Market Signal Briefing

Ethereum price slipped for the second consecutive day as sentiment in the crypto market waned and as Arthur Hayes continued his selling spree. 

Summary

Ethereum price has crashed into a bear market in the past few months.
Arthur Hayes continued his selling spree today.
Separately, a major whale has bought tokens worth $1.67 billion recently.

Ethereum (ETH) token declined to a low of $2,900, much lower than the year-to-date high of $4,960. This drop has coincided with the broader industry’s performance. 

ETH token retreated as Arthur Hayes, the founder of BitMex, continued his selling spree. He moved 682 tokens valued at nearly $2 million today. 

Arkham data shows that he has sold ETH tokens worth over $5 million this month. He has then boosted his stake in Pendle, Ethena, and Ether Fi. Most importantly, he still holds Ethereum tokens worth over $22 million. 

Still, some investors are accumulating the coin, hoping that it will rebound soon. One whale bought tokens worth $136.49 million today, bringing his total purchases since Nov. 4 to $1.67 billion. 

Tom Lee’s BitMine has also continued its buying spree in the past few months. The company has purchased 436,361 tokens over the past 30 days, representing 3.6% of the market capitalization. He hopes to own 5% of Ethereum and generate hundreds of millions of dollars in staking earnings annually. 

In his statements, Lee has highlighted Ethereum’s role in the crypto industry, where it has become the largest chain. It has gained a commanding market share in industries like decentralized finance, real-world asset tokenization, and stablecoins.

Ethereum price technical analysis 
ETH price chart | Source: crypto.news
The daily chart indicates that the Ethereum price has declined over the past few months. It has moved from the year-to-date high of $4,960 to the current $2,915. 

The coin’s sell-off is being supported by the 50-day and 200 moving averages, which formed a bearish crossover in November. It has also formed a bearish flag pattern.

Therefore, the most likely Ethereum price prediction is bearish, with the first target being at $2,622. A drop below that level will indicate further downside, potentially to the psychological level at $2,000.

Data from Etherscan shows the Ethereum network processed its highest daily number of transactions this year yesterday, December 22. 

The network processed about 1,913,481 transactions on its Layer 1 in a single day, and the average fee to resolve each was around $0.16 per transaction.

What is the highest number of transactions on Ethereum?
Ethereum stakeholders believe the 2025 transaction count record can be linked to a combination of high throughput and low costs, which were directly linked to the two major network upgrades that occurred during the year: the Pectra and Fusaka upgrades.

The Fusaka upgrade went live earlier this month and has been singled out as the most probable and immediate cause for the achievement of the new record. The upgrade directly expanded the capacity of the Ethereum L1 blockchain, increasing the size of each block by roughly 33%.

That increase may seem minute, but it has allowed the L1 network to fit significantly more transactions into every block. In the past, all nodes were tasked with downloading all data, which resulted in a bottleneck.

The Fusaka upgrade introduced PeerDAS, a new feature that has made it possible for nodes to verify data “blobs”, large chunks of transaction data, by sampling just tiny parts of them. Blobs are like sidecars attached to the main block and carry data cheaply without competing with standard transactions.

The Fusaka upgrade follows the Pectra upgrade, which was implemented in May, laying the groundwork for scaling by optimizing how Layer 2 networks, such as Arbitrum, Optimism, and Base, interact with the main chain.

Pectra doubled the number of the aforementioned “sidecars” from 3 to 6 per block. And because there was suddenly double the supply of space for Layer 2 data, the cost for L2s to “settle” on Ethereum dropped.

Ethereum still faces some critical issues
The Pectra and Fusaka upgrades have kept the overall network uncongested and resulted in lower average gas fees. However, scaling challenges still exist within the ecosystem.

There is also the fact that the Ethereum ecosystem as a whole is fractured, and users still find it challenging to use L2 funds, as that involves navigating complicated bridges and routes.

The fragmentation issue remains a big one, but every now and then, a new L2 pops up, and the database of all accounts, balances, and smart contracts (the “State”) keeps growing larger and larger.

If this keeps up, the State becomes terabytes or petabytes in size. And if it gets too big, it becomes impossible for a normal person to buy a hard drive big enough to run a node.

Despite the critical issues fragmentation poses, Ethereum continues to attract institutional players.

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LOS ANGELES--(BUSINESS WIRE)--Law Offices of Frank R. Cruz Encourages Klarna Group plc (KLAR) Shareholders To Inquire About Securities Fraud Class Action.

LOS ANGELES, Dec. 24, 2025 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP reminds investors of the upcoming February 2, 2026 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired Bitdeer Technologies Group (“Bitdeer” or the “Company”) (NASDAQ: BTDR) securities between June 6, 2024 and November 10, 2025, inclusive (the “Class Period”).

IF YOU SUFFERED A LOSS ON YOUR BITDEER INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS.

What Happened?
On November 10, 2025, Bitdeer announced its unaudited financial results for the third quarter of 2025, revealing a per-share loss of $1.28, well below the consensus expectation of a loss of $0.22. The Company also disclosed that development of its next-generation Seal 04 ASIC chip had been substantially delayed, contradicting positive statements Bitdeer had previously made about the chip’s development.

On this news, Bitdeer’s stock price fell $2.63, or 14.9%, to close at $15.02 per share on November 11, 2025, thereby injuring investors.

What Is The Lawsuit About?
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the SEAL04 chip projected to have a chip-level energy efficiency of 5 J/TH would be ready for use in the A4 rigs with an expected mass production to begin in the second quarter 2025; and (2) as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

If you purchased or otherwise acquired Bitdeer securities during the Class Period, you may move the Court no later than February 2, 2026 to request appointment as lead plaintiff in this putative class action lawsuit.

Contact Us To Participate or Learn More:
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Charles Linehan, Esq.,
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100,
Los Angeles California 90067
Email:  [email protected]
Telephone: 310-201-9150,
Toll-Free: 888-773-9224
Visit our website at www.glancylaw.com.
Follow us for updates on LinkedIn, Twitter, or Facebook.

If you inquire by email, please include your mailing address, telephone number and number of shares purchased.

To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Contact Us:
Glancy Prongay & Murray LLP,
1925 Century Park East, Suite 2100
Los Angeles, CA 90067
Charles Linehan
Email:  [email protected]
Telephone: 310-201-9150
Toll-Free: 888-773-9224
Visit our website at: www.glancylaw.com.

Key Takeaways Americold joins OTR to deliver storage and distribution supporting OTR's supply chain in Adelaide.Americold's expertise in fast-turning, high-service inventory underpins its success in the QSR sector.Through the OTR partnership, COLD expands into convenience retail sector.
Americold Realty Trust (COLD - Free Report) recently joined forces with On the Run (OTR), one of Australia’s most recognized P&C brands, to deliver storage and distribution solutions supporting OTR’s supply chain in Adelaide and its growing national footprint.

Americold’s proven expertise in managing high-service inventory has been key to its success in the Quick Service Restaurant (QSR) sector. In the Asia-Pacific region alone, the company supports supply chains for more than 1,500 QSR locations across five major brands. Leveraging this strong foundation, Americold is now expanding into the convenience retail sector through its partnership with OTR.

Australia and New Zealand offer major opportunities for cold chain innovation, and Americold’s investments and operational capabilities position the company to satisfy the growing consumer expectations for freshness and convenience. This partnership marks a key milestone in Americold’s expansion into related sectors and highlights its dedication to building lasting partnerships that deliver long-term value.

Per Richard Winnall, president of International, Americold, “This partnership reflects Americold’s ability to handle fast-turning, high-touch, high-service business models for multi-unit operators. Our Adelaide operations are designed for speed, accuracy, and flexibility, which are critical for P&C retail. We look forward to growing our relationship with OTR and continuing to invest in Australia and New Zealand, markets with significant potential for cold chain innovation.”

Wrapping-UpThe partnership with OTR positions Americold to broaden its service portfolio and enter the fast-growing convenience retail sector, strengthening its market presence. By expanding, Americold can diversify its customer base and secure new, recurring revenue streams for sustained growth.

In the past month, shares of this Zacks Rank #3 (Hold) company have gained 0.3% against the industry's fall of 0.9%.

Image Source: Zacks Investment Research

Stocks to ConsiderSome better-ranked stocks from the broader REIT sector are Crown Castle (CCI - Free Report) and Lamar Advertising (LAMR - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for CCI’s 2025 FFO per share has been moved two cents northward over the past two months to $4.30.

The consensus estimate for LAMR’s 2025 FFO per share has been revised a cent upward to $8.19 over the past week.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Simeon Siegel, Guggenhiem Securities, joins 'The Exchange' to discuss the retail winners this holiday season, the morning's Nike news and much more.

Most sources define mid-cap stocks, often referred to as the market’s sweet spot, as a stock with a market capitalization of $2 billion to $10 billion. However, given the ascent of multiple companies into $1 trillion territory, perhaps we should consider some flexibility. That can be found with the Invesco NASDAQ Next Gen 100 ETF (QQQJ) – an ETF that’s home to 111 stocks with an average market capitalization of $27.12 billion.

As noted above, that exceeds the standard mid-cap definition. However, also note  that Morningstar classifies the Invesco ETF as a mid-cap growth fund.

Let’s roll with the Morningstar classification. The fact of the matter of is many of QQQJ’s are legitimately mid-cap names. Those that aren’t are basically small large-caps. Slicing and dicing aside, QQQJ is ideal for advisors and investors to access the mid-cap growth space. That’s fortunate — this space has performed admirably this year and could do more of the same in 2026

QQQJ Worth a Query
QQQJ turned five years old in October. It follows the NASDAQ Next Generation 100 Index, which is comprised of the NASDAQ-listed companies ranking 101st to 200th by market value. That positions the ETF to deliver on the advantages offered by mid-cap equities.

“On the upside, whether mid-cap stocks are the sole investments being targeted for a portfolio or they’re part of a more diverse selection, a good argument for them is that they are often for companies that are trying to expand,” noted SoFi. “These are established companies in industries that are experiencing rapid growth, or are expected to. And thanks to that growth, the average mid-cap company’s earnings often grow at a steady clip.”

As is the case with large-caps, how mid-caps evolve and ascend to that status is worth pondering because it articulates the growth stories that make this asset class and ETFs like QQQJ desirable.

“Most mid-cap companies are small-caps that have burgeoned, and some are on their way to becoming large-cap businesses. Growth eases the ability to access financing to fuel expansion, so mid-caps typically have an easier time obtaining financing than small caps do,” added SoFi.

Specific to QQQJ, mid-cap ETFs can be advantageous for investors looking to diversify mega-cap-heavy portfolio. Because these aren’t larger stocks, Wall Street under-follows many mid-caps, meaning stock-picking in this realm can be tricky. The broad swatch of active managers that have difficulty beating mid-cap growth benchmarks reinforces this, but QQQJ eases those issues.

For more news, information, and strategy, visit the ETF Education Content Hub.

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Vancouver, British Columbia – TheNewswire - December 24, 2025 – Lexston Mining Corporation (“Lexston” or “the Company”) (CSE: LEXT) (OTCQB: LEXTF) (Deutsche Börse Frankfurt: L75) is pleased to announce a non-brokered private placement to raise gross proceeds of up to $500,000 through the issuance of up to 6 ,250,000 units at a price of $0.08 per unit (the “Private Placement” ).  Each unit will consist of one common share and one common share purchase warrant.  Each common share purchase warrant will entitle the holder to purchase one common share at a price of $0.10 for five years from the date of issuance.   The Company plans to use the proceeds of the Private Placement for general working capital purposes and exploration expenditures.  Certain directors and officers of the Company may participate in the Private Placement.

By

Aaron Rennie

A former Senior Publishing Editor on the Dow Jones Newswires team at The Wall Street Journal, Aaron earned a Bachelor's degree in Economics from the University of Michigan and a Master's in Journalism from Columbia University.

Published December 24, 2025

Tim Cook, Apple's CEO, is also a member of Nike's board.
Unique Nicole / WireImage

Key Takeaways
Shares of Nike rose Wednesday, helped by news of a buy from Apple CEO Tim Cook, a member of the company's board.Cook bought at average prices near $59, well below Wall Street analysts' consensus price target around $80.

A vote of confidence from the leader of one big brand is helping the shares of another today.

Shares of Nike (NKE) climbed on Wednesday's holiday-shortened trading session—the shares were recently up about 4.5%, leading all gainers on the S&P 500—following an expression of support from Apple CEO Tim Cook.

Why This Matters to Investors
As a general rule, investors sell shares when they think they have better uses for the money—and those reasons can be hard to divine. The other side of that coin is that investors only buy shares when they think they're poised to rise. That's why watching the trades of people associated with a particular company is part of many investors' strategies.

A regulatory filing revealed that Cook, a member of Nike's board for two decades, bought nearly $3 million worth of Nike stock on Monday, acquiring 50,000 shares—a rough doubling of his stake—at a weighted average price of $58.97, not far off Friday's close.

Even with today's surge, Nike shares have lost about 20% of their value this year. The company is about a year into a turnaround launched by CEO Elliot Hill, and while management believes it's made substantial progress investors are still wary.

Whatever investors may think of the shares, Wall Street analysts are generally positive. The mean price target as tracked by Visible Alpha is around $80, substantially above recent prices closer to $60.

"We think consensus estimates are bottoming and see several catalysts that could drive healthier growth," Bank of America analysts wrote recently. "We expect gradual progress on innovation will begin to offset the sell down of older styles."

Article Sources

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SEC. "Form 4."

Nike. "Corporate Governance."

Bank of America. "North America is sprinting, but China stumbled."

Key Takeaways INTC posted Q3 2025 non-GAAP gross profit of $5.45B, with operating margin rising to 40% from 18%.Intel's Client Computing revenue rose to $8.53B as PC demand grew, aided by Windows 11 and AI PCs.INTC cut cost of sales to $8.43B from $11.28B, reflecting cost discipline and a streamlined portfolio.
Intel Corporation (INTC - Free Report) reported a non-GAAP gross profit of $5.45 billion during the third quarter of 2025, up from $2.39 billion a year ago. Non-GAAP operating margin improves to 40% from 18% a year ago. The figure exceeded management guidance by 4%. The uptick was driven by multiple factors such as higher revenues, a favorable product mix and lower inventory reserves.

It is witnessing solid traction in the Client Computing Group. In the third quarter, the company reported revenues of $8.53 billion from this segment, up from $8.16 billion in the year-ago quarter. A rebounding PC market backed by growing adoption of Windows 11 PCs is a major growth driver.

Moreover, it has also gained solid market traction in the growing AI PC market. Major PC manufacturers such as HP, Dell, ASUS, Acer and Samsung are collaborating with Intel to develop next-gen AI PCs. This is driving growth in the Client Computing Group and boosting gross margin.

Intel has made significant developments in its cost discipline initiatives and streamlined its portfolio to enhance efficiency across its operations. In the third quarter, the company’s cost of sales decreased to $8.43 billion, down from $11.28 billion in the year-ago quarter.

How Are Competitors Faring?Intel faces competition from Advanced Micro Devices (AMD - Free Report) and NVIDIA Corporation (NVDA - Free Report) in the semiconductor space. In the third quarter, AMD reported a non-GAAP gross profit of $4.99 billion, up from $3.65 billion. Non-GAAP gross margin was 54%, up 40 basis points year over year, while it improved from 43.3% reported in Q2. Revenue growth and a healthy product mix are propelling the gross margin.

NVIDIA reported a Non-GAAP gross profit of $41.9 billion, up from $26.3 billion a year ago, with respective margins of 73.6% and 75%. The ongoing transition from offering Hopper HGX systems to Blackwell full-scale data center solutions is affecting gross margin. Sequentially, NVIDIA’s non-GAAP gross margin improved 90 basis points as Blackwell ramped with an improved mix and cost structure.

INTC’s Price Performance, Valuation and EstimatesIntel has rallied 78.2% over the past year compared with the industry’s growth of 28.5%.

Image Source: Zacks Investment Research

Going by the price/book ratio, the company's shares currently trade at 1.48 book value, lower than 32.65 of the industry average.

Image Source: Zacks Investment Research

Earnings estimates for 2025 have increased 13.33% to 34 cents, while those for 2026 have declined 9.38% to 58 cents over the past 58 days.

Image Source: Zacks Investment Research

Intel stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Key Takeaways PFE expects revenue headwinds in 2026-2030 as major drugs like Eliquis and Ibrance lose patent protection.PFE's oncology pipeline has several late-stage candidates.PFE is expanding its obesity portfolio through the Metsera acquisition and a GLP-1 deal with YaoPharma.
Pfizer (PFE - Free Report) expects a significant negative impact on revenues from the loss of exclusivity (“LOE”) of several of its key products in the 2026-2030 period.  These include Eliquis, Vyndaqel, Ibrance, Xeljanz and Xtandi, all of which face patent expirations.

However, the company has strengthened its R&D pipeline through M&A deals, successful data readouts and pivotal program starts in 2025, which, it believes, will position it for sustainable growth in the post-LOE period.

PFE’s Strong Oncology PipelinePfizer has particularly advanced its oncology pipeline with several candidates entering late-stage development. Key oncology candidates in late-stage development include vepdegestrant (a small-molecule PROTAC for ER+/HER2- metastatic breast cancer), atirmociclib (a CDK4 inhibitor for 1st line HR+/HER2- metastatic breast cancer) and sigvotatug vedotin (an antibody-drug-conjugate or ADC for metastatic non-small cell lung cancer).

Sasanlimab for the treatment of BCG-naive high-risk non-muscle invasive bladder cancer is under review in the United States and the EU. This year, it in-licensed exclusive global ex-China rights to develop, manufacture and commercialize PF-08634404, a dual PD-1 and VEGF inhibitor, from China’s 3SBio. Dual PD-1/VEGF inhibitors have been designed to overcome the limitations of single-target cancer therapies like Merck’s (MRK - Free Report) blockbuster PD-L1 inhibitor, Keytruda and have the potential to become the new standard of care oncology treatments.

By 2030, Pfizer expects to have eight or more blockbuster oncology medicines in its portfolio.

In non-oncology areas, an mRNA flu/COVID combination vaccine and osivelotor for sickle cell disease are in late-stage development.

Pfizer is also working on expanding the labels of approved products like Padcev, Adcetris, Litfulo, Nurtec, Velsipity and Elrexfio, among others. Last month, Pfizer's key drug, Padcev, was approved by the FDA in combination with MRK’s Keytruda for patients with muscle-invasive bladder cancer who are ineligible for cisplatin-containing chemotherapy.

PFE Strengthens Obesity Pipeline in 2025Importantly, Pfizer is strengthening its presence in the obesity market, currently dominated by Eli Lilly and Novo Nordisk. The $10 billion Metsera acquisition in November added four novel clinical-stage incretin and amylin programs for obesity, which are expected to generate billions of dollars in peak sales. Earlier this month, Pfizer in-licensed exclusive global rights to develop YP05002, an oral small molecule GLP-1 receptor agonist (GLP-1 RA) for treating obesity from Chinese biotech YaoPharma. With the Metsera acquisition, the YaoPharma deal and other Pfizer programs that include a GIPR antagonist candidate, Pfizer believes it has a robust and diverse obesity portfolio.

Despite near-term revenue pressure from upcoming patent expirations, Pfizer’s expanding late-stage pipeline, led by oncology and supported by growing investments in obesity, vaccines, and rare diseases, positions it for sustainable long-term growth.

Competition in the Oncology SpacePfizer is one of the largest drugmakers of cancer medicines. Other large players in the oncology space are AstraZeneca (AZN - Free Report) , Merck, J&J (JNJ - Free Report) and Bristol-Myers.

For AstraZeneca, oncology sales now comprise around 43% of total revenues. Sales in its oncology segment rose 16% in the first nine months of 2025. AstraZeneca’s strong oncology performance was driven by medicines such as Tagrisso, Lynparza, Imfinzi, Calquence and Enhertu (in partnership with Daiichi Sankyo).

Merck’s key oncology medicines are PD-LI inhibitor, Keytruda and PARP inhibitor, Lynparza, which it markets in partnership with AstraZeneca. Keytruda, approved for several types of cancer, alone accounts for more than 50% of Merck’s pharmaceutical sales. Keytruda recorded sales of $23.3 billion in the first nine months of 2025, up 8% year over year.

Bristol-Myers’ key cancer drug is PD-LI inhibitor, Opdivo, which accounts for around 20% of its total revenues. Opdivo’s sales rose 8% to $7.54 billion in the nine months of 2025.

J&J’s oncology sales now comprise around 27% of its total revenues. Its oncology sales rose 20.6% on an operational basis in the first nine months to $18.52 billion. While J&J’s older cancer drugs, multiple myeloma treatment Darzalex and prostate cancer drug, Erleada, are key contributors to its top-line growth, new drugs such as Carvykti, Tecvayli, Talvey and Rybrevant, plus Lazcluze, hold the key for long-term growth.

PFE’s Price Performance, Valuation and EstimatesPfizer’s stock has declined 7% in the past year against an increase of 16.0% for the industry. 

Image Source: Zacks Investment Research

From a valuation standpoint, Pfizer appears attractive relative to the industry and is trading below its 5-year mean. Going by the price/earnings ratio, the company’s shares currently trade at 8.18 forward earnings, lower than 17.40 for the industry and the stock’s 5-year mean of 10.39.

Image Source: Zacks Investment Research

The Zacks Consensus Estimate for 2025 earnings has risen from $3.07 per share to $3.10 per share, while that for 2026 has declined from $3.15 per share to $3.04 per share over the past 60 days.

Image Source: Zacks Investment Research

Pfizer has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways Ares Management is exploring a buyout to expand its private equity arm and better compete with larger peers.ARES says it has capacity for organic growth & deals as US retirement plans expand access to private markets.Private equity is about $25B, just over 4% of Ares Management AUM, down from more than 13% in 2014.
Ares Management Corp. (ARES - Free Report) is exploring a potential acquisition to expand its private equity business and better compete with industry leaders such as Blackstone (BX - Free Report) , KKR & Co. Inc. (KKR - Free Report) and Apollo Global Management (APO - Free Report) . According to an article on Private Equity Wire, Michael Arougheti, CEO of Ares Management, said this in an interview with the Financial Times.

Rationale Behind Ares Management’s Potential MoveArougheti said that ARES has adequate financial capacity to pursue both organic growth and acquisitions, particularly as U.S. retirement plans begin expanding access to private markets. He noted that a broader and more diversified private equity franchise will become increasingly important as defined contribution plans open up to alternative investments.

Although Arougheti didn’t mention any specific targets, he said that even a private equity firm managing $100 billion or more would be financially feasible for Ares Management and would not be outsized relative to its market value. However, he stressed the importance of balance, noting that the company does not intend to swing from being underexposed to private equity to overly concentrated in the strategy.

He further indicated that ARES could scale its private equity business through greater size, geographic diversification or by adding sector-specific capabilities that complement its broader platform. While no transaction is imminent and there is no immediate strategic gap, he acknowledged that the company’s private equity arm remains relatively small compared to Blackstone, KKR and Apollo.

Private equity accounts for roughly $25 billion of ARES’ assets under management (AUM) as of Sept. 30, 2025, representing just more than 4% of total AUM, down from more than 13% at the time of the company’s public listing in 2014. This contrasts with its dominant private credit franchise, which has been the primary driver of growth and profitability.

Ares Management has been engaged in acquisitions to reshape its business. In March 2025, it purchased the international arm of GLP Capital Partners in a deal valued at up to $5.2 billion. This complemented the company’s real estate and digital infrastructure investment capabilities and expanded geographic presence.

How are ARES’ Peers Expanding?Similar to Ares Management, its peers are scaling their businesses through strategic collaborations or acquisitions. Earlier this month, Blackstone partnered with Phoenix Financial, with a tie-up across a range of credit strategies, including corporate, real estate and asset-based credit. Phoenix will invest up to $5 billion across these strategies.

Likewise, KKR expanded its partnership with Capital Group to offer new, integrated retirement and wealth solutions. The collaboration builds on their successful launch of public-private investment strategies in 2025. On the other hand, in September, Apollo Global acquired Bridge Investment Group Holdings Inc. to strengthen its real estate investment platform and support long-term fee-based revenue growth.

Ares Management’s Price Performance & Zacks RankOver the past three months, shares of Ares Management have gained 3.3% against the industry’s decline of 6.7%.

Image Source: Zacks Investment Research

Currently, ARES carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Key Takeaways FDA issued a CRL to Sanofi's NDA for tolebrutinib in non-relapsing secondary progressive MS.The FDA had already extended the review timeline twice, citing additional analyses as a major amendment.The European Commission approved SNY's Wayrilz for adult ITP patients refractory to other treatments.
Sanofi (SNY - Free Report) announced that the FDA has issued a complete response letter (CRL) to its new drug application (NDA), seeking approval for its investigational Bruton's tyrosine kinase (BTK) inhibitor, tolebrutinib. The NDA sought approval for tolebrutinib to treat adult patients with non-relapsing secondary progressive multiple sclerosis (nrSPMS).

More on FDA’s CRL for Sanofi’s TolebrutinibThe FDA’s latest CRL for tolebrutinib does not come as a surprise, as earlier this month, the regulatory body extended the review timeline for tolebrutinib in nrSPMS for the second time this year.

Earlier this year, the FDA had extended the review period for Sanofi’s NDA for tolebrutinib in nrSPMS by three months. The FDA was initially expected to give its decision by Sept. 28, 2025. However, this date was extended by an additional three months to Dec. 28 after Sanofi’s submission of additional analyses during the review process, which the agency deemed a major amendment to the original filing.

The agency once again revised this date after the company submitted an expanded access protocol for the drug in nrSPMS at the FDA’s request. Further guidance from the FDA is expected by the end of the first quarter of 2026.

In the past six months, shares of Sanofi have inched up 1.1% compared with the industry’s increase of 20.4%.

Image Source: Zacks Investment Research

In July 2025, tolebrutinib was provisionally approved in the United Arab Emirates for the treatment of nrSPMS and to slow disability accumulation independent of relapse activity in adults. A regulatory filing seeking approval for tolebrutinib for a similar indication is currently under review in the European Union.

SNY's Recent Hurdles With Tolebrutinib StudiesEarlier this month, Sanofi announced that the phase III PERCEUS study, which evaluated tolebrutinib in patients with primary progressive multiple sclerosis (PPMS), did not meet the primary endpoint, in delaying time to onset of six-month composite confirmed disability progression versus placebo.

However, the safety profile of tolebrutinib was similar to that seen with previously conducted studies on the candidate.

Following this, Sanofi decided not to pursue further development of tolebrutinib in PPMS — an area that represents 10% of the overall multiple sclerosis (MS) patient population.

In 2022, the FDA placed a partial clinical hold on Sanofi’s phase III studies on tolebrutinib in MS and myasthenia gravis (MG) indications after the regulatory agency identified cases of drug-induced liver injury in some study participants who were treated with the drug.

The MG studies on tolebrutinib were eventually discontinued in 2022 after careful evaluation of the emerging competitive treatment landscape.

Gets EU Nod for WayrilzIn a separate press release, Sanofi announced that the European Commission has approved Wayrilz (rilzabrutinib), a novel BTK inhibitor, as a new treatment for immune thrombocytopenia (ITP) in adult patients who are refractory to other treatments.

The approval in the EU was expected, as in October, the European Medicines Agency's Committee for Medicinal Products for Human Use (CHMP) rendered a positive opinion recommending the approval of Wayrilz for the given indication.

The approval in the EU was based on data from the pivotal phase III LUNA 3 study, which showed that treatment with Wayrilz led to a positive impact on sustained platelet counts and other ITP symptoms, thus meeting both the primary and secondary endpoints.

The FDA approved Wayrilz for the treatment of persistent or chronic ITP in adult patients who have had an insufficient response to a previous treatment in August 2025.

SNY's Zacks & Stocks to ConsiderSanofi currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are CorMedix (CRMD - Free Report) and Castle Biosciences (CSTL - Free Report) , both sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

In the past 60 days, estimates for CorMedix’s 2025 earnings per share (EPS) have increased from $1.85 to $2.87. EPS estimates for 2026 have moved up from $2.49 to $2.88 during the same period. CRMD stock has decreased 23.8% in the past six months.

CorMedix’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 27.04%.

In the past 60 days, estimates for Castle Biosciences’ loss per share have narrowed from 64 cents to 34 cents for 2025. During the same time, loss per share estimates for 2026 have narrowed from $1.82 to $1.06. In the past six months, shares of CSTL have rallied 109.9%.

Castle Biosciences’ earnings beat estimates in three of the trailing four quarters, while missing the same on the remaining occasion, the average surprise being 66.11%.

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO, Dec. 24, 2025 (GLOBE NEWSWIRE) -- Copper Road Resources Inc. (TSX-V: CRD) ("Copper Road Resources" or the "Company") is pleased to announce that it has closed the first tranche (the “First Tranche”) of its previously announced non-brokered private placement (the “Offering”) consisting of the sale of 9,952,447 flow-through units ( the “FT Units”) at a price of $0.045 per FT Unit and 2,435,000 hard-dollar units (the “Units”) at a price of $0.04 per Unit for aggregate gross proceeds of $545,260.

Each Unit consists of one common share of the Company and one common share purchase warrant (each, a “Warrant”). Each FT Unit consists of one common share and one Warrant of the Company each to be issued as a “flow-through share” within the meaning of subsection 66(15) of the Income Tax Act (Canada). Each Warrant shall entitle the holder to purchase one common share of the Company at a price of $0.05 at any time on or before that date which is 18 months after the date of issuance.

The gross proceeds from the sale of the FT Units will be used to incur eligible “Canadian exploration expenses” that qualify as “flow-through critical mineral mining expenditures” as both terms are defined in Income Tax Act (Canada)(“Qualifying Expenditures”). All Qualifying Expenditures will be renounced in favour of the subscribers of the FT Units effective December 31, 2025. It is anticipated that the proceeds from the sale of FT Units will be used for exploration of the Ben Nevis Project or on the Company’s other Ontario properties.

A certain officer of the Company subscribed for an aggregate of 222,222 FT Units under the Offering which participation constitutes a “related party transaction” within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on an exemption from the formal valuation and minority shareholder approval requirements of MI 61-101 pursuant to section 5.5(a) and section 5.7(1)(a), as the fair market value of the participation is not more than 25% of the Company's market capitalization.

Completion of the Offering is subject to receipt of all necessary regulatory approvals, including approval of the TSX Venture Exchange. In connection with the First Tranche, the Company has agreed to pay a cash commission in the aggregate of $40,120 to eligible finders and to issue 762,862 finder warrants each exercisable for a common share of the Company at a price of $0.05 for a period of 18 months. The securities issued pursuant to the Offering will be subject to a statutory hold period of four months and one day from the date of issuance in accordance with applicable securities laws.

The securities have not been, and will not be, registered under the Unites States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state security laws, and may not be offered or sold in the Unites States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with requirements of an applicable exemption therefrom. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the Unites States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The second tranche of the Offering is expected to close on or about December 30, 2025.

For further information, please contact:
Brian Howlett, CPA
President and CEO
Copper Road Resources Inc.
[email protected]
www.copperroadresources.ca
1-647-227-3035

Neither the TSX Venture Exchange nor its Market Regulator (as that term is defined in the policies of the TSX Venture Exchange) have reviewed or accept responsibility for the adequacy or accuracy of this release.

Caution Regarding Forward-Looking Information

This news release contains forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Copper Road Resources. Forward-looking statements include estimates and statements that describe Copper Road Resource’s future plans, objectives or goals, including words to the effect that Copper Road Resources or its management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Copper Road Resources, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements regarding the Offering, completion and timing of closing of the second tranche of the Offering, regulatory approvals, intended use of proceeds of the Offering and tax treatment of the Offering. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure or inability to complete the Offering on disclosed terms or at all, regulatory approval processes, failure to identify mineral resources, delays in obtaining or failures to obtain required governmental, regulatory, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Copper Road Resources disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

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Home Altcoins News Arthur Hayes Reduces Ethereum Holdings, Boosts Stablecoin Portfolio

Arthur Hayes Reduces Ethereum Holdings, Boosts Stablecoin Portfolio

Jean-Luc Maracon

December 24, 2025

Arthur Hayes, a co-founder of the cryptocurrency exchange BitMEX, has been actively offloading Ethereum (ETH) holdings throughout December, channeling funds towards stablecoins. This shift in his investment strategy has drawn attention from market observers, as it marks a significant reallocation within his portfolio. According to data from Lookonchain, a platform that monitors blockchain transactions, Hayes recently sold around 682 ETH on Binance, valued at approximately $2 million, opting instead to invest in decentralized finance (DeFi) tokens. This activity aligns with a broader pattern seen in Hayes’s transactions, suggesting a strategic pivot in his asset holdings, which may impact market dynamics by reflecting reduced confidence in ETH or an opportunistic move towards undervalued assets.

In the past week, reports indicate Hayes has disposed of approximately 1,871 ETH, amounting to about $5.53 million. This capital was redirected into purchasing DeFi tokens such as ENA, PENDLE, and ETHFI. Lookonchain’s analysis detailed these transactions, highlighting Hayes’s focus on acquiring these specific assets despite their significant price declines of 80-90% this year. His strategy appears to be predicated on the belief that these tokens, which are currently low-priced, could yield substantial returns if market conditions improve.

Hayes’s investment decisions have been publicly shared on his social media platforms, where he has articulated a strategy of rotating out of Ethereum in favor of what he describes as “high-quality” DeFi projects. This strategic transition is supported by data from Arkham, which reveals a considerable reduction in his ETH holdings. Hayes’s Ethereum reserves have diminished significantly, from 16,000 ETH in 2022 to just 3,160 ETH as of now, indicating sales exceeding 3,440 ETH since November.

In conjunction with this reduction in Ethereum, there has been a marked increase in Hayes’s stablecoin reserves. His current portfolio heavily leans towards USDC, constituting over 60% of its total value. The Arkham data suggests that Hayes’s USDC holdings surged from $1 million to nearly $48 million since mid-November. This substantial acquisition of stablecoins occurred during a period when market sentiment fluctuated between fear and extreme fear, potentially signaling Hayes’s readiness to capitalize on future market downturns or a shift towards a more conservative stance amid market volatility.

Hayes’s previous forecasts included a bold prediction of Ethereum reaching $20,000, asserting that owning 50 ETH could result in millionaire status by the next U.S. presidential election. These statements reflect his historically bullish stance on Ethereum, yet current actions demonstrate a recalibration of his investment approach.

The re-allocation of Hayes’s portfolio underscores the fluid nature of cryptocurrency markets and investor sentiment. As a prominent figure with substantial holdings, his decisions could influence market perceptions and investor behavior. With stablecoins now dominating his assets, Hayes’s portfolio adjustments might also reflect a strategic positioning ahead of anticipated market shifts.

Going forward, market participants will likely scrutinize Hayes’s moves for further indications of broader trends or shifts in market sentiment. The emphasis on stablecoins could suggest confidence in their ability to provide liquidity in uncertain times, or it might be a preparatory measure for future investments. Observers will continue to watch for any further changes or announcements from Hayes that might provide additional insights into his long-term market outlook.

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Jean-Luc Maracon

Jean-Luc Maracon is a French-Swiss expert in decentralized finance, known for his sharp analysis of Bitcoin, European Web3 projects, and crypto regulatory challenges. Splitting his time between Geneva and Paris, he brings a unique perspective blending traditional finance with blockchain innovation. He regularly collaborates with crypto platforms across Europe to help make digital investing more accessible.
Specialties: Bitcoin, staking, European regulation, crypto security, Web3.

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Wed, 24/12/2025 - 15:31

Shiba Inu (SHIB) bulls finally obtained rare hope on Christmas Eve, with $0 long liquidations in the past hour, while shorts were the only ones who paid.

Cover image via U.Today

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

After days of relentless liquidations, Shiba Inu bulls finally got a figure they could live with: according to CoinGlass's liquidation data for SHIB, there have been no long liquidations over the last hour, while shorts took the entire hit at $699.13. For a meme coin that punishes late entries, this matters. 

It means that the latest price increase was not funded by overleveraged buyers who were wiped out on the next candle. The bulls stayed in and the market stopped taking their money.

On the SHIB/USDT Binance chart, there was a fast dip and rebound, with the price snapping back toward $0.00000715 after reaching the $0.00000706 area. The five-minute chart then flipped from red to green with a series of higher closes, and the latest reading was near $0.00000715, up 0.14% on the candle.

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Source: CoinGlassNonetheless, over the last four hours, liquidations totaled $9,350, with $8,560 on longs and $783.89 on shorts. Over the last 12 hours, this figure grew to $57,100, with long liquidations dominating at $56,310. Over the full 24 hours, total liquidations amounted to $104,620, with longs accounting for $103,730 and shorts just $895.54.

In other words, most of the pain has already occurred, and it was mostly on the buy side. 

Why "$0" hour stands out for SHIBThis suggests that leverage on longs has already been eliminated, or that traders are simply using less borrowed capital as participation decreases during the holiday session.

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Either way, it removes one of the easiest ways for SHIB to lose ground: forced long exits feeding the drop. If the price of the Shiba Inu coin can hold above $0.0000071, the next challenge will be to see if buyers can reach $0.00000716 without triggering liquidations again.

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Technical factors dominated as FIL maintained a tight correlation with broader crypto sentiment while establishing support above $1.27.Updated Dec 24, 2025, 4:16 p.m. Published Dec 24, 2025, 3:36 p.m.

Filecoin FIL$1.2711 slipped 2% to $1.28 on Wednesday, tracking broader crypto market flows rather than responding to token-specific catalysts.

The token's price action remains closely tied to the crypto market sentiment, according to CoinDesk Research's technical analysis model. This tight correlation indicates large order flows are driving the price moves rather than fundamentals for Filecoin, according to the model.

STORY CONTINUES BELOW

The broader crypto market gauge, the CoinDesk 20 index, was 0.6% lower at the time of publication.

Trading volumes for Filecoin reinforce the consolidation theme, with 24-hour activity 7.3% above weekly averages signaling measured participation, the model said.

The model also showed that volume patterns support range-bound trading as participation falls short of breakout thresholds. The measured uptick suggests accumulation rather than aggressive positioning that typically precedes major directional moves.

Technical Analysis:Primary support holds at $1.27, while resistance stays firm at $1.35 from volume-driven peaks.24-hour activity 7% above the weekly average shows steady participation by large holders, with an 85% volume surge during $1.35 test, confirming key resistance.The formation of higher lows, from $1.266 to $1.276, within a $0.087 range, indicates an accumulation phase.The immediate upside target sits in the $1.285-$1.290 zone, based on range extension, with broader resistance at $1.35 requiring a volume surge to be breached.Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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WhiteFiber NC-1 deal is promising, says B. Riley, seeing 127% upside after stock price plunge

1 hour ago

The analyst team said the first long-term co-location agreement at NC-1 validates WhiteFiber’s retrofit model.

What to know:

B. Riley said WhiteFiber’s NC-1 Nscale deal backs the company's timeline and execution.Lender talks for a construction facility are advanced, with potential credit enhancements.The bank's analysts reiterated their buy rating on the stock while trimming their price target to $40 from $44 following the stock's more than 50% decline from record highs.Read full story

Ethereum faced three parallel storylines this week, from a proposal backed by Vitalik Buterin to remove the smart contract size cap, to fresh signs that Layer 2 activity is clustering around a few major rollups. At the same time, charts showed ETH failing again near $3,000, with traders watching the $2,800 area as the next key zone.

Ethereum EIP 7864 Targets Contract Size LimitEthereum co founder Vitalik Buterin backed a proposal that would remove the network’s long standing smart contract size limit, according to reporting published late Dec. 23.

The proposal, known as EIP 7864, would scrap the current cap by changing how Ethereum stores and accesses contract code. That shift would let developers deploy larger and more complex contracts without splitting code across multiple contracts.

Supporters say the change aims to expand design options while still protecting the network from denial of service risks that the existing limit helps reduce.

Layer 2 Activity Concentrates Around Major RollupsMeanwhile, Ethereum’s Layer 2 usage in 2025 kept clustering around a small group of rollups, as recent dashboards and research tracked daily activity across the scaling sector.

Base ranked among the leaders on several activity metrics, including transactions and user engagement, based on live tracking that compares rollups side by side. The same data shows a wide gap between the most used networks and the long tail of smaller rollups.

At the same time, multiple reports said many newer Layer 2 networks struggled to hold users once short term incentive programs faded. Research groups described “mercenary” activity rotating between chains, while value and usage stayed concentrated around a few established ecosystems, including Base and Arbitrum.

Ethereum Rejects $3,000 Again, Analyst Warns of $2,800 TestEthereum stayed capped below the $3,000 level again, as a TradingView ETH USDT daily chart from Binance showed price around $2,931 at the time of the snapshot. The session print showed ETH opening near $2,965, topping around $2,978, and dipping near $2,917 before closing lower on the day.

Ethereum USDT Daily Chart. Source: X

On X, market commentator Ted, who posts as @TedPillows, said ETH “keeps on getting rejected” from $3,000. He added that if ETH does not reclaim that level soon, he expects a move below the $2,800 zone.

The chart marked several overhead supply areas, including bands near $3,200 to $3,360 and a higher zone near $3,900. It also highlighted support regions around $2,800 and a lower band near $2,550, mapping the key levels traders have watched during the late 2025 consolidation.

Cover image via www.freepik.com

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

Solana (SOL), the seventh-ranked cryptocurrency asset by market capitalization, has recorded a massive liquidation imbalance in the last 12 hours. Solana’s inability to shake off bears and further price slips cost bullish traders great loss om the market.

Solana’s oversold signals fail to prevent sharp dropAs per CoinGlass data, long position traders saw $4.94 million wiped out within the period, leading to an 8,392% liquidation imbalance.

Notably, Solana had shown signs of breaching its death cross range between $124.11 and $125.42, as it changed hands at $125.28. This likely sparked hopes of a further increase among bulls who bet on the coin’s uptick.

Additionally, with Solana’s Relative Strength Index (RSI) oscillating between 37 and 39, SOL is signaling mildly oversold conditions. Unfortunately, the coin lacked momentum to push for higher price levels despite its volume spike at the time.

However, market volatility plunged SOL further down to a low of $120.78, triggering severe liquidation across the chain. Market analysis indicates that Solana responded to broader market risk aversion as the exchange-traded fund (ETF) outflow of both Bitcoin and Ethereum impacted it.

This affected other altcoins such as Cardano and XRP, as they generally underperformed within the last 24 hours.

As of press time, Solana changed hands at $121.43, which represents a 0.8% decline within this time frame. The trading volume, which suggested a possible recovery, has also suffered a decline of 14.93% to $2.74 billion.

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It is worth mentioning that short-position traders did not escape losses. They recorded a mild liquidation of $58,170 as prices initially breached the $125 mark.

Although Solana’s oversold conditions could see the coin rebound at any time, volatility might continue to derail its price. A more sustainable uptick rests on Bitcoin’s stability in the broader crypto market space.

Network milestones offer long-term hope amid volatilityDespite the turbulence that SOL is facing with the price, a Solana researcher, "nxxn" on X, has decided to focus on the positive accomplishments of the blockchain. He highlighted some of those to include the approval and launch of several Solana ETs.

Other notable wins were the launch of Solana Seeker, FireDancer going live on mainnet and Coinbase exchange integrating SOL-based tokens. This has made millions of assets across Solana accessible to users on the Coinbase platform.

Meanwhile, there are positive conversations between Cardano and Solana founders to establish a cross-chain bridge across the two networks. The move is significant given the history of rivalry that previously existed between them.

After years of compression, XRP is quietly approaching a moment where the market will see a true structural break. This breakout is about a high-timeframe setup where market structure is on the verge of shifting. It is also the potential resolution of a multi-year structure that has compressed prices, absorbed supply, and conditioned participants to underestimate what comes next.

Why Volatility Has Collapsed Ahead Of Expansion
At the least expected time, XRP will print a legendary candle that will set a structural foundation and never move down. A crypto investor known as 24HRSCRYPTO noted on X that this move that is coming won’t be powered by retail hype, but by real economic activity on the XRP Ledger. When the altcoin begins to function as a settlement asset, volatility will become a liability, rather than a feature. 

Additionally, the payment rails, liquidity provisioning, and institutional settlement system will require price stability. A bridge asset referred to as a vehicle currency cannot swing 30-40% and still clear trillions in value. As volume and utility increase, XRP begins to transition from a speculative instrument into market infrastructure. 

Liquidity depth would be key to absorb shocks, while the price becomes anchored by demand. This is why the first candle isn’t a top, but the market repricing XRP’s role from a tradeable asset into a financial primitive.

With new initiatives, XRP’s adoption is set to increase. Analyst X Finance Bull has revealed that RLUSD is the first US trust-regulated stablecoin launched by Ripple, issued natively on the XRP Ledger and extending across Ethereum Virtual Machine (EVM) chains for broader institutional access. Any banks that would integrate with RLUSD will be automatically onboarded into the XRP rails.

This isn’t just about stable payments, but about demand generation for the altcoin as the default bridge asset. From BlackRock funds flow to global repo markets, that’s where the real volume begins to flow. This flips the game, allowing RLUSD to provide the liquidity, while XRP captures the movement.

Why XRPL Meets Institutional Due Diligence Standards
For the first time, XRP Ledger has now processed over 4 billion transactions since its launch in 2012. Co-founder of Tedlabsio, a crypto trader and investor, Niels, has pointed out that the real-world usage across the network has sustained more than 13 years of uninterrupted operation.

The XRPL consistently handles around 1.5 million transactions per day, with regular peaks exceeding 5 million, and settles in 3 to 5 seconds. All of this happens at fractions of a cent per transaction. Over time, more than 13 million XRP have been burned in transaction fees, a metric that reflects continuous demand in network activity. This is why institutions pay attention to XRPL.

XRP trading at $1.86 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

17h05 ▪
4
min read ▪ by
Ifeoluwa O.

Summarize this article with:

Bitcoin and Ethereum, the two largest cryptocurrencies by market value, are recording sustained net capital outflows from their associated exchange-traded funds (ETFs). According to analytics firm Glassnode, this trend reflects a partial pullback by institutional investors, who are reducing exposure instead of adding new funds. While this does not indicate a full withdrawal from the crypto market, the ongoing outflows suggest a decline in institutional participation, which could restrict liquidity and dampen near-term price momentum.

In brief

Institutional involvement in Bitcoin and Ethereum ETFs has been declining, with the 30-day moving average showing consistent net outflows.
Activity from large investors and declining ETF balances from previous peaks have slowed Bitcoin’s price recovery and limited short-term gains.
Certain funds like BlackRock’s iShares Bitcoin Trust still attract money on specific days, maintaining significant holdings despite the overall market pullback.

Institutional Outflows Persist
Glassnode highlighted that the 30-day moving average of net flows into U.S. spot Bitcoin and Ethereum ETFs has turned negative and remained at that level. The sustained trend points to a phase of limited participation and partial disengagement by institutional investors, reinforcing an overall contraction of liquidity in the crypto sector.

ETF flows have declined since mid-October, a movement that tends to follow spot market trends. These funds often indicate institutional investor sentiment, which has played a significant role in shaping the crypto market this year. At present, sentiment appears more cautious, reflecting the broader slowdown across markets.

The Kobeissi Letter reported on Tuesday that selling pressure in crypto ETFs has returned. Last week, these funds recorded $952 million in withdrawals, marking six weeks of outflows over the past ten. Ethereum ETFs led with $555 million, followed by Bitcoin funds at $460 million, indicating ongoing capital movement from these funds.

The trend has continued into this week. Data from SoSoValue shows that institutional activity remained uneven:

Bitcoin experienced outflows of $142.19 million on Monday and $188.64 million on Tuesday.
Ethereum posted a modest inflow of $84.59 million on Monday that quickly turned into an outflow of $95.5 million on Tuesday, reflecting unstable institutional support.

Whale Activity and ETF Drawdowns Limit Bitcoin Recovery
This persistent withdrawal reflects broader selling pressure identified by CryptoQuant, which linked Bitcoin’s slow recovery to activity from large investors. ETF drawdowns from their all-time highs, along with ongoing whale selling since October, have weighed on Bitcoin’s price momentum and limited its near-term upside.

Despite overall outflows, BlackRock’s iShares Bitcoin Trust (IBIT) recorded modest inflows on certain days. Farside Investors reported $111.2 million on 17th December and $32.8 million on 18th December. Since its launch, the fund has amassed $62.34 billion, maintaining its status as the largest spot Bitcoin ETF and outperforming competitors in total holdings.

Eric Balchunas, Bloomberg’s senior ETF analyst, noted that IBIT is the only ETF on Bloomberg’s “2025 Flow Leaderboard” showing a negative return this year. Yet, the fund ranked sixth in inflows and attracted more investment than SPDR Gold Shares (GLD), which increased by 64% over the same period, highlighting its continued appeal despite the overall market weakness.

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Ifeoluwa O.

Ifeoluwa specializes in Web3 writing and marketing, with over 5 years of experience creating insightful and strategic content. Beyond this, he trades crypto and is skilled at conducting technical, fundamental, and on-chain analyses.

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The entity sent 110 Bitcoin to unidentified exchanges in the past week.

Key Takeaways

Bitcoin linked to Mt. Gox hacker Aleksey Bilyuchenko continues to move through unknown exchanges.
It remains uncertain who has control over the funds.

A wallet linked to Aleksey Bilyuchenko, accused by the US Department of Justice of hacking the Mt. Gox crypto exchange, quietly offloaded around 2,300 Bitcoin in over a month, according to Arkham Intelligence analyst Emmett Gallic.

The entity related to Aleksey Bilyuchenko has deposited another 1.3K $BTC ($114M) to the unknown exchanges in the past 7 days.

They still hold 4.1K $BTC ($360M). They have sold a total of 2.3K $BTC. https://t.co/GtzPKLb5AC pic.twitter.com/asoaz1wBgL

— Emmett Gallic (@emmettgallic) December 23, 2025

In the past week, the entity behind the wallet deposited 110 Bitcoin worth approximately $114 million to unknown exchanges. They still hold 4,100 BTC, valued at $360 million.

The current controller of the funds is unknown. According to Gallic, Bilyuchenko, a former operator of the now-defunct BTC-e platform, was detained in Russia, and many of his assets were seized by Moscow courts, leaving open the possibility that another party may have executed recent transactions.

The use of unidentified exchanges and the measured pace of transfers suggest controlled, ongoing liquidation rather than a single, abrupt sale.

Disclaimer

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

Gold has reached unprecedented price levels at the end of 2025, breaking above $4,525 per ounce and setting fresh all-time highs as Bitcoin price continues to struggle. That surge has pushed gold’s total market capitalization to levels that dwarf the value of the world’s largest cryptocurrency. This difference between gold, the established safe-haven asset and Bitcoin, a growing digital store of value, invites a provocative question: if BTC’s total valuation equaled gold’s peak market cap, what price would BTC have to reach?

Gold’s Massive Surge In 2025
Gold’s rally in 2025 captured global attention as prices climbed past $4,500 per ounce for the first time, setting a new record that reflects more than just short-term speculation. Gold’s strength this year is not just about price per ounce.  In market-cap terms, gold has added about $12 trillion in value since the start of 2025 alone. That single-year increase in gold’s market capitalization is around seven times larger than the entire Bitcoin market cap.

This recent all-time high price has helped boost gold’s total market capitalization to an estimated $31.1 trillion, based on the total value of above-ground gold stocks multiplied by the elevated price per ounce. Bitcoin’s market capitalization currently stands at $1.736 trillion, based on a circulating supply of just under 20 million BTC. Unlike gold, BTC’S total valuation has not increased this year. Instead, it has shrunk by roughly $100 billion since January 1, with its price now struggling in the mid-$80,000s. 

Market Cap Of Gold And Bitcoin. Source: Companiemarketcap.com

Put simply, Bitcoin is only a small slice of gold’s valuation. At today’s levels, gold’s $31 trillion market cap means that Bitcoin fits into gold roughly 18 times over. This ratio is a good reference point for Bitcoin’s long-term growth potential, given its reputation as a digital version of gold.

If Bitcoin were to match gold’s $31 trillion market capitalization, the corresponding price per BTC would be considerably higher than current levels. Using a circulating supply of about 19.96 million BTC, BTC would need to push to approximately $1.55 million per coin to reach parity with gold’s current all-time-high market cap.

The amount of capital inflow needed for BTC to reach this price level is massive and unprecedented. Still, many Bitcoin maximalists believe this scenario is not unrealistic over an extended timeframe. 

Michael Saylor, one of Bitcoin’s most vocal advocates, has proposed that BTC will eventually surpass gold in total market value within the next 10 years. In a November interview, Saylor said he has “no doubt” that BTC will become a larger asset class than gold by 2035.

It is obvious that 2025 is about to be a red year for Bitcoin and the entire crypto market. However, 2026 could play out as a recovery and normalization year. Recovery in this context does not imply explosive upside, but a period where bearish price action is worked off and confidence in BTC is rebuilt gradually.

BTC bulls lose momentum | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

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Ethereum’s price has struggled to break above the $3,000 level over the past week, weighed down by continued outflows from spot Bitcoin and Ethereum exchange-traded funds.

That pattern has persisted into this week, with both BTC and ETH funds seeing redemptions as investors adjust portfolios toward year-end.

Against this backdrop, Ethereum remains range-bound below the $3,000 mark during the holiday period.

Broader cryptocurrency markets have also underperformed relative to gold, which has surged to record highs above $4,500, highlighting a rotation toward traditional safe-haven assets.

While Ethereum has seen some support from recent purchases by BitMine, ongoing ETF outflows, and the reactivation of a long-dormant wallet holding 2,000 ETH have reinforced a cautious tone among market participants.

Ethereum price under pressure amid ETF outflows
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Ethereum’s price has, in recent weeks, been hampered by substantial outflows from major US spot Ethereum ETFs.

This downward pressure intensified ahead of the Christmas holiday, as BTC and ETH funds experienced redemptions driven by year-end portfolio rebalancing. 

According to data from SoSoValue, spot Bitcoin ETFs recorded $188.6 million in net outflows on Tuesday, marking the fourth consecutive day of negative flows.

BlackRock’s IBIT saw the largest exodus, with $157.3 million withdrawn.

Other prominent funds, including Fidelity’s FBTC, Grayscale’s GBTC, and Bitwise’s BITB, also reported outflows.

Bitcoin has seen outflows in six out of the past eight trading days. Investors pulled over $3 billion in ETFs flows in November, and so far, it’s over $629 million in December.

The situation is similarly challenging for Ethereum ETFs. Data shows $95.5 million in net outflows on Tuesday, Dec. 23. No ETF witnessed inflows.

Grayscale’s ETHE led the decline, with $50.9 million exiting the fund. After a positive day of net inflows on Monday, Ethereum spot ETFs flipped red on Tuesday. That marks just two out of 10 trading days where Ethereum has recorded inflows.

The outflows, with $643 million last week, reflect waning investor confidence. As noted, broader market uncertainties, including Federal Reserve interest rate policies and reduced risk appetite, have impacted investors.

Lookonchain identified on Dec. 24 that BlackRock had just deposited 9,976 ETH worth about $29.23 million to Coinbase Prime.

Ethereum price outlook
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While ETH could reclaim the $3,000 level and post extended gains in the near term, analysts are suggesting a potential downward flip.

The $2,700 and $2,350 zones are critical support levels.

Buying by firms like BitMine has helped bolster bulls. In a comment, Fundstrat’s Tom Lee said:

“Our stepped-up buying activity reflects our confidence that ETH prices should strengthen in the months ahead, given multiple catalysts.”

Lee is the Chairman of BitMine and holds a bullish outlook for Ether as the company looks to strengthen its position as the “MicroStrategy” of Ethereum.