn, affect the Company's performance. The process of estimating helium resources is complex and requires significant decisions and assumptions to be made in evaluating the reliability of available geological, geophysical, engineering, and economic date for each property. Different engineers may make different estimates of resources, cash flows, or other variables based on the same available data.

Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward- looking statements. Such risks and uncertainties include, but are not limited to, that Pulsar may be unsuccessful in completing in drilling commercially productive wells; the uncertainty of resource estimation; operational risks in conducting exploration, including that drill costs may be higher than estimates ; commodity prices; health, safety and environmental factors; and other factors set forth above as well as risk factors included in the Company’s Annual Information Form dated July 31, 2025 for the year ended September 30, 2024 found under Company’s profile on www.sedarplus.ca.

Forward-looking statements contained in this news release are as of the date of this news release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. New factors emerge from time to time, and it is not possible for the Company to predict all of them or assess the impact of each such factor or the extent to which any factor, or combination of factors, may cause results to differ materially from those contained in any forward-looking statement. No assurance can be given that the forward-looking statements herein will prove to be correct and, accordingly, investors should not place undue reliance on forward-looking statements. Any forward-looking statements contained in this news release are expressly qualified in their entirety by this cautionary statement.

, /PRNewswire/ -- 

Highlights

Quarterly revenues increase by 2.2% year-over-year to $61.5 million;
Services revenues for the quarter were $30.9 million and accounted for 50.3% of total revenues;
GAAP results:

Quarterly GAAP gross margin was 65.5%;
Quarterly GAAP operating margin was 6.6%;
Quarterly GAAP EBITDA was $5.2 million;
Quarterly GAAP net income was $2.7 million, or $0.10 per diluted share. 

Non-GAAP results:

Quarterly Non-GAAP gross margin was 65.8%;
Quarterly Non-GAAP operating margin was 9.5%;
Quarterly Non-GAAP EBITDA was $6.9 million;
Quarterly Non-GAAP net income was $4.9 million, or $0.17 per diluted share.

Net cash provided by operating activities was $4.1 million for the quarter.
AudioCodes repurchased 1,267,436 of its ordinary shares during the quarter at an aggregate cost of $12.7 million.

Details

AudioCodes (NASDAQ: AUDC), a global leader in enterprise voice and VoiceAI business solutions, today announced its financial results for the third quarter ended September 30, 2025.

Revenues for the third quarter of 2025 were $61.5 million compared to $60.2 million for the third quarter of 2024.

EBITDA for the third quarter of 2025 was $5.2 million compared to $5.9 million for the third quarter of 2024.

On a Non-GAAP basis, EBITDA for the third quarter of 2025 was $6.9 million compared to $7.9 million for the third quarter of 2024.

Net income was $2.7 million, or $0.10 per diluted share, for the third quarter of 2025 compared to net income of $2.7 million, or $0.09 per diluted share, for the third quarter of 2024.

On a Non-GAAP basis, net income was $4.9 million, or $0.17 per diluted share, for the third quarter of 2025 compared to $4.9 million, or $0.16 per diluted share, for the third quarter of 2024.

Non-GAAP net income excludes: (i) share-based compensation expenses; (ii) amortization expenses related to intangible assets; (iii) financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies; (iv) tax impact which relates to our Non-GAAP adjustments; and (v) in Q1 2024 non-cash lease expense which is required to be recorded during the quarter even though this is a free rent period under the lease for the Company's new headquarters. A reconciliation of net income on a GAAP basis to a non-GAAP basis is provided in the tables that accompany the condensed consolidated financial statements contained in this press release.

Net cash provided by operating activities was $4.1 million for the third quarter of 2025. Cash and cash equivalents, short-term bank deposits, long and short-term marketable securities, and long-term financial investments were $79.7 million as of September 30, 2025 compared to $93.9 million as of December 31, 2024. The decrease in cash and cash equivalents, short-term bank deposits, long and short-term marketable securities and long-term financial investments was the result of the use of cash for the continued repurchasing of the Company's ordinary shares pursuant to its share repurchase program and the payment of a cash dividend during each of the first and third quarters of 2025. This was partially offset by cash generated from operating activities.

"I am pleased to report that we delivered a strong third quarter, which highlights our commitment to our strategic priorities and our ongoing transformation into an AI-driven, hybrid cloud software and services company," said Shabtai Adlersberg, President and Chief Executive Officer of AudioCodes. "This quarter's success was driven by ongoing momentum across our two primary growth engines: the Live family of services for Unified Communications and Collaboration (UCC) and Contact Center (CX) connectivity and conversational AI (CAI) business.

"One of the standout achievements this quarter was the impressive 50% growth in our CAI business, which keeps us on track to achieve a 40%-50% growth for the entire year of 2025. Combined, these two units propelled our Annual Recurring Revenue (ARR) to $75 million by the end of the third quarter, marking a significant 25% year-over-year increase and setting us up well to meet our full-year target of $78-$82 million.

"The recent launch of our Live Platform has already borne fruit, as we secured a landmark agreement with a tier-1 system integrator. This agreement covers managed connectivity services for all major UC/CX systems and opens up exciting opportunities for cross-selling value-added solutions. Moreover, our Voice AI Connect and Live Hub, the conversational AI enablement services, delivered outstanding results, propelled by a high number of new logo wins and significant expansions within our existing customer base.

"Shifting our focus to conversational AI, our new service, Meeting Insights On-Prem (Mia OP), made noteworthy advancements during the quarter. Our leading position in Israel was further solidified by being awarded a contract under Project Nimbus, the Israeli government's multi-year cloud migration initiative. Additionally, we launched sales efforts in the US during the third quarter and have witnessed strong customer interest in Mia OP beyond the government sector in Israel.

"Overall, we executed well on our business priorities. The increased investments in our Live platform and CAI over the past several quarters have significantly contributed to the record-breaking Live and conversational AI bookings this quarter. We remain steadfast in our commitment to investing in high-growth areas, which we believe will drive sustained top-line growth improvement in the medium term", concluded Mr. Adlersberg.

Share Buy Back Program and Cash Dividend

On July 29, 2025, the Company declared a cash dividend of 20 cents per share. The dividend, in the aggregate amount of approximately $5.6 million, was paid on August 28, 2025, to all of the Company's shareholders of record on August 14, 2025.

During the quarter ended September 30, 2025, the Company acquired 1,267,436 of its ordinary shares under its share repurchase program for a total consideration of $12.7 million.

As of September 30, 2025, the Company had $1.7 million available under this approval for the repurchase of shares and/or declaration of cash dividend.

In October 2025, the Company received court approval in Israel to purchase up to an aggregate amount of $25 million of ordinary shares. The court approval also permits AudioCodes to declare a dividend out of any part of this amount. The approval is valid through April 28, 2026.

Conference Call & Web Cast Information

AudioCodes will conduct a conference call at 8:30 A.M., Eastern Time today to discuss the Company's third quarter of 2025 operating performance, financial results and outlook. Interested parties may participate in the conference call by dialing one of the following numbers:

United States Participants: 888-506-0062

International Participants: +1 (973) 528-0011

The conference call will also be simultaneously webcast. Investors are invited to listen to the call live via webcast at the AudioCodes investor website at http://www.audiocodes.com/investors-lobby.

Follow AudioCodes' social media channels:

AudioCodes invites you to join our online community and follow us on: AudioCodes Voice Blog, LinkedIn, X, Facebook, and YouTube.

About AudioCodes

AudioCodes Ltd. (NASDAQ, TASE: AUDC) is a global leader in enterprise voice and VoiceAI business solutions. We help organizations unlock the full value of voice, transforming every conversation, whether human or AI, into a strategic asset that drives better business outcomes. Our portfolio spans voice connectivity, unified communications and contact center integration, and next-generation voice AI applications that enhance collaboration, automate workflows and deliver real-time insights. With over 30 years of global experience and trusted by 65 of the Fortune 100, AudioCodes powers the intelligent enterprise, connecting people, platforms and data to move business forward.

For more information on AudioCodes, visit http://www.audiocodes.com.

Statements concerning AudioCodes' business outlook or future economic performance, product introductions and plans and objectives related thereto, and statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are "forward-looking statements'' as that term is defined under U.S. federal securities laws. Forward-looking statements are subject to various risks, uncertainties and other factors that could cause actual results to differ materially from those stated in such statements. These risks, uncertainties and factors include, but are not limited to, the following: the effect of global economic conditions in general and conditions in AudioCodes' industry and target markets in particular, including governmental undertakings to address such conditions; shifts in supply and demand; market acceptance of new products and the demand for existing products; the impact of competitive products and pricing on AudioCodes' and its customers' products and markets; timely product and technology development, upgrades, the advent of artificial intelligence and the ability to manage changes in market conditions and evolving regulatory regimes, as applicable; possible need for additional financing; the ability to satisfy covenants in AudioCodes' financing agreements; possible impacts and disruptions from AudioCodes' acquisitions, including the ability of AudioCodes to successfully integrate the products and operations of acquired companies into AudioCodes' business; possible adverse impacts attributable to any pandemic or other public health crisis on our business and results of operations; the effects of the current and any future hostilities involving Israel, including in the regions in which we or our counterparties operate, which may affect our operations and may limit our ability to produce and sell our solutions; any disruption in our operations by the obligations of our personnel to perform military service as a result of current or future military actions involving Israel; and any other factors described in AudioCodes' filings made with the U.S. Securities and Exchange Commission from time to time. AudioCodes assumes no obligation to update the information in this release.

©2025 AudioCodes Ltd. All rights reserved. AudioCodes, AC, HD VoIP, HD VoIP Sounds Better, IPmedia, Mediant, MediaPack, What's Inside Matters, OSN, SmartTAP, User Management Pack, VMAS, VoIPerfect, VoIPerfectHD, Your Gateway To VoIP, 3GX, AudioCodes One Voice, AudioCodes Meeting Insights, and AudioCodes Room Experience are trademarks or registered trademarks of AudioCodes Limited. All other products or trademarks are property of their respective owners. Product specifications are subject to change without notice.

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands      

September 30 ,

December 31,

2025

2024

(Unaudited)

(Unaudited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 48,925

$58,749

Short-term bank deposits

233

210

Short-term marketable securities

24,806

3,426

Trade receivables, net

68,474

56,016

Other receivables and prepaid expenses

19,476

13,012

Inventories

24,099

31,463

Total current assets

186,013

162,876

LONG-TERM ASSETS:

Long-term Trade receivables

$ 13,668

$ 15,753

Long-term marketable securities

2,456

28,518

Long-term financial investments

3,258

3,008

Deferred tax assets

8,844

9,838

Operating lease right-of-use assets

30,309

32,534

Severance pay funds

20,237

18,004

Total long-term assets

78,772

107,655

PROPERTY AND EQUIPMENT, NET

29,369

27,321

GOODWILL, INTANGIBLE ASSETS AND OTHER, NET

37,650

38,049

Total assets

$ 331,804

$ 335,901

LIABILITIES AND SHAREHOLDERS' EQUITY

CURRENT LIABILITIES:

Trade payables

10,181

7,543

Other payables and accrued expenses

27,772

25,823

Deferred revenues

44,785

38,438

Short-term operating lease liabilities

6,394

5,954

Total current liabilities

89,132

77,758

LONG-TERM LIABILITIES:

Accrued severance pay

$ 17,906

$ 16,387

Deferred revenues and other liabilities

20,024

19,434

Long-term operating lease liabilities

31,002

30,508

Total long-term liabilities

68,932

66,329

Total shareholders' equity

173,740

191,814

Total liabilities and shareholders' equity

$ 331,804

$ 335,901

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands, except per share data

 Nine months ended

Three months ended

 September 30,

September 30,

2025

2024

2025

2024

(Unaudited)

(Unaudited)

Revenues:

Products

$ 86,896

$ 84,647

$ 30,606

$ 27,750

Services

96,103

95,975

30,941

32,493

Total Revenues

182,999

180,622

61,547

60,243

Cost of revenues:

Products

33,086

34,123

11,150

11,380

Services

31,370

29,057

10,112

9,563

Total Cost of revenues

64,456

63,180

21,262

20,943

Gross profit

118,543

117,442

40,285

39,300

Operating expenses:

Research and development, net

39,087

39,780

13,188

12,666

Selling and marketing

57,318

52,427

18,942

17,607

General and administrative

11,832

12,146

4,094

4,155

Total operating expenses

108,237

104,353

36,224

34,428

Operating income

10,306

13,089

4,061

4,872

Financial income (expenses), net

586

(195)

64

(614)

Income before taxes on income

10,892

12,894

4,125

4,258

Taxes on income, net

(3,838)

(4,358)

(1,393)

(1,579)

Net income

$ 7,054

$ 8,536

$ 2,732

$ 2,679

Basic net earnings per share

$ 0.24

$ 0.28

$ 0.10

$ 0.09

Diluted net earnings per share

$ 0.24

$ 0.28

$ 0.10

$ 0.09

Weighted average number of shares used in computing basic
net earnings per share (in thousands)

28,858

30,239

28,169

30,218

Weighted average number of shares used in computing diluted
net earnings per share (in thousands)

29,356

30,769

28,672

30,778

AUDIOCODES LTD. AND ITS SUBSIDIARIES

RECONCILIATION OF GAAP NET INCOME TO NON-GAAP NET INCOME

U.S. dollars in thousands, except per share data

 Nine months ended

Three months ended

 September 30,

September 30,

2025

2024

2025

2024

(Unaudited)

(Unaudited)

GAAP net income

$ 7,054

$ 8,536

$ 2,732

$ 2,679

GAAP net earnings per share

$ 0.24

$ 0.28

$ 0.09

$ 0.09

Cost of revenues:

Share-based compensation (1)

319

274

94

99

Amortization expenses (2)

366

366

122

122

Lease expenses (5)

-

304

-

-

685

944

216

221

Research and development, net:

Share-based compensation (1)

1,127

1,642

398

471

Lease expenses (5)

-

342

-

-

1,127

1,984

398

471

Selling and marketing:

Share-based compensation (1)

1,802

2,255

581

783

Amortization expenses (2)

33

33

11

11

Lease expenses (5)

-

38

-

-

1,835

2,326

592

794

General and administrative:

Share-based compensation (1)

1,653

2,113

552

679

Lease expenses (5)

-

76

-

-

1,653

2,189

552

679

Financial expenses (income):

Exchange rate differences (3)

1,310

)754(

392

55

Income taxes:

Taxes on income, net (4)

-

422

-

-

Non-GAAP net income

$ 13,664

$ 15,647

$ 4,882

$ 4,899

Non-GAAP diluted net earnings per share

$ 0.45

$ 0.50

$ 0.17

$ 0.16

Weighted average number of shares used in computing 
Non-GAAP diluted net earnings per share (in thousands)

30,094

31,534

29,437

31,480

(1)  Share-based compensation expenses related to options and restricted share units granted to employees and others.

(2)  Amortization expenses related to intangible assets.

(3)  Financial income (expenses) related to exchange rate differences in connection with revaluation of assets and liabilities in non-dollar denominated currencies.

(4)  Tax impact which relates to our non-GAAP adjustments.

(5)  In Q1 2024, non-cash lease expense which is required to be recorded during the quarter even though this is a free rent period under the lease for the Company's new headquarters.

Note:  Non-GAAP measures should be considered in addition to, and not as a substitute for, the results prepared in accordance with GAAP.  The Company believes that non-GAAP information is useful because it can
enhance the understanding of its ongoing economic performance and therefore uses internally this non-GAAP information to evaluate and manage its operations.  The Company has chosen to provide this information
to investors to enable them to perform comparisons of operating results in a manner similar to how the Company analyzes its operating results and because many comparable companies report this type of information. 

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

U.S. dollars in thousands

 Nine months ended

Three months ended

 September 30,

September 30,

2025

2024

2025

2024

(Unaudited)

(Unaudited)

Cash flows from operating activities:

Net income

$ 7,054

$ 8,536

$ 2,732

$ 2,679

Adjustments required to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

3,096

2,788

1,183

1,004

Amortization of marketable securities premiums and accretion of discounts, net

312

885

115

270

Increase in accrued severance pay, net

(714)

(699)

(790)

(220)

Share-based compensation expenses

4,901

6,284

1,625

2,032

Decrease in deferred tax assets, net

708

826

401

762

Cash financial loss (income), net

37

137

15

(17)

Decrease in operating lease right-of-use assets

3,292

4,755

1,093

1,198

Decrease in operating lease liabilities

(133)

(3,931)

(555)

(496)

Increase in trade receivables, net

(10,373)

(6,014)

(7,237)

(2,247)

Increase in other receivables and prepaid expenses

(6,464)

(2,704)

(2,020)

(2,939)

Decrease in inventories

7,261

10,119

2,285

4,172

Increase (decrease) in trade payables

2,761

(2,077)

2,674

377

Increase (decrease) in other payables and accrued expenses

7,027

(594)

277

1,011

Increase in deferred revenues

6,471

1,631

2,256

266

Net cash provided by (used in) operating activities

25,236

19,942

4,054

7,852

Cash flows from investing activities:

Proceeds from short-term deposits

(23)

10

(5)

4

Proceeds from financial investment

243

76

65

29

Proceeds from redemption of marketable securities

5,200

3,450

2,000

-

Proceeds from sales of marketable securities

-

9,991

-

9,991

Purchase of financial investments

(442)

(675)

-

(675)

Purchase of property and equipment

(4,830)

(20,768)

(1,571)

(5,505)

Net cash provided by (used in) investing activities

148

(7,916)

489

3,844

AUDIOCODES LTD. AND ITS SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

U.S. dollars in thousands

 Nine months ended

Three months ended

 September 30,

September 30,

2025

2024

2025

2024

(Unaudited)

(Unaudited)

Cash flows from financing activities:

Purchase of treasury shares

(24,514)

(8,340)

(12,696)

(3,586)

Cash dividends paid to shareholders

(10,934)

(10,896)

(5,608)

(5,443)

Proceeds from issuance of shares upon exercise of options

240

186

67

6

Net cash used in financing activities

(35,208)

(19,050)

(18,237)

(9,023)

Net increase (decrease) in cash, cash equivalents, and restricted cash

(9,824)

(7,025)

(13,694)

2,672

Cash, cash equivalents and restricted cash at beginning of period

58,749

30,546

62,619

20,849

Cash, cash equivalents and restricted cash at end of period

$ 48,925

$ 23,522

$ 48,925

$ 23,522

Company Contacts

Niran Baruch

Roger L. Chuchen

Chief Financial Officer 

VP, Investor Relations

AudioCodes

AudioCodes

Tel: +972-3-976-4000

 Tel:  732-764-2552

[email protected]

[email protected]

Logo - https://mma.prnewswire.com/media/2391462/audiocodes_Logo.jpg

SOURCE AudioCodes

Independent Expert Consensus Confirms Clinical Relevance of CTCs and Identifies Parsortix Platform as Leading Next-Generation Technology Expert consensus predicts integration of CTC testing into routine clinical practice within 5 years CTCs provide distinct and impactful information that is not captured by circulating tumour DNA (ctDNA) 40% of the expert panel identified the Parsortix® platform as the most promising next generation technology for clinical applications PLYMOUTH MEETING, PA AND GUILFORD, SURREY / ACCESS Newswire / November 4, 2025 / CELLBXHEALTH plc (AIM:CLBX)(OTCQX:ANPCY), a global leader in circulating tumour cell (CTC) intelligence, welcomes the publication of a major international expert consensus confirming the growing clinical relevance of CTC analysis in cancer management. The study, titled "International expert consensus on the clinical integration of circulating tumor cells in solid tumors", and published in the high-impact factor journal the European Journal of Cancer, highlights the Parsortix® platform as a leading future technology for clinical application.

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.

Xenon Pharmaceuticals Inc. (XENE) Q3 2025 Earnings Call November 3, 2025 4:30 PM EST

Company Participants

Colleen Alabiso
Ian Mortimer - President, CEO, Principal Accounting Officer & Director
Christopher Kenney - Chief Medical Officer
Thomas Kelly - Chief Financial Officer
Darren Cline - Chief Commercial Officer and Member of Executive Team

Conference Call Participants

Paul Matteis - Stifel, Nicolaus & Company, Incorporated, Research Division
Tessa Romero - JPMorgan Chase & Co, Research Division
Johoon Kim - RBC Capital Markets, Research Division
Charles Moore - Robert W. Baird & Co. Incorporated, Research Division
Dina Ramadane - BofA Securities, Research Division
Joseph Thome - TD Cowen, Research Division
Brian Balchin - Jefferies LLC, Research Division

Presentation

Operator

Good day, everyone, and thank you for standing by. My name is RJ, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q3 2025 Xenon Pharmaceuticals, Inc. Earnings Conference Call. [Operator Instructions] I would now like to turn the call over to Colleen, Senior -- or Xenon Senior Vice President of Corporate Affairs. Please go ahead.

Colleen Alabiso

Good afternoon. Thank you for joining us on our call and webcast to discuss Xenon's third quarter 2025 financial and operating results. Joining me today are Ian Mortimer, President and Chief Executive Officer; Dr. Chris Kenney, Chief Medical Officer; Darren Cline, Chief Commercial Officer; and Tucker Kelly, our Chief Financial Officer. After completing our prepared remarks today, we will open the call up for questions.

Please be advised that during this call, we will make a number of statements that are forward-looking, including statements regarding the timing of and potential results from clinical trials, the potential efficacy, safety profile, future development plans and current and anticipated indications, addressable market, regulatory success and commercial potential of our and our partners' product candidates, the efficacy of our clinical trial designs, our ability to successfully develop and

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Thomas Trutschel/Photothek via Getty Images

2025-11-04T07:09:37Z

YouTube took a swipe at Disney when responding to its request to restore ABC stations for one day.
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YouTube did not hold back in its latest jab at Disney.

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Exact Sciences Corporation (EXAS) Q3 2025 Earnings Call November 3, 2025 5:00 PM EST

Company Participants

Derek Leckow - Vice President of Investor Relations
Kevin Conroy - Chairman of The Board & CEO
Aaron Bloomer - Chief Financial Officer

Conference Call Participants

Vijay Kumar - Evercore ISI Institutional Equities, Research Division
Tycho Peterson - Jefferies LLC, Research Division
Patrick Donnelly - Citigroup Inc., Research Division
Bradley Bowers - Mizuho Securities USA LLC, Research Division
Catherine Ramsey - Robert W. Baird & Co. Incorporated, Research Division
Brandon Couillard - Wells Fargo Securities, LLC, Research Division
Puneet Souda - Leerink Partners LLC, Research Division
Jack Meehan - Nephron Research LLC
Daniel Brennan - TD Cowen, Research Division
Douglas Schenkel - Wolfe Research, LLC
Andrew Brackmann - William Blair & Company L.L.C., Research Division
Daniel Arias - Stifel, Nicolaus & Company, Incorporated, Research Division
William Bonello - Craig-Hallum Capital Group LLC, Research Division
Michael Ryskin - BofA Securities, Research Division
Subhalaxmi Nambi - Guggenheim Securities, LLC, Research Division
Mark Massaro - BTIG, LLC, Research Division
Luke Sergott - Barclays Bank PLC, Research Division
Kyle Mikson - Canaccord Genuity Corp., Research Division

Presentation

Operator

Hello, and welcome to the Exact Sciences Third Quarter 2025 Earnings Call. [Operator Instructions] I would now like to turn the conference over to Derek Leckow. You may begin.

Derek Leckow
Vice President of Investor Relations

Thank you for joining us for Exact Sciences' Third Quarter 2025 Conference Call today, November 3, 2025. On the call today are Kevin Conroy, the company's Chairman and CEO; and Aaron Bloomer, our Chief Financial Officer.

Earlier this afternoon, Exact Sciences issued a news release detailing our third quarter financial results. This news release and today's presentation are available on our website at exactsciences.com.

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Bitcoin (BTC) fell to a 24-hour low of $105,540 on Monday, sliding from an intraday peak of over $109,000. It’s currently down 2% on the day, recovering above $106,500, per CoinGecko.

The crypto sentiment tracking index’s score on Tuesday is its lowest in nearly seven months, having dropped to 18 out of 100 on April 9, as the wider stock and crypto markets fell in reaction to US President Donald Trump’s sweeping global tariffs that went into action that day.

The Crypto Fear & Greed Index dropped from 42 to 21 points in a single day on Tuesday. Source: Alternative.me“Extreme Fear” seen when Bitcoin slidesThe Crypto Fear & Greed Index last fell to the level of “Extreme Fear” on Oct. 22, hitting a score of 25 out of 100 after Bitcoin slid from over $110,000 to below $108,000.

The index has swung between “Extreme Fear” and “Neutral,” after the market crash over Oct. 9-10, when Bitcoin rapidly cooled from its Oct. 6 peak of over $126,000.

The index was last above a score of “Neutral” before the early-October crash, hitting a high over the past month of 74, indicating “Greed,” on Oct. 5.

Analysts have attributed Bitcoin’s current dip to reduced institutional demand and blockchain activity, as well as concerns over an increasingly hawkish Federal Reserve.

The Fed cut interest rates for the second time this year on Wednesday, but signaled that it might not do so again in 2025, which caused crypto markets to drop as investors had hoped for further rate reductions.

Last week, Bitcoin-tied exchange-traded funds saw net outflows of nearly $800 million, with institutional buying dipping below the daily mined supply for the first time in seven months.

Crypto bulls are hoping for a so-called “Moonvenber,” as Bitcoin has historically gained an average of over 42% in November, typically its best month for growth.

Magazine: Sharplink exec shocked by level of BTC and ETH ETF hodling — Joseph Chalom 

In brief
FTSE Russell will publish its global equity, FX, and digital asset benchmarks directly on blockchain networks.
The data will be accessible to over 2,000 applications across more than 50 public and private blockchains.
Observers say the move could transform traditional reference indices into programmable and verifiable financial primitives.
FTSE Russell, a global index and data provider, is publishing its market index data on blockchain networks for the first time through Chainlink, a decentralized oracle service widely used across financial and blockchain applications.

The index’s equity, FX, and digital asset benchmarks will be published on multiple blockchains via DataLink, a Chainlink service that connects traditional financial data to over 2,000 applications across more than 50 networks.

Bringing index data on-chain through Chainlink’s infrastructure would help “securely distribute underlying data” from FTSE Russell’s benchmarks and give trusted, quality data “that powers traditional finance” to institutions and developers, Fiona Bassett, CEO at FTSE Russell, said in a statement on Monday.

The integration makes FTSE Russell’s global indices continuously available on-chain, allowing developers to securely reference and use them across multiple chains and networks.

Publishing data on-chain “turns traditional reference indices into programmable, verifiable financial primitives,” Ram Kumar, core contributor at blockchain infrastructure firm OpenLedger, told Decrypt.

It’s a collaboration that “bridges TradFi standards with DeFi infrastructure,” making “canonical benchmarks natively available,” while helping “bring institutional legitimacy” to on-chain finance, Kumar explained.

How do blockchain oracles work with indices?Oracles act as data bridges between blockchains and the outside world, feeding information that smart contracts cannot access on their own.

Each oracle network collects data from trusted sources, verifies it through multiple independent nodes, and delivers a cryptographically signed record on-chain. The process ensures accuracy and transparency without relying on a single intermediary.

It also lets institutions and users rely on the same verified market data for trading, investing, or building financial products directly on blockchain networks.

Chainlink’s oracle framework extends this model to institutional data, standardizing how such data, including prices and index values, is verified and shared on-chain, enabling financial contracts to use real-world information securely.

FTSE’s indices, meanwhile, serve as key benchmarks for global equity and asset performance, often determining which stocks or companies are included in significant investment portfolios.

Having these data sets on-chain allows institutions to “launch tokenized index products and structured notes with real-time, on-chain price feeds backed by a trusted $18 trillion benchmark provider,” Kumar added.

Developers, meanwhile, would gain access “to deterministic, high-integrity data for building index-tracking vaults, options, or autonomous agents that rebalance to benchmark moves,” that could help enable “auditable risk management,” he said.

In September, Chainlink sought to expand its government and public-sector partnerships under the Trump administration, exploring ways to bring more agency data and verification processes on-chain.

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Iran’s power grid is under fresh strain as a large-scale boom in Bitcoin mining pushes regulators to hunt down illegal operations, according to statements from local energy officials and recent reports.

Cheap, subsidized electricity and covert hookups have turned parts of the country into a “paradise for illegal miners,” Akbar Hasan Beklou, CEO of the Tehran Province Electricity Distribution Company, said.

Illegal Bitcoin Mines Multiply
According to Beklou, about 427,000 active mining devices are running across Iran, and more than 95% of them operate without proper licenses. That scale of activity is estimated to draw roughly 1,400 megawatts of power round the clock.

These numbers, the officials said, have forced energy firms to step up enforcement and carry out raids in several provinces.

In Tehran Province alone, law enforcement shut down 104 illegal Bitcoin farms in a recent operation and seized between 1,400 and 1,465 machines.

Other statements from utility executives suggest that when cumulative seizures over multiple years are counted, the total may reach into the hundreds of thousands of machines.

Reports have also said that some operations are well hidden, tucked inside factories or connected through forged industrial meters.

BTCUSD now trading at $107,515. Chart: TradingView
Why It’s Happening
Cheap electricity is the main draw. Prices set well below market levels make mining more profitable, even when devices run non-stop. Sanctions and trade limits have also pushed some operators to treat crypto as a way to move value beyond standard banking channels.

Based on reports, both small groups and larger networks have set up rigs to tap into subsidized power supplies, and some farms use industrial connections that are meant for heavy industry.

Officials have described a mixed picture when it comes to enforcement: many illegal farms are being tracked down and dismantled, while other operations may enjoy protection or special access.

Analysts and local sources point to a few entities with ties to state-linked groups that appear to operate at a different scale, complicating uniform enforcement.

Illegal Bitcoin Mining: Crackdown Efforts And Public Pressure
The energy ministry and local utilities have promised more raids and new measures to trace illicit consumption. Rewards for tip-offs and a push to check industrial meters have been reported.

Still, the problem is large, and action has often followed spikes in blackouts or pressure on the grid rather than a steady, pre-planned effort.

Some experts warn that unless pricing and enforcement are adjusted, miners will keep trying to find workarounds. Devices can be moved quickly. They can be hidden in warehouses or hooked to meters that are not regularly checked. That mobility makes the job of regulators much harder.

Featured image from Pixabay, chart from TradingView

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Amid the market pullback, Solana (SOL) has hit a new local low after its price fell below a crucial support level for the first time in months. Some analysts have suggested that the altcoin is in a healthy retest of a key area, but others warned that the cryptocurrency risks another major correction if the current levels are also lost.

Solana Risks 30% Correction
On Monday, Solana recorded an 8.3% drop after losing the lower boundary of its three-month range. The cryptocurrency has been trading within the $175-$250 levels after the August breakout, hitting a multi-month high of $253 during the September rally.

Since then, the altcoin has retraced nearly 35% to the current levels and failed to successfully reclaim the $200 psychological barrier despite multiple attempts. Following the early October correction, when SOL dropped to $168, the price has repeatedly retested the $170-$180 mark as support, bouncing from this area each time.

Nonetheless, the recent market volatility, which sent Bitcoin (BTC) back to the $107,000 mark, has dragged Solana below its crucial support zone to a new local low of $165. Amid this performance, some analysts have suggested that SOL’s pullback may not be over, as the price risks another major correction.

Analyst Ali Martinez highlighted the cryptocurrency’s macro range between $100-$260, emphasizing that Solana must reclaim $200 to show strength and potentially target the range highs.

He previously affirmed that a confirmed breakdown from the $180 level would set the stage for further losses. Per the chart, the next support level sits around the $158 area, which marks the mid-zone of the macro range and a key support and resistance level throughout the early Q3 run and Last November’s breakout.

However, the analyst considers that the next crucial support actually “sits much lower.” As he explained, if Solana fails to bounce from the current levels and reclaim $180, it could face a 30% pullback to $115.

Meanwhile, analyst DonAlt affirmed that “It’s probably wise to have a bearish bias between here and $210 and then aggressively flip if SOL manages to flip the $210 resistance.”

Investor Bet On SOL’s Long-Term Performance
Despite the bearish outlooks, some have suggested that SOL is “showing a clean retest setup” within its long-term support. Trader Elite Crypto considers that SOL’s recent pullback “looks like a healthy correction after months of upward movement.”

He noted that the cryptocurrency is still holding a major ascending support zone that has served as a crucial bounce point since 2023. Based on this, the market watcher expects Solana’s price to retest the $158 area before the next leg up. “Overall, I am still bullish on SOL,” he affirmed.

Bitwise CEO Hunter Horsley suggested a bullish long-term performance for the leading altcoin. In an X post, he highlighted that the asset management firm “opened a bridge to Solana for many investors” with its recently launched SOL Staked Exchange-Traded Fund (ETF).

Notably, the second wave of crypto-based ETFs started trading last week, with the SOL-based investment product recording $400 million of inflows on its first four days. According to Bloomberg analyst Eric Balchunas, it led “all crypto ETPs by a country mile in weekly flows.”

Horsley highlighted that “ETF investors tend to be long term oriented,” signaling that the cryptocurrency is expected to have an overall bullish performance in the future despite the current price action.

As of this writing, SOL is trading at $167, a 17% decline in the weekly timeframe.

Solana’s performance in the one-week chart. Source: BTCUSDT on TradingView
Featured Image from Unsplash.com, Chart from TradingView.com

Bitcoin long-term holders sold over $43 billion in BTC during the past month's market cooldown.Institutional demand has slowed, adding pressure to Bitcoin's recent price action.Analysts argue the sell-off is part of a healthy rotation in a bull market cycle.Long-term Bitcoin holders have continued to offload their assets over the past month, selling more than $43 billion worth of BTC.

The wave of profit-taking comes as “Red October” tested investor conviction and dampened demand across the market. Yet analysts argue this doesn’t signal a market top.

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Long-Term Holders Offload Bitcoin While Institutional Demand SlowsAccording to data from CryptoQuant, long-term Bitcoin holders have offloaded approximately 405,000 BTC over the past month, equivalent to more than $43 billion in realized value.

“We have seen similar scenarios back in March of 2024, and in December 24 /January 2025,” Bitcoinsensus added.

The trend is exemplified by the latest whale activity. CryptoQuant identified an early Bitcoin address, known as 195DJ, that sold 13,004 BTC in October. This also included the 1,200 BTC, worth approximately $132 million, sent to Kraken over the past weekend.

Yesterday, BeInCrypto also reported that several large holders have been moving significant amounts of Bitcoin to exchanges, adding further selling pressure to the market.

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While coins continue moving to exchanges, institutional demand for Bitcoin has slowed sharply. For the first time in seven months, net institutional purchases have fallen below the daily mining supply.

At the same time, demand for spot Bitcoin exchange-traded funds (ETFs) has cooled. Over the past three weeks, the largest Bitcoin ETF, iShares Bitcoin Trust ETF (IBIT), recorded less than 600 BTC in weekly net inflows.

Analysts note that this imbalance, rising supply amid weakening demand, is a key reason behind Bitcoin’s declining price.

“Instead of looking at Bitcoin long-term holder distribution/spending, I like to look at the other side of the trade. Is there enough demand to absorb the supply at higher prices? Since a few weeks ago  the answer is no, and that is why we see prices declining,” Julio Moreno, Head of Research at CryptoQuant, said.

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Moreno noted that on a longer timescale, demand for Bitcoin continues to grow — though at a slower pace and below the historical trend.

Analysts Dismiss Panic: Bitcoin Sell-Off Seen as Normal Bull Market RotationNot all analysts view this wave of selling as a bearish signal. Some interpret it as a strategic redistribution typical of bull market cycles. Credible Crypto suggests that “OGs” and long-term holders are transferring coins into the hands of traditional finance and institutional investors, many of whom buy on behalf of retail clients.

“The thing is- this doesn’t mean the ‘top is in’ as we see this sort of selling from long term holders during every bull cycle and price is holding up very well despite the sell pressure because of the inflows from non-OG buyers,” the analyst wrote.

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On-chain researcher Willy Woo reinforces this optimistic lens. In a recent analysis, Woo observed that long-term holder supply naturally contracts during bull markets.

“Long term holder is a misnomer. Definition: any coin that has aged more than 5 months in a wallet address. LTH supply will drop in bull markets because those coins move to new investors. In 2025 it also means a custody rotation to launch a treasury company,” Woo remarked.

Despite these optimistic interpretations, Bitcoin has continued to face headwinds. BeInCrypto Markets data showed that the price has slipped by over 6% in the past week.

Bitcoin Price Performance. Source: BeInCrypto MarketsAt the time of writing, BTC traded at $107,046, down 0.45% over the past 24 hours.

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