Market Signal Briefing

Top hedge fund manager Ken Griffin sold Amazon and bought Palantir in the third quarter.

Ken Griffin runs Citadel Advisors, the most successful hedge fund in history as measured by net gains since inception. Additionally, Citadel outperformed the S&P 500 (^GSPC +0.32%) by 8 percentage points over the last three years. That makes Griffin an excellent source of inspiration for retail investors.

In the third quarter, Citadel sold 1.6 million shares of Amazon (AMZN +0.10%) and purchased 388,000 shares of Palantir Technologies (PLTR +0.07%), a stock that has advanced 1,030% since January 2024. Comparatively, Nvidia stock is up 281% over the same period.

Here's what investors should know about Amazon and Palantir Technologies.

Image source: Getty Images.

Amazon has a strong presence in three growing industries: e-commerce, digital advertising, and cloud computing. The company is leaning on artificial intelligence (AI) to increase sales and improve profitability across each operating segment, as detailed below:

E-commerce: Amazon runs the largest online marketplace in North America and Western Europe. It has developed generative AI tools for customer service, inventory placement, and last-mile delivery, as well as models that make its industrial robot fleet more efficient. Amazon has also developed an AI shopping assistant called Rufus that is on pace to deliver $10 billion in sales this year.
Advertising: Amazon is the third-largest ad tech company and the largest retail advertiser, which is one of the fastest-growing categories in the broader digital advertising market. The company has built generative AI tools that let brands create images, video, and audio; Amazon has also developed an agentic AI tool that can research products and create campaigns.
Cloud computing: Amazon Web Services (AWS) is the largest public cloud. It has added new platform services, like Bedrock for generative AI application development. AWS has also designed custom AI chips for training and inference workloads that provide clients with a less expensive alternative to Nvidia GPUs. More recently, AWS introduced AI agents that automate software development, security operations, and performance monitoring.

Investments in AI are bearing fruit. In the third quarter, Amazon's revenue increased 13% to $180 billion, driven by accelerating sales growth across its advertising and cloud computing segments. Meanwhile, operating margin expanded 60 basis points (excluding two one-time charges) and operating income increased 23% to $21.7 billion.

Wall Street estimates Amazon's earnings will increase at 18% annually over the next three years. That makes the current valuation of 33 times earnings look reasonable. So, why did Ken Griffin sell Amazon? Perhaps he was simply taking some profits. Whatever the reason, it would be wrong to assume he lost confidence in the company. Amazon is still one of Citadel Advisors' top 10 positions.

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Palantir Technologies: The stock Ken Griffin bought
Palantir develops data analytics and artificial intelligence platforms for customers in the public and private sectors. Its key differentiator is ontology-based software, meaning its products are designed around a decisioning framework made more effective over time by machine learning (ML) models. Use cases span supply chain management, retail inventory optimization, financial fraud detection, and battlefield analytics.

Last year, Forrester Research recognized Palantir as the most capable AI/ML platform on the market, ranking it above Alphabet's Google, Amazon Web Services, and Microsoft Azure. The analysts wrote, "Palantir is quietly becoming one of the largest players in this market." Earlier this year, Forrester ranked Palantir as a leader in AI decisioning platforms.

That recognition from industry analysts has come alongside strong financial results. In the third quarter, Palantir's revenue rose 63% to $1.1 billion, the ninth straight acceleration, and non-GAAP earnings more than doubled to $0.21 per diluted share. Management said strong demand for its artificial intelligence platform was key to its strong performance.

The problem with Palantir is valuation. Shares currently trade at 119 times sales, which makes it the most expensive stock in the S&P 500 by a wide margin. AppLovin is the next-closest stock at 45 times sales. That means Palantir could lose more than 60% of its value and still be the most expensive stock in the index.

Consider this: Palantir's stock price has increased 11x since January 2024, but its revenue has increased less than 2x. That means the primary reason the stock price has increased is that investors are happily paying higher price-to-sales multiples. Indeed, the stock traded at 18 times sales in January 2024.

That figure cannot keep expanding indefinitely. Valuation will matter at some point. When that day comes, Palantir is likely to crash. I'm not sure why Griffin bought shares of Palantir in the third quarter, but investors should not assume he has a great deal of conviction in the company: Palantir does not rank among his top 300 holdings.

Trevor Jennewine has positions in Amazon, Nvidia, and Palantir Technologies. The Motley Fool has positions in and recommends Alphabet, Amazon, Microsoft, Nvidia, and Palantir Technologies. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

Leifras Co., Ltd., Tachibana Gakuen Educational Corporation, and Matsumoto Co., Ltd. Enter into a Memorandum of Understanding

, /PRNewswire/ -- LEIFRAS Co., Ltd. (Nasdaq: LFS) (the "Company" or "Leifras"), a sports and social business company dedicated to youth sports and community engagement, announced that it entered into a memorandum of understanding (the "MOU") with Tachibana Gakuen Educational Institution ("Tachibana Gakuen"), a high school specializing in education for students who have been absent from school, and Matsumoto Co., Ltd. ("Matsumoto"), a comprehensive printing company. Under the MOU, the three parties plan to launch a collaborative project (the "Project") aimed at supporting students affected by school refusal and addressing this increasingly serious social issue in Japan.

Pursuant to the MOU, Leifras agrees to contribute its expertise and operational know-how in running sports schools and other sports education and training businesses. Tachibana Gakuen agrees to provide guidance on school management and support for students who are not attending school. Matsumoto agrees to provide land and facilities in Kitakyushu City necessary for the execution of the Project and to oversee the entire project.

A Dedicated Solution to the Ever-growing Problem of School Refusal

Japan's birth rate continues to decline, with the annual birth rate expected to fall below 665,000 in fiscal year 2025. Meanwhile, according to a survey by Japan's Ministry of Education, Culture, Sports, Science and Technology, the problem of school refusal continues to worsen, with the number of children and students not attending school projected to reach 353,970 in fiscal year 2024. Approximately one in 15 junior high school students is absent from school, a figure that has been increasing for 12 consecutive years since fiscal year 2013, nearly tripling the previous level.[1] Against the backdrop of a declining birth rate that makes every child valuable to society, the number of school absentee students continues to reach new record highs. From the perspective of nurturing and securing the talent that will lead society in the future, Leifras recognizes school refusal as a serious issue that must be addressed in a timely manner. Leifras, Tachibana Gakuen, and Matsumoto believe the private sector must take action to address this important issue.

Aim of the Project

Leifras, Tachibana Gakuen, and Matsumoto plan to collaborate to create and provide a new form of education, going beyond the boundaries of educational institutions and corporations, each contributing their specialized know-how. The Project is intended not only as a social contribution activity, but also as a sustainable business model that meets growing social needs. The close collaboration between educational institutions and corporations seeks to realize a rare model that combines high economic value and social value, establishing a solid revenue base while nurturing young people who represent the hope of the future and fostering society.

School Refusal and Chronic Absenteeism in Europe and the US and the Possibility of Global Expansion

School refusal is not an issue unique to Japan. The increase in students who are absent from school for long periods of time is also recognized as a social problem in Europe and in the United States. The knowledge and know-how cultivated through the Project has the potential to be expanded to global markets, including the United States, in the future.

The Rise of Chronic Absenteeism in the United States

In the United States, students who miss more than 10% of school days per year are defined as "chronically absent," and this has become a major educational issue. According to the 2022 school year data from the U.S. Department of Education, the national average of chronic absenteeism rate is 28%, with the rate exceeding 40% in some areas, representing a serious situation.[2]

Comparison with Organisation for Economic Co-operation and Development (OECD) Countries

According to the Programme for International Student Assessment (PISA) 2015 report, the OECD average for students who have "missed at least one full day of school in the previous two weeks" is 20%, and even compared to Japan's figure at the time (approximately 2%), the percentage of students who have experienced absences in OECD countries tends to be higher.[3]

Mr. Kiyotaka Ito, the Representative Director and Chief Executive Officer of Leifras, commented, "We are pleased to enter into the MOU with Tachibana Gakuen and Matsumoto to launch the collaborative Project. The Project marks a major innovation in our endeavors to establish a profitable and sustainable business model that delivers both social and economic value. We plan to first establish a highly scalable and profitable model in Fukuoka Prefecture, followed by rapid nationwide expansion, positioning the Project as a new core pillar of our business. Looking ahead, the Project is not intended to remain limited to the framework of the three companies alone. We intend to build a broader partnership to create a business ecosystem and incorporate the knowledge and technologies of diverse companies to continuously develop new, high-value-added services. We believe the 'new business model for supporting school refusal' established through the Project will achieve success in Japan and, over time, be adapted and expanded to Western countries that also face these issues."

About LEIFRAS Co., Ltd.

Headquartered in Tokyo, Leifras is a sports and social business company dedicated to youth sports and community engagement. The Company primarily provides services related to the organization and operations of sports schools and sports events for children. As of December 31, 2024, Leifras was recognized as one of Japan's largest operators of children's sports schools in terms of both membership and facilities by Tokyo Shoko Research. The Company's approach to sports education emphasizes the development of non-cognitive skills, following the teaching principle "acknowledge, praise, encourage, and motivate." The holistic approach that integrates physical and mental development sets Leifras apart in the industry. Building upon deep experience and know-how in sports education, Leifras also operates a robust social business sector, dispatching sports coaches to meet various community needs with the aim to promote physical health, social inclusion, and community well-being across different demographics. For more information, please visit the Company's website: https://ir.leifras.co.jp/.

About Tachibana Gakuen Educational Corporation

Based in Fukuoka City, Tachibana Gakuen is a high school that accepts students who have been absent from school from all over the country. Guided by its founder's belief that "When a child is neglected, education loses its light," Tachibana Gakuen has developed a distinctive educational approach that has attracted significant attention nationwide. Boards of education and various organizations from all over the country visited to inspect the school. For more information, please visit: https://www.tachibanahs.net/.

About Matsumoto Co., Ltd. 

Matsumoto Co., Ltd. is a comprehensive printing company founded in 1932 and headquartered in Kitakyushu City (Tokyo Stock Exchange Standard Market: 7901). The company delivers albums to approximately 7,000 schools annually. Matsumoto was a pioneer in the industry, establishing a commercial inkjet printing factory and constantly investing in cutting-edge businesses. In recent years, the company has expanded beyond the printing business and, since February 2023, has also been working on businesses using Web3 and blockchain. For more information, please visit: https://www.matsumoto-inc.co.jp/.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy, and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may," or other similar expressions in this press release. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. These statements are subject to uncertainties and risks, including, but not limited to, the uncertainties related to market conditions, and other factors discussed in the "Risk Factors" section of the registration statement the Company filed with the U.S. Securities and Exchange Commission (the "SEC"). Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the registration statement and other filings with the SEC. Additional factors are discussed in the Company's filings with the SEC, which are available for review at www.sec.gov.

For more information, please contact:

LEIFRAS Co., Ltd.
Investor Relations Department
Email: [email protected]

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]

[1] Japan Ministry of Education, Culture, Sports, Science, and Technology, Survey on Problematic Behavior and Nonattendance of Schoolchildren, available at: https://www.ed.gov/teaching-and-administration/supporting-students/chronic-absenteeism.

[2] The U.S. Department of Education, Chronic Absenteeism – Supporting Students and Schools, available at https://www.ed.gov/teaching-and-administration/supporting-students/chronic-absenteeism.

[3] Y. Yano, "Study of Measures to School Non-Attendance in Japan and G7 Participating Countries," Research Bulletin (Sakushin Gakuin University Women's College), Dec. 28, 2023, indexed in J-GLOBAL (Japan Science and Technology Agency), https://jglobal.jst.go.jp/en/detail?JGLOBAL_ID=202502253648969710.

SOURCE Leifras Co.,Ltd

Here are three stocks with buy rank and strong income characteristics for investors to consider today, Dec. 26th:

J&J Snack Foods Corp. (JJSF - Free Report) : This food and beverage company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 6.5% over the last 60 days. 

This Zacks Rank #1 company has a dividend yield of 3.5%, compared with the industry average of 0.0%. 

Expeditors International of Washington, Inc. (EXPD - Free Report) : This logistics services company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 6.9% over the last 60 days.  

This Zacks Rank #1 company has a dividend yield of 1.0%, compared with the industry average of 0.0%. 

The Estée Lauder Companies Inc. (EL - Free Report) : This cosmetics company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 4.9% over the last 60 days. 

This Zacks Rank #1 company has a dividend yield of 1.3%, compared with the industry average of 0.0%. 

See thefull list of top ranked stocks here. 

Find more top income stocks withsome of our great premium screens.

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Mike Novogratz isn’t convinced that institutional money is what keeps XRP relevant. Instead, the Galaxy Digital CEO believes XRP’s staying power comes from something far less measurable but equally powerful, its community. 

Speaking on a recent podcast, Novogratz credited the “XRP Army” for carrying the token through multiple market cycles, even as Wall Street attention remains firmly locked on Bitcoin and its ETFs.

In a market flooded with new tokens, narratives, and short-lived trends, Novogratz sees community belief as a survival mechanism. XRP, in his view, is proof that loyalty can still matter in crypto.

Bitcoin ETFs Now Control the Market’s PulseWhile XRP leans heavily on grassroots support, Bitcoin is being shaped by institutional demand. Novogratz explained that spot Bitcoin ETFs have become a dominant force in market structure, steadily absorbing supply even during volatile periods. Despite Bitcoin’s failure to decisively reclaim the $100,000 level, ETF inflows have continued, preventing deeper downside moves.

He described the $100,000 zone as a psychological and technical wall built from earlier aggressive buying. That demand has since turned into overhead supply, slowing momentum as large holders sell into strength. Still, Novogratz views this phase as consolidation, not exhaustion.

Novogratz compared XRP to other long-standing crypto assets that survived not through innovation or yield, but through belief. As capital becomes more selective and new projects fight for relevance, maintaining a committed user base has become harder than ever.

XRP’s supporters, however, have remained vocal and engaged. That persistence keeps the asset visible, even without consistent institutional inflows. In today’s market, Novogratz argues, tokens without strong communities risk fading quietly into irrelevance.

ETFs, Supply Shocks, and XRP’s Surprise FactorThe broader ETF narrative isn’t limited to Bitcoin. Legal expert Bill Morgan recently noted that the anticipated “XRP ETF supply shock” has, at least partially, delivered. According to him, developments around XRP-linked investment products have genuinely surprised the market, shifting expectations around supply dynamics and long-term positioning.

Utility Still Supports the Long-Term CaseAdding to the discussion,Xaif Crypto revisited a point Ripple CTO David Schwartz made back in 2017. As he noted, XRP cannot stay cheap forever without breaking its own economics. Transaction fees on the XRP Ledger are denominated in XRP, not dollars. As XRP’s price rises, fees actually become cheaper in real-world terms, while liquidity and network security improve.

In other words, higher prices don’t undermine XRPL’s utility, they strengthen it.

Macro Risks Can’t Be IgnoredDespite pockets of optimism, Novogratz remains cautious. He warned that a sharp downturn in U.S. equities, particularly the Nasdaq, would likely drag crypto lower. He also flagged AI-driven job displacement as a growing economic wildcard that could pressure all risk assets.

For now, XRP’s relevance appears less about Wall Street and more about belief, and that belief, at least so far, hasn’t broken.

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

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

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Posted: December 26, 2025

During ongoing market weakness, projects showing real growth in usage, revenue, and development attracted fresh capital. This shift pushed certain cryptocurrencies into daily gainer territory, even as most Layer‑1 tokens stayed subdued.

On the 25th of December, Lido DAO [LDO] joined that cohort, outperforming peers amid cautious market sentiment. The move reflected a growing preference for economically productive protocols rather than purely speculative rotations.

Could this renewed focus on fundamentals explain LDO’s relative strength?

Did LDO’s development surge finally command market attention?
Chain Broker data showed LDO ranked among the top projects by development activity growth, rising 690% year-over-year.

That placed LDO alongside projects showing sustained engineering commitment rather than short-lived contributor spikes.

Source: X

Such development momentum often preceded renewed investor confidence during periods of prolonged price consolidation. In LDO’s case, growth metrics appeared to stabilize sentiment following months of broader Layer-1 underperformance.

The development surge reinforced perceptions of long-term protocol relevance during a challenging market environment. That backdrop set the stage for improving short-term price dynamics.

Do fees and revenue confirm LDO’s on-chain strength?
Chain Broker data also showed LDO-related products ranked near the top for weekly fees and revenue generation. The protocol recorded approximately $14.3 million in weekly fees, highlighting consistent demand for staking infrastructure.

Source: X

That revenue profile contrasted with much of the Layer-1 sector, which struggled after October’s market peak. LDO’s performance suggested sustained protocol usage despite fading speculative activity elsewhere.

Revenue concentration further underscored selective resilience rather than broad ecosystem recovery. Still, market participants remained cautious as technical risks persisted.

Is LDO’s price breakout sustainable after the October crash?
At the time of writing, LDO emerged among the top daily gainers, rising 7.65%. The move followed an attempted break above a descending trendline that intensified after the crash on the 10th of October.

Momentum indicators stayed mixed. The RSI hovered near neutral, while the MACD suggested fading downside momentum rather than a clear bullish shift.

Source: TradingView

That crash deepened downside momentum across Layer-1s, pushing several assets far below mid-year highs. LDO’s recovery, therefore, stood out against a backdrop of lingering risk-off conditions.

Source: CoinGlass

However, CoinGlass liquidation heatmaps showed dense leverage clusters near the $0.51 level. Those clusters suggested downside risk could reappear if momentum weakened or broader conditions deteriorated.

Final Thoughts

LDO’s strength reflected a market rotation toward development growth and revenue during sustained Layer-1 weakness.
Yet liquidation pressure near key levels showed, fundamentals alone did not eliminate short-term technical risk.

Bitcoin usually sees strong gains in the year after a halving. This cycle, however, has looked different. Instead of explosive volatility, the price has remained relatively calm, even behaving like a stable asset at times. 

According to Jan3 CEO and Bitcoin advocate Samson Mow, this quiet phase is temporary, and a major price move is likely ahead.

Record Liquidations Didn’t Push Bitcoin Down MuchEarlier this year, the market experienced what Mow described as the largest liquidation flush ever. Altcoins fell sharply, but Bitcoin only dropped around $20,000.

“Altcoins dropped to the depths, but Bitcoin was largely unaffected,” he said, highlighting the asset’s growing resilience. 

This shows that while the market experienced stress, Bitcoin’s price could absorb selling without a major crash.

Multiple Factors Are Limiting the RallyMow pointed out several reasons Bitcoin hasn’t surged yet:

Profit-taking: Some investors are taking gains rather than buying more.Whale rotations: Large holders may be moving Bitcoin around, creating sideways pressure.ETF flows: Money moving into ETFs can affect how much buying pressure is reflected in the spot market.Exchange or “paper” Bitcoin selling: There may be selling that doesn’t reflect real Bitcoin demand.“Maybe it’s paper Bitcoin, maybe it’s ETFs, maybe it’s profit-taking it could be many things,” he said.

Altcoins Ran Too HotAnother factor is the earlier rally in altcoins. Ethereum was reaching new highs, and XRP traded near $3.50, which Mow described as unsustainable. When altcoins correct, Bitcoin often dips briefly but then recovers. This rotation of attention and capital can keep Bitcoin from surging even when demand remains strong.

The Calm May Be TemporaryMow emphasized that Bitcoin’s limited upside so far does not mean the market is exhausted. Supply constraints and continued demand suggest a price move is inevitable.

“It’s impossible that someone ends up with 10% of the supply at these prices,” he said. “The price has to move sooner or later.”

For now, Bitcoin’s post-halving calm reflects a balance between selling pressure, profit-taking, and capital rotation. But according to this view, the quiet is likely just the calm before the next major move.

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

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

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Author

Sujha Sundararajan

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Sujha has been recognised as 🟣 Women In Crypto 2024 🟣 by BeInCrypto for her leadership in crypto journalism.

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Last updated: 

December 26, 2025

Russian President Putin said that the US and Russia are in talks over the joint management of Zaporizhzhia Nuclear Power Plant, without Ukraine’s participation. He claimed that the US is interested in using the plant’s electricity for Bitcoin mining.

During a meeting with business representatives, President Putin unveiled the plan, Russian media Kommersant reported. Further, Moscow and Washington are considering the possibility of supplying electricity to Ukraine.

The United States is discussing the possibility of jointly managing the Zaporizhzhia Nuclear Power Plant without Ukraine’s involvement, Putin said.

He claimed that the US is interested in using the plant for cryptocurrency mining. At the same time, Putin said that electricity… pic.twitter.com/5FwkysGQqP

— KyivPost (@KyivPost) December 25, 2025
Additionally, Putin said that Ukrainian specialists will continue to work at the largest nuclear power plant in Europe, but will hold Russian passports. The Zaporizhzhia Nuclear Power Plant was captured by Russian troops in March 2022.

Ukrainian President Volodymyr Zelenskyy has proposed a joint operation of the Plant with the US. He said the issue of Zaporizhzhia remains one of the most challenging points of the US peace plan for Ukraine.

International communities, including the IAEA, have repeatedly stressed that any decisions regarding the plant without Ukraine’s participation are illegal.

Ukraine Power Grid CrisisThe Zaporizhzhia Nuclear Power Plant is currently not generating electricity for the grid due to its seizure by Russia in March 2022. Its six reactors are in a safety shutdown and depend solely on emergency diesel generators for essential cooling, with frequent cuts.

Besides, more Russian drones and missiles than in previous years have left energy supplies at a tipping point. Per a WSJ report, Russia launched more than 5,000 missiles and long-range drones into Ukraine, targeting energy infrastructure.

Analysts at the private intelligence agency Molfar said in a study that three active crypto mining pools with six miners in Ukraine likely consumed 33 kW per hour. The data was collected from July 2023 to June 2024 using various open sources.

Currently, the US has not released any official statement regarding the ongoing negotiations on the Zaporizhzhia Nuclear Power Plant, without Ukraine’s involvement.

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The crypto market has recovered slightly to $3 trillion amid sentiment towards a potential Santa Claus rally in Bitcoin and other crypto assets. However, crypto market crash jitters persist amid today’s largest-ever options expiry.

Crypto traders anticipated volatility as over $27 billion in Bitcoin (BTC), Ethereum (ETH), and XRP (XRP), and Solana (SOL) options expire. Eyes will also be on options expiry on the BlackRock Bitcoin ETF (IBIT).

Crypto Market Crash Fears Mount amid $23 Billion Bitcoin Options Expiry
According to the largest derivatives crypto exchange Deribit, massive 262K BTC options with a notional value of $23.38 billion are set to expire on December 26, with a put-call ratio of 0.33.

However, the 24-hour put volume is significantly higher than the 24-hour call volume. The put-call ratio of 1.72 indicates traders are extremely bearish. Crypto market traders are adjusting their positions amid intense uncertainty and thin liquidity.

Moreover, the max pain price was $95,000, above the current Bitcoin price of nearly $89,000. This typically implies a high odds of a pullback in BTC price towards the max pain. However, more puts are concentrated in the $80,000 to $90,000K range, with the $90,000 strike price as the key resistance level.

Bitcoin Options Open Interest. Source: Deribit
As per GreeksLive, rollover trades are now the dominant force in trading volume. This creates significant signal noise, making options data unreliable as a trading signal in recent days. Traders are closely monitoring volatility levels and institutional flow indicators to deter a crypto market crash.

Analysts are bearish on Bitcoin despite slightly upside momentum as every pump this December is followed by a dump. Analyst Caleb Franzen suggests traders to keep an eye on the 200-day moving average on the 4-hour chart, which continues to act as resistance.

Bitcoin Price in 4-Hour Timeframe. Source: Caleb Franzen
Crypto analyst Ted Pillows predicted that a daily close above the $89,500 level will trigger a rally towards the $100,000 level. However, a daily close below the $85,000 level will dump BTC price below the $80,000 zone.

What’s Next for Ethereum Price After Expiry?
The crypto market also awaits the potential impact of the Ethereum options expiry. 1268K ETH options with a notional value of over $3.77 billion are set to expire. The put-call ratio is 0.43.

In the last 24 hours, put volume was higher than the call volume, with a put-call ratio of 1.26. It shows bearish sentiment among traders as puts dominated calls.

Also, the max pain point at $3,000 indicates a pullback may occur after expiry. ETH options traders are focusing on $2,950 as a key level to hold amid crypto market crash concerns.

Ethereum Options Open Interest. Source: Deribit
Deribit said “Positioning reflects caution, not capitulation. Post-expiry flows will matter more than price.”

ETH price jumped more than 1% in the past 24 hours, currently trading at $2,978. The 24-hour low and high are $2,891 and $2,991, respectively. However, a more than 30% increase in trading volume suggests a rebound.

Will XRP Rebound to Max Pain Price of $2?
24K XRP options with a notional value of more than $46.25 million are set to expire today. The put-call ratio is 0.49, but it has climbed to 1.57 as put volume exceeds call volume.

The max pain point is at $2.60, above the XRP price of $1.87 at the time of writing. However, traders are betting on XRP to remain under pressure as it trades near an inflection point.

XRP Options Open Interest. Source: Deribit
Analyst Ali Martinez predicted a potential XRP price crash to $1.10 if it breaks below the $1.80 support level. However, bulls successfully holding the crucial zone between $1.80 and $1.90 will preserve the broader bullish structure, despite a crypto market crash.

Neutral Stance on Solana (SOL)
112K SOL options with a notional value of over $139.45 million to expire, with a neutral put-call ratio of 0.49.

In the last 24 hours, call volume was higher than the put volume, with a put-call ratio of 0.81. This signals that options traders are overall neutral and awaiting the expiry of Bitcoin and Ethereum crypto options for cues on market direction.

Also, the max pain point is at $180, with traders expecting Solana to rebound above $124 in the upcoming days. SOL price has rebounded from $119 to trade at almost 1% higher at $123.40. Trading volume has increased by 65% over the past 24 hours.

SOL Options Open Interest. Source: Deribit

The closing stretch of 2025 hasn’t been kind to Dogecoin holders. Once a retail favorite, Dogecoin price has quietly slid into a prolonged downtrend, trading near $0.125 with little sign of strong accumulation. Yet, as Wall Street heads into 2026 with guarded optimism—driven by expectations of rate cuts, resilient U.S. growth, and another leg in the AI-driven rally—crypto investors are asking the same question: could this macro momentum lift DOGE price out of its slump, or will it remain a laggard?

Dogecoin Price Prediction: What Wall Street’s 2026 Outlook Means for Crypto

Analysts across major institutions see 2026 as a continuation of the current bull cycle in equities, though with growing caution. The Federal Reserve’s expected rate cuts, a looser fiscal stance, and AI-related capital spending are seen as catalysts for another year of gains. Historically, crypto tends to benefit from liquidity expansion and lower real yields—conditions that often follow rate cuts.

However, the nuance lies in risk appetite. While the S&P 500 eyes modest 5% upside, the growing skepticism around tech valuations and the AI “bubble” narrative signals possible volatility. For crypto, that means correlation spikes: any equity pullback or tech-driven selloff could quickly spill over to digital assets. Dogecoin price, being more sentiment-driven than fundamentally tied to revenue-generating projects, remains especially vulnerable to those swings.

Dogecoin Price Prediction: Weak Momentum and Sideways DriftDOGE/USD Daily Chart- TradingViewThe daily TradingView chart paints a clear picture of exhaustion. Dogecoin price continues to hover below both its 20-day and 50-day moving averages, signaling that bearish pressure remains dominant. The Bollinger Bands have narrowed sharply—a textbook sign of volatility compression that often precedes a breakout.

Right now, DOGE price trades near the lower midline of the Bollinger Band ($0.125), showing weak momentum and lack of volume spikes. The pivot levels drawn on the chart highlight $0.13–$0.14 as the near-term resistance zone, while $0.12 and $0.10 act as key supports. Repeated tests of this lower range without strong rebounds suggest that sellers are still in control.

Unless Dogecoin price decisively closes above $0.145, any short-term bounce is likely to be sold into. The technical posture is neutral-to-bearish, with the risk of retesting $0.10 if macro sentiment turns risk-off.

Sentiment Check: Retail Fades, Liquidity ThinsUnlike early bull runs driven by retail frenzy, current DOGE price participation metrics tell a quieter story. Trading volumes have steadily declined since November, while social mentions are down compared to last year. The fading meme narrative, combined with competition from other AI-themed or DeFi tokens, has pushed Dogecoin price lower on traders’ priority lists.

That said, there’s still a subtle bullish argument: the token is holding above its psychological support near $0.10, and long-term holders haven’t significantly capitulated. Historically, such quiet phases often precede trend reversals—but only after broader market confirmation.

Key Levels to Watch in Early 2026Resistance: $0.135 → $0.145 – closing above this range could trigger a short-term relief rally toward $0.16.Support: $0.12 → $0.10 – breaking below $0.10 risks a deeper slide toward $0.085.Volatility signal: Watch the Bollinger Band breakout direction in January. A decisive move outside the current squeeze could define the first-quarter trend.Momentum indicators like RSI (not shown on this chart) likely hover near the neutral 40–45 zone, hinting at consolidation rather than a reversal. A breakout accompanied by a volume spike would be the first sign of renewed accumulation.

2026 Dogecoin Price Prediction: Modest Gains, Cautious OptimismAssuming Wall Street’s expectations play out—rate cuts, stable growth, and controlled inflation—DOGE price could slowly climb back toward $0.18–$0.20 by mid-2026. But that recovery hinges on Bitcoin maintaining above $70K and altcoin rotations picking up again.

If macro volatility rises or risk assets correct in the first half of 2026, Dogecoin price might revisit the $0.10 region before rebounding later in the year. A breakout beyond $0.20 would require a fresh retail narrative, possibly linked to social media adoption or a new meme cycle.

In short: 2026 may not be $DOGE breakout year, but it could be a year of quiet rebuilding. Patience will matter more than hype.

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Changpeng “CZ” Zhao pushed back after a screenshot showing bitcoin at roughly $24,111 on Binance went viral on X, arguing the move was a microstructure glitch on a thin, newly listed BTC/USD1 pair rather than a broader market crash and that the exchange itself “is NOT involved in trades.”

Did Bitcoin Really Crash To $24,000?
The sharp wick appeared isolated to BTC/USD1, a market quoted in USD1, a stablecoin launched by Trump family-backed World Liberty Financial. Within seconds, the pair snapped back toward prevailing bitcoin prices above $87,000, according to exchange data cited by traders sharing the screenshot.

CZ’s explanation was straightforward: on an illiquid order book, a single aggressive order can print an extreme price before arbitrage closes the gap. “This actually shows the exchange is NOT involved in trades. Low liquidity on new pairs means one large market order can spike prices, but arbitrageurs quickly corrected it. No liquidations occurred, as this pair isn’t included in any index.”

The Binance founder shared a breakdown from Head of Business Development of Solv Protocol Catherine Chan who said the move was “a liquidity event,” not a bitcoin collapse. She tied the dislocation to a Binance-and-USD1 promotion offering a 20% fixed APY deposit deal that, she claimed, pushed users to swap USDT into USD1 and briefly drove USD1 to a premium.

“Many users swapped USDT → USD1, pushing USD1 to a 0.39% premium: huge for a stablecoin. Smart money borrowed USD1 on @lista_dao against SolvBTC or SolvBTC-BTCB smart lending markets (~0.5% APY). They either deposited USD1 directly or sold it slowly on spot to meet demand. Then someone thought: ‘Why not just sell via BTC/USD1?’ They used a market order. Problem: BTC/USD1 has very thin liquidity. That market order wiped out most buy orders, briefly causing a very low price,” Catherine explained.

“Arbitrage bots instantly bought it back,” she wrote. “No fundamentals changed. No mass liquidations.”

The episode also picked up a familiar edge of crypto paranoia. One user, Bera (@doomsdart), framed it as a coordinated signal: “Cz and Trump family are telling us what they’re gonna do to our coins. Get ready.” CZ’s reply, by contrast, suggested the opposite — that the speed of arbitrage, and the absence of cascading liquidations, is evidence the venue wasn’t “printing” a market-wide price at all.

For traders, the takeaway is less dramatic than the screenshot implied, but still relevant: new quote-asset pairs can be structurally fragile, and promotions that rapidly concentrate flow into a single stablecoin can leave unusually thin order books in their wake. In that kind of market, a single market order can create a headline before it creates a trend.

At press time, Bitcoin traded at $89,298.

Bitcoin remains stuck between the 0.618 and 0.786 Fib, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

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Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

A widely followed crypto analyst believes that Bitcoin (BTC) is printing a similar 2020 bullish pattern.

In a new thread, pseudonymous crypto trader Kaleo tells his 728,400 followers on X that Bitcoin may increase by more than 60% its current value next year.

“I still believe the market is in a similar place to where it was in the fall of 2020. In both scenarios, BTC lost a key support line it had held dating back to the recovery from a major crash. This led to a mini-bart scenario where the price found a base for a new range after retracing nearly the entirety of its last major leg up.

Through the majority of the post-Covid crash recovery in 2020, stocks (especially the tech sector) were significantly outperforming Bitcoin. The majority of alts were quiet outside of a few in the DeFi (decentralized finance) sector. People were claiming Bitcoin was dead. Currently, equities are printing new all-time highs seemingly daily. People are once again claiming Bitcoin is boring and alts are dead. It’s only a matter of time before that narrative changes.”

The analyst also says that Bitcoin is likely in an extended bull market, overriding the four-year cycle theory that states the top crypto asset has entered a bearish phase.

Bitcoin’s four-year halving schedule and large price drawdowns that historically happened once every four years have given the impression that the benchmark cryptocurrency follows a four-year cycle.

“I still believe this isn’t the typical four year cycle where we’d expect another year or two of bearish price action before seeing new all-time highs. Instead, when we see new all-time highs in 2026 it’ll mark the ‘fun stages’ of a new supercycle. Higher for longer, real alt seasons and new retail mania with mainstream crypto dapps (decentralized application).

This should be followed by a longer bear market – but for those of you who were brave enough to stick around during the dark and boring days, you’ll hopefully be able to stack enough over the next few years to be prepared to survive it. Now isn’t the time to walk away. It’s the time to double down and work harder. Be more bullish.”

Source: Kaleo/X
Looking at his chart, the analyst suggests that Bitcoin will reach the $140,000 level in 2026.

Bitcoin is trading for $87,943 at time of writing, up marginally on the day.

Robert Kraft

This podcast for informational purposes only and is not provided as financial, legal or any other advice. The information is not investment advice or an offer to buy or sell any securities or make an investment.

The views expressed by guest speakers are their own and any reference to third-party products, services or information does not constitute an endorsement thereof by SNN or its affiliates. SNN expressly disclaims all liability for any individual's use of the information presented in this podcast.

Welcome to the due diligence series here on the Planet MicroCap podcast. I'm your host, Robert Kraft. My guest today is Dan Goldberger.

He's the CEO of electroCore. It's a publicly traded company. The symbol is ECOR on NASDAQ.

electroCore is a commercial-stage neuromodulation company developing a suite of non-invasive vagus nerve stimulation devices, delivering a two-minute therapy session designed to rebalance the autonomic nervous system.

Built around its nVNS platform, the company operates across three channels, prescription medical devices for headache and migraine, the fast-growing Truvaga direct-to-consumer wellness brand and a specialized military and government division, built around its ruggedized TAC-STIM product.

Founded in 2006 as a noninvasive alternative to implanted vagus nerve stimulators, electroCore has evolved into a multi-indication business with 7 FDA authorizations for headache, serving major customers like the U.S. Department of Veterans Affairs and the U.K.'s National Health Service.

I invited Dan to this show to discuss all of this as well as how the nVNS platform works and the science behind vagus nerve modulation, electroCore's evolution from implanted alternatives to multichannel neuromodulation, the prescription business model across the VA, NHS and

The contract is valued at approximately 20,2 billion Mexican pesos (approximately 920 million euros)New, state of the art trains will be manufactured at Alstom’s Ciudad Sahagún plant, with over 76% of national content The contract also includes comprehensive maintenance for 5 years, fitting out of maintenance depots, inspection and refuelling stations. 26 December 2025 – Alstom, global leader in smart and sustainable mobility, has signed a contract with the Railway Transport Regulatory Agency (ARTF) for the supply of 47 DMU (Diesel Multiple Unit) passenger trains, 33 long-haul and 14 short-haul, aimed for the Mexico City–Querétaro–Irapuato and Saltillo–Monterrey–Nuevo Laredo corridors, in Mexico. The ruling was announced on December 15 at a public meeting of the decentralized agency of the Ministry of Infrastructure, Communications and Transportation. This project is part of the National Development Plan 2025-2030 and represents a decisive boost for passenger rail mobility in Mexico, connecting key regions in the center and north of the country and consolidating the revival of passenger train service.

The contract is valued at approximately 20,2 billion Mexican pesos (approximately 920 million euros)1. In addition to the supply of 47 trains, the contract also includes comprehensive maintenance for five years, fitting out of maintenance depots, inspection and refuelling stations, as well as technical training and commissioning of the trains.

With this new project, Alstom reaffirms its commitment to advancing railway mobility and innovation in Mexico. Alstom forecasts this project will allow them to create and retain upwards of hundreds of jobs, including both skilled engineering and project management roles as well as manufacturing opportunities.

“This project exemplifies Alstom’s commitment to Mexico. 76.6% of the content for the trains will be made in Mexico. This level of local content boosts the Mexican railway industry, promotes technical specialization and strengthens the network of local suppliers, creating attractive jobs across the value chain. Manufacturing trains for Mexico, made in Mexico, isn’t about just one project, it is our long-term contribution to sustainable mobility and the development of the country," said Maite Ramos, Alstom’s general manager for the North Latin American region.

State of the art trains, which are comfortable and reliable

Locally called ‘Trenes des Norte’ (Northern Trains), Alstom’s Adessia Stream trains for catenary-free operation will meet the highest international standards of modern mobility, reaching maximum speeds of around 165 km/h. Each unit will have an approximate length of 100 meters and will allow double coupling, forming configurations of up to eight cars. The capacity will be flexible: around 300 passengers on long-haul services and up to 600 on short-haul services, guaranteeing efficiency and comfort on each journey. The trains will offer a comfortable, safe and contemporary experience, with full accessibility for people with reduced mobility (PRM) and real-time information systems.

Alstom’s Adessia commuter rail solutions are a global benchmark in urban and suburban mobility, connecting the heart of cities with the surrounding metropolitan areas. With more than 40,000 cars sold in 60 commuter systems in 15 countries, this platform offers a versatile portfolio that includes multiple units, ensuring efficiency and sustainability on every journey. Made from high-quality materials such as aluminium and stainless steel, Alstom’s Adessia trains represent solutions that transform the urban experience and contribute to a more connected and sustainable future.

Design: inspiration and cultural pride
Beyond performance and efficiency, the design of the Trenes del Norte seeks to resonate with Mexico’s identity and cultural pride, projecting a vision of modernity and innovation. The concept takes as a reference Nahuatl, a living language since the seventh century, and the Codex Boturini, an iconic manuscript that inspires the chromatic palette with earthy ochres, warm browns and pink tones that evoke the richness of the earth.

The front of the train is a striking embodiment of regional pride: inspired by the intense gaze of the puma, a symbol of strength and agility, with aerodynamic lines that convey dynamism and three horizontal lights that evoke the whiskers of the feline, creating a unique and recognizable visual signature.

On the outside, the long-distance train features a deep black ribbon flowing from the nose along the roof, reinforcing the sense of movement. A green band, taken from the Codex Boturini, provides refined contrast, while earth-brown doors ensure intuitive accessibility. The iridescent finishes reflect light and surroundings, giving the train a sophisticated and vibrant presence.

The short-distance design preserves this visual continuity, consolidating a solid identity for the Trenes del Norte. Windows integrated into a continuous black surface project modernity and safety, while the front light signature reinforces the promise of speed and cultural connection.

Five years of maintenance
In addition to the supply of 47 trains, the contract also includes comprehensive maintenance for five years, fitting out of maintenance depots, inspection and refuelling stations, as well as technical training and commissioning of the trains. Alstom stands out for delivering exceptional results in availability and reliability, supporting its solutions with strong technological and systems engineering capabilities. Alstom’s expertise in maintaining railway assets and systems ensures safe, efficient, and cost-effective operations, strengthening customer confidence in every project.

The company operates in more than 250 locations worldwide, performing corrective and preventive maintenance, overhauls, obsolescence management, cleaning, warehouse operation and modernization, and much more.

Moreover, as the largest private provider of operations and maintenance in North America, Alstom supports its customers throughout the entire lifecycle of their railway assets. From design and construction for operations, through modernization, to end-of-life, its solutions cover fleet maintenance, infrastructure, signalling, and specialized technical support.

Alstom’s HealthHub predictive system, which will also be part of the Trenes del Norte service, monitors over 10,000 cars, operates in more than 30 cities, and has cut energy use by 20% since 2014.

Made in Mexico

The trains will be manufactured at the Alstom plant in Ciudad Sahagún, located in the state of Hidalgo, which has international certifications and advanced processes for working with stainless steel and aluminium, ensuring quality and efficiency at each stage of production.
The Sahagún Plant is Alstom’s first largest manufacturing center in the Americas – and the company’s third globally – and will be in charge of the manufacture of the 47 DMU trains. Located in an industrial area with more than seven decades of manufacturing experience, the location of the site offers strategic connectivity with the main logistics corridors of the country, allowing the efficient mobilization of materials, subassemblies and complete trains to any national or international destination. 2,000 locomotives and more than 3,500 train cars have been manufactured at the site.

In 2025, Alstom officially received the “Made in Mexico” label, a government distinction that certifies products designed, manufactured, and assembled in the country under high standards of quality and innovation—underscoring the company’s commitment to strengthening the national industry and positioning Mexico as a key hub for world-class rail manufacturing. For more information, read the next Press Release: Made in Mexico.

Alstom in Mexico
Present in the country since 1952, Alstom has participated in the development of the first line of the Mexico City Metro. Since then, it has been a fundamental ally in the development of mobility and urban connectivity, as well as in the economic growth of the states where it operates. Over the years, Alstom has pioneered the introduction of the metro and its maintenance in Mexico City, Monterrey and Guadalajara. In addition, it has developed modern railway systems, signalling and maintenance for trains and tracks of the main railways in the country. The company has a plant in Ciudad Sahagún (Hidalgo), where it has been manufacturing trains for national and international projects for more than 70 years. Alstom currently plays a key role in the Mayan Train project that drives connectivity and economic development, reaffirming its commitment to innovation and a more sustainable future.

ALSTOM™, Adessia™, Adessia Stream™ and HealthHub™ are protected trademarks of the Alstom Group.

 About Alstom  Alstom commits to contribute to a low carbon future by developing and promoting innovative and sustainable transportation solutions that people enjoy riding. From high-speed trains, metros, monorails, trams, to turnkey systems, services, infrastructure, signalling and digital mobility, Alstom offers its diverse customers the broadest portfolio in the industry. With its presence in 63 countries and a talent base of over 86,000 people from 184 nationalities, the company focuses its design, innovation, and project management skills to where mobility solutions are needed most. Listed in France, Alstom generated sales of €18.5 billion for the fiscal year ending on 31 March 2025.
For more information, please visit www.alstom.com.   Contacts HQ
Coralie COLLET - Tel.: +33 (0) 7 63 63 09 62
[email protected]

Mexico
Silvia ARANDA
[email protected]

 Dulce ROJAS – Tel. +52 552940 6441
[email protected]

 Investor Relations
Cyril Guerin – Tel.: +33 (0) 6 07 89 36 16
[email protected]

 Guillaume GAUVILLE – Tel.: +44 (0)7 588 022 744
[email protected]

 Estelle MATURELL ANDINO – Tel.: +33 (0)6 71 37 47 56
[email protected]

 Jalal DAHMANE – Tel.: +33 (0)6 98 19 96 62
[email protected]

  1 This contract will be booked in the 3rd quarter of Alstom's 2025/2026 financial year.

20251223_AMERICAS_Trenes del Norte_EN FINAL

Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

Part of the Team Since

Apr 2025

About Author

Amin Ayan is a crypto journalist with over four years of experience in the industry. He has contributed to leading publications such as Cryptonews, Investing.com, 99Bitcoins, and 24/7 Wall St. He has...

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December 25, 2025

Uniswap governance has approved the UNIfication proposal, marking a major shift in the protocol’s economic model and setting UNI on a more explicitly deflationary path.

Key Takeaways:

Uniswap approved UNIfication with near-unanimous support, putting UNI on a deflationary path.
The fee switch redirects trading fees to ongoing UNI burns tied to protocol usage.
The proposal also streamlines governance and funding to support long-term growth.

Voting concluded on Thursday with 99.9% support, according to Uniswap founder Hayden Adams.

More than 125 million UNI tokens were cast in favor of the proposal, compared with just 742 tokens voting against, underscoring broad consensus among token holders.

Uniswap Proposal Activates Long-Awaited Protocol Fee SwitchThe proposal, introduced in November by Uniswap Labs and the Uniswap Foundation, activates the long-anticipated protocol fee switch.

Under the new structure, a portion of trading fees, previously distributed entirely to liquidity providers, will now be directed to the protocol itself.

Those fees will be used to burn UNI tokens on an ongoing basis, reducing total supply over time. In addition, net sequencer fees from Unichain will be routed into the same burn mechanism.

Together, the changes create a direct link between usage and supply reduction. As trading activity increases across Uniswap, more UNI will be removed from circulation, effectively tying the token’s economics to the protocol’s growth.

Beyond fee mechanics, UNIfication also streamlines Uniswap’s operational structure. The proposal transitions Uniswap Foundation teams and responsibilities into Uniswap Labs, removes fees from Labs’ interface, wallet, and API services, and establishes a recurring growth budget funded by UNI.

Voting has concluded on Unification 🦄

125,342,017 YES
742 NO

Unified, true to the name

After a ~2day vote timelock, 100m UNI will be burned, fee switches will be flipped, labs will turn off frontend fees and focus on the protocol, and more

Merry Christmas everyone 🎄 https://t.co/wpsEC8udlW pic.twitter.com/P0rJmLN9Cc

— Hayden Adams 🦄 (@haydenzadams) December 25, 2025
That budget is designed to support long-term development and ecosystem expansion rather than short-term incentives.

Following approval, the proposal enters a two-day timelock, after which Uniswap will execute a one-time burn of 100 million UNI.

The figure represents an estimate of how much UNI might have been burned had the fee switch been active since the token’s launch.

The governance package also introduces a Protocol Fee Discount Auctions system designed to improve returns for liquidity providers while aligning Uniswap Labs, the Uniswap Foundation, and on-chain governance under a single legal structure using Wyoming’s DUNA framework.

Several influential figures in decentralized finance backed the UNIfication proposal, including Variant founder Jesse Waldren, Synthetix and Infinex founder Kain Warwick, and former Uniswap Labs engineer Ian Lapham, all of whom hold substantial voting power.

Uniswap Cites Shift in Regulatory Climate as It Moves Toward Value CaptureThe move comes after years of regulatory pressure on DeFi under former SEC Chair Gary Gensler.

In the proposal, Uniswap argued that the regulatory landscape has shifted and that decentralized finance has reached a stage of broader acceptance, making it possible to implement protocol-level value capture.

“I believe Uniswap protocol can be the primary place tokens are traded,” Adams said, adding that the proposal “sets the stage for the next decade of its growth.”

UNI was trading at $5.92 as of late Thursday, up 18.9% over the past week.

Uniswap has generated more than $1.05 billion in fees so far this year, highlighting the scale of activity now feeding into its new economic model.

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Dogecoin's (CRYPTO: DOGE) official X account playfully invoked a “naughty list” on Christmas Day, calling out businesses that still don’t accept DOGE payments.

From ‘Naughty’ To ‘Nice’Dogecoin wished everyone a “Merry Dogemas” on the occasion. It then asked the community to tag companies on a so-called “naughty list” for not yet accepting DOGE payments.

“We’ll make sure they’re on the nice list for next year,” the X handle wrote.

See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030

Tesla And McDonald’s: Potential Candidates?Some of the responses included electric vehicle producer Tesla Inc. and X Corp., both of which are owned by Elon Musk.

A widely followed X user, going by the pseudonym Sir Doge of the Coin, tagged Tesla, stating, “Let's get back on the nice list!”

Tesla has an online shop with company merchandise. Though it currently only allows payment in dollars, it previously allowed users to make payments with Dogecoin.

Last year, Musk expressed a desire to reinstate the DOGE payment option, but little progress has been made as of now.

Interestingly, a user named TOPDOGE also tagged fast food chains McDonald’s and Burger King.

It’s worth highlighting that Musk publicly vowed to eat a McDonald’s Happy Meal on live television if the fast-food giant adopted Dogecoin.

Who's is going to accept Dogecoin first…@McDonalds or @BurgerKing?

— Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Ethereum’s upside may remain constrained in the year ahead as market conditions hinge on Bitcoin’s direction.

Danielle du Toit2 min read

26 December 2025, 05:30 AM

Benjamin Cowen argues that if Bitcoin is already in a bear market, Ethereum is unlikely to sustain a breakout to new all-time highs, even if it briefly revisits previous peaks. He warns that a rally toward the $4,878 level could turn into a bull trap, followed by a sharp reversal back toward $2,000. 

Ethereum Upside LimitedEthereum is unlikely to reach new all-time highs over the coming year if Bitcoin remains under pressure. This is according to crypto analyst Benjamin Cowen, who shared his outlook during a recent appearance on the Bankless podcast. 

Cowen said that if Bitcoin is indeed in what feels like a broader bear market, it would be difficult for Ethereum to sustain a meaningful breakout. In his view, the macro conditions that typically allow Ethereum to surge to new highs are closely tied to Bitcoin’s market structure, and without a strong foundation from BTC, upside momentum for ETH may be limited.

The comments also follow a bearish projection from veteran trader Peter Brandt, who warned in mid-December that Bitcoin could fall as low as $60,000 by the third quarter of 2026. That outlook added to growing caution among analysts who believe the market may be transitioning into a longer consolidation or downturn phase rather than a renewed bull cycle. Cowen suggested that even if Ethereum were to reclaim its previous all-time high close to $4,878, such a move could ultimately prove to be a bull trap rather than the start of a sustained rally.

Ethereum briefly pushed back to its 2021 peak in late August before entering a prolonged decline that dragged the price below $3,000 by November. At current levels, a return to that all-time high would require a gain of more than 40%, based on pricing data from CoinCodex. 

ETH’s price action over the past 6 months (Source: CoinCodex)

While Cowen acknowledged that such a move is technically possible, he still warned that it will likely be followed by a sharp reversal, potentially sending Ethereum back toward the $2,000 level. He also explained that even a renewed ETH rally will probably not spill over into a broader altcoin resurgence.

According to Cowen, Ethereum is the only major altcoin that still appears capable of revisiting previous highs this cycle, while many others may already be past their peak. This view aligns with warnings from Fundstrat Global Advisors, which reportedly told investors to prepare for a “meaningful drawdown” in 2026 that could push Ethereum into the $1,800 to $2,000 range.

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Danielle du Toit

Danielle du Toit, a criminology honors graduate, has channeled her curiosity and analytical mindset into exploring the fascinating and ever-evolving world of cryptocurrency. Drawn to the dynamic nature of blockchain technology and its impact on global markets, Danielle thrives on uncovering insights in this complex industry.
As a crypto journalist, Danielle is passionate about learning and sharing her knowledge with fellow enthusiasts. Her work combines a keen investigative eye with a love for storytelling, making even the most intricate aspects of crypto accessible and engaging. Through her writing, Danielle aims to inspire readers to delve deeper into the weird and wonderful realm of digital finance.

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Crypto markets are bracing for a historic year-end event today, December 26, with more than $27 billion in Bitcoin and Ethereum options expiring on Deribit. This represents over half of the derivatives exchange’s total open interest.

The colossal “Boxing Day” expiry could mark one of the largest structural resets in crypto history.

Sponsored

Bitcoin and Ethereum Brace for Record $27 Billion Options Expiry on Boxing DayToday’s options expiry is significantly higher than those witnessed last week, given it is the last Friday of the month and the year. More precisely, today’s expiring options are for the month and for the quarter (Q4 2025).

The numbers are staggering, with Bitcoin accounting for $23.6 billion of the expiring options, with Ethereum making up $3.8 billion. Current Bitcoin prices hover around $88,596, while Ethereum trades at $2,956.

Expiring Bitcoin Options. Source: DeribitCall options dominate the playing field, outnumbering puts nearly three to one, signaling a distinctly bullish tilt among traders.

The so-called “max pain” levels sit near $95,000 for Bitcoin and $3,000 for Ethereum, the price points where options sellers stand to profit the most, while buyers experience the most financial loss.

Expiring Ethereum Options. Source: DeribitSponsored

According to Deribit, this expiry involves more than 50% of the exchange’s total open interest, making it the largest on record.

“…the largest expiry on record -representing over half of total open interest -… Post-expiry flows will matter more than price. Watch positioning. How would the market react to an expiry this big?” Deribit analysts posed.  

The max pain theory, though debated, suggests that spot prices often gravitate toward these levels as traders and institutions adjust hedges before expiry.

Rollover activity is currently the dominant force in the trading market. Many institutions are shifting positions to January contracts to mitigate risk, creating noise in short-term options data.

Greeks.live notes that while puts accounted for 30% of recent block trades, this should not be interpreted as bearish sentiment. Traders picking up leftover positions discarded by institutions can find favorable pricing in this environment, according to analysts.

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With the annual expiration approaching, over half of all options will expire this Friday, the DEC 26th. Rollover trades are now the dominant force in trading volume.

This creates significant signal noise, making options data unreliable as a trading signal in recent days. For… pic.twitter.com/zGcBFdaOq0

— Greeks.live (@GreeksLive) December 25, 2025
Volatility Falls, but Year-End Expiry Could Set the Tone for 2026Despite the event’s sheer size, the market appears to be calm. Bitcoin’s implied 30-day volatility index (DVOL) sits around 42%, down from 63% in late November. This suggests that panic-driven swings are unlikely, and the expiry may settle more orderly than feared.

Bitcoin Volatility Index. Source: TradingViewThe implications extend beyond the expiry itself. Post-expiry flows are expected to drive market direction, potentially easing upside resistance.

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Traders are watching key strikes:

For Bitcoin, the $100,000–$116,000 call options dominate, while the $85,000 put remains the most popular downside bet.
Ethereum shows a similar pattern, with concentrated call interest above $3,000.
How institutions manage leftover or rolled-over positions will likely define price action in the first weeks of 2026.

Investors should note that large expiries like this typically breed volatility as traders scramble to close trades or rollover positions. Therefore, the decision to let December put open interest expire at 08:00 UTC on Deribit, or extend them, will determine whether downside risk is year-end driven or signals a structural reset.

With more than half of Deribit’s open interest expiring in one day, Bitcoin and Ethereum are on the verge of a market-defining moment.

Today’s options expiry represents both opportunity and risk. It brings forth an extraordinary convergence of scale, positioning, and seasonal liquidity that could shape crypto trends heading into 2026.

7h05 ▪
4
min read ▪ by
Luc Jose A.

Summarize this article with:

In five days, Bitcoin ETFs listed in the United States lost more than 825 million dollars, according to Farside Investors. This series of withdrawals marks a clear decline in institutional demand approaching 2026. After a year marked by enthusiasm around BTC-backed funds, the trend reversed during this December.

In brief

American Bitcoin ETFs experienced more than 825 million dollars of net outflows in just five days before Christmas.
This massive withdrawal is partly explained by tax loss harvesting strategies and a major options expiration on the markets.
The disengagement seems temporary, according to several analysts who anticipate a return of positive flows in early 2026.
Asia is becoming a net buyer, marking a possible geographic reshuffling of institutional flows.

A capital exodus from Bitcoin ETF
Spot Bitcoin ETFs listed in the United States ended the year with a series of almost uninterrupted net outflows, except on December 17.

According to data from Farside Investors, December 24 alone recorded 175.3 million dollars in withdrawals, bringing the total of the last five market days to 825.7 million dollars. This sequence reflects a period of massive disengagement from institutional investors.

Trader Alek, active on X (formerly Twitter), proposes a widely accepted explanation at this time of year : “the majority of sales are due to tax loss harvesting, which means it should end within a week”.

Here are the key facts observed during this period :

Since December 15, every trading day (except 12/17) saw outflows ;
Over 825 million dollars left American Bitcoin ETFs within one week ;
175.3 million dollars of withdrawals were recorded on December 24 alone ;
The only day with positive inflows : December 17, with +457.3 million dollars ;
The main reason cited : tax loss harvesting, a year-end tax optimization strategy ;
The aggravating factor : a major options expiration weighed on market sentiment.

For Alek, this dynamic is essentially temporary : “it’s temporary, and institutions will soon return to buying”, he states. Several analysts share this view, estimating that liquidity is not destroyed but merely inactive.

A recovery of positive flows could therefore occur as soon as the markets reopen in January, provided that macroeconomic and regulatory conditions remain stable.

When Asia buys back what America sells : towards a geographic reshuffling of flows
Beyond fiscal or technical considerations, one structural data point worries analysts: the shifting center of gravity of demand for bitcoin.

The Coinbase Premium, an indicator that measures the gap between the price of BTC on Coinbase (a US reference) and that on Binance (widely used in Asia), was negative for much of December.

This means that the price of the flagship crypto is often lower in the United States than in Asia, reflecting a persistent weakness in American demand. This is concisely summarized by analyst Ted Pillows on X : “The United States is now the largest seller of BTC. Asia is today the largest buyer”.

This regional shift in flows could have much deeper implications than a mere short-term variation. It potentially reflects a misalignment of interests and strategies between Western markets, more sensitive to taxation and regulation, and Asian markets, where growth dynamics and risk appetite seem more resilient to macroeconomic uncertainty.

Moreover, it should also be noted that the 30-day moving average of flows on Bitcoin and Ether ETFs has remained negative since early November, signaling a more persistent inertia than daily movements alone suggest.

ETF outflows signal institutional retreat on bitcoin, revealing increased caution at the end of the year. It remains to be seen whether this movement reflects a lasting disengagement or a tactical pause before a possible repositioning in early 2026.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

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

SBI Group is preparing to test a new cashless payment system in Japan using USDC, a US dollar–linked stablecoin issued by Circle. The pilot project is expected to begin in spring 2026 and will focus on in-store payments using QR codes.

The test will be run by SBI VC Trade, Japan’s only registered operator allowed to handle stablecoins, along with APLUS, a payments company that works with a wide network of retail stores. The goal is to build a simple payment model where customers can pay in USDC and stores receive Japanese yen.

Under the plan, customers holding USDC in private wallets like MetaMask will scan a store’s QR code and pay using USDC. SBI VC Trade will then convert the USDC into yen and send it to APLUS, which will pass the funds on to the merchant.

SBI says the project builds on lessons learned from the Osaka-Kansai Expo, where digital wallets were tested for visitors. The company also hopes the system will be useful for foreign tourists, who may find it easier to pay with dollar-based digital money instead of cash.

Why USDC and Not Ripple’s RLUSDThe announcement has drawn attention because SBI has a long-standing relationship with Ripple, yet the pilot uses USDC instead of Ripple’s own US dollar stablecoin, RLUSD.

Pro-XRP lawyer Bill Morgan reacted to the news, saying the decision likely reflects timing rather than a lack of confidence in Ripple. He noted that when SBI VC Trade became Japan’s first registered stablecoin operator in March 2025, RLUSD was not yet ready for use, while SBI already had an existing partnership with Circle.

A new cashless payment model using USDC not RLUSD despite its parent company’s deep longstanding relationship with Ripple. Reflects that RLUSD was not sufficiently ready in March 2025 when SBI VC Trade became Japan’s first registered Electronic Payment Instruments Exchange… https://t.co/q2XVEu8taO

— bill morgan (@Belisarius2020) December 25, 2025 Morgan added that RLUSD is expected to catch up over time and said Ripple’s decision to launch its own US dollar stablecoin was critical. He also suggested that Ripple may have moved earlier if not for delays caused by its long legal battle with the US Securities and Exchange Commission.

What Comes NextIf the trial is successful, SBI and APLUS plan to expand the system to more stores and explore wider use of stablecoin payments across Japan.

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

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

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of MSFT either through stock ownership, options, or other derivatives. 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.

NEW YORK, Dec. 25, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Inspire Medical Systems, Inc. (NYSE: INSP) between August 6, 2024 and August 4, 2025, both dates inclusive (the “Class Period”), of the important January 5, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Inspire Medical common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Inspire Medical class action, go to https://rosenlegal.com/submit-form/?case_id=21452 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 5, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases.  Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants misrepresented and failed to disclose key facts about Inspire V, a sleep apnea device, including the actual market demand for the device and whether Inspire Medical had taken the steps necessary to launch it. Defendants issued a series of materially false and misleading statements that led investors to believe that demand for Inspire V was strong and that Inspire Medical had taken the necessary steps for a successful launch. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Inspire Medical class action, go to https://rosenlegal.com/submit-form/?case_id=21452 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40th Floor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

NEW YORK, Dec. 25, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of CarMax, Inc. (NYSE: KMX) between June 20, 2025 and November 5, 2025, both dates inclusive (the “Class Period”) of the important January 2, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased CarMax securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the CarMax class action, go to https://rosenlegal.com/submit-form/?case_id=47077 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 2, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner 90Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) defendants recklessly overstated CarMax’s growth prospects when, in reality, its earlier growth in the 2026 fiscal year was a temporary benefit from customers buying cars due to speculation regarding tariffs; and (2) as a result, defendants’ statements about CarMax’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the CarMax class action, go to https://rosenlegal.com/submit-form/?case_id=47077 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Laurence Rosen, Esq.
Phillip Kim, Esq.
The Rosen Law Firm, P.A.
275 Madison Avenue, 40thFloor
New York, NY 10016
Tel: (212) 686-1060
Toll Free: (866) 767-3653
Fax: (212) 202-3827
[email protected]
www.rosenlegal.com

Dogecoin's (CRYPTO: DOGE) official X account playfully invoked a “naughty list” on Christmas Day, calling out businesses that still don’t accept DOGE payments.

From ‘Naughty’ To ‘Nice’Dogecoin wished everyone a “Merry Dogemas” on the occasion. It then asked the community to tag companies on a so-called “naughty list” for not yet accepting DOGE payments.

“We’ll make sure they’re on the nice list for next year,” the X handle wrote.

See Also: Dogecoin (DOGE) Price Prediction 2025, 2026, 2030

Tesla And McDonald’s: Potential Candidates?Some of the responses included electric vehicle producer Tesla Inc. and X Corp., both of which are owned by Elon Musk.

A widely followed X user, going by the pseudonym Sir Doge of the Coin, tagged Tesla, stating, “Let's get back on the nice list!”

Tesla has an online shop with company merchandise. Though it currently only allows payment in dollars, it previously allowed users to make payments with Dogecoin.

Last year, Musk expressed a desire to reinstate the DOGE payment option, but little progress has been made as of now.

Interestingly, a user named TOPDOGE also tagged fast food chains McDonald’s and Burger King.

It’s worth highlighting that Musk publicly vowed to eat a McDonald’s Happy Meal on live television if the fast-food giant adopted Dogecoin.

Who's is going to accept Dogecoin first…@McDonalds or @BurgerKing?

— Market News and Data brought to you by Benzinga APIs

© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Despite the dip in its stock price, IonQ remains a quantum computing leader.

Outside artificial intelligence (AI), quantum computing was one of the most popular investment themes in 2025. However, the sector certainly experienced a roller-coaster ride throughout the year, climbing to new heights before crashing back down to Earth. This includes leader IonQ (IONQ 3.06%), which is down more than 35% from its highs as of this writing.

Let's see if you should be buying the stock on the dip.

Image source: Getty Images.

Taking a different approach
Quantum computing is an emerging technology that is still many years away from commercialization. The technology flips classical computing on its head by using what are called quantum bits, or qubits, instead of bits. Bits can be written as a zero or a one, while qubits can potentially be both through what is known as superposition.

Through entanglement, these qubits can also be linked together, allowing quantum computers to perform certain mathematical calculations exponentially faster. The problem, though, is that this approach is very error-prone.

Accuracy is the biggest strength of IonQ. While competitors like Rigetti Computing have much faster systems, none are as accurate as the 99.99% fidelity that IonQ has achieved. That's still actually considered very error-prone, but it is much further ahead in this area compared to its competitors.

IonQ is taking a much different approach than its rivals by using what is called trapped-ion technology. The company uses real ytterbium and barium atoms instead of the fabricated qubits that other companies in the space deploy. While fabricated qubits are extremely similar, they are not identical like actual atoms are. As a result, IonQ's trapped-ion technology is the most accurate of any quantum system.

Meanwhile, the company has said it aims to be the Nvidia of quantum computing. Nvidia's success doesn't just come from its powerful graphics processing units (GPUs), but also from the ecosystem it built around its chips, including its CUDA software platform and NVLink interconnect system. IonQ is planning to take a similar approach and has made numerous acquisitions in the space to acquire important complementary quantum computing technology.

One of the most important acquisitions the company made was LightSynq, which provides it with quantum interconnect technology. While one of the benefits of trapped-ion technology is that IonQ can just add more ions to increase power, this can only go so far in helping the technology scale.

LightSynq's photonic interconnect technology will allow it to move to a modular architecture, where it will be able to link "small traps" together. These small traps are essentially individual quantum chips that hold a manageable number of ions, ensuring they remain stable and easy to control. This is similar to how Nvidia's NVLink system connects its GPUs to help turn them into one power unit working together.

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While IonQ's revenue is still relatively modest, it has been growing quickly. Last quarter, its revenue rose more than 200% to nearly $40 million. It has also secured more than $100 million in contracts from the Air Force Research Lab.

The company was also one of 11 companies chosen by the United States government's Defense Advanced Research Projects Agency (DARPA) to advance to Phase B of its Quantum Benchmarking Initiative (QBI). The program was founded to determine whether companies can potentially build a fault-tolerant quantum computer within the next decade.

While other quantum computing systems are much faster, over the long run, IonQ's more accurate systems should give it a big advantage in the quantum computing race. Reducing errors is the biggest obstacle toward making quantum computing useful, and it is the company furthest along in this regard. Meanwhile, it has a ton of cash on its balance sheet to continue to make acquisitions and create an entire quantum computing ecosystem. There is no guarantee it will become the winner in the space, but right now, it is one of the best positioned.

The stock remains speculative, but it could be worth a small position to stash away and see where it ends up in 10 years.