Market Signal Briefing

Bitcoin is up 1.9% over the past week and continues to climb steadily since December 1. It trades near $93,300 after a flat 24 hours, but the chart is hinting at a breakout, followed by a possible 15+% move.

Buyers have stepped back in, but not the ones that the Bitcoin price would want to sustain the rally.

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Buyers Step In as Bitcoin Presses Toward a BreakBitcoin has traded down since mid-November, building pressure to the downside. Yet, the price has been rising since December 1 and is now pushing into a potential breakout structure. The same is confirmed by a developing inverse head-and-shoulders pattern on the 12-hour chart. That pattern usually appears near market bottoms and supports the idea of a recovery.

However, a clean 12-hour close above the neckline would be necessary for the breakout hopes to rise.

BTC Attempting Pattern Break: TradingViewWant more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here

The strongest confirmation comes from spot flows. Exchange net position change tracks whether coins move into exchanges to sell or out of exchanges to hold. On November 27, exchanges saw net inflows of 3,947 BTC, showing selling pressure. By December 3, the metric flipped to –18,721 BTC, meaning heavy outflows.

Buying Has Resumed: TradingViewSponsored

A shift of more than 22,000 BTC in favor of buyers shows that demand returned sharply during this climb.

This improvement sets the opening chapter, but the next part of the story explains why the rally still feels unstable.

Short-term holder supply has risen from 2,622,228 BTC on November 30 to 2,663,533 BTC as of December 3. Short-term holders are wallets that keep coins for only a few weeks. They buy quickly, but they also sell quickly.

Their rising supply, an increase of almost 1.6%, often looks bullish on the surface, but it means the rally hopes are being carried by the most reactive group in the market. If the Bitcoin price stalls, they are usually the first to take profits.

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Speculative Traders Enter: TradingViewLong-term holders, the group that anchors strong breakouts, have not joined in. Their net position change, shown via the HODLer net position change metric, has been negative for the fourteenth straight day. The latest reading sits at –168,611 BTC.

Long-Term BTC Holders: TradingViewUntil long-term holders turn into net buyers, any breakout remains vulnerable to quick reversals triggered by speculative money.

This imbalance explains why the Bitcoin price is pressing toward a pattern break but still lacks the depth needed for a secure rally.

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Bitcoin Price Levels That Confirm or Spoil the MoveThe Bitcoin price sits just under the neckline at $93,200. A 12-hour close above this level confirms the inverse head-and-shoulders pattern and unlocks the next checkpoints at $96,600, $99,800, and $104,000.

If buyers push through these levels with real strength, the full extension of the pattern lands near $108,300, which marks the potential 15% move referenced earlier.

Weakness shows if Bitcoin slips below $90,400, a level where buyers stepped in during recent dips. Losing that zone invites a deeper test near $84,300, and a fall under $80,500 invalidates the entire structure.

Bitcoin Price Analysis: TradingViewFor now, Bitcoin is attempting a pattern break with improving spot flows, rising speculative demand, and cautious long-term holders. The chart has room for a 15+% extension, but clearing $93,200 with real conviction decides whether that move actually begins.

Bitcoin could extend its recent rebound after posting an 8% daily gain on Wednesday, with crypto analysts pointing to signs that a local bottom may already be in.

“The combination of extreme deleveraging, capitulation among short-term holders, and early signs of seller exhaustion has created the conditions for a stabilisation phase and a relief bounce,” Bitfinex analysts said in a report on Tuesday.

The comments came shortly before Bitcoin (BTC) rallied nearly 8% on Wednesday, briefly pushing toward $94,000. At the time of publication, Bitcoin is trading at $91,440, according to CoinMarketCap.

Bitcoin running on “leaner leverage base”Bitfinex said that the market is now operating on a “leaner leverage base,” reducing the likelihood of a sudden, liquidation-driven market drawdown.

Bitcoin is down 11.72% over the past 30 days. Source: CoinMarketCapOn Oct. 10, roughly $19 billion was wiped out of what many market participants described as an overleveraged market, triggering a broader sell-off that pushed Bitcoin and the wider crypto market into a downtrend, with Bitcoin’s price bottoming near $82,000 on Nov. 21.

“This configuration strengthens the case that the market’s remaining leverage is relatively well-contained, reducing systemic fragility and improving the prospects for a more stable consolidation phase,” he said.

The price pullback so late in the year, followed by a rebound, pushed more Bitcoin holders toward the idea that the four-year cycle is no longer relevant, which would have placed Bitcoin’s cycle price top around its October all-time highs of $125,100.

Bitcoin “is not like past cycles,” says analystIt is still unclear how Bitcoin will finish the year, given December has historically been a quieter month for Bitcoin, with an average return of just 4.69% since December 2013, according to CoinGlass. 

However, recent price action has not followed seasonal trends, with November falling 17.67% despite historically being Bitcoin’s strongest month on average, delivering returns of 41.12%.

Some still believe the move higher could extend into next year.

Bitcoin analyst PlanC said in an X post on Thursday, “This Bitcoin cycle is NOT like past cycles.”

“I have been warning you all and explaining this for well over a year now. Hopefully, you were paying attention,” PlanC said.

Meanwhile, Bitcoin analyst Quinten Francois said in an X post on the same day, “Bitcoin is closer to the bottom than to the top.”

BitMine chair Tom Lee recently said he is confident that Bitcoin can reclaim $100,000 before the end of the year.

Magazine: How Neal Stephenson ‘invented’ Bitcoin in the ‘90s: Author interview

Ripple CEO Brad Garlinghouse predicts bitcoin will reach $180,000 by the end of 2026.Updated Dec 4, 2025, 6:13 a.m. Published Dec 4, 2025, 6:11 a.m.

Ripple CEO Brad Garlinghouse made a bold bitcoin BTC$93,163.16 price prediction during a panel discussion alongside Solana Foundation President Lily Liu and Binance CEO Richard Teng at Binance Blockchain Week.

He stated that he expects BTC to reach $180,000 by the end of 2026, signaling strong optimism about the cryptocurrency’s long-term price prospects.

STORY CONTINUES BELOW

Teng did not give any price target, but said he expects prices to be higher than they are while stressing that he focuses on long-term growth, not short-term volatility.

Meanwhile, Liu said that prices are likely to be above $100,000.

Bitcoin changed hands at around $93,000 at press time, having hit a record high over $126,000 two months ago.

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Nov 14, 2025

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As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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19 minutes ago

Predict.fun aims to fix prediction markets’ biggest inefficiency, user funds sitting idle for weeks or months without earning yield, while tapping the large userbase of BNB Chain.

What to know:

CZ announced a new prediction market on BNB Chain, predict.fun, which allows user funds to earn yield while positions are open.Predict.fun currently has over 12,000 users and a combined market volume of around $300,000, but it lags behind larger platforms like Polymarket and Kalshi.The platform benefits from BNB Chain's large user base, though it faces challenges due to limited stablecoin issuance and liquidity.Read full story

Tony Kim
Dec 04, 2025 07:22

Bitcoin technical analysis suggests BTC could reach $98,000-$102,000 by December 31, 2025, with immediate resistance at $96,846 and critical support at $80,600.

With Bitcoin trading at $93,136 as of December 4, 2025, the cryptocurrency finds itself at a critical juncture between bullish momentum indicators and challenging resistance levels. This comprehensive BTC price prediction analyzes current market conditions and provides specific targets for the coming weeks and months.

BTC Price Prediction Summary
• BTC short-term target (1 week): $96,500-$98,000 (+3.6% to +5.2%)
• Bitcoin medium-term forecast (1 month): $98,000-$102,000 range
• Key level to break for bullish continuation: $96,846 (immediate resistance)
• Critical support if bearish: $80,600 (strong support level)

Recent Bitcoin Price Predictions from Analysts
The cryptocurrency community shows divergent views in recent Bitcoin forecast analysis. Coindcx presents the most optimistic BTC price prediction with a target of $114,500 by November 2025, citing high liquidity and institutional demand. This contrasts sharply with LongForecast's more conservative projection of $94,393, representing a potential 12.9% decline.

Polymarket's prediction market data suggests 60% probability for Bitcoin reaching $90,000-$92,000, while CoinPriceForecast targets $87,870 in the near term. The consensus reveals a split between bulls targeting $114,500-$120,000 and bears eyeing $87,870-$94,393 levels.

The wide range in these predictions reflects the current market uncertainty, though institutional demand remains a consistent bullish theme across multiple forecasts.

BTC Technical Analysis: Setting Up for Measured Bullish Move
Current Bitcoin technical analysis reveals a complex but cautiously optimistic setup. The MACD histogram shows bullish momentum at 1155.4927, indicating buying pressure is building despite the negative MACD line at -2527.91. This divergence often precedes significant moves.

Bitcoin's RSI at 48.60 sits in neutral territory, providing room for upward movement without entering overbought conditions. The Stochastic indicators (%K: 92.52, %D: 90.74) suggest Bitcoin is in overbought territory on shorter timeframes, potentially requiring consolidation before the next leg up.

The Bollinger Bands position at 0.74 indicates Bitcoin is trading in the upper portion of its recent range, with the upper band at $96,313 serving as immediate resistance. Volume analysis shows healthy participation at $2.24 billion in 24-hour trading, supporting any potential breakout attempts.

Bitcoin Price Targets: Bull and Bear Scenarios
Bullish Case for BTC
The primary BTC price target focuses on the $98,000-$102,000 range by year-end 2025. This Bitcoin forecast is supported by several technical factors:

Breaking above $96,846 resistance opens the path to test the psychological $100,000 level
The 50-day SMA at $100,240 provides natural resistance that, once broken, could flip to support
Strong institutional demand mentioned in analyst reports supports higher valuations
The $116,400 strong resistance level represents the ultimate bullish target if momentum accelerates

A successful break above current resistance could see Bitcoin challenge its 52-week high of $124,658 within the first quarter of 2026.

Bearish Risk for Bitcoin
The bearish scenario for this BTC price prediction centers on a failure to hold current support levels. Key downside targets include:

Immediate support at $80,600 represents a 13.5% decline from current levels
A break below this level could target the lower Bollinger Band at $84,046, though this seems less likely given current positioning
The most bearish scenario aligns with LongForecast's $94,393 target, representing limited downside from current levels

Risk factors include potential profit-taking near resistance levels and any deterioration in broader market sentiment or regulatory concerns.

Should You Buy BTC Now? Entry Strategy
Based on current Bitcoin technical analysis, a measured approach appears most prudent. Consider these entry strategies:

Aggressive Entry: Buy current levels ($93,000-$94,000) with a stop-loss at $89,000, targeting the $98,000-$102,000 range for a favorable risk-reward ratio of approximately 1:2.

Conservative Entry: Wait for a pullback to $90,000-$91,000 (near the 20-day EMA) before entering, with the same upside targets but improved risk management.

Breakout Play: Enter on a confirmed break above $96,846 with volume, targeting $100,000+ levels while using $94,000 as a stop-loss.

Position sizing should remain conservative given the mixed signals, with risk management paramount in current market conditions.

BTC Price Prediction Conclusion
This BTC price prediction maintains a cautiously bullish outlook with specific targets of $98,000-$102,000 by December 31, 2025. The combination of bullish MACD histogram readings, neutral RSI, and strong institutional demand supports this Bitcoin forecast with medium confidence.

Key indicators to monitor for confirmation include a decisive break above $96,846 resistance with strong volume and RSI pushing above 55. For invalidation, watch for any break below the critical $89,000 level, which would bring the bearish targets into focus.

The timeline for this prediction centers on the next 3-4 weeks, with year-end positioning likely to drive the ultimate direction. Whether you buy or sell BTC should depend on your risk tolerance and ability to weather potential 10-15% swings in either direction as Bitcoin navigates these critical technical levels.

Image source: Shutterstock

btc price analysis
btc price prediction

Dogecoin price hovered near a key level as fresh regulatory and institutional updates shape a tightening market structure ahead of a decisive breakout.

Summary

DOGE price action has compressed into a narrowing symmetrical triangle, showing a market waiting for a clear catalyst.
New ETF developments and Vanguard opening crypto ETF access briefly lifted momentum and boosted trading inflows.
Key levels now sit at $0.150–$0.145 for support and $0.165 overhead, with a breakout above the trendline targeting $0.18–$0.20.

Dogecoin was trading at $0.1507 at press time, up 0.5% in the past 24 hours. The weekly range now sits between $0.1326 and $0.1544, leaving the token down 2.6% over the last seven days and 11% across the past month.

Daily trading activity has cooled, with volumes slipping to $1.48 billion, an 8.7% drop from the previous day. Derivatives data paints the same picture.

Total Dogecoin (DOGE) futures volume slid 8.73% to $3.35 billion, and open interest dipped 0.80% to $1.48 billion. This mix normally shows a market that is taking a breather rather than entering a panic phase.

Key catalysts that could shape Dogecoin price
The recent approval wave for DOGE-related exchange-traded funds has turned the asset into a potential mainstream product. The 2x leveraged Dogecoin ETF (TXXD) from 21Shares began trading in late November, followed by Grayscale’s Dogecoin ETF (GDOG) debut on the NYSE.

Bitwise is waiting for early 2026 approval, and 21Shares filed a fresh amendment on Dec. 2 revealing the fee structure for its upcoming spot Dogecoin ETF.

Momentum picked up briefly on Dec. 1 after Vanguard opened access to crypto ETFs to more than 50 million clients, making this one of the largest traditional-finance onramps for Dogecoin. Early ETF flows show slow but steady accumulation, similar to DOGE’s August setup.

Adoption headlines outside finance also played a role. Buenos Aires approved DOGE tax payments on Nov. 29, making it the first major city to do so.

On the technical side, DogeOS introduced zero-knowledge proof support, and a GitHub proposal suggested cutting block rewards from 10,000 to 1,000 DOGE. If implemented, this would lower annual inflation to about 0.33% and give the asset a more disciplined supply profile.

Dogecoin price technical analysis
Dogecoin’s chart shows a classic symmetrical triangle, built from lower highs and higher lows that now converge into a narrow apex. The market has become less volatile, which is normal as a triangle matures. Both sides are in a standoff while waiting for a catalyst, as shown by volume continuing to drop in a steady line.

Dogecoin daily chart. Credit: crypto.news
The relative strength index has been in the low 40s to mid-50s, indicating that there isn’t much of a market tilt either way. If it climbs above 50, that would point to buyers gaining more influence. A decline toward 40 would suggest that there is more pressure to sell.

Bearish momentum appears to be diminishing, indicated by the MACD leveling out and beginning to shift slightly into positive territory. Higher lows indicate buyers are defending the trendline, while lower highs show sellers still guarding resistance.

DOGE now sits in a decisive zone. If price breaks above the descending trendline with stronger volume and RSI above 50, the market could aim for the $0.18–$0.20 zone. A breakdown below the rising trendline would expose $0.135 and raise the risk of revisiting $0.12.

Singularity Compute has launched the first phase of its enterprise-grade Nvidia GPU cluster in Sweden, a deployment that provides flexible GPU computing for enterprises, institutions, and ASI Alliance partners.

Ethereum prices have climbed steadily over the past couple of days, more so following the successful deployment of the Fusaka upgrade.

Strong accumulation from “shark wallets” holding 1,000 to 10,000 ETH has pushed the asset’s price up to $3,230, reported Santiment on Thursday. This is the highest that Ether has traded for since mid-November, almost three weeks ago.

These wallets have been “key alpha” for the asset’s price throughout 2025, Santiment added. Additionally, network growth just hit 190,000 new wallets in one day.

🦈📈 Ethereum has climbed back to $3,215 on strong accumulation from shark wallets holding 1K-10K $ETH. These wallets have been key alpha for the #2 coin’s price throughout 2025. Additionally, ETH’s network growth just hit 190K new wallets in one day.

🔗 https://t.co/QsvXwulg76 pic.twitter.com/NTR1tnvUtR

— Santiment (@santimentfeed) December 3, 2025

Ethereum Upgrade Successful
The move follows the successful deployment of the Fusaka upgrade on Wednesday.

“Fusaka went well, and L2s posting blobs without missing a beat,” said Ethereum developer Terence Tsao. “Credit to all the teams. L1 and L2s are running as one well-oiled machine that moves forward together,” he added.

Fusaka is a key step on Ethereum’s layer-1+rollup roadmap with higher L1 performance, expanded blob capacity, lower rollup costs, and UX improvements.

“Two major Ethereum upgrades this year is a huge win,” said Ryan Sean Adams from Bankless, who added, “I haven’t seen builder momentum this strong since the Merge in 2022.”

Ethereum also achieved a record daily gas usage of over 200 billion units on Dec. 3, coinciding with the Fusaka upgrade’s activation, observed Sam Altcoin.

Analyst Ted Pillows noted that the ETH/BTC ratio was trying to reclaim the 50-week exponential moving average again. “If that happens, ETH and altcoins could see upward momentum,” he said.

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Meanwhile, Tom Lee is “DCAing ETH,” reported Arkham Intelligence on Thursday. It observed another $150 million BitMine purchase on Wednesday, stating “Two fresh wallets just withdrew $92 million of ETH from Kraken, and $58 million from Bitgo, matching prior BitMine purchase patterns.”

BitMine has already bought the dip twice earlier this week and now holds at least 3.73 million ETH worth almost $12 billion.

TOM LEE JUST BOUGHT $150M ETH

Two fresh wallets just withdrew $92M of ETH from Kraken, and $58M from Bitgo, matching prior Bitmine purchase patterns.

Tom Lee is DCAing ETH. pic.twitter.com/uZxEnhVvzi

— Arkham (@arkham) December 3, 2025

ETH Price Outlook
Ether prices hit a three-week high of $3,230 during early trading in Asia on Thursday, but it could not hold above it and dipped slightly to $3,200 at the time of writing.

The asset has recovered 16% since its dip to $2,740 earlier this week during the latest leverage flush. Comparatively, Bitcoin has only recovered 10% from its Tuesday low to $83,500.

Nevertheless, Ether remains down 35% from its all-time high and is also 4.5% in the red year-to-date.

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Crypto Journalist

Amin Ayan

Crypto Journalist

Amin Ayan

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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Last updated: 

December 4, 2025

A critical hardware flaw has been discovered in a smartphone chip used by the Solana Seeker and other devices, potentially exposing crypto holders to complete device takeover and private key theft, according to a new report from Ledger.

Key Takeaways:

Ledger found an unfixable flaw in the MediaTek Dimensity 7300 chip that can lead to full device takeover and private key theft.
The attack targets the phone’s boot process, allowing hackers with physical access to bypass security controls in minutes.
No software update can fix the issue, as the vulnerability is built into the chip’s hardware.

In findings published Wednesday, researchers at the hardware wallet maker said they successfully compromised the MediaTek Dimensity 7300, bypassing built-in protections and gaining what they described as “full and absolute control” of an affected handset.

The vulnerability, they warned, allows attackers with physical access to extract sensitive data, including cryptographic keys used to secure digital assets.

Solana Seeker Chip Exposed by Boot-Phase Attack, Ledger FindsThe chip powers a range of smartphones, including the crypto-centric Solana Seeker, which markets itself as a mobile gateway for decentralized applications.

Ledger security engineers Charles Christen and Léo Benito said the exploit hinges on electromagnetic fault injection during the chip’s earliest boot phase.

By carefully disrupting that process, the team was able to circumvent memory protections and overwrite security controls inside the system-on-chip.

“The result is total compromise,” the researchers said, adding that once the attack is successful, there is no technical barrier left to prevent access to data stored on the device.

Most importantly for crypto users, the vulnerability cannot be resolved through updates or software patches.

The weakness is embedded in the silicon itself, making it permanent for all devices built on the affected chipset. “Users remain exposed even after disclosure,” the researchers wrote.

The Seeker is just a collection of different bugs 😭

I can't connect my Seeker Vault with most apps, the Seeker Vault loses my private key every other week and it won't recognize my device activities for the SKR airdrop.

— CryptoParsel (@derparsel) December 3, 2025
While the chance of success in a single attempt is relatively low, estimated between 0.1% and 1%, the attack can be executed repeatedly in quick succession.

Ledger estimates that with enough attempts, compromise can occur in a matter of minutes.

MediaTek told Ledger the issue lies outside the design scope of the Dimensity 7300.

In a statement, the company said the chip was developed for consumer smartphones, not for environments requiring secure enclaves comparable to financial infrastructure or hardware security modules.

“For products handling sensitive cryptographic material, manufacturers should implement specific protections against physical attacks,” MediaTek said.

Ledger disclosed the flaw to MediaTek in early May after beginning tests in February. The chipmaker subsequently notified device vendors believed to be affected.

Solana Mobile to Launch SKR Governance Token in 2026Solana Mobile plans to launch SKR, a native token tied to its Seeker phone, at the start of 2026, positioning it as the governance token for its mobile ecosystem.

SKR Tokenomics

The total SKR supply is 10 billion SKR.

SKR distribution:
– 30% Airdrops
– 25% Growth + Partnerships
– 10% Liquidity + Launch
– 10% Community Treasury
– 15% Solana Mobile
– 10% Solana Labs pic.twitter.com/pluKRzTDVZ

— Seeker | Solana Mobile (@solanamobile) December 3, 2025
The token will have a total supply of 10 billion, with 30% earmarked for airdrops and 25% set aside for growth and partnerships.

The remaining allocation includes 10% for liquidity, 10% for a community treasury, 15% for Solana Mobile, and 10% for Solana Labs.

The company says SKR is meant to give Seeker owners “actual ownership in the platform” and will feature linear inflation to reward early stakers.

More details are expected to be revealed at Solana Breakpoint Conference from Dec. 11–13.

Follow us on Google News

He also praised the Ripple team for removing XRP scam videos from YouTube.

With the end-of-the-year holidays just around the corner, Brad Garlinghouse warned people to be extremely careful when dealing with suspicious online activity, as scammers tend to ramp up their efforts during this time, hoping that victims stay quiet.

He has issued several similar warnings in the past few months, due to the growing number of scams focused on Ripple’s native token.

Stay Vigilant
Garlinghouse praised a website called Scamberrypie, which provides more details for people on how to protect themselves against online scams. He also noted that his company had partnered with other big names in the industry, such as Match Group, Cash App, National Cryptocurrency Association, and Coinbase, to spread the word.

This Christmas, stay vigilant! Check out https://t.co/FxEyQnzgaB for more info on how to protect yourself and your loved ones from online scams. Proud to partner with Match Group, Cash App, National Cryptocurrency Association and Coinbase on this campaign.

Also a big shout out… https://t.co/pUqNSgjEwk

— Brad Garlinghouse (@bgarlinghouse) December 2, 2025

The website states that 57% of adults experienced at least one attempted scam in 2025, while 23% had money stolen by bad actors. 20% of those who were duped did not report it anywhere, and the estimated total of funds stolen by fraudsters has neared $450 billion.

Some of the biggest red flags for online scams include time pressure, flattery, “can’t-miss” investment claims, and irreversible payments.

XRP YouTube Videos
Garlinghouse has been quite vocal on the issue for the past several months, especially since his company’s native token exploded in value and popularity after last year’s presidential elections. He has alerted the community multiple times to the growing number of fake online videos, mostly on YouTube, urging victims to send a certain amount of XRP to a dedicated address, promising they will receive twice that amount.

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Naturally, if it sounds too good to be true, it most likely is. He doubled down in November, indicating that bad actors had returned with fake Ripple or XRP livestreams, giveaways, and deepfake videos. He emphasized that the Ripple team will never ask users to transfer their assets, share wallet data, or join investment streams.

Additionally, he noted that people should double- and even triple-check the sources of these suspicious videos before even considering opening them.

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TLDR

Table of Contents

TLDRAdams Slams Citadel’s Approach to DeFi RegulationCitadel’s Argument on Tokenized Markets and DeFiDeFi Developers and Market Makers Could Face Regulatory Challenges

Uniswap’s founder Hayden Adams criticized Citadel for pushing the SEC to regulate DeFi like traditional exchanges.
Adams accused Citadel of trying to control DeFi and undermine its decentralized principles.
Citadel argues that DeFi protocols should follow the same rules as traditional financial systems.
The firm believes that many DeFi actors, including developers and validators, should be treated as financial intermediaries.
DeFi advocates warn that applying traditional rules could hinder innovation and the open nature of platforms like Uniswap.

Uniswap founder Hayden Adams has criticized Citadel Securities after the market maker urged the US SEC to regulate decentralized finance (DeFi) protocols like traditional exchanges. Citadel called for tokenized markets to follow the same rules as conventional financial institutions. Adams responded by accusing Citadel of trying to control DeFi, which he says would harm the decentralized nature of these platforms.

Adams Slams Citadel’s Approach to DeFi Regulation
In a post on X, Hayden Adams called out Citadel’s influence on the SEC’s stance toward DeFi. He linked the firm’s recent actions to a past clash with the Constitution DAO. “First Ken Griffin screwed over Constitution DAO,” Adams tweeted, referencing Citadel’s founder. He then added,

“Now he’s coming for DeFi, asking the SEC to treat software developers of decentralized protocols like centralized intermediaries.”

Adams accused Citadel of lobbying behind closed doors for years to push its agenda. He specifically ridiculed Citadel’s claim that DeFi lacks fair access to markets. “The actual nerve for one of their arguments to be that there is no way for DeFi protocols to provide ‘fair access’,” he said, pointing out Citadel’s hypocrisy.

Citadel’s Argument on Tokenized Markets and DeFi
Citadel’s filing to the SEC outlines concerns over the rise of decentralized systems. The firm claims these systems coordinate buyers and sellers similarly to traditional exchanges. According to Citadel, this makes DeFi protocols functionally similar to regulated financial intermediaries.

Citadel further argues that activities in DeFi should not be treated differently due to their blockchain-based nature. The company insists that regulators should apply a neutral approach to technology. In its view, the same rules should govern any system that performs the same function, regardless of whether it’s on a blockchain or a centralized exchange.

DeFi Developers and Market Makers Could Face Regulatory Challenges
In its filing, Citadel highlighted the wide range of players in the DeFi ecosystem. From trading interfaces and smart contract developers to validators and liquidity providers, Citadel sees many of these entities as de facto financial intermediaries. The firm believes that these actors often take transaction-based fees or influence order routing.

As a result, Citadel believes they should be subject to the same regulatory requirements as traditional brokers. This includes potential registration, capital rules, and best execution duties. Such changes could create challenges for the decentralized nature of platforms like Uniswap, which rely on open-source code and peer-to-peer technology.

Despite these concerns, Adams and other DeFi advocates argue that such regulatory pressures could stifle innovation. They worry that the imposition of traditional rules would harm the flexibility and permissionless innovation that has defined the success of decentralized platforms like Uniswap. As this regulatory debate unfolds, the future of DeFi’s relationship with traditional financial systems remains uncertain.

8h15 ▪
4
min read ▪ by
Luc Jose A.

Summarize this article with:

Bitcoin is changing dimension. For the first time since its creation, it is establishing itself as a pillar of institutional allocation. According to a joint analysis by Glassnode and Fanara Digital, $732 billion of new capital has been injected since the 2022 low, an absolute record surpassing all previous cycles combined. This massive flow does not reflect mere temporary euphoria but signals a structural market shift. Bitcoin is no longer merely speculative; it becomes a strategic asset in institutional portfolios.

In Brief

Bitcoin recorded a record inflow of $732 billion since the 2022 low, surpassing all previous cycles.
This massive capital injection marks a growing institutionalization of the crypto market.
The realized cap reached a historic peak of $1.1 trillion, reflecting the depth of investments.
The current evolution could make Bitcoin a strategic asset within long-term professional portfolios.

A Record Capital Inflow Towards Bitcoin
Bitcoin has just crossed a historic milestone in terms of capital inflows. According to a report published by Glassnode and Fanara Digital, $732 billion of new capital has been injected into the Bitcoin network since the 2022 bear cycle. This amount surpasses all previous cycles combined, highlighting the depth of the ongoing transformation.

“The 2022–2025 cycle alone has attracted more capital than all previous cycles combined“, the report states. This growth has driven the realized cap, which measures the total amount actually invested in circulating BTC, to $1.1 trillion, a level never before reached in the asset’s history.

Here are the key points to remember from this bullish phase driven by institutional flows :

+$732 billion of capital injected since 2022, an absolute record in Bitcoin’s history ;
The realized cap at $1.1 trillion, versus a floor price of $16,000 in 2022, then a peak at $126,000 last October (a +690 % increase) ;
The current cycle surpasses all previous ones in terms of inflow magnitude, according to the report’s authors ;
Growth largely driven by institutional adoption through regulated investment products, notably ETFs ;
The market is evolving toward a more robust structure, incorporating longer flows, less reactive to short-term movements.

This shift marks a fundamental change. Bitcoin is no longer driven solely by speculative or community dynamics but by structured flow mechanisms where strategic allocation logic prevails.

The massive entry of capital through institutional channels not only feeds the price but deeply alters the market’s implicit governance and risk profile.

Towards a More Stable Bitcoin Market
Alongside these unprecedented capital flows, another major transformation is emerging : the structural volatility of Bitcoin.

According to the report, BTC’s annualized volatility dropped from 84.4 % at the peak of the 2021 bull run to 43% by the end of this year. “This volatility compression reveals Bitcoin’s transition toward a more institutionally anchored asset“, the document specifies.

Such a trend toward stabilization is unusual for a market historically subject to strong cyclical amplitudes. It signals a rise in liquidity and market depth, two elements closely linked to growing institutional participation through ETFs and corporate treasuries.

The presence of 1.36 million BTC under management in spot ETFs, about 6.9 % of the circulating supply, valued at an estimated $168 billion, attests to this new reality. The report emphasizes the exceptional demand for these products since their launch.

This volume held within regulated structures contributes both to reducing floating stocks on the market and to better resilience during correction phases. The analysis notes that this situation “contradicts usual bear market scenarios, often marked by increased volatility and shrinking liquidity“.

There is no indication yet whether this dynamic will be sustained long term, but it is already reshaping the market’s contours. More than a cyclical indicator, the Bitcoin price becomes a reflection of a strategic capital repositioning, a discreet mutation with lasting consequences for the crypto ecosystem and its balances.

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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.

Bitcoin’s 30-day implied volatility index (BVIV) has fallen sharply to 48, breaking below a long-standing bullish trendline dating back to September. This move signals a clear reduction in market panic and suggests that BTC may continue to experience volatility compression in the near term. At the same time, renewed weakness in the US dollar index is adding bullish tailwinds, historically supporting higher bitcoin prices. Since November, the spot-volatility correlation has remained mostly negative, reinforcing the inverse relationship between BTC price action and volatility trends.

BTC has reclaimed the Friday high of $93,104 as support, pushing firmly into bullish territory above the Ichimoku cloud on the hourly chart. Traders are now watching for a bullish MACD histogram crossover that could trigger the next major upward impulse. The primary upside target remains the $98,000 to $100,000 zone, a confluence of psychological resistance and a descending trendline. However, a drop back below the Ichimoku cloud would challenge the bullish structure and indicate fading momentum.

XRP is holding steady near $2.20 after recently moving above the Ichimoku cloud, forming a solid base for a potential breakout higher. Although the hourly MACD has rolled into a bearish crossover, the lack of significant price decline highlights underlying strength. Resistance remains at $2.28 and $2.30 as buyers look for confirmation of renewed momentum.

Ether continues to build on its bullish reversal after a bear trap, reflected in two strong daily candles with minimal wicks—clear evidence of buyer control. With the daily MACD histogram turning positive, ETH appears positioned to target the October 10 low around $3,510. Short-term consolidation is possible, especially if price retests former resistance turned support at $3,100 while the hourly MACD hints at a temporary slowdown.

Solana is nearing a breakout from its consolidation range, hovering close to resistance at $144.74. A decisive breakout could open the path toward $165 based on measured move projections. Still, the hourly MACD suggests a potential pullback or extended sideways action before momentum fully shifts upward.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Binance founder Changpeng “CZ” Zhao has introduced the crypto community to a new BNB Chain prediction market powered by Predict.fun, a platform built by a former Binance employee. The project allows users to place bets on real-world and crypto-related events while simultaneously earning yield on idle funds, a feature increasingly seen as essential in the evolving prediction market landscape.

Traditional forecasting platforms typically require traders to lock capital for long periods without generating returns. Predict.fun aims to solve this inefficiency by enabling users to maintain exposure to yield opportunities while their positions remain open. This mirrors industry trends seen on platforms like Polymarket and Kalshi, which have begun integrating staking rewards, treasury incentives, and engagement systems to offset the opportunity cost of long-duration markets.

Predict.fun is still in its early stages, currently featuring two active markets with a combined volume of roughly $300,000. The platform reports over 12,000 users and nearly 300,000 total bets, yet it remains far smaller than established competitors. Polymarket has surpassed $3 billion in total trading volume, while Kalshi has reached about $587 million. Even smaller players such as Limitless have recorded more than $10 million, highlighting the liquidity challenges new entrants face. Many emerging platforms experience temporary spikes driven by reward programs but often struggle to maintain user engagement once incentives end.

One advantage Predict.fun may leverage is its integration with BNB Chain, which leads all blockchains in active users and has seen its active addresses almost double over the past year. With Token Terminal estimating a 25% market share for BNB Chain, the ecosystem offers a sizable audience. However, a significant gap in BNB Chain’s stablecoin liquidity—visible in DefiLlama data—could limit Predict.fun’s growth potential in the near term.

The key test ahead is whether Predict.fun can build sustained volume and challenge smaller competitors like Limitless. While BNB Chain’s large user base offers a strong foundation, success in prediction markets ultimately depends on liquidity, user retention, and consistent market activity—areas where established platforms continue to hold a considerable edge.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Oil prices aren't the only factor impacting ConocoPhillips' stock returns.

ConocoPhillips (COP +2.82%) is one of the country's largest oil and gas producers. It has one of the largest and most diversified portfolios in the industry, with operations spanning the globe and encompassing a wide range of production techniques.

Here's a look at how the oil stock has performed compared to the S&P 500 over the last five years.

Image source: Getty Images.

Drilling down into ConocoPhillips' five-year returns
The following table shows the performance of ConocoPhillips' stock price and its total return over the past one-, three-, and five-year periods compared to the S&P 500:

One-year

Three-year

Five-year

ConocoPhillips

-13.7%

-25%

129.2%

ConocoPhillips (total return with reinvested dividends)

-11.6%

-17.6%

173.4%

S&P 500

13.3%

68.3%

86.7%

Data source: Ycharts.

On the one hand, the oil company has badly trailed the market over the past one- and three-year periods, even when adding in its attractive dividend (3.5% current yield). However, it has crushed the S&P 500 over the last five years, even more so when adding in reinvested dividends.

Oil prices have had a meaningful impact on its returns. Brent oil, the global benchmark price, is down 14% over the past year and more than 25% during the last three years, essentially matching the decline in the company's stock price. The price of crude oil has performed much better over the last five years, rallying nearly 33%.

Today's Change

(

2.82

%) $

2.52

Current Price

$

91.81

Oil isn't the only story here
The price of crude oil can clearly impact ConocoPhillips' stock price. However, it's not the only factor fueling its monster outperformance over the last five years. ConocoPhillips has spent that period building a better oil company.

The oil giant has closed a series of strategic acquisitions over the past few years, increasing its scale in several low-cost operating areas. In late 2020, it agreed to acquire Concho Resources in an all-stock deal valued at $9.7 billion. It followed that up the following year by purchasing Shell's position in the prolific Delaware basin for $9.5 billion in cash. In 2023, ConocoPhillips bought out its joint venture partner's 50% interest in the Surmont Canadian oil sands facility for $2.7 billion. Finally, last year, the company acquired Marathon Oil in a $22.5 billion deal.

The oil company capitalized on lower crude prices coming out of the pandemic to add a massive amount of low-cost oil and gas resources. It has continued to bolster its low-cost operations over the past couple of years. These moves have positioned ConocoPhillips to generate more free cash flow at lower oil prices, enabling it to pay a growing dividend and repurchase shares.

Oil prices are only part of the equation
Crude prices can clearly have a meaningful impact on an oil company's stock price in the near term. However, over the long term, what matters even more are the moves it makes to grow shareholder value. In ConocoPhillips' case, it has made several deals that have meaningfully improved its portfolio, putting it in a better position to produce more cash at lower oil prices. That should allow it to create more value for investors in the future.

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

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

December 04, 2025 00:41 ET

 | Source:

Check Point Software Technologies Ltd

TEL AVIV, Israel, Dec. 03, 2025 (GLOBE NEWSWIRE) -- Check Point Software Technologies Ltd. (Nasdaq: CHKP), a pioneer and global leader of cyber security solutions, today announced the pricing of $1.75 billion aggregate principal amount of 0.00% Convertible Senior Notes due 2030 (the “Notes”) in a private offering (the “Offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The aggregate principal amount of the offering was increased from the previously announced offering size of $1.5 billion. In connection with the Offering, Check Point has granted the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period beginning on, and including, the date on which the Notes are first issued, up to an additional $250 million aggregate principal amount of the Notes. The sale of the Notes to the initial purchasers is expected to settle on December 8, 2025, subject to customary closing conditions.

When issued, the Notes will be senior unsecured obligations of Check Point. The Notes will not bear regular interest, and the principal amount will not accrete. The Notes will mature on December 15, 2030, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date.

Check Point may redeem for cash (1) all of the Notes at any time on or prior to the 30th scheduled trading day immediately preceding the maturity date if certain tax-related events occur and (2) all or any portion (subject to certain limitations) of the Notes, at any time, and from time to time, on or after December 20, 2028, and on or before the 30th scheduled trading day immediately before the maturity date, at its option at any time and from time to time, if (i) the notes are freely tradable and (ii) the last reported sale price per share of Check Point’s ordinary shares has been at least 130% of the conversion price for a specified period of time and certain other conditions are satisfied. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus any accrued and unpaid special interest, if any, to, but excluding, the redemption date.

If the last reported sale price of Check Point’s ordinary shares on the trading day immediately preceding the business day immediately preceding December 15, 2028 is less than 110% of the conversion price, holders may require Check Point to repurchase the Notes for cash on December 15, 2028 at a purchase price equal to the principal amount thereof plus accrued and unpaid special interest, if any. In addition, holders of the Notes will have the right to require Check Point to repurchase all or a portion of their Notes upon the occurrence of a fundamental change (as defined in the indenture governing the Notes) at a cash purchase price of 100% of their principal amount plus any accrued and unpaid special interest, if any, to, but excluding, the fundamental change repurchase date. In connection with certain corporate events or following Check Point’s delivery of a notice of redemption, Check Point will, under certain circumstances, temporarily increase the conversion rate for holders who elect to convert their Notes in connection with such corporate event or notice of redemption, as the case may be.

The Notes will be convertible based on an initial conversion rate of 4.1042 ordinary shares per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $243.65 per share, which represents a conversion premium of approximately 27.5% to the last reported sale price of ordinary shares on The Nasdaq Global Select Market on December 3, 2025). Prior to the close of business on the business day immediately preceding September 16, 2030, the Notes will be convertible at the option of holders of the Notes only upon the satisfaction of specified conditions and during certain periods. On or after September 16, 2030, until the close of business on the second scheduled trading day preceding the maturity date, the Notes will be convertible at the option of holders of Notes at any time regardless of these conditions. Upon conversion, Check Point will pay cash up to the aggregate principal amount of the Notes to be converted and pay or deliver, as the case may be, cash, ordinary shares or a combination of cash and ordinary shares, at Check Point’s election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of Notes being converted.

Check Point estimates that the net proceeds from the Offering will be approximately $1.72 billion (or $1.97 billion if the initial purchasers exercise their option to purchase additional Notes in full), after deducting fees and estimated offering expenses payable by Check Point. Check Point intends to use (1) $168.0 million of the net proceeds from the Offering to pay the costs of the capped call transactions described below, and (2) approximately $225.0 million of the net proceeds from the Offering to repurchase approximately 1.18 million ordinary shares pursuant to Check Point’s existing share repurchase program. If the initial purchasers exercise their option to purchase additional Notes, Check Point expects to use a portion of the net proceeds from the sale of the additional Notes to enter into additional capped call transactions with the Option Counterparties (as defined below). Check Point intends to use the remainder of the net proceeds from the Offering for general corporate purposes, which may include additional share repurchases, potential mergers and acquisitions, business development, and the development of new products and technologies. However, Check Point has not entered into any agreements for or otherwise committed to any specific acquisitions at this time.

In connection with the pricing of the Notes, Check Point entered into privately negotiated capped call transactions with certain of the initial purchasers of the Offering and/or their respective affiliates and/or other financial institutions (the “Option Counterparties”). The capped call transactions are expected to cover, subject to customary anti-dilution adjustments substantially similar to those applicable to the Notes, the number of ordinary shares that will initially underlie the Notes. If the initial purchasers exercise their option to purchase additional Notes, then Check Point expects to enter into additional capped call transactions with the Option Counterparties. The capped call transactions are expected generally to reduce the potential dilution to the ordinary shares upon any conversion of Notes and/or to offset any cash payments Check Point is required to make in excess of the principal amount of the converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions will initially be approximately $334.43 per share, which represents a premium of approximately 75% over the last reported sale price of the ordinary shares of $191.10 per share on December 3, 2025, and is subject to certain adjustments under the terms of the capped call transactions.

Check Point has been advised that, in connection with establishing their initial hedges of the capped call transactions, the Option Counterparties or their respective affiliates expect to enter into various derivative transactions with respect to the ordinary shares concurrently with or shortly after the pricing of the Notes. This activity could have the effect of increasing (or reducing the size of any decrease in) the market price of the ordinary shares or the Notes at that time. In addition, Check Point has been advised that the Option Counterparties or their respective affiliates may modify or unwind their hedge positions by entering into or unwinding various derivatives with respect to the ordinary shares and/or by purchasing or selling ordinary shares or other securities of Check Point in secondary market transactions from time to time prior to the maturity of the Notes (and are likely to do so following any early conversion, repurchase or redemption of the Notes to the extent Check Point unwinds a corresponding portion of the capped call transactions, or if it otherwise unwinds all or a portion of the capped call transactions, and during the final observation period for the conversion of the Notes). This activity could also cause or prevent an increase or a decrease in the market price of Check Point’s ordinary shares or the Notes, which could affect the ability of holders of Notes to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of the Notes, it could affect the number of ordinary shares, if any, and value of the consideration that holders of Notes will receive upon conversion of the Notes. Additionally, any concurrent repurchases of ordinary shares described above may result in the ordinary shares trading at prices that are higher than would be the case in the absence of such repurchases, which may result in a higher initial conversion price for the Notes.

The Notes were offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the Notes and the ordinary shares potentially issuable upon conversion of the Notes, if any, have not been, and will not be, registered under the Securities Act, any state securities laws or the securities laws of any other jurisdiction, and unless so registered, the Notes and such ordinary shares of Check Point, if any, may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the Notes (or any ordinary shares of Check Point issuable upon conversion of the Notes) in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

INVESTOR CONTACT:
Kip E. Meintzer
Check Point Software
+1.650.628.2040
[email protected] CONTACT:
Gil Messing
Check Point Software
+1.650.628.2260
[email protected]  

Ad Hoc Announcement Pursuant to Art. 53 LR Geneva, Switzerland, December 4, 2025 - Addex Therapeutics (SIX and Nasdaq: ADXN), a clinical-stage biopharmaceutical company focused on developing a portfolio of novel small molecule allosteric modulators for neurological disorders, today reported its financial results for the three-month and nine-month periods ended September 30, 2025, and provided a corporate update.

December 04, 2025 01:00 ET

 | Source:

SEALSQ

Geneva, Switzerland, Dec. 04, 2025 (GLOBE NEWSWIRE) --

SEALSQ Corp (NASDAQ: LAES) ("SEALSQ" or "Company"), a company that focuses on developing and selling Semiconductors, PKI, and Post-Quantum technology hardware and software products, today announced a strategic investment in EeroQ, a U.S.-based quantum chip design company pioneering a breakthrough approach to building a quantum computer using electrons on helium (eHe). This investment aligns with SEALSQ’s Quantum Made in USA strategy and reinforces its commitment to strengthening the United States and Europe’s leadership in quantum-resistant technologies and future quantum computing platforms.

Earlier this year, SEALSQ launched the SEALQUANTUM.com investment, which aims on investing up to $35 million in startups engaged in quantum computing. Two investments have been finalized, including a partnership with ColibriTD for quantum-as-a-service solutions and the acquisition of the French ASIC design firm IC’ALPS. This new investment in EeroQ is the first that the Company is making in the USA as part of its “Quantum Made in USA” strategy.

EeroQ: Breakthrough Quantum Chip Technology Aligned with SEALSQ’s Roadmap
Founded in 2017, EeroQ aims to build a large-scale quantum computer based on single electrons trapped on superfluid helium, a technology originally proposed in the late 1990s and now made feasible thanks to major advances in materials science, microfabrication, and cryogenic engineering.

EeroQ’s design offers several key advantages that align with SEALSQ’s long-term strategic priorities:

Ultra-compact form factor: Unlike other QC architectures requiring datacenter-scale cryogenic infrastructure, EeroQ’s qubits — based on the smallest particle in nature — enable the design of quantum processors as small as a thumbnail.CMOS-compatible fabrication: EeroQ’s platform is designed to be manufactured using standard semiconductor processes, directly compatible with SEALSQ’s secure semiconductor personalization and OSAT capabilities.High-quality qubit potential: Single-electron qubits provide promising metrics in: coherence time,all-to-all connectivity, andmobility of qubits, enabling novel architectures. This positions EeroQ as one of the most scalable approaches to quantum computing currently under development.

Strategic Alignment with SEALSQ’s “Quantum Made in USA” Vision
SEALSQ’s investment strengthens its strategy to build an integrated post-quantum and quantum-era semiconductor ecosystem, combining:

Post-quantum cryptographic chips (already commercialized)Quantum-resistant secure microcontrollersAdvanced personalization centers in the USA and UAEFuture quantum accelerator chips developed in strategic partnership EeroQ’s U.S.-based design and fabrication roadmap supports SEALSQ’s commitment to U.S.-sovereign and Europe-sovereign quantum technologies, a growing national security priority.

Carlos Moreira, Founder & CEO of SEALSQ, commented: “Our strategic investment in EeroQ is a key step in SEALSQ’s ‘Quantum Made in USA’ industrial strategy. EeroQ’s helium-based quantum architecture is one of the most promising scalable designs we have seen. By aligning their breakthrough chip technology with SEALSQ’s secure semiconductor expertise, we are helping accelerate the development of quantum systems that are sovereign, secure, and industrially viable.”

Nick Farina, co-founder and CEO of EeroQ, emphasizing capital-efficient scalability unmatched by other architectures, noted, “We designed EeroQ to scale using the mature CMOS fabrication ecosystem. Our devices are extremely compact with far fewer moving parts, allowing us to scale faster and more efficiently. SEALSQ’s strategic investment strengthens our mission to bring ethical, powerful, and scalable quantum computing to market. Despite a challenging macroeconomic environment, demand for strategic quantum technologies is rising rapidly due to both corporate needs and national security imperatives.”

Leadership, Ethics & USA Expansion
EeroQ recently appointed Princeton Professor Steve Lyon as CTO and completed a 9,600 sq ft quantum R&D facility in Chicago, contributing to the city’s growing position as a major quantum innovation hub..

EeroQ is also one of the industry’s leading voices on quantum ethics. Co-Founder Faye Wattleton, renowned for her work in governance and public policy, has led research initiatives on ethical frameworks for responsible quantum development since 2018, a perspective aligned with SEALSQ’s commitment to trustworthy technology ecosystems.

About EeroQ
EeroQ is a U.S.-based quantum computing company building a patented approach to a quantum computer (QC) using electrons on helium. Founded in 2017, EeroQ's unique approach to building a QC leverages today's existing chip fabrication technology (CMOS), allowing the company to scale rapidly using a fraction of the resources most companies require. EeroQ is also helping to create early ethical and policy guidelines to maximize the positive impact of QC. For more information, visit www.eeroq.com.

About SEALSQ:
SEALSQ is a leading innovator in Post-Quantum Technology hardware and software solutions. Our technology seamlessly integrates Semiconductors, PKI (Public Key Infrastructure), and Provisioning Services, with a strategic emphasis on developing state-of-the-art Quantum Resistant Cryptography and Semiconductors designed to address the urgent security challenges posed by quantum computing. As quantum computers advance, traditional cryptographic methods like RSA and Elliptic Curve Cryptography (ECC) are increasingly vulnerable.

SEALSQ is pioneering the development of Post-Quantum Semiconductors that provide robust, future-proof protection for sensitive data across a wide range of applications, including Multi-Factor Authentication tokens, Smart Energy, Medical and Healthcare Systems, Defense, IT Network Infrastructure, Automotive, and Industrial Automation and Control Systems. By embedding Post-Quantum Cryptography into our semiconductor solutions, SEALSQ ensures that organizations stay protected against quantum threats. Our products are engineered to safeguard critical systems, enhancing resilience and security across diverse industries.

For more information on our Post-Quantum Semiconductors and security solutions, please visit www.sealsq.com.

Forward-Looking Statements
This communication expressly or implicitly contains certain forward-looking statements concerning SEALSQ Corp and its businesses. Forward-looking statements include statements regarding our business strategy, financial performance, results of operations, market data, events or developments that we expect or anticipate will occur in the future, as well as any other statements which are not historical facts. Although we believe that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. These statements involve known and unknown risks and are based upon a number of assumptions and estimates which are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. Actual results may differ materially from those expressed or implied by such forward-looking statements. Important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking statements include SEALSQ's ability to continue beneficial transactions with material parties, including a limited number of significant customers; market demand and semiconductor industry conditions; and the risks discussed in SEALSQ's filings with the SEC. Risks and uncertainties are further described in reports filed by SEALSQ with the SEC.

SEALSQ Corp is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

SEALSQ Corp.
Carlos Moreira
Chairman & CEO
Tel: +41 22 594 3000
[email protected] Investor Relations (US)
The Equity Group Inc.
Lena Cati
Tel: +1 212 836-9611
[email protected]

, /PRNewswire/ -- MDU Resources Group, Inc. (NYSE: MDU) announced today that it has priced an underwritten public offering of 10,152,284 shares of its common stock at a public offering price of $19.70 per share. Subject to certain conditions, all shares are expected to be borrowed by the forward sellers, Wells Fargo Securities, BofA Securities, and J.P. Morgan (or their respective affiliates), from third parties and sold to the underwriters in the offering in connection with the forward sale agreements described below. In conjunction with the offering, MDU Resources has granted the underwriters an option to purchase up to 1,522,842 additional shares of its common stock. If such option is exercised, MDU Resources may, in its sole discretion, enter into additional forward sale agreements with the forward purchasers (or their respective affiliates) with respect to such additional shares.

Wells Fargo Securities, BofA Securities, and J.P. Morgan are acting as joint lead bookrunners of the offering and representatives for the underwriters. TD Securities is also acting as a bookrunner for the offering. The underwriters may offer the shares of common stock in transactions on the New York Stock Exchange, in the over-the-counter market, through negotiated transactions or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices. Closing of the offering is expected to occur on or about December 5, 2025, subject to customary closing conditions.

In connection with the offering, MDU Resources entered into separate forward sale agreements with each of Wells Fargo Bank, National Association, Bank of America, N.A., and JPMorgan Chase Bank, National Association, New York Branch, referred to in such capacity as the forward purchasers, pursuant to which MDU Resources agreed to sell to the forward purchasers or their respective affiliates 10,152,284 shares of common stock at an initial forward sale price per share equal to the price per share at which the underwriters purchase the shares in the offering, subject to certain adjustments, upon physical settlement of the forward sale agreements. Settlement of the forward sale agreements is expected to occur no later than 24 months following the completion of the offering. MDU Resources may, subject to certain conditions, elect cash settlement or net share settlement for all or a portion of its rights or obligations under the forward sale agreements.

MDU Resources will not initially receive any proceeds from the sale of shares of its common stock by the forward sellers (or their respective affiliates) to the underwriters. If MDU Resources elects physical settlement of the forward sale agreements, it expects to use any net proceeds for general corporate purposes, which may include repayment or refinancing of debt, capital expenditures, and acquisitions, including payment in 2026 for a 49% undivided ownership interest in the Badger Wind Farm project, as well as working capital, and repurchases or redemptions of securities.

This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make an offer, solicitation or sale in such jurisdiction. The public offering is being made pursuant to an effective shelf registration statement that has been filed with the U.S. Securities and Exchange Commission (the "SEC"). A final prospectus supplement related to the offering will be filed with the SEC and will be available on the SEC's website at sec.gov. In addition, copies of the prospectus and prospectus supplement relating to the shares of common stock offered in the offering may be obtained by contacting: Wells Fargo Securities, LLC, 90 South 7th Street, 5th Floor, Minneapolis, MN 55402, at 800-645-3751 (option #5) or email a request to [email protected]; BofA Securities, NC1-022-02-25, 201 North Tryon Street, Charlotte, NC 28255-0001, Attn: Prospectus Department or via email at [email protected]; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, via email at [email protected].

Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the federal securities laws, such as statements regarding the company's offering of common stock and the related forward transactions. Other than statements of historical facts, all statements which address activities, events, or developments that the company anticipates will or may occur in the future are based on underlying assumptions (many of which are based, in turn, upon further assumptions), including but not limited to, statements identified by the words "anticipates," "estimates," "expects," "intends," "plans," and "predicts," in each case related to such things as growth estimates, stockholder value creation, the Company's "CORE" strategy, capital expenditures, trends, objectives, goals, dividend payout ratio targets, strategies and other such matters, are forward-looking statements. These forward-looking statements are based on many assumptions and factors, which are detailed in the company's filings with the U.S. Securities and Exchange Commission.

While made in good faith, these forward-looking statements are based largely on the company's expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond the company's control. For additional discussion regarding risks and uncertainties that may affect forward-looking statements, see "Risk Factors" disclosed in the company's most recent Annual Report on Form 10-K, and subsequent filings. Any changes in such assumptions or factors could produce significantly different results. Undue reliance should not be placed on forward-looking statements, which speak only as of the date they are made. Except as required by applicable law, the company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events, or otherwise.

About MDU Resources Group, Inc.
MDU Resources Group Inc., a member of the S&P SmallCap 600 index, strives to deliver safe, reliable, affordable and environmentally responsible electric utility and natural gas distribution services to more than 1.2 million customers across the Pacific Northwest and Midwest. In addition to its utility operations, the company's pipeline business operates a more than 3,800-mile natural gas pipeline network and storage system, ensuring reliable energy delivery across the Northern Plains. With a legacy spanning over a century, MDU Resources remains focused on energizing lives for a better tomorrow. For more information about MDU Resources, visit www.mdu.com or contact the investor relations department at [email protected].

Investor Contact: Brent Miller, treasurer, 701-530-1730
Media Contact: Byron Pfordte, director of integrated communications, 208-377-6050

SOURCE MDU Resources Group, Inc.

Masimo Corporation (MASI) Analyst/Investor Day December 3, 2025 12:00 PM EST

Company Participants

Matthew Brinckman
Catherine Szyman - CEO & Director
Tim Benner - Chief Marketing & Strategy Officer
Daniel Cantillon - Chief Medical Officer
Micah Young - Chief Financial Officer

Conference Call Participants

Daniel Sessler
Frederick Wise - Stifel, Nicolaus & Company, Incorporated, Research Division
Christopher Pasquale - Nephron Research LLC
Matthew Taylor - Jefferies LLC, Research Division
Travis Steed - BofA Securities, Research Division
Marie Thibault - BTIG, LLC, Research Division
Michael Polark - Wolfe Research, LLC
Vikramjeet Chopra - Wells Fargo Securities, LLC, Research Division
Jayson Bedford - Raymond James & Associates, Inc., Research Division
Michael Matson - Needham & Company, LLC, Research Division

Presentation

Matthew Brinckman

All right. Good morning, everyone, and welcome to Masimo's 2025 Investor Day. I'm Matt Brinckman. I recently joined Masimo as Senior Vice President of FP&A and Investor Relations. I've been working very closely with the management team and Eli Kammerman, our VP of Investor Relations, who many of you know very well.

On behalf of the entire Masimo team, I'd like to thank you all for joining us, both here in Irvine and online. We've got an exciting program for you today. But before we get into that, I'll hit a couple of housekeeping items.

So first off, I'll start by reminding everyone that certain statements could involve risks and uncertainties that may cause results to differ materially. Additionally, certain non-GAAP measures will be used throughout the presentation to help investors understand Masimo's business performance. More details on these risks and measures are noted in our recent filings and in the investor presentation today.

Now moving on to the agenda. We're excited to showcase the dynamic lineup of presentations from our executive team. Today, we're going to focus on Masimo's strong foundation, our pathway for expanding Masimo's position as a leader in advanced monitoring, the company's

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

The analysis is provided exclusively for informational purposes and should not be considered professional investment advice. Before investing, please conduct personal in-depth research and utmost due diligence, as there are many risks associated with the trade, including capital loss.

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.

Chipotle is one of the greatest restaurant success stories of all time. But how has its stock been doing?

Fast-casual burrito chain Chipotle (CMG 0.57%) is so well known that it's easy to forget how young the company is. The stock has been publicly traded for fewer than 20 years.

Since its IPO in January 2006, Chipotle's shares have crushed the market with a nearly 3,000% return. But how has it done for more recent investors?

Image source: Getty Images.

One-year return: This isn't what I ordered
In spite of its long-term track record of success, Chipotle's stock has been downright cruel to investors over the past year, with shares down 44.5%, primarily from two big drops that occurred after the company's Q2 and Q3 earnings reports in July and October. Chipotle has been hit with rising food costs as same-store sales growth has been plateauing, and the company is projecting same-store sales will decline in Q4.

While many of the issues Chipotle is facing are hitting the restaurant industry as a whole, that's small consolation for investors, who have missed out on the broader market's 2025 gains. The S&P 500 is up 13.2% for the year, meaning Chipotle shareholders who bought the stock a year ago are losing to the market by 57.7 percentage points.

Three-year return: What goes up...
Essentially, Chipotle's terrible 2025 has erased all of the gains from the previous two years. While the share price is up 5.1% from three years ago, it has risen about 100% between December 2022 and June 2024. It was still up 80% from its December 2022 prices at the start of this year, highlighting just how bad the past year has been for Chipotle.

Even though investors from three years ago haven't lost money, they've missed out on the broader market's massive gains. The S&P 500 is up 67.5% over the past three years, meaning Chipotle investors are still trailing the market's three-year returns by 62.4 percentage points.

Is the picture still dismal for five-year investors?

Five-year return: ...still comes down
Things aren't quite as bad for investors who bought Chipotle stock in December 2020. Their shares have returned 29.3% over the last five years. That's still losing (badly) to the market's 86.5% return, but for much of that time -- between January 2023 and July 2025 -- their investment was outperforming the market:

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So, how far back would you have to have bought to be outperforming the market right now? Not too far, actually: about six and a half years. An investment in Chipotle from June 10, 2019, is currently beating the S&P 500, 137.1% to 136.6%. That said, Chipotle stock has been through rough patches before. Between Jan. 1, 2015, and Jan. 1, 2018, shares tumbled 57.8%, but investors who sold then would have missed out on the stock's nearly 500% gain since, which crushed the market's 155.4% return.

Chipotle's stock is an excellent example of how buy-and-hold investing rewards shareholders who hold onto their investments in quality companies over the long term.

John Bromels has positions in Chipotle Mexican Grill. The Motley Fool has positions in and recommends Chipotle Mexican Grill. The Motley Fool recommends the following options: short December 2025 $45 calls on Chipotle Mexican Grill. The Motley Fool has a disclosure policy.

MANCHESTER, Tenn. – Several US sawmills are struggling to stay open after industry leaders said years of trade uncertainty have drained export markets and tightened margins.

The Hardwood Federation estimates at least one sawmill is going out of business every week. Additionally, the National Hardwood Lumber Association (NHLA) reported that more than 4% of U.S. sawmills have been lost due to closures and consolidations. 

The equipment from those sawmills ends up in a growing pile of auction fliers on Johnny Evans' desk at the Evans Lumber Co. in Manchester, Tennessee. 

However, Evans is desperate to save his sawmill from being auctioned off due to ongoing trade talks. Evans shut his sawmill down the week of Thanksgiving because he wasn't getting enough lumber orders to keep it open. He used the week to make repairs to his equipment, which he said was great, but it doesn't pay the bills.

"It's deathly quiet around here," Evans said. "Usually we run, at least three days a week. That's not just here. It's a lot of our other customers. They've chosen not to receive lumber from us this week."

The Evans Lumber Company in Manchester, Tennessee shut down for a week as foreign customers stopped buying American hardwood in retaliation to President Trump's tariff policies.  (FOX Business  / Fox News)

Evans said a lot of this goes back to trade tensions that began in 2018, during the first Trump Administration. That's when some countries, like China, stopped buying American hardwood in retaliation to President Donald Trump's tariff policies. 

TARIFFS HAVE A SURPRISING EFFECT ON UNEMPLOYMENT AND INFLATION PATTERNS, FED ANALYSIS REVEALS

At the time, the Hardwood Federation reported American lumber was the second-most exported U.S. product to China. When China retaliated, the American lumber exporters lost roughly half their market share to competitors in places like Russia, Thailand and Malaysia. 

Evans said the current trade negotiations between the U.S. and China are intensifying pressure that began years ago. 

"The Vietnamese told us that if until America buys their product, they won't buy our product," Evans said. "Our sales are down, our lumber prices are down, but our expenses are twice as high as what they used to be."

The NHLA said retaliatory tariffs from other countries remain "volatile," creating a ripple effect that influences global hardwood flows by "tightening margins, shifting production hubs, and altering supply chain dynamics across Asia, Europe, and the Americas."

"During the 2017 trade dispute, the hardwood industry experienced significant difficulties, including a 20-25% export decline," Dallin Brooks, NHLA Executive Director, said. "Several companies were forced to shut down, and many others struggled to recover. This year is worse."

In September, President Trump placed a 10% tariff on lumber and a 25% tariff on furniture and cabinets. Two weeks later, more than 450 U.S. sawmills signed a letter penned by the Hardwood Federation, pleading with the U.S. Department of Agriculture and the White House for relief. The letter outlined the hardwood industry's desire for the Trump Administration to prioritize them during upcoming trade negotiations with China. 

"We were a victim of retaliation," Dana Lee Cole, Hardwood Federation Executive Director, said. "If enough of their products are getting tariffs coming in here and their markets are declining here, they're going to fight back."

The Hardwood Federations said American hardwood exporters lost half of their market share in China when countries retaliated against President Trump's first round of tariff policies in 2018. U.S. sawmills struggle to regain the markets they lost to p (FOX Business  / Fox News)

Many sawmills are facing another challenge as consumers turn to cheaper composite or synthetic wood look-alike products, often marketed as "luxury" alternatives.

"The two things have come together in a kind of perfect storm to really put a lot of stressors on the industry," Cole said. 

TRUMP'S RECORD TARIFF HAUL MEETS SUPREME COURT REVIEW AS WHITE HOUSE BRACES FOR RULING

Claire Getty said her family’s sawmill in Huntland, Tennessee, has struggled to compete with big-box stores that promote vinyl or plastic flooring as premium products.

"If you're going to go and look for a floor, say, at a big box store, you're going to find over 200 wood-looking options in a luxury vinyl plank, four to five in a solid hardwood product, Getty said. "I truly believe that people today, consumers today want wood, but it is not available."

Some U.S. sawmills struggle to compete with big box stores that advertise less expensive, lower quality wood look-a-likes as "luxury vinyl" products. (FOX Business  / Fox News)

Getty said the shift to ‘luxury’ wood alternatives has caused major losses that ripple from sawmills to tree farmers.

"We are an industry that's worth saving," Getty said. 

CLICK HERE TO GET FOX BUSINESS ON THE GO

Several sawmill owners are planning an annual trip to Washington D.C. early next year to ask their representatives and the Trump Administration directly for help.

The company is attempting to turn its fortunes around, but its current strategy feels ineffective.

Is Starbucks (SBUX +2.37%) stock on the dreaded investor naughty list this holiday season?

Its recent share price performance suggests that it is. A string of uninspiring earnings reports has really dampened sentiment on the once-mighty coffee king. If we look back a few months and years, however, the situation might appear a little different.

A fallen Starbucks
No, it doesn't.

Over the past one, three, and five years, Starbucks has notably underperformed the bellwether S&P 500 index. In all three spans, it has not only been beaten by the index but has also fallen in price at double-digit percentage rates. Take a look:

^SPX data by YCharts

Why has this once-hot, fresh cup of coffee gone cold? Much of this is because of good, old-fashioned fundamentals.

In each of the four quarters of fiscal 2025 (which ended Sept. 28), Starbucks not only posted a decline in net income according to generally accepted accounting principles (GAAP), but a steep one. Add them all up, and for the full year, the company's GAAP bottom line was $1.86 billion. That's a scary 51% down from the fiscal 2024 result.

There has been top-line growth, yes, but it's skinny. Again for the entirety of fiscal 2025, net revenue inched up by less than 3% to almost $32.2 billion. In retail, though, more emphasis is placed on comparable sales, and on this basis, Starbucks hasn't excelled. Its full-year global "comps" fell by 1%, with its two major markets (the U.S. and China) both suffering declines.

Back to the past
Shortly after Starbucks hired onetime Chipotle Mexican Grill CEO Brian Niccol to lead the company in mid-2024, it launched a turnaround strategy. The "Back to Starbucks" priority initiative was designed to bring more traffic into the stores, hopefully returning the company to its hearty growth days.

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In the words of Starbucks, this would center on "enhancing the in-store experience with the return of the condiment bar, writing on cups, more ceramic mugs and a revised code of conduct," plus other measures, including a goal to close customer orders within four minutes.

None of these, it has to be said, felt like business-shaking changes to me at the time. And these days, in my semi-regular visits to Starbucks cafes, the experience feels pretty much the same as it has for years (not counting the unusual disruptions of the COVID-19 pandemic, of course).

Image source: Starbucks.

I don't feel particularly welcome at these outlets, which continue to emit a palpable "get your stuff and go" vibe, despite the typically friendly employees. For the most part, these places are not cozy, and I have little desire to sit down and relax with my hot beverage and snack. If they were, I'd probably be inclined to spend a bit more money, given the increased time spent there.

Starbucks has been reducing its heavy store footprint lately, mainly in its native U.S. Like the ceramic cups and the four-minute maximum, though, I don't think this is solving the problem. Management needs to find ways of inspiring its customers, rather than tweaking the same old, same old. Until there's some indication it can do that, I'd stay away from the stock for now.

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SummaryNebius has surged nearly 300% in a year and remains positioned for major AI-driven upside, supported by large contracts with Meta, Uber, and Microsoft.FQ3 showed an EPS beat but revenue miss, yet management raised power-capacity guidance sharply and reported all capacity sold out, signaling strong AI infrastructure demand.Despite a high valuation on traditional metrics, Nebius appears cheap if growth delivers, with analysts expecting 5x revenue growth by 2026 and significant scalability ahead.I rate Nebius a Strong Buy with a $130 price target, citing massive market tailwinds, low leverage, and accelerating capacity buildout as key drivers. ogeday çelik/iStock via Getty Images

Nebius (NBIS) is an AI cloud infrastructure disruptor. Although the stock surged by nearly 300% over the past 12 months, it remains highly undervalued if AI demand continues and tailwinds materialize.

A $3 billion

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in NBIS over the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

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