Market Signal Briefing

Mon, 3/11/2025 - 13:58

XRP faced a brutal hour as over $412,000 in positions were liquidated, creating an abnormal 13,600% imbalance that exposed how overleveraged the crypto market remains.

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.

XRP traders just lived through one of those textbook hours that clean entire charts as, according to CoinGlass, over $412,000 in leveraged positions were wiped out, and almost every cent of it came from longs. 

For comparison, short positions barely made a dent with a figure of $3,200, leaving a 13,600% imbalance that tells the whole story about the current state of the crypto market right now.

As always, the triggers are on the price chart of XRP. On the one-minute chart, the dip looked surgical — from $2.425 down to $2.3817 in under an hour, with more than 10 million XRP traded and most of it driven by forced liquidations, not active selling. 

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Source: CoinGlassIt was not panic, it was spot selling pressure on overleveraged futures positions. One could see bids vanish, candles thin out and the range that had been holding good for days finally give way without a fight, which is understandable in current extreme fear conditions.

The structure behind the XRP futures collapse is a usual story this fall — overleveraged longs built up during the calm stretch above $2.40, thinking sell pressure has exhausted. When the wick hit, margin calls did the rest. 

What's next for XRP?This was not bears taking control, just traders paying for greed the same way they did near $1.95 earlier this year — too much size, too little patience, same ending.

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Now the liquidity sits lower, around $2.38 to $2.36, exactly where the next test should come. Unless new capital shows up to rebuild positions, XRP will likely drift sideways through the afternoon, trying to digest the wreckage left behind by that one brutal hourly candle.

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Bitcoin’s on-chain picture is flashing a rare combination: substantial profits across cohorts, rising realized capitalization, and record network hashrate—yet none of the price-accelerating euphoria that typically marks late-stage bull legs. That is the central takeaway from CryptoQuant CEO Ki Young Ju’s latest thread, which parses holder cost bases, cohort profitability, leverage, and the evolving role of ETFs and corporate treasuries in setting the tape.

Is The Bitcoin Bull Run Over?
The headline number is startling on its face. “Bitcoin wallets’ avg cost basis is $55.9K, meaning holders are up ~93% on average,” Ju wrote, adding that realized capitalization climbed by roughly $8 billion this week, a clean read that “on-chain inflows remain strong.” Realized cap—an alternative valuation measure that sums coins at their last transacted price rather than today’s market price—has historically served as a lower-variance proxy for true money-at-work. Its continued rise typically implies that fresh cost basis is being set higher on chain, even when spot stalls.

Bitcoin Realized Cap and Price | Source: X @ki_young_ju
So why hasn’t price budged in tandem? Ju’s answer is straightforward: “Price hasn’t gone up because of selling pressure, not because demand was weak.” That framing is consistent with a market digesting gains while liquidity providers and profitable cohorts distribute into strength. It also helps explain the co-existence of healthy inflows with flat price action around the $110,000 handle that Ju cites as the current print.

Where the marginal demand is coming from—and where it has slowed—matters. According to Ju, “New inflows mostly come from ETFs and Bitcoin treasury companies, while CEX traders & miners are sitting on ~2x gains.” He broke out estimated cohort cost bases and mark-to-market performance as follows: “ETFs / Custodial Wallets: $112K (-1%), Binance Traders: $56K (+96%), Miners: $56K (+96%), Long-term Whales: $43K (+155%). Current Price: $110K.”

Cost-Basis Comparison (Realized Price) | Source: X @ki_young_ju
If those estimates hold, short-horizon institutional buyers are hovering near breakeven, while long-tenured entities still carry deep embedded profits. That distribution dampens forced selling risk at the very top but also withholds the kind of fresh momentum that typically arrives when new buyers push decisively into the money.

Valuation context helps. Ju notes that in pronounced bull phases, market cap tends to outrun realized cap, creating a widening “valuation multiplier.” “When the growth rate gap between market cap and realized cap widens, it shows a stronger valuation multiplier,” he wrote.

“Roughly $1T in onchain inflows has created a $2T market cap. The gap seems moderate for now.” A moderate gap is a double-edged signal: not obviously frothy, but also not the kind of exuberant expansion that ends cycles. It complements Ju’s assessment of large-holder positioning: “Whales’ unrealized profits aren’t extreme.” That scenario admits two interpretations he spelled out explicitly: “Hype hasn’t arrived yet—we’re still far from euphoric sentiment.” Or, “This time is different—the market is too big for extreme profit ratios.”

Perpetuals and collateral flows round out the microstructure picture. Ju highlights a “sharp” drop in BTC moving from spot-focused venues to futures exchanges—an indication that “whales are no longer opening new long positions with BTC collateral as actively as before.”

If the marginal long is no longer pledging coins, the market loses a mechanical source of bid intensity and convexity from collateralized positioning. Yet leverage itself has not reset: “Bitcoin perp leverage remains high despite the recent wipeout,” Ju writes, pointing to ratios such as BTC-USDT perpetual open interest relative to exchange USDT balances and to USDT market cap.

In simple terms, conviction longs appear less collateral-heavy in BTC, but system-wide leverage, as proxied by perps, remains elevated versus two years ago. That combination can suppress clean trending behavior: fewer collateralized longs to chase upside, but enough leverage in the system to impose choppy liquidations.

Bitcoin perp leverage remains high | Source: X @ki_young_ju
Hashrate and industrial supply trends complicate the narrative further. “Bitcoin hashrate keeps hitting new highs (~5.96M ASICs online). Public miners are expanding, not downsizing, which is a clear long-term bullish signal. The Bitcoin ‘money vessel’ keeps growing.”

Rising hashrate plus expanding public miner fleets typically points to forward investment and confidence in long-run fee and subsidy economics. It does not, however, guarantee short-term price appreciation; if anything, it can expand miner treasury management needs, interacting with market liquidity in ways that are neutral-to-price absent fresh demand.

Bitcoin hash rate | Source: X @ki_young_ju
New Demand Push Needed
The demand side, in Ju’s read, is presently dominated by two channels: “Demand is now driven mostly by ETFs and Strategy, both slowing buys recently. If these two channels recover, market momentum likely returns.” That is a clean, falsifiable thesis: if primary institutional conduits re-accelerate, spot should regain buoyancy; if they remain tepid, realized cap can still grind higher on steady inflows while price chops as distribution absorbs them.

Bitcoin demand by Strategy and ETFs | Source: X @ki_young_ju
Cohort profitability provides an additional boundary condition for scenarios. “Short-term whales (mostly ETFs) from the past 6 months are near break-even. Long-term whales are up ~53%,” Ju wrote. Historically, cycle tops have often coincided with extreme unrealized profit ratios for dominant cohorts, creating structural sell pressure when every marginal uptick unlocks significant gains.

Unrealized Profit Ratio for whales | Source: X @ki_young_ju
Ju is effectively saying we are not there. At the same time, he cautions that the market’s regime may have already decoupled from the textbook four-year cadence: “In the past, the market moved in a clear four-year cycle of accumulation and distribution between retail investors and whales. Now it’s harder to predict where and how much new liquidity will enter, making it unlikely for Bitcoin to follow the same cyclical pattern again.”

Taken together, the thread sketches a market with three defining traits. First, fundamentals of “money in” look resilient: realized cap rising, holders broadly in profit, and network security hitting new highs. Second, microstructure is unspectacular and even a touch cautionary: fewer whales seeding BTC-collateralized longs, while system leverage remains high enough to destabilize clean moves. Third, the demand baton is concentrated in ETF and corporate treasury channels that have recently eased off—the very actors whose re-acceleration could reignite momentum.

At press time, BTC traded at $107,609.

Bitcoin channel breakdown, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

TL;DR:

Ripple Labs unlocked 1 billion XRP from its escrow contracts on November 1.
The total value of the released tokens amounts to approximately $2.4 billion at current prices.
The company reaffirms its expansion, highlighting the growth of its Prime business after acquiring Hidden Road.

Following its strict monthly schedule, Ripple Labs executed its customary escrow release this November 1, 2025. Blockchain tracker Whale Alert confirmed the unlock of a total of 1 billion XRP tokens, valued at nearly $2.4 billion. The release was carried out from three contracts that matured on the date, divided into tranches of 200, 300, and 500 million XRP.

The first two tranches (500M) were moved to unknown wallets, while the 500 million tranche was transferred directly to a known Ripple treasury wallet.

This mechanism, programmed on the XRP Ledger, was implemented in December 2017 to release 1 billion XRP on the first day of each month, out of a total of 55 billion locked up.

Although Ripple altered this pattern earlier in the year, the company resumed its standard monthly full unlock in July and has maintained it consistently since. The market closely watches every Ripple XRP escrow release, although historically the firm re-locks the majority of unused funds into new escrow contracts within the month.

Expansion and Utility of XRP/RLUSD
Beyond its treasury management, Ripple is focused on a strategic expansion of its ecosystem. Monica Long, President of Ripple, recently highlighted the company’s excitement about initiatives aimed at increasing the utility of both XRP and RLUSD, the firm’s upcoming stablecoin.

A key move in this direction was the acquisition of Hidden Road, a relevant non-bank prime broker. According to Long, Ripple’s “Prime” business has already tripled since the announcement of this purchase.

The company expects this acquisition to provide advanced services to institutions and open new avenues for the adoption of its digital assets, in what Long described as an “awfully bright future.”

Cover image via www.freepik.com

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.

Wietse Wind, a top developer building on XRP Ledger (XRPL), has raised an argument regarding amendments on the protocol. The developer argued that an audit is not enough. 

XRPL developer pleads for better amendments testingWietse Wind emphasized via an X post that XRPL amendments need better testing. In essence, the developer is urging XRPL validators to stop treating protocol amendments as just casual updates.

Notably, an amendment is a new feature or proposal for the XRP Ledger, like adding or improving transaction types. It requires over 80% approval from trusted validators via voting to go live. Once activated, it is permanent and network-wide.

In his post, Wietse Wind called out three common but insufficient testing methods for testing XRPL amendments. The developer said audits, hackathon and dev testing are not enough to determine the security of an XRPL amendment.

If anyone ever wonders about my rants* about XRPL amendments needing better testing...

And no, a hackathon is not enough
No, an audit is not enough
No, devs testing is not enough

All of them combined, several iterations.

No "yolo-voting". No "I trust it's fine because..." https://t.co/cvhSLyYMxE

— Wietse Wind - 🪝🛠 Xaman® + XRPL + Xahau (@WietseWind) November 3, 2025 "All of them combined, several iterations," the XRPL developer noted. This means audits, hackathons and dev testing are all needed, he repeated rigorously.

He went on the warn validators against voting "yes" to amendments just because it is cool or it has support from community members.

The statement from Wind is aimed at prioritizing the security of the XRP Ledger. Importantly, one bad amendment can break the network, enable exploits or lock funds.

Latest XRPL amendments spotlightedMeanwhile, Wietse Wind recently expressed excitement about an incoming XRP Ledger feature, Batch (XLS-56). This feature allows multiple transactions to be bundled into a batch, all processed together.

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Wind, however, noted that the Batch feature may encounter challenges; a lack of understanding, which might cause a setback in support.

In contrast, Uphold executives have applauded a new amendment, the Multi-Purpose Token (MPT) Standard, for solving regulatory compliance issues.

For emphasis,  the new token standard will allow financial institutions such as banks and asset managers to issue fungible tokens. As a result, banks can issue stablecoins, bonds or tokenized real-world assets directly on XRPL.

Furthermore, popular XRPL validator Vet claimed that he has voted to veto the Token Escrow amendment. He argued that it would be more prudent to wait until the token escrow is fixed so that it can properly support multi-purpose tokens.

TLDR

Table of Contents

TLDRCore Scientific’s HPC Colocation StrategyBroader Mining Sector Gets BoostGet 3 Free Stock Ebooks

Bernstein raised Core Scientific (CORZ) price target to $24 from $17, maintaining Outperform rating
Bitcoin miners are pivoting from maximizing bitcoin gains to monetizing their power infrastructure for AI data centers
Bernstein abandoned traditional DCF valuation model for sum-of-parts approach to capture AI colocation business value
Riot Platforms target raised to $25 from $19, CleanSpark increased to $24 from $20
Mining stocks jumped in premarket trading with IREN up 21%, Core Scientific up 6.8%

Bernstein analyst Gautam Chhugani raised the price target on Core Scientific to $24 from $17. The firm maintained its Outperform rating on the shares.

The upgrade comes as bitcoin miners reshape their business models. These companies are moving away from chasing bitcoin price gains. Instead, they’re focusing on monetizing their power infrastructure.

Core Scientific, Inc., CORZ

Bitcoin miners now play a key role in the AI value chain, according to Bernstein. Their large-scale power facilities have become essential for AI data centers. The broker calls this the biggest bottleneck to execution in the AI industry.

Every U.S.-listed bitcoin miner under Bernstein’s coverage has made this strategic shift. The companies are optimizing the value of their power assets rather than betting on bitcoin upside.

The broker made a major change to how it values these companies. Bernstein discarded its discounted cash flow valuation methodology. The firm adopted a sum-of-parts approach instead.

This new model captures the different valuations for bitcoin mining and AI colocation businesses. It combines miners’ bitcoin holdings, mining EBITDA, AI co-location revenues, and cloud revenues. The model also includes the value of power sites earmarked for AI data centers using a $3 million per megawatt multiple.

Core Scientific’s HPC Colocation Strategy
Core Scientific is transitioning toward high-performance computing colocation. The company plans to deliver approximately 590 megawatts of IT load by early 2027.

Shareholders recently rejected the CoreWeave deal. This rejection gives management more flexibility to optimize value. The broker noted a new partnership is expected in the fourth quarter.

The stock responded well to the analyst upgrade. Core Scientific shares rose 6.8% in premarket trading to $23.

Broader Mining Sector Gets Boost
Bernstein also raised targets for other mining companies. Riot Platforms saw its target increase to $25 from $19. The upgrade reflects the AI potential of its 1-gigawatt Corsicana site.

CleanSpark’s target moved to $24 from $20. The company is shifting toward a hybrid bitcoin-AI model through new hires and partnerships.

Bernstein rates IREN, CORZ, RIOT, and CLSK as outperform. The broker said miners with active or potential AI contracts are being re-rated by the market.

Mining stocks rallied across the board in premarket trading. IREN jumped 21% to around $60.75 following news of an AI cloud deal with Microsoft. Riot stock gained 3% to $20.38. CleanSpark climbed 3.6% to $18.44.

The sector is being viewed as a key enabler of next-generation computing infrastructure. Miners are providing what the broker calls “warm powered shells” for AI data centers.

Bernstein’s analysts emphasized that bitcoin miners with active or potential AI contracts are getting higher valuations. The market now sees these companies differently than traditional crypto miners.

The broker’s new valuation approach treats the AI colocation business separately from bitcoin mining operations. This reflects the different growth prospects and risk profiles of each business line.

Michael Saylor's Strategy Added $45M in Bitcoin to Holdings Last WeekThe firm mostly funded the fresh buys with sales of common stock. Nov 3, 2025, 2:12 p.m.

Strategy (MSTR), the largest corporate holder of bitcoin BTC$108,111.18, reported on Monday it purchased $45.6 million in BTC through last week, bringing its stash to 641,205 coins worth over $69 billion.

According to the firm's filing, the company acquired 397 BTC at an average price of $114,771 last week. Strategy funded the purchase mostly via the sale of common stock, though small amounts of the company's various preferred shares were also issued. A late weekend and Monday morning slide has the price of bitcoin trading below $108,000 at press time.

STORY CONTINUES BELOW

Alongside its third quarter earnings report late last week, Strategy issued guidance that it would not raise money through common stock sales when its enterprise value was less than 2.5 times the value of the bitcoin on its balance sheet (the so-called mNAV).

The unrelenting slide in MSTR's share price in recent months, though, has left its mNAV at barely more than 1x, so its highly likely that any more share sales — and thus sizable bitcoin buys — are off the table for the foreseeable future.

MSTR is lower by 1.7% in premarket trading.

Read more: Strategy Eyes Global Credit Expansion With Focus on International Markets

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Stablecoin Developer Standard Money Raises $8M to Support Mainnet Rollout

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The strategic investment round was led by Yzi Labs and included participation from Gate.io, Crypto.com, and Animoca Brands.

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Standard Money, developer of the BNB Chain-based stablecoin USDsd, has raised $8 million in a strategic investment round. The investment was led by Yzi Labs and included participation from Gate.io, Crypto.com, and Animoca Brands.The funds raised will support Standard Money's mainnet rollout and expand its liquidity partnerships and global operations.Read full story

TL;DR

Bitcoin and Ethereum spot ETFs experienced consecutive outflows, totaling nearly $290 million, signaling short-term caution among investors.
Bitcoin spot ETFs led by BlackRock saw $192 million in withdrawals, while Ethereum ETFs recorded $98.2 million outflows.
Despite this, analysts highlight a potential altcoin breakout setup, suggesting long-term upside if liquidity returns and market confidence improves.

Bitcoin slipped below $108,000 amid continued pressure on spot ETFs, marking a cautious day for investors. The decline comes after three consecutive days of net outflows from both Bitcoin and Ethereum-linked ETFs, reflecting investor hesitation amid fluctuating market conditions. Market participants are watching liquidity closely, as sudden swings could trigger additional short-term volatility across major digital assets.

Bitcoin ETFs Face Renewed Pressure
Data from Farside Investors shows Bitcoin spot ETFs experienced $192 million in daily outflows, with BlackRock’s iShares Bitcoin Trust (IBIT) leading at $149 million. While this represents a temporary setback, IBIT maintains cumulative inflows of $64.9 billion, reinforcing its long-term market dominance. Grayscale’s Bitcoin Trust (GBTC) recorded a modest $6.87 million inflow, yet historical outflows still total $24.68 billion. Overall, the net asset value of all Bitcoin ETFs stands at $147.7 billion, about 6.77% of Bitcoin’s total market capitalization. Investors remain cautious, awaiting clearer signals before increasing positions in either Bitcoin or related ETFs.

Ethereum Outflows Deepen Amid Price Weakness
Ethereum ETFs mirrored Bitcoin’s trend, with net outflows of $98.2 million. BlackRock’s ETHA ETF and Fidelity’s FETH ETF accounted for the largest withdrawals, $38.6 million and $27.1 million respectively. The total net asset value of Ethereum ETFs now sits at $26.02 billion, roughly 5.58% of Ethereum’s market capitalization. Price action shows Ethereum down 4% on the day to $3,717, hovering near critical support levels. Technical analysts note that small fluctuations could set up buying opportunities in altcoins as well.

Technical indicators suggest both assets are in consolidation. Bitcoin trades around $107,900, down 2.5% in 24 hours. RSI readings for Bitcoin and Ethereum indicate weakening momentum, while MACD signals continue to trend downward, hinting at short-term pressure before a possible recovery.

Analysts remain constructive on altcoins. Michaël van de Poppe noted that altcoins are in an “ideal build-up phase” for potential breakouts once broader market liquidity returns.  

The belief that XRP could someday trade between $10,000 and $50,000 continues to circulate across social media, often justified by claims that the token will underpin the global financial system. However, not everyone in the crypto space is buying into that dream. A respected market analyst known as ChartNerd has pushed back strongly against such projections, calling them “nonsense.” This comment, as expected, led to a wave of reactions among members of the XRP community, especially those who are really locked in firmly into such ultra-bullish projections.

Analyst Says $10,000-$50,000 Target Is Nonsense
Talk of four- and five-figure valuations for XRP flared again after an X user with the name Mitchell Lion Heart proposed that XRP isn’t just another crypto but the money processor for a coming overhaul in the global payments system. He claimed XRP has been chosen, tied it to a global currency reset backed by gold, and insisted that $10,000 per coin, at a minimum, would arrive sooner than people think. 

He also shared an image asserting that once XRP achieves full global institutional adoption across rails such as SWIFT, DTCC, CBDCs, RWA tokenization, commodities, and value transfer on the XRPL, a sustainable price range for the cryptocurrency would need to be between $10,000 and $50,000 per XRP.

ChartNerd, a market analyst known for sticking to price structure and cycle context, shot the claim down in plain language. As noted by the analyst, XRP is not heading to $10,000 or $50,000 per coin. Such a price target is nonsensical and not realistic. 

As seen in some of his previous comments, ChartNerd’s position is that those kinds of targets ignore the realities of XRP’s supply, liquidity, and market cap. He has consistently pointed out that XRP’s price trajectory must align with adoption metrics and market structure.

An example of this is when he explained that prices between $13 and $27 represent a rational peak upside for XRP this cycle. This price target is even contingent on XRP receiving billions in possible ETF inflows and improving overall crypto market sentiment. 

Supporters Double Down On The Chosen Asset Perspective
“Mitchell Lion Heart” dismissed the analyst’s response and insisted that many traders were overlooking XRP’s true value and purpose. According to the XRP enthusiast, traders that don’t  agree with XRP’s price at $10,000 to $50,000 happening do not have a clue about what XRP truly is. 

Some other commentators also noted that Bitcoin is currently above $110,000, and its use cases pale in comparison to XRP. Therefore, XRP has the potential to trade at values comparable to Bitcoin when its utility is finally being taken advantage of in the global payments network.

Others sided with ChartNerd, saying that such extreme price targets distort public understanding and damage the credibility of legitimate analysis surrounding XRP’s fundamentals. The back-and-forth shows the growing rift between two schools of thought on XRP’s price future.

At the time of writing, XRP is trading at $2.41, having been rejected at an intraday high of $2.54.

Price deepens in red territory as market falls | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

Changpeng Zhao revealed a personal $2.5M investment in Aster, triggering a major price surge.

Aster soared over 30% from $0.91 to $1.26 before stabilizing around $1.04 amid market volatility.

Changpeng Zhao, the co-founder of Binance, caused a major surge in the prices of Aster tokens when he announced that he personally invested in the cryptocurrency. The former exchange chief disclosed that he had bought more than 2 million Aster tokens valued at around $2.5 million with his own money on Binance. His post on the social media site X caused an immediate market reaction by traders and investors who wanted to act on his lead.

Market Response and Trading Activity
Aster’s price surged dramatically from $0.91 to an all-time high of $1.26 following Zhao’s announcement, amounting to a price increase of more than 30% within hours of the announcement. The token held onto some of its momentum and was changing hands at $1.04 currently, remaining fairly steady amidst declining prices in light of the broader markets volatility. 

Trading volumes surged enormously, jumping from $224 million to more than $2 billion in just 24 hours, as eager investors rushed in to be a part of the action. The project market cap also increased in kind, from $1.8 billion to more than $2.5 billion in the same timeframe as demand increased.   

Zhao advised that the investment is longer-term in nature, citing that he buys and holds and doesn’t trade digital assets for short-term profit. Zhao did express regret that he did not get the opportunity to buy more Aster tokens at a lower price before he made the announcement, which spurred the move to new highs. The crypto veteran also reiterated that this was only the second token that he had purchased outside of BNB in eight years, which illustrates the importance of his investment.

Nevertheless, not every market participant is optimistic about Aster despite Zhao’s notable support. Two large whales have fully opened short positions of around $72 million total, betting that the price drops from here. Their liquidation prices are close to $2, indicating they expect significant downside pressure, despite the recent rally caused by retail speculation.  

Zhao’s family office, YZi Labs, had previously made an investment in Astherus, before it merged with APX Finance, to make the Aster protocol. This connection creates questions about whether he could be involved in any way other than this personal investment he announced via social outlets.

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Shubham Sahu is a crypto journalist and writer with extensive experience covering blockchain technology, digital currencies, and AI. With over seven years in financial markets, Shubham began his journey in traditional trading before uncovering his passion for the crypto verse. After making his first crypto investment in 2021, Shubham combines practical market experience with deep technical knowledge to provide insightful analysis and commentary.

Under the five-year, $9.7 billion deal, IREN will provide Microsoft access to Nvidia GB300 GPUs, including a 20% prepayment.

Zcash's market cap rose to as high as $7.2 billion, while Monero's held around $6.3 billion. Nov 3, 2025, 12:51 p.m.

ZEC$395.22, a privacy-focused cryptocurrency, overtook XMR$349.89, the sector's longtime dominant token, in market capitalization in what may represent a changing of the guard.

ZEC's market cap overtook XMR's for the first time on Friday, sitting above its older peer for several hours after climbing almost 50% in seven days. It held that position for most of the weekend, climbing as high as $7.2 million while XMR stayed around $6.3 billion. The two were recently valued at similar levels around $6.4 billion.

STORY CONTINUES BELOW

Zcash, monero chart (TradingView)

While traders cited technical measures, such as soaring trading volumes, a technical breakout from long-term resistance and November's block-reward halving as immediate catalysts for ZEC’s rally, fundamental factors may also be at play.

One key difference between zcash, which started up in 2016, is its optional-privacy model. Users are able to choose between transparent and shielded transactions, a facility that monero, introduced in 2014, lacks. That flexibility may be helping ZEC win support from traders and institutions seeking privacy without the regulatory baggage that has weighed on XMR, which remains delisted from several major exchanges.

"Unlike monero, which will likely remain unavailable on major Western-regulated exchanges, zcash offers flexibility, with optional privacy that can be activated when needed," Ray Youssef, CEO of the peer-to-peer crypto (P2P) app NoOnes, said in an interview over email.

"This gives institutions room to maintain compliance and reporting, making ZEC a regulatory-acceptable asset, while XMR remains toxic from an AML and KYC compliance perspective," he said referring to anti-money laundering and know-your-customer requirements.

There's also Zashi CrossPay, a privacy-preserving cross-chain payment protocol, that has positioned zcash as a potential privacy layer for broader crypto networks such as Bitcoin and Ethereum.

Zcash's recent gains form part of a longer-term boom in its price, which jumped nearly 1,000% in the last three months, CoinDesk data show. Monero, meanwhile, rose just 11.5%.

Another factor behind ZEC's outperformance could be the influence of crypto analyst and commentator Arthur Hayes, who has predicted zcash reaching $10,000 per coin in numerous posts on X over the last week. Hayes is a noted figure in the crypto industry for his bold and sometimes contrarian views.

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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IREN Soars 30% After Inking $9.7B AI Cloud Deal With Tech Giant Microsoft

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The deal is indicative of how miners’ once-volatile hardware fleets are increasingly viewed as strategic compute assets, bridging the gap between blockchain and AI.

What to know:

Microsoft has signed a $9.7 billion agreement with IREN for AI cloud capacity, marking a significant move in the neocloud sector.IREN, transitioning from Bitcoin mining, will purchase $5.8 billion in GPUs from Dell and expects $1.9 billion in annual revenue from the deal.The deal highlights the strategic value of miners' hardware for AI, as Microsoft addresses GPU shortages to meet Azure AI demand.Read full story

At a time when most tokens struggle to balance hype with utility, FUNToken is managing to align three major engines of growth, that is, staking, gaming, and community rewards, into one cohesive ecosystem.

As of today, FUNToken (FUN) is trading at approximately $0.0036 USD, with a market capitalization of $38.9 million and daily trading volume around $12.3 million, according to CoinMarketCap. With over 104,000 holders and a steadily improving profile score, the project continues to show signs of consolidation and confidence.

This steady market recovery provides the perfect backdrop for the $5 million FUNToken Giveaway – now live at 5m.fun – a campaign designed to showcase how all parts of the FUNToken ecosystem interlock to reward participation and long-term commitment.

The Three Pillars of the FUNToken Ecosystem

Pillar
Core Purpose
Primary Benefit to Holders

Staking
Encourage long-term holding and reduce volatility
Consistent rewards, yield opportunities

Gaming
Expand token use across entertainment platforms
Real utility and community engagement

Giveaway
Reward ecosystem activity and onboarding
Direct incentives for loyalty and growth

Rather than existing as separate features, these three pillars are interdependent. Staking fuels ecosystem stability, gaming drives transactional activity, and giveaways reinforce community engagement. Together, they form the circulatory system that keeps FUNToken’s economy alive and self-sustaining.

Staking: The Foundation of Stability
Staking has become the bedrock of FUNToken’s design philosophy. By incentivizing holders to lock tokens for rewards, the system helps maintain price equilibrium while ensuring a steady base of committed participants.

Staking Feature
Impact

Token Lock-Ins
Encourages holders to stay invested rather than trade short-term

Predictable Returns
Creates passive income opportunities, increasing holder confidence

Liquidity Control
Balances supply pressure and supports sustainable token value

Beyond traditional yield benefits, staking contributes to the qualifying mechanics of the giveaway. Participants holding FUNToken in their wallets or staking pools are among the first to qualify for reward tiers on 5m.fun. This creates a dual incentive: staking for yield, and staking for eligibility.

The $5 Million Giveaway: Community at the Center
The headline event of the year ties the other two pillars together. Designed as a hybrid of reward, engagement, and education, the campaign offers token holders an opportunity to explore the entire ecosystem in action.

Aspect
Details

Platform
5m.fun

Eligibility
Verified FUNToken holdings or staked tokens

Reward Pool
$5 million FUNToken equivalent

Participation Tools
AI Message Scoring Bot, Telegram Community

Goal
Encourage long-term engagement and active community growth

Participants can sign up through the 5m.fun portal, verify holdings, and then interact via Telegram and AI-powered tools to earn engagement scores. 

How the Ecosystem Interconnects

Interaction
Resulting Effect
Outcome for Holders

Holding → Staking
Reduces circulating supply
Price stabilization and yield generation

Staking → Gaming
Unlocks in-game perks and bonuses
Functional use of FUN in entertainment

Gaming → Giveaway
Generates participation and engagement
Eligibility for event rewards

Giveaway → Holding
Distributes tokens to active users
Expands the holder base and loyalty

Each loop in this system feeds the next, creating a self-reinforcing cycle of growth. The more a user interacts with one part of the ecosystem, the more value they generate across all others — a structure designed for long-term sustainability.

Market Confidence and Holder Sentiment
Market analysts have noted FUNToken’s ability to recover after testing major demand zones between $0.0032 and $0.0040, indicating strong accumulation and long-term holder confidence. With 84 percent of CoinMarketCap community sentiment votes currently bullish, optimism around the giveaway and ecosystem expansion continues to grow.

This positive momentum is deeply rooted in the clarity of FUNToken’s consistent follow-through on community promises. By tying rewards to participation and usage, FUNToken is effectively turning its market activity into measurable community outcomes.

How to Join and Stay Connected
For anyone looking to participate or stay informed, the following links serve as key access points into the ecosystem:

Official Website: funtoken.io
Giveaway Portal: 5m.fun
AI Bot for Engagement: fun_message_scoring_bot
Telegram Community: t.me/FUNToken_OfficialChat

Each platform plays a defined role, from campaign participation to AI scoring, from project visibility to real-time community coordination.

Conclusion
FUNToken’s approach to growth has evolved from linear expansion to ecosystem synchronization. Staking supports price and participation, gaming drives usage, and the $5 million giveaway strengthens community bonds.

By integrating all three under one umbrella, FUNToken demonstrates how a Web3 project can merge utility, engagement, and reward into a single, self-sustaining system.

As the campaign unfolds, it’s the realization that every holder, gamer, and participant plays an active role in shaping the future of the FUNToken ecosystem.

Disclaimer: The price mentioned was accurate at the time of writing (October 28, 2025) and may have changed since.

Disclaimer: This is a paid post and should not be treated as news/advice.  

Key takeawaysXRP ETF talk has moved from Crypto Twitter to Wall Street trading desks.

Analysts say the first few months of inflows could top $1 billion.

SEC rule changes have streamlined spot crypto fund listings.

Approval isn’t guaranteed, but momentum is building fast.

Talk of a spot XRP (XRP) exchange-traded fund (ETF) has shifted from Crypto Twitter to real trading desks.

Two factors are driving it. First, ETF specialists Nate Geraci and Bitwise chief investment officer Matt Hougan say the market is underestimating demand for a spot XRP ETF. Geraci has warned that investors are “severely” underestimating the flows, and Hougan has said the fund could reach about $1 billion in assets within its first few months of trading.

Second, the US market infrastructure for spot crypto funds has evolved. The Securities and Exchange Commission (SEC) has adopted generic listing standards that shorten the approval path for certain spot crypto ETFs, and exchanges have already begun listing altcoin products under the new framework.

None of this guarantees an XRP approval, but it explains why the conversation has turned serious.

What is a spot XRP ETF?A spot XRP ETF would hold XRP with a qualified custodian and issue shares that track the fund’s net asset value through the standard creation and redemption process. This structure matters because it allows XRP exposure within brokerage accounts, adviser model portfolios and retirement platforms, offering familiar reporting and tax treatment.

It’s different from a futures-based product, which tracks derivatives rather than the asset itself and can diverge from spot prices. The SEC’s September 2025 rule change didn’t approve every crypto ETF, but it created a uniform starting line instead of one-off approvals.

Where US approvals standIn mid-September 2025, the SEC adopted generic listing standards allowing major exchanges to list certain spot crypto exchange-traded products (ETPs) under a uniform rule set instead of one-off approvals. The change streamlined the listing process but did not remove regulatory oversight or review for non-qualifying products.

Then came the October government shutdown, which slowed staff reviews. Even so, a handful of altcoin spot products, including Litecoin (LTC) and Hedera (HBAR), moved forward through existing pathways. Those should be seen as edge cases, not a blanket approval.

For XRP, several well-known issuers have already filed or signaled their intent. Timelines may still shift as the SEC considers three familiar questions:

Surveillance: Are markets monitorable and resistant to manipulation?

Custody: Is asset safekeeping robust and insured?

Investor protection: Will pricing and disclosures hold up in the real world?

In short, the road is open, products are queued, but no US spot XRP ETF has received approval yet.

How big could flows be?The bullish case rests on three factors:

Distribution: Advisers prefer ETFs over opening exchange accounts for clients. An ETF unlocks registered investment adviser and retirement channels.

Infrastructure already built: Authorized participants, market makers and surveillance agreements established for Bitcoin and Ether (ETH) ETFs can extend to other spot products.

A distinct thesis: XRP’s long-standing pitch centers on cross-border payments and settlement, giving allocators a narrative distinct from Bitcoin’s “digital gold.”

Based on that setup, Geraci and Hougan argue that first-wave demand could exceed expectations, potentially surpassing $1 billion early on. It’s a projection, not a promise, but it explains why trading desks are already modeling scenarios.

What could hold it back?Even with generic standards, approval isn’t automatic. The SEC can still question whether spot XRP markets are sufficiently resistant to manipulation and whether surveillance sharing is robust. It may also review whether custody and insurance arrangements are adequate and whether pricing sources are reliable across venues.

The government shutdown created backlogs that may cluster decisions until later in the year. The road is shorter than it was in 2023-2024, but it still has checkpoints.

Getting XRP exposure today (before any US ETF)Investors outside the US already have access to physically backed ETPs that hold XRP directly.

Two of the largest are 21Shares XRP ETP (AXRP), listed on the Swiss Stock Exchange, and CoinShares Physical XRP, available on various European exchanges. These are not US ETFs; they are locally governed ETPs with different investor protections and tax treatment.

US investors can also buy XRP on compliant cryptocurrency exchanges, but that route involves self-custody decisions, exchange counterparty risk and fragmented trading venues.

So, is XRP “the new Bitcoin?”That’s the wrong way to think about it.

Bitcoin’s investment story centers on scarcity and macro hedging, while XRP’s focuses on payments infrastructure and fast settlement. If an XRP ETF launches, it will not replace Bitcoin’s role. It would broaden the menu for advisers seeking a payments-themed allocation within traditional accounts.

Pricing and liquidity will still depend on the underlying spot markets and the ETF’s ability to track them closely. Creation and redemption efficiency, spreads and market-maker depth will all play a role.

XRP’s ETF moment: Closer, but not there yetIndeed, Wall Street’s interest in an XRP ETF is not just clickbait. The mechanics are now familiar, the distribution channels are in place, and credible analysts believe demand could surprise to the upside.

But the SEC still needs to approve the product, and timing can shift with staffing changes and market-quality reviews. If you’re tracking this story, separate approval odds from the investment case: watch the filings, understand how the ETF would hold and price XRP, and be clear about the differences between US ETFs and non-US ETPs available today.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The Chainlink price prediction 2025 is making the spotlight because the $100 mark per LINK is currently a topic of discussion on social media, and many are understandably curious about the factors driving such predictions. 

Chainlink’s transition from an oracle pioneer to a key player in institutional fintech reflects its solid business model and commitment to meaningful innovation. Although its current price may appear modest, despite various strong fundamental metrics and factors, that too along with global capital-market integrations and a decreasing supply on exchanges. This clearly suggests the potential for future growth. It seems Chainlink price USD may be approaching a key moment.

From DeFi Oracles to Global Capital MarketsOriginally it was just built to serve defi, but it has come a long way. By evolving into a modular backbone of services that powers institutional-grade data, interoperability, and seamless connectivity with legacy systems. For instance, Chainlink’s DataLink platform enables firms to deliver regulated market data across 40+ blockchains. 

Furthermore, according to Sergey Nazarov, Chainlink crypto’s ongoing evolution and vision for interoperability demonstrate it as a key bridge. This connects traditional institutions and decentralized systems through secure and verified data exchange.

More precisely, they aim to establish standardized frameworks that seamlessly integrate blockchains with existing financial infrastructures.

Expanding Integrations and Institutional Partnerships Strengthen the OutlookThe increasing number of integrations is also a key element that is helping Chainlink’s evolution. Also, in the Recent week, it has showcased that it is accelerating growth. Between October 27th and November 2nd alone, there were 62 integrations of the Chainlink standard across 24 blockchains. This cross-chain adoption continues to reinforce Chainlink’s position as the industry’s leading oracle solution.

Similarly, today it hit a jackpot as one of the most significant updates came with FTSE Russell’s collaboration with Chainlink, enabling the publication of major global indices on-chain via DataLink. These include the Russell 1000, 2000, and 3000 indices, the FTSE 100, WMR FX benchmarks, and FTSE DAR digital asset prices. The integration connects over $18 trillion in benchmarked assets with on-chain infrastructure through Chainlink’s secure data delivery system.

This sets the stage for a unified data framework that strengthens the Chainlink price forecast and underscores its rising importance across capital markets.

On-Chain Accumulation and Technical Setup Show Growing ConfidenceIn addition, the on-chain data signals increasing confidence among investors. More than 15 million LINK have been withdrawn from exchanges in less than 30 days. This reduced total reserves from 180 million to 146 million LINK. This reflect long-term holding behavior.

This pattern hints for an upcoming supply squeezes as bullish accumulation is high. While Chainlink price today may still face volatility, the declining supply suggests strong conviction among holders.

Technically, the Chainlink price chart displays a symmetrical triangle formation, with projections indicating a possible dip to $15. But, this is considered as a key accumulation zone for a rally toward the $100 level. 

Such a setup supports a long-term bullish setup that exceeds Chainlink price prediction November 2025 short-term targets. 

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

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

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

TL;DR:

Ethena unlocks 171.88M tokens worth $63.05M, the week’s largest cliff event.
Solana leads linear releases with $92.2M in tokens entering circulation.
Smaller-cap tokens like Hyperbot and BONDEX may face stronger price swings.

The cryptocurrency market braces for heightened volatility this week as over $312 million worth of token unlocks are scheduled between November 3 and November 10. Leading the event-packed schedule are Ethena (ENA) and MEME, whose cliff unlocks could test investor sentiment across multiple projects.

Major Unlock Events Signal Rising Supply Pressure
Ethena’s $63 million release dominates this week’s unlock schedule. The project will unlock 171.88 million ENA tokens, marking the largest single value event in the period. The release follows a vesting schedule, gradually distributing tokens to early investors and team members. MEME follows with 3.45 billion tokens valued at $5.22 million, representing 5.98% of its total supply, adding further liquidity pressure. MOVE ranks third, unlocking 50 million tokens worth $3.37 million, while BounceBit (BB) and RED contribute $3.07 million and $1.78 million, respectively. Combined, ENA, MEME, MOVE, BB, RED, SXT, and MAVIA unlock approximately $78 million through cliff events.

Solana leads the linear unlock category with a $92.2 million release. The 493,730 SOL scheduled for release equals 0.09% of its circulating supply. TRUMP token follows with 4.89 million tokens worth $36.68 million, while Worldcoin (WLD) adds 37.23 million tokens valued at $30.84 million. Dogecoin (DOGE) contributes 96.74 million tokens worth $17.82 million, though this accounts for only 0.06% of its supply. AVAX, Astar, Bittensor, and Story Protocol follow with linear releases between $8 million and $13 million.

Smaller-cap tokens show significant progress in unlock schedules. Hyperbot (BOT) releases 18.53 million tokens worth $427,000, while BONDEX (BDXN) schedules nearly $637,000 in new supply. Sleepless AI and VaporFund also advance in their vesting progress, releasing smaller but impactful amounts relative to their liquidity. These projects may experience sharper price reactions due to their limited market depth.

The monthly average network hashrate, a proxy for competition in the industry and mining difficulty, rose 5% to 1,082 EH/s. Nov 3, 2025, 1:04 p.m.

The Bitcoin network hashrate hit a record high in October, JPMorgan (JPM) said in a report on Monday.

The monthly average network hashrate rose 5% to 1,082 exahashes per second (EH/s), the report said.

STORY CONTINUES BELOW

The hashrate refers to the total combined computational power used to mine and process transactions on a proof-of-work blockchain, and is a proxy for competition in the industry and mining difficulty.

At the end of last month, "mining difficulty was 3% higher than the end of September, and 80% higher than difficulty heading into the most recent halving," analysts Reginald Smith and Charles Pearce wrote. The halving, when the reward assigned for adding a block to the blockchain is cut by 50%, took place in April 2024.

Mining economics were pressured for the third month in a row, the report noted.

The bank's analysts estimated that miners earned an average of $48,000 per EH/s in daily block reward revenue in October, 3% less than in September. Daily block reward gross profit fell 4%.

The combined market cap of the 14 U.S.-listed mining companies that the bank tracks increased $14 billion, or 25%, to $70 billion last month. The move was driven by high-performance computing (HPC) announcements and enthusiasm about the sector's pivot to AI.

Ciper Mining (CIFR) outperformed the group with a 48% increase last month, and Cango (CANG) underperformed with a 5% decline, the analysts said. It was the only mining company covered to perform worse than bitcoin, which fell 3.9%.

Read more: Bitcoin Miners Sit on Prime Power Assets as AI Pivot Accelerates: Canaccord

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Charts indicate growing risk of a deeper decline to $100,000 or below, with consistent bias for put options in the options market.

What to know:

Charts indicate a growing risk of a deeper decline to $100,000 or below, with consistent bias for put options in the options market.Altcoins including ethena (ENA), doublezero (2Z) and plasma (XPL) all faced heavy selling pressure.Read full story

The upgrade reduces costs and latency across Starknet while advancing the network's decentralization roadmap.

The crypto market is going through a nervous phase, and Ripple’s latest token unlock has come right in the middle of it. With Bitcoin struggling below $108K and most altcoins bleeding red, Ripple Labs has released another 1 billion XRP from escrow for November, a move that has drawn mixed reactions from investors already watching XRP’s price slip near $2.41.

Ripple XRP Unlock as ScheduledAccording to Whale Alert, Ripple unlocked 1 billion XRP (worth roughly $2.4 billion) from three different escrow contracts on November 1. The first batch of 200 million and the second of 300 million XRP were sent to unknown wallets, while the remaining 500 million XRP went to Ripple’s known treasury wallet.

This monthly release isn’t new, it’s part of Ripple’s plan dating back to 2017, when it locked 55 billion XRP in smart contracts to manage token supply transparently. Each month, Ripple unlocks 1 billion XRP and often re-locks the unused portion. After briefly adjusting its schedule earlier this year, Ripple returned to its normal pattern in July and has continued the same process through to November.

Ripple Stays Focused on Growth Amid Market FearDespite the bearish market, Ripple seems to be playing the long game. The company has been pushing hard to expand its ecosystem and increase XRP’s real-world use cases. Ripple President Monica Long recently pointed to Ripple’s acquisition of Hidden Road, a top non-bank prime broker, as a major step toward strengthening Ripple Prime, which serves institutional investors.

Since that acquisition, Ripple Prime’s business has tripled, showing growing confidence among big players. Long also revealed that Ripple plans to deepen the integration of XRP and RLUSD (its stablecoin) into institutional services, a move aimed at boosting both liquidity and utility.

Unlocking XRP in a Bear Market Risk or Strategy?While Ripple’s escrow unlocks are meant to support liquidity, they often create short-term selling pressure, especially when the broader market is weak. Still, there’s a silver lining. Unlocking XRP during a Bitcoin dip can be a strategic move, like restocking when the market is quiet. If Ripple channels these tokens into meaningful partnerships or ecosystem expansion, it could help stabilize and even strengthen XRP’s long-term position, despite current volatility.

XRP Current SentimentXRP is currently trading at $2.41, with about 60.1 billion tokens in circulation out of a total supply of 100 billion. The token has come a long way since its all-time low of $0.0028 in 2014, showing a massive recovery of over 85,000%, though it still sits about 37% below its 2018 peak of $3.84. 

The 50-day simple moving average (SMA) stands at $2.71, slightly above the 200-day SMA of $2.62, suggesting that XRP’s short-term trend remains slightly weaker but overall steady in the broader market context.

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

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

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

Sponsored and Advertisements:Sponsored content and affiliate links may appear on our site. Advertisements are marked clearly, and our editorial content remains entirely independent from our ad partners.

On Monday, Nov. 3, Strategy's founder and BTC evangelist Michael Saylor revealed his firm had quietly stacked another batch of bitcoin. The move came right after Saylor dropped a sly hint on Sunday, teasing that “Orange is the color of November.

XRP can serve as short-term working capital for currency exchanges, as transactions typically take only a few minutes to complete.

Orders move through central exchanges, and if any money needs to be held briefly, companies can hedge that risk using XRP futures.

The idea is to use local liquidity at both ends of a transaction while using XRP as a bridge in between. This approach keeps the time money is held to a minimum, helping prevent price differences from building up.

The market backdrop puts timing at the core of the decision. Kaiko’s October debriefs described the October 10 deleveraging, where order-book depth vanished within minutes across majors, serving as a live-fire reminder that execution is path-dependent and inventory can become stuck during stress.

The hedging toolset improved this year, with the CME Group listing XRP and Micro-XRP futures on May 19, and more than $19 million of notional trading on day one. The combination shifts the calculus for treasurers who could not access a regulated delta hedge in 2024.

The working path today is straightforward.

Source fiat to XRP on the most liquid venues in the origin market, atomize across books using TWAP or VWAP, transfer and settle, then convert XRP back to fiat at the destination, keeping XRP exposure to minutes.

If any non-zero hold is unavoidable, open a short CME XRP future concurrent with the spot buy and unwind against the destination leg. Residuals remain, including futures-spot basis and intraday liquidity on the specific expiry, but a listed contract reduces onboarding friction for regulated balance sheets.

[Editor’s Note: The methodology below is for educational and analytical purposes only in relation to institutional FX trading and should not be considered FX trading advice for retail investors.]

Time in inventory dominates basis risk, which rises non-linearly with hold time.A 95 percent one-tailed VaR model across annualized volatility bands of 40, 55, and 70 percent shows how tight the window must be to keep drift inside treasury tolerances.

To keep VaR at or below 10 basis points, allowable holds compress to approximately 1.2 minutes at a 40 percent volume, 0.7 minutes at a 55 percent volume, and 0.4 minutes at a 70 percent volume.

For a 25 basis-point band, the window expands to roughly 7.5, 4.0, and 2.5 minutes, respectively. At 50 basis points, a treasury has about 30.2 minutes at 40 percent, 16.0 minutes at 55 percent, and 9.9 minutes at 70 percent before inventory P&L becomes material.

These thresholds precede fees, spreads, and slippage, so operational buffers should be smaller.

XRP inventory modelingLocal liquidity remains the constraint.Kaiko’s mid-year depth work ranked XRP among the top altcoins by 1 percent market depth across vetted exchanges, which supports just-in-time execution when orders are split and routed.

Depth is pair and venue specific, so routing should bias toward USDT, USD, and KRW books that routinely carry larger sizes, with care taken around time-of-day effects.

XRPL’s native DEX, including the AMM introduced with XLS-30, provides last-mile fills but not primary size. DeFi Llama shows XRPL DEX volumes in the single-digit millions over 24 hours and approximately $178 million over 30 days at the time of capture, which is helpful for small clips but not a replacement for major CEX liquidity. Treasurers should be takers, not LPs, given price impact and impermanent loss on AMMs.

The corridor view illustrates how execution relies on venue choice at the endpoints. USD and USDT legs typically route through Binance and Coinbase, where XRP books consistently have a depth of 1 percent or more.

EUR legs commonly use Bitstamp and other European venues, with intraday variability that supports TWAP for larger clips.

KRW legs concentrate on Upbit’s retail-driven market, where XRP often ranks among the top pairs by volume, but weekend and off-hours liquidity can thin, according to Kaiko’s Korea market report.

For U.S.–Mexico, Bitso remains a canonical MXN endpoint referenced in Ripple materials. XRPL DEX can assist as a supplementary path for local fills.

CorridorPrimary venuesDepth or volume signalsCaveatsUSD ↔ EURCoinbase, Binance, BitstampXRP among top altcoins by 1% depth on vetted exchangesDepth varies intraday, favor TWAP for larger clipsUSD ↔ KRWUpbitXRP frequently a top KRW pair by volumeRetail-led flows, watch spreads and weekend liquidityUSD ↔ MXNBitsoEstablished endpoint in Ripple corridorsPair-specific depth varies, confirm book before routingOn-chain last mileXRPL DEX, AMM~6.7 million 24h, ~178 million 30d volumesSupplement only for size, price impact and IL for LPsHedging practices are straightforward to operationalize.Spot-only just-in-time conversion can work for micro-windows under 10 to 15 minutes during USD, EUR, and KRW liquidity hours, especially when splitting across venues and pairs with strong 1 percent depth.

A micro-hedged overlay opens the short CME XRP future at the time of the spot buy, which compresses delta exposure during transit and can be unwound against the destination leg.

Offshore perpetuals introduce funding costs and counterparty considerations that many treasuries cannot accept, whereas listed CME contracts mitigate these hurdles. XRPL AMM can assist with last-mile coverage where CEX books are thin, but operational design should keep treasuries out of LP roles.

Failure modes should be treated as design constraints rather than exceptions.

First, order-book evaporation can turn a minute-scale inventory into an hour if deleveraging hits mid-clip, a dynamic observed on Oct. 10.Second, hedge liquidity can mismatch the spot leg during stress, widening the futures-spot basis intraday.Third, venue-specific regimes matter, including KRW retail flows that introduce premiums and spread variability.Fourth, protocol and SDK incidents remain part of the operational risk set, including XRPL’s AMM bug after launch and the XRPL.js SDK backdoor later disclosed.Finally, balance-sheet costs weigh on bank participation.Basel’s crypto standards classify unbacked crypto, such as XRP, in Group 2 with punitive capital, and the EBA’s draft technical standards align the EU prudential regime with Basel, which raises the cost of warehousing XRP inventory on regulated balance sheets.

The decision framework collapses to three cases.If both ends can convert within roughly 5 to 10 minutes, spot-only just-in-time conversion on deep CLOBs can keep 95 percent VaR inside roughly 25 to 50 basis points, contingent on realized volatility.

If the operation requires up to about an hour, overlay a futures hedge and split execution across multiple venues to limit basis drift and execution slippage.

If routine holds stretch to multi-hour windows, XRP does not serve as a low-basis working capital rail today because inventory carry, capital costs, and event risk dominate.

What comes next is measurable. CME XRP futures need to sustain open interest and ADV so that hedgers can rely on intraday depth and tighter basis, and a build-out would lower residual basis risk for listed hedges.

Kaiko’s post-October debriefs will show whether depth metrics recover or if fragility persists into the fourth quarter. The EBA’s final technical standards will establish the European prudential framework for bank inventory, which will shape the practical scope for just-in-time strategies within regulated treasuries.

Practical implications for FX marketsAt a practical level, pairing local liquidity with global payment rails is effective when operations teams minimize settlement time, route orders through the deepest books, and deploy a listed hedge whenever inventory cannot be compressed to just minutes.

Global FX spot averages $7–8 T/day, so even at $5 B/day, XRP would represent roughly 0.06% of global FX turnover. This is small in macro terms but massive in the crypto context.

For context, $5 billion per day would place XRP’s utility-driven flow on par with smaller fiat corridors (e.g., MXN-CLP) and 10 times current ODL peaks that Ripple has hinted at in public filings.

Using this “just-in-time working-capital” strategy, XRP could realistically intermediate $3–8 billion/day of cross-currency settlement volume under current liquidity conditions, and perhaps exceed $10 billion/day if CME and regulatory infrastructure mature.

ScenarioDescriptionEstimated XRP throughputBaseline (current liquidity)Select corridors (USD-KRW, USD-MXN, USD-EUR) using CEX routing$2–4 B/dayExpanded (with CME hedge adoption, improved depth)Wider participation from banks using listed hedges$5–8 B/dayOptimistic (regulatory convergence, Basel clarity)Regulated treasuries re-enter crypto rails$10 B/day+ Mentioned in this article

, /PRNewswire/ -- ScaleReady, in collaboration with Wilson Wolf Manufacturing, Bio-Techne Corporation and CellReady, today announced that Sonoma Biotherapeutics has been awarded a $300,000 G-Rex® Grant. SonomaBio's G-Rex® Grant will enable expeditious development of a G-Rex® based manufacturing process to produce gene-modified regulatory T cell (Treg) therapies for clinical investigation of SonomaBio products in development for various autoimmune related disorders. 

"Regulatory T cells represent a promising new treatment modality, and we are honored to support Sonoma Biotherapeutics' trailblazing mission to bring these innovative therapies to patients suffering from debilitating autoimmune diseases. The G-Rex Grant is helping SonomaBio transition from open flask-based technology to the proven, commercially viable G-Rex platform—an essential step in preparing their CMC for commercial readiness," said John Wilson, CEO of Wilson Wolf and co-inventor of G-Rex. 

As part of their grant, SonomaBio will explore innovative optimization strategies for their Treg platform process to establish a modular and scalable manufacturing approach using G-Rex. Functionally closing the manufacturing process will be accomplished through the integration of closed system G-Rex devices and, ProPak™ GMP Cytokines. Moreover, through the G-Rex Grant, SonomaBio will get early access to a variety of innovations coming from Wilson Wolf including integrated process analytic technology (PAT), novel closed system tools, and new G-Rex models. 

ScaleReady's G-Rex Grant Program has now surpassed $40M of no-cost product commitments to grant recipients with the goal of advancing the state of cell and gene-modified cell therapy (CGT) development and manufacturing. Individual Grant Awards are worth up to $300,000. G-Rex Grant Recipients also gain access to exclusive support from ScaleReady's growing consortium of G-Rex Grant Partners who bring best-in-class tools and technologies as well as unparalleled knowledge and expertise in the areas of cGMP manufacturing, quality and regulatory affairs, CGT business operations, and more. 

Importantly, ScaleReady has just introduced yet another FREE program to accelerate the universal presence of highly efficient and scalable CGT manufacturing. Under this program ScaleReady has partnered with Hanson Wade to launch an event series called LEAN Cell & Gene™. All CGT entities are invited to attend and learn how to systematically identify and eliminate waste, stabilize business operations, increase drug product quality and supply, and develop a LEAN approach to cell and gene therapy development and manufacturing. 

For more information about the G-Rex® Grant Program, please contact [email protected]. 

For more information about LEAN Cell & Gene™, please use this link to register for the free event series. 

About ScaleReady

ScaleReady provides the field of cell and gene-modified cell therapy (CGT) with a G-Rex centric manufacturing platform that enables the world's most practical, flexible, scalable, and affordable CGT drug product development and manufacturing. 

The G-Rex manufacturing platform is currently used by a rapidly growing list of over 800 organizations and is producing drug products for approximately 50% of CGT clinical trials as well as 5 commercially approved CGT drugs. 

CGT entities relying on the breadth and scope of ScaleReady's expertise can expect to save years of time and millions of dollars on the path to CGT commercialization. 

For more information about the ScaleReady G-Rex® Grant Program, please contact [email protected].

About Wilson Wolf Manufacturing 

Wilson Wolf (www.wilsonwolf.com) is dedicated to simplifying cell and gene-modified cell (CGT) therapy research, process development, and manufacturing. This is being accomplished through its scalable G-Rex technology, which is used throughout the world in CGT applications ranging from basic research to commercial drug production. 

Wilson Wolf's mission is to create hope for cancer patients, one G-Rex® device at a time. 

About Bio-Techne Corporation 

Bio-Techne Corporation (NASDAQ: TECH) is a global life sciences company providing innovative tools and bioactive reagents for the research and clinical diagnostic communities. Bio-Techne, in partnership with Wilson Wolf, is creating products such as media and cytokines that are specifically tailored to G-Rex® Bioreactors, including right-sized reagent quantities in containers that are tailored to high throughput closed-system manufacturing. For more information on Bio-Techne and its brands, please visit https://www.bio-techne.com or follow the Company on social media at:, LinkedIn, X or YouTube. 

Contact: David Clair, Vice President, Investor Relations & Corporate Development 

[email protected]

612-656-4416

About CellReady LLC 

CellReady is the world's first and only G-Rex centric contract development and manufacturing organization (CDMO) specializing in G-Rex based cell and gene-modified cell therapy development and manufacturing. The company offers a wide range of services to support the development and commercialization of these therapies. 

CellReady's mission is to create hope for cancer patients, one G-Rex® process at a time. 

About Sonoma Biotherapeutics 

Sonoma Biotherapeutics is a clinical-stage biotechnology company developing engineered regulatory T cell (Treg) therapies to treat serious autoimmune and inflammatory diseases by restoring immune system balance. Founded by pioneers in Treg biology and cell therapy, including Dr. Fred Ramsdell—whose foundational research in Treg biology was recognized with a 2025 Nobel Prize—Sonoma Biotherapeutics combines deep scientific expertise with proprietary platform technologies to advance a new generation of targeted and durable Treg cell therapies.

In addition to its lead, proprietary Treg program, SBT-77-7101, Sonoma Biotherapeutics is collaborating with Regeneron to advance a pipeline of Treg cell therapies for autoimmune diseases. 

For more information, visit sonomabio.com and follow Sonoma Biotherapeutics on X (formerly Twitter) and LinkedIn.

SOURCE Bio-Techne Corporation

Palantir (NASDAQ: PLTR) is set to release its third-quarter earnings report today, November 3, with investors watching closely given the performance so far this year.

Last quarter, the company exceeded Wall Street expectations by a wide margin, delivering $1 billion in revenue, up 48% year-over-year (YoY), and topping consensus estimates by 6.8%. Now, analysts forecast revenue of $1.09 billion (+50.7% YoY).

Unsurprisingly, Palantir stock is reacting positively to the optimism, trading at $200 at the time of writing, up 3% over the past 24 hours and another 2.20% in pre-market.

PLTR 24-hour price. Source: Google Finance
Palantir’s momentum
PLTR shares are heading into the final quarter with strong momentum. If Palantir manages to meet analyst expectations, the numbers will present a sharp increase from the same period last year, when the software firm reported only a 30% increase in revenue. In a more bullish scenario, some predictions go, the PLTR stock could reach $250 in the near term.

The outcome is more than likely, as Palantir has beaten revenue expectations for eight straight quarters so far, and its stock has gone up 30% since the last earnings call on August 2, outperforming the S&P 500’s 10% growth.

Market watchers are thus generally upbeat. A long-time Palantir bull and analyst, Tom Nash, is arguing that the newly expanded partnership with Nvidia (NASDAQ: NVDA) is providing another crucial advantage.

“Nvidia and Palantir are the picks and shovel sellers in this gold rush. Nvidia’s priced accordingly. Palantir at $500B is a steal once people realize its true value,” Nash posted on X.

Similarly, Wedbush Securities analyst Dan Ives, stated in a recent Schwab Network appearance that the skeptics have been wrong at every stage, from $15 to $100, and still “underestimate the scale and scope of the AI revolution.”

“The haters hate. I mean, the reality is that the bears were yelling when it was $15, screaming from the mountaintops at $50, yelling fire in a crowded theater at $100 and so on … .There’s no better company that’s really changing,” said Ives.

In addition, Wedbush raised its PLTR target price from $200 to $230, maintaining an “Outperform” rating on the stock.

Featured image via Shutterstock

- BLA for veligrotug successfully submitted to the U.S. Food and Drug Administration (FDA) in late October following recent consultation with the agency -

- Veligrotug’s Breakthrough Therapy Designation supports eligibility for potential Priority Review -

- FDA decision whether to accept the BLA for filing is expected within 60 days of submission -

WALTHAM, Mass.--(BUSINESS WIRE)--Viridian Therapeutics, Inc. (Nasdaq: VRDN), a biotechnology company focused on discovering, developing, and commercializing potentially best-in-class medicines for serious and rare diseases, today announced the successful October submission of its BLA to the U.S. Food and Drug Administration (FDA) for veligrotug, the company’s investigational therapy for the treatment of thyroid eye disease (TED). TED is a rare, debilitating autoimmune disorder characterized by inflammation and swelling of the tissues around the eyes, often leading to pain, vision impairment, and a significant reduction in quality of life. Veligrotug, a novel, fully human monoclonal antibody, has demonstrated promising results in pivotal clinical studies, with data showing improvement in proptosis, diplopia, and other key measures of disease activity and was generally well tolerated. Based on these results, veligrotug was granted Breakthrough Therapy Designation for the treatment of TED earlier this year.

“The submission of our BLA for veligrotug marks a major milestone for Viridian. Our team was able to submit the application despite the ongoing government shutdown following productive engagements with the FDA, reflecting our continued positive interactions with the agency to date,” said Steve Mahoney, Viridian’s President and CEO. “This submission brings us one step closer to delivering a transformative therapy to people living with thyroid eye disease, as well as representing a key inflection point for Viridian as we transition toward a fully integrated commercial organization. We are grateful to the patients, investigators, our clinical partners, the FDA, and the entire Viridian team whose commitment has made this achievement possible.”

The BLA submission is supported by data from two pivotal phase 3 clinical trials, THRIVE and THRIVE-2, evaluating the efficacy and safety of veligrotug in patients with active and chronic TED, respectively. Both THRIVE and THRIVE-2 met all primary and secondary endpoints, and veligrotug was generally well tolerated. Veligrotug showed a rapid onset of clinical benefit and statistically significant and meaningful effect on multiple diplopia endpoints in both clinical trials, including the first demonstration of diplopia response and resolution in a global chronic TED phase 3 study.

Viridian’s BLA includes a request for Priority Review, which if granted, could accelerate FDA's review timing for a potential mid-2026 veligrotug commercial launch, if approved.

About Veligrotug

Veligrotug is an intravenously delivered, anti-insulin-like growth factor-1 receptor (IGF-1R) antibody in phase 3 development for thyroid eye disease, with the potential to be the IV treatment-of-choice for active and chronic TED patients. Based on clinical data to date, veligrotug has demonstrated robust clinical activity and was generally well-tolerated.

Both pivotal phase 3 clinical trials, THRIVE and THRIVE-2, reported positive topline data, meeting all the primary and secondary endpoints of each study. In these studies, veligrotug demonstrated a rapid onset of clinical benefit and statistically significant and clinically meaningful effect on multiple diplopia endpoints. This is the first data set from a global phase 3 clinical trial in chronic TED patients to demonstrate statistically significant diplopia response and resolution.

About Viridian Therapeutics

Viridian is a biopharmaceutical company focused on discovering, developing, and commercializing potential best-in-class medicines for patients with serious and rare diseases. Viridian’s expertise in antibody discovery and protein engineering enables the development of differentiated therapeutic candidates for previously validated drug targets in commercially established disease areas.

Viridian is advancing multiple candidates in the clinic for the treatment of patients with thyroid eye disease (TED) and a portfolio of inhibitors to the neonatal Fc receptor (FcRn). In TED, the company is conducting a pivotal program for veligrotug, including two global phase 3 clinical trials (THRIVE and THRIVE-2), to evaluate its efficacy and safety in patients with active and chronic TED. Both THRIVE and THRIVE-2 reported positive topline data, meeting all the primary and secondary endpoints of each study. Viridian is also advancing VRDN-003 as a potential best-in-class subcutaneous therapy for the treatment of TED, including two ongoing global phase 3 pivotal clinical trials, REVEAL-1 and REVEAL-2, to evaluate the efficacy and safety of VRDN-003 in patients with active and chronic TED.

In addition to its TED portfolio, Viridian is advancing a novel portfolio of neonatal Fc receptor (FcRn) inhibitors, including VRDN-006 and VRDN-008, which has the potential to be developed in multiple autoimmune diseases.

Viridian is based in Waltham, Massachusetts. For more information, please visit www.viridiantherapeutics.com. Follow Viridian on LinkedIn and X.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of words such as, but not limited to, “anticipate,” “believe,” “become,” “continue,” “could,” “design,” “estimate,” “expect,” “intend,” “may,” “might,” “on track,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” or “would” or other similar terms or expressions that concern our expectations, plans and intentions. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations, and assumptions. Forward-looking statements include, without limitation, statements regarding: preclinical development, clinical development, and anticipated commercialization of Viridian’s product candidates veligrotug , VRDN-003, VRDN-006, and VRDN-008; Viridian’s expectations regarding regulatory interactions and anticipated timing of regulatory submissions and review timelines; Viridian’s view that Breakthrough Therapy Designation may support eligibility for and potential receipt of Priority Review; veligrotug’s potential to be the IV treatment-of-choice for active and chronic TED; veligrotug’s potential to be a transformative therapy for people living with TED; Viridian’s product candidates potentially being best-in-class; Viridian’s expectations regarding the potential commercialization of veligrotug, including the potential U.S. launch of veligrotug in mid-2026, if approved.

New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to: potential utility, efficacy, potency, safety, clinical benefits, clinical response, and convenience of Viridian’s product candidates; that results or data from completed or ongoing clinical trials may not be representative of the results of ongoing or future clinical trials; that preliminary data may not be representative of final data; the timing, progress and plans for our ongoing or future research, preclinical, and clinical development programs; changes to trial protocols for ongoing or new clinical trials; expectations and changes regarding the timing for regulatory filings; regulatory interactions; expectations and changes regarding the timing for enrollment and data; uncertainty and potential delays related to clinical drug development; the duration and impact of regulatory delays in our clinical programs, including as a result of a prolonged government shutdown; the timing of and our ability to obtain, including as a result of a prolonged government shutdown, and maintain regulatory approvals for our therapeutic candidates; manufacturing risks; competition from other therapies or products; estimates of market size; other matters that could affect the sufficiency of existing cash, cash equivalents, and short-term investments to fund operations; our financial position and projected cash runway; our future operating results and financial performance; Viridian’s intellectual property position; the timing of preclinical and clinical trial activities and reporting results from same; that our product candidates may not be commercially successful, if approved; and other risks described from time to time in the “Risk Factors” section of our filings with the Securities and Exchange Commission (SEC), including those described in our most recent Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as applicable, and supplemented from time to time by our Current Reports on Form 8-K. Any forward-looking statement speaks only as of the date on which it was made. Neither the company, nor its affiliates, advisors, or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing the company’s views as of any date subsequent to the date hereof.

More News From Viridian Therapeutics, Inc.

NORTH LITTLE ROCK, Ark.--(BUSINESS WIRE)--U-Haul® is bringing at least 24 jobs to the North Little Rock community with the opening of a new repair shop at 7000 Innerplan Drive.

U-Haul® is bringing at least 24 jobs to the North Little Rock community with the opening of a new repair shop at 7000 Innerplan Drive.

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Operations begin today to fulfill routine maintenance and repairs for regional fleet equipment.

The shop spans 30,000 square feet and utilizes three acres of a 13-acre parcel that was acquired in 2024. Future plans for the remaining land call for a three-story retail, moving and self-storage center, and a warehouse to accommodate U-Box® portable moving and storage containers.

“We are excited about the opening of our newest repair shop to keep the U-Haul fleet performing at its best,” stated Angela Cogar, U-Haul Company of Arkansas president.

“This location allows us to service more equipment and better meet customer expectations. By expanding and investing in North Little Rock, our operations will be more efficient and provide better facilities for our current team and new hires.”

U-Haul will look to hire locally to promote job growth within Central Arkansas. Find U-Haul careers at uhauljobs.com.

The Innerplan Drive location will service equipment previously handled by the U-Haul repair shop at 4809 W. 65th St. in Little Rock.

About U-HAUL

Celebrating our 80th anniversary in 2025, U-Haul is the No. 1 choice of do-it-yourself movers with more than 24,000 rental locations across all 50 states and 10 Canadian provinces. The U-Haul app makes it easy for customers to use U-Haul Truck Share 24/7 to access trucks anytime through the self-dispatch and -return options on their smartphones with our patented Live Verify technology. Our customers' patronage has enabled the U-Haul fleet to grow to 197,500 trucks, 137,200 trailers and 41,300 towing devices. U-Haul is the third largest self-storage operator in North America and offers 1,093,000 rentable storage units and 94.9 million square feet of self-storage space at owned and managed facilities. U-Haul is the top retailer of propane in the U.S. and the largest installer of permanent trailer hitches in the automotive aftermarket industry. Get the U-Haul app from the App Store or Google Play.

Just when investors thought this time just might be different, volatility came back in the door. A few words from Federal Reserve Chair Jerome Powell and heavier-than-expected capital expenditure guidance from some of the key hyperscalers stopped the stock rally in its tracks.