Market Signal Briefing

The market value of Sun’s locked WLFI holdings has fallen by roughly $60 million over the past three months.
This follows WLFI’s September decision to freeze certain wallets, preventing affected addresses from sending or receiving the token.

Blacklisting and Market Impact
Token blacklisting is a mechanism that allows projects to freeze specific addresses, often for regulatory, security, or governance reasons. In this case, WLFI added wallets associated with Justin Sun to its blacklist, effectively halting his ability to interact with the token. On-chain data shows the consequences clearly: the value of his holdings, based on current WLFI prices, has steadily declined, reflecting both market fluctuations and the uncertainty created by the freeze.

This example demonstrates how blacklisting can influence market sentiment. Investors often watch the movements of prominent holders, sometimes referred to as whales, to gauge potential price trends. When these addresses are restricted, it can reduce immediate selling pressure but may also raise questions about governance, transparency, and the overall security of the token ecosystem.

Justin Sun is still blacklisted by WLFI

in 3 months, his locked tokens dropped $60m in value

absolutely brutal https://t.co/3Af2px04h5 pic.twitter.com/4qxuiE4qwJ

— Bubblemaps (@bubblemaps) December 22, 2025

A recent trend in the broader crypto market shows that projects are increasingly using blacklists selectively to manage risk. For example, privacy-focused tokens or regulatory-compliant stablecoins have added high-risk wallets or flagged suspicious activity to prevent fraud or market manipulation. WLFI’s action aligns with this approach, aiming to maintain control over token distribution and ecosystem integrity while signaling that no participant is immune from compliance measures.

Broader Implications for Investors
The key takeaway is to understand how token-level controls can affect liquidity and valuation. When large wallets are frozen, it can temporarily reduce market volatility but also introduces questions about governance power. Observing blacklisted addresses offers insight into the project’s risk management strategies and highlights the need for careful evaluation of token holdings before investing. Here is an example:

💸 $943M frozen 🥶

Across USDT & USDC on mainnet, over $943,521,245 sits in blacklisted addresses

🔹 USDT: $833.78M

🔹 USDC: $109.73M

Top frozen wallets hold tens of millions each, the largest USDT wallet alone is blocked from moving $50.25M ☠️⚰️ pic.twitter.com/gWB086f55k

— Denham (@DenhamPreen) August 14, 2025

A real-world example can be found in September, when WLFI blacklisted the Sun-linked addresses. Despite the initial market shock, the project maintained operational stability, indicating that blacklisting, when applied transparently, can support long-term ecosystem health.

Disclaimer
The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.

Blockchain security company CertiK has issued an important warning after detecting a suspicious on-chain incident that led to the loss of nearly $2.3 million in digital assets.

According to CertiK, the suspicious activity was found using its Skylens monitoring system, which tracks unusual movements on the blockchain.

How the $2.3 Million Crypto Hack HappenedAccording to the CertiK report, there were two wallets involved in the attack. One wallet sent around $1.8 million, while the second wallet sent about $506,000. Both transfers went to the same unknown wallet, which was later marked as malicious. 

This means the money was likely stolen, not sent by choice.

After receiving the stolen money, the attacker quickly moved the funds into Tornado Cash, a crypto privacy tool. Tornado Cash is often used to hide transaction trails, making it very hard to track or recover stolen funds.

Blockchain data shows multiple Ethereum transfers, including small and large amounts like 10 ETH and 100 ETH, being sent through Tornado Cash within minutes. This fast movement is a common sign of a planned attack.

The Victim asks for NegotiationWhat makes this case unusual is what happened next. CertiK’s data shows that both compromised wallets sent an on-chain message to the receiving address, asking whether negotiation was possible. 

This suggests the transfers were not intentional trades, but likely the result of a security breach where wallet access was lost.

Sharp Warning For Crypto UsersThis incident once again highlights the growing risks around wallet security. Even without smart contract exploits, attackers can drain funds using compromised private keys, phishing links, or malicious approvals.

Meanwhile, some experts have started closely monitoring and flagging the wallet address, even though recovering the stolen funds may not be possible.”

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VanEck is setting expectations for Bitcoin in 2026 with a tone that’s closer to the risk committee than crypto Twitter: the next year looks more like consolidation than a dramatic regime shift.

In its Dec. 18 note, “Plan for 2026: Predictions from Our Portfolio Managers,” Matthew Sigel, VanEck’s head of digital assets research, argues that the signal set heading into 2026 is “mixed but constructive.” The framework is deliberately restrained: volatility has come down, leverage has been washed out in stages, and on-chain activity is still soft but not deteriorating the way it tends to during deeper cyclical breaks.

“Realized volatility has… dropped by roughly half. That implies a proportional drawdown of about 40%. The market has already absorbed roughly 35%.”

Sigel anchors part of the call in cycle structure. He writes that Bitcoin’s historical four-year rhythm, which has tended to peak in the immediate post-election window, “remains intact following the early October 2025 high.” If that template is still operative, 2026 is less likely to be a clean continuation year.

Bitcoin Prediction For 2026: What To Expect
“That pattern suggests 2026 is more likely a consolidation year. Not a melt-up. Not a collapse.” The more interesting part is the “why,” because VanEck isn’t leaning on a single factor. Sigel describes three lenses shaping the outlook, and they are not uniformly supportive. “Global liquidity is mixed. Likely rate cuts provide support. US liquidity is tightening somewhat.”

He ties that tightening to a specific macro dynamic: “AI-driven capex fears” colliding with a more fragile funding market and pushing credit spreads wider. Put differently, even if policy rates drift lower, the broader cost-of-capital environment can still work against risk-taking at the margin — especially where refinancing needs are persistent and investor selectivity is rising.

Against that backdrop, the portfolio guidance is measured. VanEck favors a “disciplined 1 to 3% Bitcoin allocation,” built through dollar-cost averaging, with adds during leverage-driven dislocations and trims into speculative excess. It’s positioning for a market that oscillates, not one that trends cleanly.

Sigel also flags a topic that has shifted from niche to mainstream inside the Bitcoin community: quantum security. VanEck doesn’t present it as an imminent risk to the chain, but it does treat it as an organizing question that could draw serious attention.

“Quantum security has become an active topic. It’s not an immediate threat. A coordinated response could resemble the first blocksize debates.”

That last line matters more than it sounds. The blocksize era wasn’t only a technical dispute; it was a public process that pulled in new stakeholders, forced trade-offs into the open, and hardened long-term norms. VanEck’s suggestion is that, if quantum planning becomes a sustained coordination exercise, it could have a similar “transparent and technically rich” dynamic, messy, visible, and ultimately strengthening engagement.

Where VanEck is most constructive for 2026 is not necessarily spot BTC, but the capital cycle around Bitcoin mining. Sigel argues the strongest opportunity sits in what he calls the “capital-intensive pivot” as operators try to finance both hash-rate expansion and AI/HPC infrastructure simultaneously.

That combination is stretching balance sheets and widening dispersion across the sector: miners with hyperscaler partnerships can raise straight debt on comparatively favorable terms, while weaker names are pushed toward dilutive converts or selling BTC into weakness.

“This creates the cleanest consolidation setup since 2020 to 2021. The best risk-reward is in miners transitioning into energy-backed compute platforms. Credible HPC economics, advantaged power, and financing paths that avoid serial dilution.”

A second opportunity set is digital payments and stablecoin settlement, but VanEck is selective. Sigel sees stablecoins moving into real B2B payment flows, improving working capital management and lowering cross-border settlement costs.

“The more investable angle may sit in fintech and e-commerce platforms that can unlock margin leverage by shifting supplier payments, payouts, and cross-border settlement onto stablecoins. High-throughput chains will support much of this activity, and a few tokens tied to genuine usage may benefit, but we believe the most durable opportunity may lie in the operating companies enabling adoption rather than in broad token exposure,” Sigel writes.

The overall message is not bearish, and it is not euphoric. It is, in a very deliberate way, a call for discipline: expect range-bound conditions, look for dislocations, and focus on parts of the ecosystem where balance-sheet stress and real-world adoption can create asymmetry.

At press time, Bitcoin traded at $87,423.

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

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

Bitcoin's price action in Q4 2025 has looked very different from previous years. After starting the quarter in a strong uptrend and pushing into fresh all-time highs early on, momentum shifted sharply as the quarter progressed.

ZOOZ Strategy’s Bitcoin-backed stock has been put on a Nasdaq compliance clock after the exchange warned the company its shares no longer meet the $1 minimum bid-price requirement, raising the risk of delisting if the price fails to recover within six months.

The dual‑listed firm, which trades on Nasdaq and the Tel Aviv Stock Exchange, said in a Monday statement that it plans to monitor the situation, and it may consider a reverse share split if needed.

A reverse share split is when a company reduces the number of its outstanding shares and raises the price per share proportionally, typically to lift the stock price without changing the firm’s overall market value.

The top 100 Bitcoin treasury companies collectively hold over 1 million BTC, and the number of public companies holding Bitcoin rose 38% between July and September amid deepening institutional adoption. At the time, market watchers claimed that the rising accumulation by treasury companies place upward pressure on the price of Bitcoin.

ZOOZ’s Bitcoin bet under pressure​ZOOZ is built around a long‑term Bitcoin treasury strategy, and has accumulated 1,036 BTC (BTC) as a strategic asset, which gives its shareholders indirect exposure to Bitcoin. That pitch helped the stock grab attention when it launched earlier this year, but it has not prevented the share price from sliding under the $1 threshold.

​The notice does not mean an immediate delisting. Under Nasdaq rules, ZOOZ has until June 15, 2026, to post a closing bid of at least $1 for 10 straight trading days, and could be eligible for a second grace period if it meets other criteria.

Zooz share price tanks below $1. Source: Yahoo FinanceFor now, the company says its operations are unaffected, but acknowledges that it may need to use “available options.”

Winners and losers of the Bitcoin strategyZOOZ’s warning lands less than a week after KindlyMD, another Bitcoin treasury player created via a merger with David Bailey’s Bitcoin‑native holding company Nakamoto, disclosed its own price‑deficiency notice from Nasdaq after its shares slipped below the $1 mark.

Listing pressure is not limited to pure Bitcoin treasuries. Digital Currency X Technology (DCX), a digital‑asset firm that reports more than $1.4 billion in token holdings following its EdgeAI token acquisition, announced on Dec. 18 that it had received a separate Nasdaq non‑compliance notice tied to minimum market‑value requirements.

This doesn’t mean that all Bitcoin treasuries are on thin ice. Tokyo‑listed Metaplanet, which also leans on Bitcoin as a treasury asset, has continued to find ways to tap capital markets, most recently clearing the issuance of new shares and Bitcoin‑linked dividend instruments aimed at institutional investors.

Strategy, the best‑known corporate Bitcoin holder, has also kept pressing its strategy into December, adding roughly $980 million in BTC in mid‑month and lifting its total stash to over 671,000 coins.

Trendline from record highs capped BTC's recovery attempt Monday. Updated Dec 23, 2025, 11:53 a.m. Published Dec 23, 2025, 11:53 a.m.

This is a technical analysis post by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

Bitcoin's BTC$87,668.37 late-year attempt to regain poise ran into a glass ceiling Monday, forcing prices back below $88,000.

STORY CONTINUES BELOW

That ceiling is defined by a descending trendline drawn from October’s record high above $126,000, connecting the peaks of subsequent shallow recoveries—most notably the $116,400 high.

This trendline swatted back attempts to establish a foothold above $90,000 on Monday, reinforcing the "staircase-down" pattern that has plagued the largest cryptocurrency throughout the fourth quarter. By failing to clear this hurdle, BTC has printed another "lower high," signaling a resurgence of sellers near the resistance line and stalling the momentum needed to challenge the six-figure mark.

Consequently, the immediate outlook remains bearish as long as prices hold below the trendline. The latest rejection shifts focus toward the $84,000–$84,500 support zone, followed by the November low near $80,000.

To revive the bullish outlook, BTC must overcome the trendline resistance. Such a breakout, especially against the backdrop of a sliding dollar index, could accelerate gains toward the $100,000 mark.

BTC's daily chart in candlestick format. (TradingView)

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Dec 19, 2025

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What to know:

2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.

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Crypto Markets Today: Cardano-based NIGHT crashes, ZEC, XMR also drop

52 minutes ago

Most tokens that debuted this year are trading below their initial valuations.

What to know:

Cardano-based Midnight Network's token NIGHT plummeted 22%, the steepest decline among the top 100 tokens.Bitcoin fell below $88,000 after failing to maintain gains above $90,000, with potential volatility expected following the U.S. GDP release.A year-end analysis reveals that only 15% of crypto tokens launched in 2025 are trading above their initial valuations, with infrastructure and AI-linked tokens underperforming.Read full story

Source: Depositphotos

The Bitcoin-native liquidity protocol Yala is turning its attention away from stablecoins and yield farming to try and conquer the exciting world of prediction markets with the help of autonomous artificial intelligence agents. 

In a blog post last week, Yala announced it’s evolving its platform with the launch of its first AI agent, known as Yala 2.0, to try and help participants spot “fair value” opportunities in prediction markets. The goal is to improve predictive accuracy and bring more structured and robust pricing systems guided by intelligent probabilistic tools to prediction markets. 

Yala explained that prediction markets have attracted a huge audience in the wake of their impressive accuracy during the 2024 U.S. Presidential election. One year ago, most pollsters and bookmakers thought that the election would be a pretty close-run thing, with Donald Trump and Kamala Harris locked in a statistical dead heat. But those forecasts could barely have been more inaccurate, for Trump ended up crushing his Democratic rival. 

The outcome of the election was in-line with the odds given by leading prediction markets Polymarket and Kalsi, which strongly favored Trump throughout the last few months of the campaign. Analysts hailed the result as evidence that the “collective intelligence” of the crowd is more accurate than traditional prediction systems.   

What are prediction markets? Prediction markets work by pricing uncertainty through orderbook matching, with the prices of an outcome representing probabilities, and they have proven to be extremely efficient at surfacing collective intelligence. Their accuracy even impressed the Commodity Futures Trading Commission, which approved Kalshi as a Designated Contract Market – giving it the same status of a regulated futures and options contract market. 

Despite this stamp of approval, Yala believes prediction markets are still somewhat immature because they lack the traditional fair-value models found in traditional options and derivatives, such as the Black-Scholes method for pricing and risk management. Because of this, participants are primarily guided by speculation rather than statistically favorable odds, with a great deal of uncertainty around what truly constitutes “fair value”. 

Yala believes fair value is key to establishing prediction markets as serious financial products and so it has taken it upon itself to provide this, but doing so isn’t easy. Calculating probabilities involves weighing up hundreds of interconnected variables, making it all but impossible for humans. 

The Yala 2.0 agent tackles this complexity by crunching hundreds of dynamic, evolving signals to try and generate a more precise and accurate probability of an event outcome. Once the probability has been established, bettors can then determine a fair price for a “yes” or “no” outcome. Should the agent determine that the fair value of an outcome is higher than the current market price, that would indicate bettors are statistically more likely to profit by buying “yes”, but if it’s lower, then they would be better off going with “no”.

Will the price of BTC be equal or higher than $88K by December 23?🟢 Yala AI Fair Value: 91% YES
🔵 Polymarket: 77% YES

Considering strike proximity, short time-to-expiry, and recent realized range/vol:

→ Market is underpricing YES pic.twitter.com/XwsEZzwmLs

— Yala (@yalaorg) December 22, 2025It’s similar in some ways to what sports bettors do. When betting on soccer games, professional gamblers always look for “value” in the odds, rather than simply choosing who they think will win the game. If they estimate a team’s chances of winning a game is one-in-ten but the bookie is offering offs of 15/1, they take the bet every time because it offers value. After all, soccer is unpredictable and surprises happen frequently. 

Evolving intelligenceYala 2.0’s roadmap describes how the agent will build up its intelligence step-by-step. The initial phase is focused on closed, internal testing and rapid iteration, and will initially use a model that’s based on historical data, news analysis, smart-money tagging and social media sentiments. The initial focus will be on digital asset prices and sports outcomes, with Yala refining the model over time, based on the accuracy of its predictions. Its early probability estimates will be shared via X, as part of its transparent approach to calibrating the underlying model. 

The second stage will see the public launch of Yala 2.0 and its adoption of a modular architecture. During this period, Yala 2.0’s performance will be publicly verified and continuously measured in live markets with a controlled risk limit. Users will be invited to interact with the agent by entering basic prompts, such as the market type, target conduction and time horizon to generate a probability estimate. 

At this stage, Yala 2.0’s architecture will evolve to a multi-agent design that’s coordinated by a central orchestrator agent, with separate modules for date ingestion and processing, predictions and safety and governance. 

Finally, stage three will mark full maturity, where the agent expands to become a comprehensive “swarm framework” made up of a supervisor agent that governs a suite of specialist worker agents to determine probabilities across every domain. It’s at this stage that Yala 2.0 will go beyond risk-neutral pricing to generate more subjective fair-value estimates, incorporating additional micro-factors into its calculations. 

Yala 2.0 will enhance the utility of Yala’s native $YALA cryptocurrency, which is destined to become the agent’s governance token and a “value-alignment asset”. Holders will be able to stake $YALA to participate in votes and token reward distributions tied to the agent’s expansion. Meanwhile, $YALA’s tokenomics structure will evolve, with platform revenue from performance and usage fees allocated to token buybacks. 

Ultimately, Yala wants to become the “fair-value operating system” for markets like Polymarket and Kalshi and foster deeper liquidity and more accurate pricing across the fast-growing prediction economy. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Summary:

Bitcoin slips below $88,000 as traders weigh US data, ETF flows and options expiry, while gold surges to record highs during Christmas week.
Bitcoin is trading lower on Tuesday, December 23, as the world’s largest cryptocurrency slipped back below the $88,000 level following a failed attempt to reclaim $90,000 earlier this week. The pullback comes as traders position cautiously ahead of key US economic data releases and a major year-end crypto options expiry.

At the time of writing, Bitcoin is hovering around $87,500, down roughly 2% over the past 24 hours, after trading in a relatively tight $87,000–$90,000 range. Thin holiday liquidity and elevated derivatives positioning are amplifying price moves as markets enter the final stretch of 2025.

Bitcoin Price Today: Where BTC Is Trading Now
Bitcoin remains firmly range-bound despite heightened intraday volatility. Pricing varies slightly across venues, but the broader picture is consistent: BTC is consolidating below a key psychological threshold.

CoinGecko data places Bitcoin near $87,500, with a 24-hour range between roughly $87,100 and $90,300, and daily trading volume close to $49 billion.
Coinbase-linked feeds show BTC near $87,400–$87,600, reflecting similar price action across major spot markets.

Bitcoin Price Chart Today Dec 23 2025 Created on TradingView
The inability to hold above $90,000 has reinforced a short-term resistance zone, while buyers continue to defend dips toward the mid-$80,000s.

What Is Moving Bitcoin Today?
Bitcoin’s price action on December 23 is being shaped by a combination of macro risk, institutional flows, and derivatives positioning rather than project-specific news.

Traders Brace for Key U.S. Economic Data
One of the main near-term drivers is macro uncertainty. Markets are awaiting a cluster of delayed US economic releases, including third-quarter GDP updates and readings tied to the Personal Consumption Expenditures index, the Federal Reserve’s preferred inflation gauge.

With liquidity thinning into the Christmas holiday, traders appear reluctant to take aggressive directional bets ahead of data that could shift expectations around interest rates, risk appetite, and the US dollar. Bitcoin has increasingly reacted to macro surprises in 2025, particularly during low-volume periods.

Bitcoin ETF Flows Turn Mixed
Spot Bitcoin ETF flows remain a closely watched signal for institutional demand. Recent data shows net outflows from US-listed spot Bitcoin ETFs, even as some funds continued to post modest inflows.

This mixed picture has weighed on sentiment. When ETF flows turn consistently positive, they tend to absorb spot selling and support rallies. When flows weaken or reverse, traders often adopt a “sell the bounce” mindset, especially near resistance levels like $90,000.

Options Expiry Creates Short-Term Price Gravity
Derivatives markets are playing an outsized role in current price behaviour. Around $28.5 billion worth of Bitcoin and Ethereum options are set to expire on December 26 on Deribit, marking one of the largest expiries in the platform’s history, according to Yahoo Finance .

Open interest is heavily clustered around the $85,000 and $96,000 strike levels. This concentration can act like a magnet for spot prices as traders hedge positions and rebalance exposure, particularly during holiday-thinned trading sessions.

As a result, Bitcoin’s near-term movement may remain constrained until the expiry passes.

Ethereum and Broader Crypto Market Remain Under Pressure
Ethereum has followed Bitcoin lower, slipping below the $3,000 level and trading near $2,980–$2,995, down about 1% on the day.

The total cryptocurrency market capitalization is fluctuating between $2.96 trillion and $3.07 trillion, reflecting mild declines across major assets. Altcoins remain mixed, with most showing consolidation rather than decisive trend moves.

Market sentiment remains cautious. The Crypto Fear & Greed Index is holding in “Fear” territory, underscoring defensive positioning as the year draws to a close.

Gold’s Record Rally Highlights a Shift in Defensive Demand
While crypto markets consolidate, traditional safe havens are drawing stronger inflows. Gold is trading near record highs above $4,400 per ounce, supported by rising geopolitical tensions, expectations of future rate cuts, and a weaker US dollar.

The contrast between gold’s momentum and Bitcoin’s range-bound behaviour suggests that, at least in the short term, investors are favouring conventional defensive assets over digital ones during periods of heightened uncertainty.

Bitcoin Outlook: What Comes Next?
As 2025 enters its final trading days, Bitcoin’s direction is likely to remain driven by positioning rather than conviction. Traders are watching three key factors:

The outcome of US macro data releases
The impact of the December 26 options expiry
The trajectory of spot Bitcoin ETF flows

Until one of these provides a clear catalyst, Bitcoin appears set to trade within its established range, with $90,000 acting as resistance and the mid-$80,000s as near-term support.

For now, Bitcoin remains in wait-and-see mode, caught between long-term institutional adoption narratives and short-term caution driven by macro risk and year-end positioning.

Does Bitcoin fall when gold prices surge?

Bitcoin can weaken when gold surges during geopolitical stress, as investors often shift short-term capital into traditional safe havens first.

Why is Bitcoin underperforming gold right now?

Bitcoin is facing year-end positioning, options expiry pressure, and thinner liquidity, while gold is benefiting from defensive demand.

Can Bitcoin recover after options expiry?

Bitcoin could see clearer direction after the December options expiry, once hedging pressure and holiday-week volatility fade.

Cover image via U.Today

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

XRP is trading lower in the last 24 hours, down 1.41% to $1.88, extending its drop into the third day from a high of $1.95 on Dec. 20.

Amid the price drop, recent on-chain data analysis by Santiment reveals that XRP Sentiment has slipped back to negative.

However, this presents a silver lining: a sentiment drop into the bearish zone increases the likelihood of a strong price increase.

HOT Stories

According to Santiment, XRP is seeing much more negative social media commentary than average. It notes that, historically, this setup leads to price rises, adding that when retail traders have doubts about a coin's ability to rise, the rise becomes significantly more likely.

XRP to $2 by year's end?XRP fell over the last 24 hours as a recovery attempt from weekend lows stalled below key resistance, as the technical structure still remains fragile.

Selling pressure intensified late Sunday as the XRP price fell near the $1.95 high, resulting in a move back below the psychological $1.90 level. This created a pattern of lower highs that has defined recent sessions, tilting short-term momentum to the downside.

XRP price action remains in a range, as traders reflect indecision rather than capitulation. A decisive break of the $1.95 level might be needed to improve short-term technical structure to target $2 once again, while a drop below the current $1.87 low might see XRP target lower levels, potentially at $1.77 or even $1.50.

What to watch nowTechnical signals remain mixed, with bullish divergences emerging on momentum indicators, indicating that selling pressure might be easing near recent lows. However, caution still remains on the market. This is because XRP is still trading below its major moving averages on longer time frames. This trend has, in prior times, seen deeper price drops when sustained.

With just eight days to the end of 2025, traders are watching to see what comes next for the XRP price: will it make a reversal to retest $2 once again or fall lower?

HomeStock IdeasLong IdeasIndustrial 

SummaryMasco Corporation is rated a gentle BUY, driven by high-margin segments, stable analyst forecasts, and anticipated housing market recovery.MAS benefits from strong distribution partnerships with Home Depot and Lowe's, though these relationships present both opportunities and concentration risks.Analyst projections indicate 7–10% adjusted operating earnings growth in 2026–2027, with a potential 16% annualized return if valuation reverts to historical norms.Key risks include housing market weakness, supply chain/geopolitical disruptions, and competitive threats, particularly in plumbing and from private-label initiatives.CentralITAlliance/iStock via Getty Images

OK, I get it ... no-one really wants to start their day dreaming of faucets. But, over the years, when we ignored this product, Masco Corporation (MAS) has built its business as a key designer, manufacturer, and

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.

Here are three stocks with buy rank and strong income characteristics for investors to consider today, Dec. 23rd: 

Jackson Financial Inc. (JXN - Free Report) : This financial services company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 6.1% over the last 60 days. 

This Zacks Rank #1 company has a dividend yield of 3.0%, compared with the industry average of 1.6%. 

Valero Energy Corporation (VLO - Free Report) : This petroleum company has a Zacks Rank #1 and witnessed the Zacks Consensus Estimate for its current year earnings increasing 18.2% over the last 60 days.  

This Zacks Rank #1 company has a dividend yield of 2.8%, compared with the industry average of 2.7%. 

Suncor Energy Inc. (SU - Free Report) : This energy company has witnessed the Zacks Consensus Estimate for its current year earnings increasing 8.6% over the last 60 days.

This Zacks Rank #1 company has a dividend yield of 4.0%, compared with the industry average of 3.6%. 

See the full list of top ranked stocks here. 

Find more top income stocks with some of our great premium screens.

Lucid is making some key progress with its autonomous driving platform. Is it enough to make the stock a buy?

There was much hype when Lucid Group (LCID +4.06%) went public a few years ago. Investors viewed the luxury electric vehicle (EV) maker as a potentially bold new challenger to Tesla, poised to ride the wave of EV adoption. The company's ambitious vision, cutting-edge technology, and sleek designs had captured attention.

However, things haven't gone as planned. After an initial surge in 2021 that saw the stock reach impressive heights, momentum has faded, and Lucid's stock is now down 98% from its all-time high. The optimism that once surrounded the company has waned as investors focus on execution, competition, and evolving EV adoption rates.

As Lucid Group looks to regain its footing and get back on track, here's what investors should know about it before buying.

Image source: Lucid.

Lucid's growing vehicle lineup
Lucid Group manufactures luxury EVs, targeting an affluent customer base. The company aims to establish itself as a premium brand in the competitive automotive industry by committing to delivering a high-quality driving experience.

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0.48

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12.30

Its top-selling vehicle is the Lucid Air Sedan, the best-selling EV sedan in the U.S., outpacing the Tesla Model S. The automaker also offers the Lucid Gravity, an electric SUV with seating for up to seven adults and an EPA-estimated driving range of 450 miles.

Furthermore, management confirmed that the high-volume Midsize Platform, which aims to compete with popular models like the Tesla Model 3, remains on track to begin production in late 2026. This is Lucid's mass-market product and is a crucial step in enabling Lucid to scale production and improve gross margins.

Lucid is making moves in the robotaxi space
In other news, Lucid announced an initiative to accelerate its path to full autonomy in a collaboration with Nvidia. This partnership positions Lucid to deliver one of the world's first privately owned passenger vehicles with Level 4 autonomous driving capabilities, powered by the NVIDIA DRIVE AV platform.

Also, Uber Technologies announced a $300 million investment in Lucid Group. This investment is part of Uber's plan to launch driverless rides in the San Francisco Bay Area late next year, using Lucid Gravity SUVs equipped with Nuro's self-driving technology. This move puts Lucid's vehicles in direct competition with other robotaxi services. Uber plans to put 20,000 or more Lucid's self-driving SUVs on the road over six years.

Here's what Lucid investors need to watch
While this news is positive for Lucid Group, the company continues to burn cash as it scales up. The good news is that revenue is up 45% from last year. The bad news is that it continues to lose significant money. Through Sept. 30, the EV maker has an operating loss of $2.4 billion, up slightly from the prior year. This was against a total revenue of $834 million.

Data by YCharts.

Not only that, but the current regulatory environment isn't favorable to EV manufacturers, either. The Trump administration is resetting the Corporate Average Fuel Economy standards to levels achievable by conventional gasoline and diesel vehicles. This action reverses what the Trump administration said was the Biden administration's "unrealistic fuel economy targets that effectively resulted in an electric vehicle mandate," potentially reducing the regulatory push to shift consumers to EVs.

Morgan Stanley downgraded Lucid Group to Underweight from Equal Weight and sharply cut its price target. This decision was based on a more cautious industry outlook, with the analyst stating that the electric vehicle "winter" will remain through 2026.

More progress is needed
Lucid Group is making progress on its large-scale EV product and autonomous driving capabilities. However, the company continues to burn cash and could face headwinds in the near future. Changing regulations and shifting consumer preferences could lead to an "EV winter" according to Morgan Stanley, which would weigh on Lucid over the next year or so.

Lucid has earned praise for its vehicles, thanks to their industry-leading range, luxury design, and technology. That said, the company is still losing money, which should make investors hesitant. I'd like to see improvements in its efficiency and bottom line before purchasing the stock.

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SCOTTSDALE, Ariz., Dec. 23, 2025 (GLOBE NEWSWIRE) -- North American Company for Life and Health Insurance® (North American), a member company of Sammons® Financial Group and one of the largest issuers of fixed index annuities (FIAs) in the U.S.,1 and Annexus, a leading independent insurance retirement product design company, announce the addition of the NYSE® GEARS Index to the North American Secure HorizonSM FIA suite.

The NYSE® GEARS Index (the “Index”) is a growth-oriented index designed to identify the current global equity market environment and reallocate to capture equity performance through changing market conditions while using a proprietary risk management process to reduce volatility.

“We are very pleased to collaborate with North American, Annexus, and ICE Data Indices to bring the NYSE® GEARS Index to the North American Secure Horizon suite of FIAs,” said Anil Atluri, Head of the Institutional Client Group Americas at Deutsche Bank.

The Index has been designed by Deutsche Bank AG - a pioneer in the Equity Risk Premia space, having been active in equity research since the early 2000s. It is administered, calculated and maintained by ICE Data Indices, LLC (IDI), an affiliate of the New York Stock Exchange within Intercontinental Exchange, Inc. (ICE).

“We’re excited for the opportunity to bring additional customization and flexibility to our agents and their clients,” said Rob TeKolste, President of Sammons Independent Annuity Group. “This new Index, when paired with a Secure Horizon product, can help offer customers greater growth potential in an increasingly volatile market.”

Tom Haines, EVP of Capital Markets and Index Solutions at Annexus, added, “The addition of this Index enhances the diversification opportunities for agents and their clients with North American Secure Horizon FIAs. The Index is growth focused and has low correlation to the other indices in the portfolio, making it a complement to the other indices in the portfolio.”

“We are excited to expand our relationship with Annexus with the inclusion of the NYSE® GEARS Index in the Secure Horizon FIA suite and enter into a new collaboration with Deutsche Bank and North American,” said Preston Peacock, Head of ICE Data Indices. “The NYSE® GEARS Index leverages the breadth of services we offer at ICE Data Indices across index construction, calculation and administration.”

More information on the NYSE GEARS Index can be found at https://www.nyse.com/nygears.

About Intercontinental Exchange
Intercontinental Exchange, Inc. (NYSE: ICE) is a Fortune 500 company that designs, builds, and operates digital networks that connect people to opportunity. We provide financial technology and data services across major asset classes helping our customers access mission-critical workflow tools that increase transparency and efficiency. ICE’s futures, equity, and options exchanges -- including the New York Stock Exchange -- and clearing houses help people invest, raise capital and manage risk. We offer some of the world’s largest markets to trade and clear energy and environmental products. Our fixed income, data services and execution capabilities provide information, analytics and platforms that help our customers streamline processes and capitalize on opportunities. At ICE Mortgage Technology, we are transforming U.S. housing finance, from initial consumer engagement through loan production, closing, registration and the long-term servicing relationship. Together, ICE transforms, streamlines, and automates industries to connect our customers to opportunity.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC on February 6, 2025.

About Deutsche Bank
Deutsche Bank provides retail and private banking, corporate and transaction banking, lending, asset and wealth management products and services as well as focused investment banking to private individuals, small and medium-sized companies, corporations, governments and institutional investors. Deutsche Bank is the leading bank in Germany with strong European roots and a global network.

1LIMRA/Secure Retirement Institute

ICE Data Indices, LLC (“ICE Data”) is the administrator of the NYSE® GEARS Index (“Index”). “NYSE®” is a registered mark of ICE Data or its affiliates which has been licensed, along with the Index for use by North American Company for Life and Health Insurance® (the “Company”) in connection with fixed indexed annuity products (the “Product”). Deutsche Bank AG or its affiliates (collectively, “DB Group”) have provided certain intellectual property for use in the construction of the Index. “Deutsche Bank” and “Deutsche Bank AG”, “Deutsche Bank Global Markets”, “DB Investment Solutions” and “Deutsche Bank AG, London Branch” and The “Deutsche Bank Global Equity Smart Beta IndexTM” and “Deutsche Bank DBIQ Global Sentiment Indicator II IndexTM” and the “Deutsche Bank Equity Alpha Basket IndexTM” are service marks of DB Group; and have been licensed to ICE Data, which has sublicensed their use for certain purposes to the Company. Neither the Company, nor the Product are sponsored, issued, endorsed, sold, recommended, or promoted by ICE Data, its affiliates or its third party suppliers, including each of Deutsche Bank AG, DB Group and its third party suppliers (“ICE Data and its Suppliers”). ICE Data and its Suppliers make no representations or warranties, including regarding the advisability of investing in any asset generally, in the Product particularly, or the ability of the Index to track general market performance.

ICE DATA AND ITS SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA, INPUT DATA, AND ANY INFORMATION INCLUDED IN, RELATED TO, OR DERIVED THEREFROM (“INDEX DATA”). ICE DATA AND ITS SUPPLIERS SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS AND SHALL NOT BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA, WHICH ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL ICE DATA AND ITS SUPPLIERS HAVE ANY LIABILITY (WHETHER IN NEGLIGENCE OR OTHERWISE) FOR DIRECT, INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL OR ANY OTHER DAMAGES OR LOSSES (INCLUDING LOST PROFITS) IN CONNECTION WITH THE INDEX OR THE PRODUCT, EVEN IF NOTIFIED OF THE POSSIBILITY THEREOF.

The North American Secure HorizonSM, Secure HorizonSM Plus, Secure HorizonSM Choice and Secure HorizonSM Accelerator are issued on form NA1015A/ICC21-NA1015A (Contract), AE651A/ICC21-AE651A (Secure Horizon/Secure Horizon Accelerator only), AE652A/ICC21-AE652A, AE653A/ICC21-AE653A (Secure Horizon/Secure Horizon Accelerator only), AE654A/ICC21-AE654A, AE655A/ICC21-AE655A, AE682A/ICC23-AE682A (Secure Horizon Accelerator only), AE642A/ICC20-AE642A, AE638A/ICC21-AE638A, AE639A/ICC21-AE639A, AE656A (Secure Horizon Plus only), AE658A (Secure Horizon Plus only), AE659A (Secure Horizon Plus only), AE660A04 (Secure Horizon Plus only), (riders/endorsements) or appropriate state variation. These products, features, and riders may not be available in all states. 

Fixed index annuities are not a direct investment in the stock market. They are long-term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from the accumulation value for optional benefit riders or strategy fees or charges associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index.

Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.’s member companies, including North American Company for Life and Health Insurance®. Annuities and life insurance are issued by, and product guarantees are solely the responsibility of, North American Company for Life and Health Insurance®.

MEDIA CONTACT: [email protected]

CHICAGO--(BUSINESS WIRE)--Monroe Capital LLC (“Monroe”) announced it acted as joint lead arranger on the funding of a senior credit facility to support the investment in The Phia Group (“Phia”) by private equity sponsor InTandem Capital Partners. Founded in 2000 and headquartered in Canton, MA, Phia empowers health benefit plans and sponsors through consulting, cost containment, and plan management services. Phia reduces the cost of health benefits and improves access to quality care through in.

LBL-047 (DNTH212) is a bifunctional fusion protein targeting plasmacytoid dendritic cell (pDC) BDCA2 to reduce Type 1 interferon production, while simultaneously inhibiting BAFF/APRIL to suppress B cell function 

Top-line results in healthy volunteers anticipated in 2H’26

Dianthus to provide update on indication prioritization in 1H’26

LBL-047 (DNTH212) has the potential to be a first-line biologic in multiple autoimmune disorders with patient-friendly S.C. self-administration and Q4W or less frequent dosing

NANJING, China and NEW YORK and WALTHAM, Mass., Dec. 23, 2025 (GLOBE NEWSWIRE) -- Nanjing Leads Biolabs Co., Ltd. (“Leads Biolabs”) (9887.HK), a clinical-stage biotechnology company focused on developing innovative therapies in oncology, autoimmune, and other severe diseases, and Dianthus Therapeutics, Inc. (Nasdaq: DNTH), a clinical-stage biotechnology company dedicated to developing next-generation therapies to transform the treatment of severe autoimmune diseases, today announced the first subject has been successfully dosed in the Phase 1 clinical trial of LBL-047 (DNTH212), a potential first- and best-in-class anti-BDCA2/TACI bifunctional fusion protein developed by Leads Biolabs.

This two-part, double-blind, randomized, placebo-controlled, dose-escalation (single ascending dose) Phase 1 trial is designed to evaluate the safety, tolerability and PK/PD of LBL-047 (DNTH212) in healthy volunteers (Part A) and patients with systemic lupus erythematosus (Part B). The healthy volunteer part of the study is led by Professor Meng Xianmin at Shanghai Public Health Clinical Center, while the SLE part is led by Professors Ye Shuang and Chen Sheng at Renji Hospital, Shanghai Jiaotong University School of Medicine.

By targeting both the innate and adaptive immune systems via two clinically validated pathways that are known drivers of autoimmune disease, this complementary and differentiated approach has the potential to address multiple autoimmune indications with improved outcomes. LBL-047 (DNTH212) has the potential to be a first-line biologic with patient-friendly, S.C. self-administration and Q4W or less frequent dosing.

On October 16, 2025, Leads Biolabs entered into an exclusive global partnership with Dianthus, with the total potential deal value reaching up to $1 billion. Under the agreement, Dianthus licensed exclusive global rights from Leads Biolabs to research, develop, manufacture and commercialize LBL-047 outside Greater China, where it is known as DNTH212, jointly advancing its global development to maximize clinical and commercial potential. Dianthus expects to provide an update on prioritized indications for DNTH212 in the first half of 2026.

“We are pleased to announce the successful dosing of the first subject in our Phase 1 trial of LBL-047. By simultaneously targeting multiple pathways, LBL-047 is designed to address the limitations of single-target therapies. We look forward to advancing this program in collaboration with Dianthus Therapeutics to deliver potentially transformative options for patients worldwide,” said Dr. Charles Cai, Chief Medical Officer of Leads Biolabs.

“Initiating this Phase 1 study is the first step to realizing the much anticipated by physicians outcome of targeting multiple pertinent dysfunctional pathways in several autoimmune indications,” said Dr. Simrat Randhawa, Head of Research & Development at Dianthus Therapeutics.

About LBL-047 (DNTH212)
LBL-047 (DNTH212) is an investigational bifunctional fusion protein composed of a humanized anti-blood dendritic cell antigen 2 (BDCA2) antibody and an engineered transmembrane activator and CAML interactor (TACI) ectodomain. It is designed to selectively deplete pDCs to reduce type 1 interferon production, while simultaneously inhibiting B-cell activating factor (BAFF) and a proliferation-inducing ligand (APRIL) signaling pathways to suppress B-cell activation, differentiation, and antibody production. By targeting two key drivers of autoimmune disease pathogenesis, this differentiated approach has the potential to address multiple autoimmune indications. Additionally, LBL-047 (DNTH212) has also been optimized with Fc engineering to extend its half-life, offering the potential for a patient-friendly subcutaneous self-administration regimen with a dosing frequency of Q4W or less, supporting its potential as a first-line biologic therapy.

About Dianthus Therapeutics
Dianthus Therapeutics, Inc. is a clinical-stage biotechnology company dedicated to developing next-generation therapies to transform the treatment of severe autoimmune diseases. Based in New York City and Waltham, Mass., Dianthus is comprised of an experienced team of biotech and pharma executives who aim to deliver transformative medicines for people living with severe autoimmune and inflammatory diseases.

To learn more, please visit www.dianthustx.com and follow us on LinkedIn. 

About Leads Biolabs
Founded in 2012, Leads Biolabs is a clinical-stage biotechnology company dedicated to the discovery, development, and commercialization of innovative therapies to address unmet medical needs in oncology, autoimmune, and other severe diseases both in China and globally. As a front-runner in next-generation immuno-oncology treatments, the company has a differentiated pipeline of 14 innovative drug candidates, including six clinical-stage drug candidates, of which four lead products are among the top-tier clinically advanced candidates globally.

Leads Biolabs adopts a science-driven R&D approach and has successfully established comprehensive R&D capabilities spanning antibody discovery and engineering, in vivo and in vitro efficacy evaluation, as well as druggability assessment. The company has also developed multiple proprietary technology platforms, including LeadsBody platform (a CD3 T-cell engager platform), X-body platform (a 4-1BB engager platform), TOPiKinectics (ADC platform), which serve as the cornerstone for continued innovation and have been validated by the clinical outcomes of bispecific antibody portfolios.

Leads Biolabs has established integrated capabilities across early discovery, translational medicine, clinical development, CMC and business development. The innovative nature and competitive strengths of drug candidates, coupled with global perspectives, proactive strategy, and efficient clinical validation, have made the company an attractive partner for leading industry players and investment institutions. For more information, please visit https://en.leadsbiolabs.com/

Dianthus Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release, other than purely historical information, may constitute “forward-looking statements” within the meaning of the federal securities laws, including for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995, express or implied statements regarding future plans and prospects, including statements regarding the expectations or plans for discovery, preclinical studies, clinical trials and research and development programs, in particular with respect to DNTH212, and any developments or results in connection therewith, including the target product profile and administration of DNTH212; the anticipated timing of the initiation and results from those studies and trials; expectations regarding the clinical trial designs or indications; expectations regarding the time period over which the Company’s capital resources are expected to be sufficient to fund its anticipated operations; and expectations regarding market size, patient population size, and potential opportunities for complement therapies, in particular with respect to DNTH212. DNTH212 is an investigational agent that is not approved as a therapy in any indication in any jurisdiction worldwide. The words “opportunity,” “potential,” “milestones,” “runway,” “will,” “anticipate,” “achieve,” “near-term,” “catalysts,” “pursue,” “pipeline,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “predict,” “project,” “should,” “strive,” “would,” “aim,” “target,” “commit,” and similar expressions (including the negatives of these terms or variations of them) generally identify forward-looking statements, but the absence of these words does not mean that statement is not forward looking.

Actual results could differ materially from those included in the forward-looking statements due to various factors, risks and uncertainties, including, but not limited to, that preclinical testing of DNTH212 and data from clinical trials may not be predictive of the results or success of ongoing or later clinical trials, that the development of DNTH212 may take longer and/or cost more than planned, that the Company or its partner may be unable to successfully complete the clinical development of the Company’s compounds, that the Company or its partner may be delayed in initiating, enrolling or completing its planned clinical trials, and that the Company's compounds may not receive regulatory approval or become commercially successful products. These and other risks and uncertainties are identified under the heading "Risk Factors" included in the Company’s Annual Report on Form 10-K for the period ended December 31, 2024, and other filings that the Company has made and may make with the SEC in the future. Nothing in this press release should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved.

The forward-looking statements in this press release speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. Dianthus undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Dianthus Therapeutics Contact
Jennifer Davis Ruff
Dianthus Therapeutics
[email protected]

Leads Biolabs Contact
[email protected]

December 23, 2025 06:00 ET

 | Source:

Calfrac Well Services Ltd.

CALGARY, Alberta, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Calfrac Well Services Ltd. ("Calfrac" or the "Company") (TSX: CFW) is pleased to announce that it has closed its previously announced offering of rights (the "Rights Offering") to the holders of common shares of the Company ("Common Shares") as of the close of business (Toronto time) on November 21, 2025. The Rights Offering period expired at 5:00 p.m. (Toronto time) on December 19, 2025. The Company issued an aggregate of 13,011,153 Common Shares at a subscription price of $2.69 per Common Share for aggregate gross proceeds of approximately $35.0 million. As of the closing date of the Rights Offering, there are 98,900,612 Common Shares issued and outstanding.

The Rights Offering was more than twice oversubscribed, with 96.7% of the rights exercised under the basic subscription privilege. As a result, the Rights Offering closed without requiring the issuance of any Common Shares pursuant to the standby purchase agreement the Company executed. To Calfrac’s knowledge, after reasonable inquiry and subject to rounding, insiders of the Company, including directors and officers, acquired an aggregate of approximately 8.2 million Common Shares, representing approximately 63% of the Rights Offering.

The net proceeds of the Rights Offering, combined with a drawdown of the Company’s $120.0 million delay draw term facility and additional proceeds available to the Company under its existing syndicated facility (together, the "Credit Facility Drawdowns"), will be used together with cash on hand to redeem all outstanding US$120,000,100 aggregate principal amount of 10.875% second lien secured notes (the "Second Lien Notes") issued by the Company's subsidiary, Calfrac Holdings LP (the "Redemption"). The Redemption is expected to be completed today.

Calfrac’s Chief Financial Officer, Mike Olinek commented: “Closing this oversubscribed Rights Offering with the support of a focused group of long-time shareholders is a strong endorsement of the Company’s outlook and improved financial position. The repayment of the Second Lien Notes is a meaningful milestone as it extends the Company’s long-term debt maturities to July 1, 2028, and provides certainty surrounding Calfrac’s deleveraging strategy. The Company is on track to exit the year with long-term debt at the lower end of the previously announced guidance of between $200.0 to $215.0 million, which is a year-over-year reduction of more than $100.0 million.”

Neither the rights offered under the Rights Offering nor the Common Shares have been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be exercised, offered or sold, as applicable, in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company. There shall be no offer or sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification of such securities under the laws of any such jurisdiction.

All financial figures herein are stated in Canadian dollars unless otherwise noted.

FORWARD-LOOKING STATEMENTS

In order to provide Calfrac shareholders and potential investors with information regarding the Company and its subsidiaries, including management's assessment of Calfrac's plans and future operations, certain statements contained in this press release, including statements that contain words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "forecast" or similar words suggesting future outcomes, are forward-looking statements or forward-looking information within the meaning of applicable securities laws (collectively, "forward-looking statements"). In particular, forward-looking statements in this press release include, but are not limited to, statements with respect to the proposed use of the net proceeds of the Rights Offering and Credit Facility Drawdowns, the timing of the Redemption, the Company’s financial position and long-term debt levels and the Company's expectations and intentions with respect to the foregoing.

These statements are derived from certain assumptions and analyses made by the Company, including, among other things, the Company's ability to redeem the Second Lien Notes and the timing for completing the Redemption. Forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from the Company's expectations. Such risk factors include but are not limited to: the Company's inability to satisfy all conditions necessary to complete the Credit Facility Drawdowns and the Redemption; risks related to global economic conditions; geopolitical risks, including but not limited to, the continued impacts of the trade war between Canada and United States; financial risks, including but not limited to, restrictions on the Company's access to capital, including the impacts of covenants under the Company's lending documents; direct and indirect exposure to volatile credit markets, including interest rate risk; fluctuations in currency exchange rates; price escalation; possible dilution from additional equity issuances; legal and regulatory risks, including but not limited to, federal, provincial and state legislative and regulatory initiatives and laws. Further information about these and other risks and uncertainties may be found under the heading "Risk Factors" included in the Company's current annual information form and the rights offering circular dated November 14, 2025, copies of which are available on SEDAR+ (www.sedarplus.ca).

Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements and there can be no assurance that actual results or developments anticipated by the Company will be realized, or that they will have the expected consequences or effects on the Company or its business or operations. These statements speak only as of the respective date of this press release or the documents incorporated by reference herein. The Company assumes no obligation to update publicly any such forward-looking statements, whether as a result of new information, future events or otherwise, except as required pursuant to applicable securities laws.

For further information, please contact:

Mike Olinek, Chief Financial Officer

Telephone: 403-266-6000 
www.calfrac.com

Company Held Approximately $50 Million of Cash and Restricted Cash as of December 19, 2025; $30.5 Million of Cash Allocated for Future Purchases of Bitcoin 

, /PRNewswire/ -- Hyperscale Data, Inc. (NYSE American: GPUS), an artificial intelligence ("AI") data center company anchored by Bitcoin ("Hyperscale Data" or the "Company"), today announced that its Bitcoin treasury, including current holdings and cash allocated to committed purchases of Bitcoin, totaled approximately $76 million, based on the price of Bitcoin as of December 21, 2025. This amount represents approximately 100.75% of the Company's market capitalization, based on the Company's stock price at the close of trading on December 22, 2025. The Company has achieved its goal of having 100% of its market capitalization in Bitcoin and cash allocated for future purchases of Bitcoin and intends to maintain parity with its market capitalization while remaining committed to its long-term goal of accumulating Bitcoin as part of its broader $100 million digital asset treasury ("DAT") strategy. The Company's next goal is to reach $100 million in Bitcoin on its balance sheet.

"We believe that our disciplined dollar-cost averaging strategy has meaningfully paid off, and we intend to continue executing that approach as we build our long-term Bitcoin reserve," stated Milton "Todd" Ault III, Executive Chairman of Hyperscale Data. "We recently reported an estimated net book value of approximately $0.52 per share and an estimated gross total asset value of approximately $1.16 per share. We consider our strategy conservative as we add Bitcoin to our balance sheet and invest in the long-term value of the Michigan AI data center while strategically raising additional capital."

Mr. Ault added, "While we remain focused on execution our DAT, we are disappointed that the Company's market capitalization does not properly reflect the underlying asset values, particularly given the deep discount to our estimated net book value and gross asset value. We anticipate updating stockholders on our sales forecast in mid-January and currently expect 2026 to be a record year in total revenue. We also expect to provide a mid-January update regarding when we anticipate reaching profitability."

The Company's wholly owned subsidiary, Sentinum, Inc. ("Sentinum") held approximately 514.9655 Bitcoin as of December 21, 2025, consisting of 74.7313 Bitcoin generated from mining operations and 440.2341 Bitcoin acquired in the open market (including 11.4473 Bitcoin purchased during the week ended December 21, 2025). Based on the Bitcoin closing price of $88,621 on December 21, 2025, these holdings had an approximate market value of $45.5 million. In addition, Hyperscale Data has allocated $30.5 million of cash for Sentinum to deploy into open-market Bitcoin purchases.

Hyperscale Data will fully deploy the cash allocated to its DAT strategy into Bitcoin purchases over time. While the Company generally targets investing at least 5% of allocated cash each week with daily purchases, the actual amount may vary, with some weeks higher or lower, depending on market conditions and strategic considerations. Investors should evaluate the Company's Bitcoin accumulation based on multi-week averages, as part of its ongoing dollar-cost-averaging strategy.

Beginning next Tuesday and continuing each Tuesday thereafter, Hyperscale Data expects to provide a revised weekly update, disclosing (i) the total amount of Bitcoin owned by the Company and (ii) the amount of Bitcoin purchased during the prior week, providing stockholders with consistent, transparent reporting as the Company advances its DAT strategy. The Company does not intend to provide regular public updates regarding its cash and restricted cash balances but intends to continue reporting on its Bitcoin holdings and weekly Bitcoin purchases as described above.

For more information on Hyperscale Data and its subsidiaries, Hyperscale Data recommends that stockholders, investors and any other interested parties read Hyperscale Data's public filings and press releases available under the Investor Relations section at hyperscaledata.com or available at www.sec.gov.

About Hyperscale Data, Inc.

Through its wholly owned subsidiary Sentinum, Hyperscale Data owns and operates a data center at which it mines digital assets and offers colocation and hosting services for the emerging AI ecosystems and other industries. Hyperscale Data's other wholly owned subsidiary, Ault Capital Group, Inc. ("ACG"), is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact.

Hyperscale Data currently expects the divestiture of ACG (the "Divestiture") to occur in the second quarter of 2026. Upon the occurrence of the Divestiture, the Company would be an owner and operator of data centers to support high-performance computing services, as well as a holder of the digital assets. Until the Divestiture occurs, the Company will continue to provide, through ACG and its wholly and majority-owned subsidiaries and strategic investments, mission-critical products that support a diverse range of industries, including an AI software platform, social gaming platform, equipment rental services, defense/aerospace, industrial, automotive, medical/biopharma and hotel operations. In addition, ACG is actively engaged in private credit and structured finance through a licensed lending subsidiary. Hyperscale Data's headquarters are located at 11411 Southern Highlands Parkway, Suite 190, Las Vegas, NV 89141.

On December 23, 2024, the Company issued one million (1,000,000) shares of a newly designated Series F Exchangeable Preferred Stock (the "Series F Preferred Stock") to all common stockholders and holders of the Series C Preferred Stock on an as-converted basis. The Divestiture will occur through the voluntary exchange of the Series F Preferred Stock for shares of Class A Common Stock and Class B Common Stock of ACG (collectively, the "ACG Shares"). The Company reminds its stockholders that only those holders of the Series F Preferred Stock who agree to surrender such shares, and do not properly withdraw such surrender, in the exchange offer through which the Divestiture will occur, will be entitled to receive the ACG Shares and consequently be shareholders of ACG upon the occurrence of the Divestiture.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as "believes," "plans," "anticipates," "projects," "estimates," "expects," "intends," "strategy," "future," "opportunity," "may," "will," "should," "could," "potential," or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties.

Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company's business and financial results are included in the Company's filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company's Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company's website at hyperscaledata.com.

SOURCE Hyperscale Data Inc.

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SAN CARLOS, Calif.--(BUSINESS WIRE)--BeOne Medicines Ltd. (NASDAQ: ONC; HKEX: 06160; SSE: 688235), a global oncology company, today announced it will participate in the 44th Annual J.P. Morgan Healthcare Conference on Tuesday, January 13, 2026, with a presentation at 7:30 am PST.

Live webcasts of these events can be accessed from the investors section of the Company’s website at https://ir.beonemedicines.com, https://hkexir.beonemedicines.com, https://sseir.beonemedicines.com. Archived replays will be available on the Company’s website.

About BeOne Medicines

BeOne Medicines is a global oncology company based in Switzerland that is discovering and developing innovative treatments that are more accessible to cancer patients worldwide. With a portfolio spanning hematology and solid tumors, BeOne is expediting development of its diverse pipeline of novel therapeutics through its internal capabilities and collaborations. With a growing global team of nearly 12,000 colleagues spanning six continents, the Company is committed to radically improving access to medicines for far more patients who need them.

To learn more about BeOne, please visit www.beonemedicines.com and follow us on LinkedIn, X, Facebook and Instagram.

Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws, including statements regarding BeOne’s plans, commitments, aspirations and goals related to BeOne’s medicines and drug candidates. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors which are discussed in the section entitled “Risk Factors” in BeOne’s most recent periodic report filed with the U.S. Securities and Exchange Commission (“SEC”) as well as discussions of potential risks, uncertainties, and other important factors in BeOne’s subsequent filings with the SEC. All information in this press release is as of the date of this press release, and BeOne undertakes no duty to update such information unless required by law.

More News From BeOne Medicines Ltd.

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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.

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SummaryAstera Labs delivered $230.6M Q3 2025 revenue, up 104% YoY, with record 41.7% non-GAAP operating margins.
The business is shifting from Aries retimers to Scorpio scale-up fabrics, materially increasing dollar content per rack and system lock-in.
Scorpio X enters production late 2025, with a meaningful revenue ramp in 2026 and multi-generation architectural persistence.
Valuation compresses rapidly if revenue scales from ~$830M in FY2025 to $1.18B in FY2026 and $2B+ by 2028.
tiero/iStock via Getty Images

The AI trade is moving into a more selective phase. The early rush to secure compute is fading, and the focus is shifting toward efficiency, optimization, and system design. In this environment, Astera Labs (

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.

XRP, the cross-border payment token, fell below a key support level after failing to break through resistance at the start of the week, according to market data.

Summary

XRP price failed to clear resistance and broke below a key support zone, extending its drawdown from July’s all-time high and souring trader sentiment.​
Santiment data show social negativity spiking above average, a pattern that previously preceded a rally into July’s peak after similar late‑June capitulation.​
Spot XRP ETFs have posted consecutive net inflows since the Nov. 13 launch, with products now above the $1 billion AUM mark despite short-term price weakness.

The digital asset recorded minor gains on Monday but subsequently declined following the rejection at the resistance level, mirroring broader cryptocurrency market movements, as XRP price stood at $1.88 heading into the Asian afternoon.

XRP (XRP) is trading around $1.9 dollars now, up roughly 70–80% versus the start of 2025 when it sat close to $1.1.

Investor sentiment regarding the token has turned bearish, with negative comments on social media surging above average levels, according to data from analytics platform Santiment. The shift in sentiment follows the asset’s significant decline since reaching an all-time high in July.

🚨 This $XRP chart is interesting for one reason.

On the 3-week timeframe, the Stochastic RSI has dropped to 0.00. That’s extremely rare and has only happened once before — at the 2022 bear market bottom.

On such a high timeframe, this indicator only reaches zero when selling… pic.twitter.com/7QYqUDDopn

— STEPH IS CRYPTO (@Steph_iscrypto) December 21, 2025

Santiment noted that similar spikes in negative sentiment have historically preceded immediate price reversals. The firm cited late June as an example, when comparable bearish sentiment was followed by a rally to the July all-time high several weeks later.

Cobb, an analyst and member of the XRP community, stated a prediction for a new all-time high in the following year despite the declining sentiment.

The recent decline occurred despite continued positive momentum in XRP exchange-traded funds. Spot XRP ETFs have recorded consecutive days of net inflows since the first fund launched on Wall Street on November 13, according to data provider SoSoValue. The five ETF products attracted their highest daily net inflow since December 5 on Monday, SoSoValue reported.

Technical analysis using the TD Sequential indicator had signaled a potential correction, flashing a sell signal following a double-digit percentage bounce over several days, according to previous reports.

The cross-border payment token’s 24-hour decline comes amid mixed signals from fundamental ETF flows and technical indicators.

An undisclosed source revealed that in the weeks leading up to the launch of Libra, Hayden Davis signed an agreement to become Argentina's blockchain advisor. The agreement had not been disclosed by President Milei, who has stated that his participation was merely incidental.

New investors are increasingly gravitating toward gold and silver, rather than cryptocurrencies, amid mounting macroeconomic pressures.

This shift highlights a growing preference for traditional safe-haven assets, despite Bitcoin’s (BTC) positioning as “digital gold” and its long-term store-of-value narrative.

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Younger Investors Embrace Gold as a Hedge Against InflationAcross global markets, investors are turning to precious metals as a hedge against inflation and economic volatility. Market observers note that individuals with no prior trading experience are now entering gold and silver markets instead of crypto.

“People I know that have never traded anything are trading gold and silver. The retail did come and they did pump coins, just not in crypto. The alt season we waited for happened in precious metals,” a crypto market watcher stated.

In the Middle East, local media reported that record-high prices are attracting younger investors into the gold market. According to Gulf News, Chirag Vora of Bafleh Jewellers stated that first-time buyers now account for 55% to 60% of the gold demand. This group, primarily comprising Gen Z and Millennials, is increasingly viewing gold as a hedge against inflation.

The surge in prices has also altered buying behavior. Jewelry sales volume has declined, but overall spending rose, driven by higher prices. Retail buyers focused on investment value, preferring lower ticket sizes and flexible options. Interest shifted from traditional jewelry to gold bars, coins, and light pieces that offer easier resale.

A similar pattern is evident in India. Gold demand remains divided, with strong investment demand contrasting with weaker jewelry volumes.

“Demand for gold investment products, particularly bars and coins, remains strong. The preference towards investment-focused buying is reflected in the volume of gold imports, which rose sharply to 340t between July and October, compared with 204t between January and June, underscoring the resilience of investment-led demand,” World Gold Council’s Research Head for India, Kavita Chacko, wrote.

The demand is not new. In October, BeInCrypto reported that retail buyers were lining up outside bullion dealers to acquire physical gold and silver.

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A notable observation was the growing presence of younger investors among these buyers. This reinforces evidence of a generational shift toward traditional safe-haven assets.

This shift is also reflected in online search behavior. Google Trends data showed that search interest for terms such as “buy gold” has consistently outpaced “buy Bitcoin” over the past year, indicating stronger retail curiosity and intent toward precious metals compared to cryptocurrencies.

Despite this renewed interest, gold still represents a relatively small portion of household portfolios in the US. Kip Herriage, managing partner and founder of Vertical Research Advisory, noted that gold accounts for approximately 1% of total assets held by US retail investors, suggesting there is room for further allocation if the trend continues.

“In US households of retail investors, gold represents approximately 1% of their total portfolio (with silver even lower than that). We believe this move higher is just beginning, with a gold PT of $15,000/oz and silver $200/oz, as true price discovery is now underway. In 2003, when we first recommended gold & silver ($350/oz & $5/oz) we also recommended that investors “save” in gold, rather than fiat savings accounts. We continue to recommend this strategy today. Highly,” Herriage stated.

Beyond retail investors, central banks have also increased their exposure to gold. Global gold reserves surpassed 40,000 tonnes in the third quarter of 2025, reaching their highest level in at least 75 years.

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Central banks purchased a net 53 tonnes in October alone, marking a 36% month-over-month increase and the largest monthly net demand recorded year to date.

From Crypto to Bullion: Why New Investors Are Choosing GoldThe demand has further fueled gold’s rally. The yellow metal hit a fresh all-time high of $4,497 per ounce today.

Meanwhile, Bitcoin has slipped nearly 2% over the past 24 hours. BeInCrypto recently highlighted that BTC has lagged gold on a year-to-date basis, while silver has emerged as the top-performing asset, surging 138%.

Ray Youssef, CEO of NoOnes, told BeInCrypto that while gold may clearly be winning the 2025 debasement trade on price performance, the comparison masks a more nuanced market reality.

Gold’s recent run to new all-time highs and 67% YTD gains reflect classical defensive investor positioning as capital seeks certainty in a market environment defined by fiscal excess, geopolitical strain, and macro policy uncertainty. Increased central bank accumulation, a softer dollar, and persistent inflation risks have reinforced gold’s role as the market’s preferred defensive asset.

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“Bitcoin, by contrast, has recently failed to deliver on the hedge narrative, as its market behaviour has evolved. The asset has not traded like digital gold in 2025, owing to its heightened sensitivity to macroeconomic factors. BTC’s upside is now tied to liquidity expansion, sovereign policy clarity, and risk sentiment, rather than to monetary debasement alone,” he commented.

Crypto Markets Remain in “Wall of Disbelief” PhaseWhile retail interest has faded, some analysts believe that crypto may still experience growth. An analyst stressed that in prior cycles, retail activity surged as markets peaked. By contrast, this time, retail interest never climbed much and cooled quickly after rallies.

Our Crypto Talk stressed that the December 2024 price strength came without retail spikes. Instead, institutions, funds, and structured buying drove the action.

“Markets usually end when retail is fully involved, loud, confident, and overexposed. We’re not there. Right now, this looks more like a market still climbing a wall of disbelief, where price advances without broad participation and sentiment stays cautious even after strong moves. That doesn’t guarantee higher prices tomorrow. But it strongly suggests that this cycle hasn’t reached the psychological phase where excess gets punished. Retail hasn’t arrived yet. And historically, the biggest moves happen after they do, not before,” the analyst commented.

Whether retail capital will rotate from gold and silver back into digital assets is uncertain. For now, precious metals continue to draw interest and funds. As 2026 approaches, the question is whether this preference persists or shifts.

TLDR:

Gold leads in liquidity-driven cycles, often preceding Bitcoin’s major upward moves.
Bitcoin remains below previous highs while gold shows strong overbought conditions.
Fed rate cuts and $40B monthly Treasury purchases indicate improving liquidity.
Bitcoin reaching 30% of gold’s market cap could imply a $450,000 price per BTC.

Bitcoin follows Gold as bullion prices reach a fresh all-time high, reviving a familiar liquidity-driven sequence across macro markets. 

Historical cycles show capital often entering gold before rotating into Bitcoin once monetary conditions ease. Recent market data aligns with this structure, as gold strength coincides with Bitcoin consolidation. 

Analysts note improving liquidity, policy easing, and expanding money supply as conditions resembling earlier cycles where Bitcoin advanced after gold momentum cooled.

Gold Strength Signals Early Liquidity Rotation
Bitcoin follows Gold during periods when macro liquidity begins improving, according to long-term market observations shared by Bull Theory. 

In previous cycles, gold acted as an initial beneficiary of easing financial conditions before risk assets responded. The 2016–2017 cycle showed gold trending upward while Bitcoin remained range-bound during the early phase.

BREAKING: Gold just hit a new ATH, and history shows that Bitcoin always follows it with a lag.

This chart shows when liquidity conditions improve, money often moves in a sequence:

Gold moves first.
Bitcoin moves later.

You can see it repeating on the chart.

2016-2017:

Gold… pic.twitter.com/Smm14F77O6

— Bull Theory (@BullTheoryio) December 22, 2025

As the cycle matured, Bitcoin accelerated only after gold’s momentum softened. This sequencing reflected investor behavior shifting from capital preservation toward higher volatility assets. 

Gold’s leadership did not end the cycle but marked its early stage, while Bitcoin followed once liquidity filtered further into markets.

A similar pattern emerged during 2020–2021. Gold reached new highs following quantitative easing, while Bitcoin lagged below prior records. 

Bull Theory’s commentary notes that Bitcoin’s major expansion began after gold stalled, reinforcing the idea of delayed rotation rather than simultaneous movement.

Bitcoin Positioning as Gold Momentum Cools
Bitcoin follows Gold again as current conditions mirror earlier setups. Bull Theory notes that the Federal Reserve has already delivered three rate cuts. 

At the same time, the U.S. Treasury is purchasing approximately $40 billion in T-bills monthly, supporting liquidity expansion across financial systems.

Global money supply has also reached record levels, reinforcing the environment that previously preceded Bitcoin advances. 

Gold is currently trending strongly and appears extended by historical measures. Past cycles show that periods of gold consolidation often coincide with capital rotation toward Bitcoin.

Market size comparisons further frame the discussion shared in the tweet. Bitcoin’s market capitalization stands near $1.8 trillion, while gold is estimated around $31 trillion. 

Bull Theory notes gold has added nearly $17 trillion in value over two years, a scale that contextualizes Bitcoin’s potential without assigning forecasts certainty.

Bitcoin follows Gold remains a structural observation rather than a timing tool. The analysis emphasizes sequence over prediction, focusing on how liquidity historically migrates. 

The tweet frames Bitcoin’s current lag as consistent with prior cycles rather than a deviation, maintaining attention on macro conditions already in place.