Market Signal Briefing

Journalist

Posted: December 19, 2025

Bitcoin extended its decline on Thursday, slipping to the $85K region after facing another firm rejection at its multi-month descending trendline. 

While price momentum remains weak, new on-chain data from CryptoQuant indicates that continued BTC leaving exchanges suggests investors are positioning for a longer-term recovery, despite short-term pressure.

Bitcoin rejected again at the downtrend — momentum remains fragile
The 12-hour chart shows Bitcoin testing its descending trendline multiple times this month, only to be rejected on each attempt. 

The latest rejection near $90K triggered renewed selling, sending BTC back into its lower consolidation band.

Source: TradingView

The chart also highlights a pattern of bearish breakouts from rising wedge formations, reinforcing the broader downtrend. Momentum indicators remain weak, confirming a market struggling to find bullish conviction.

This puts short-term action firmly in the hands of sellers, with $84K–$86K acting as the immediate support zone to watch.

Large BTC outflows resume on Binance despite falling prices
However, on-chain activity tells a more nuanced story.

CryptoQuant’s exchange netflow chart for Binance shows consistent negative netflows throughout December, meaning more BTC is being withdrawn than deposited—even as price trends lower.

Source: CryptoQuant

Key signals:

Multiple –2,000 to –4,000 BTC netflow spikes appeared during the sell-off.
Outflows intensified each time BTC dropped below key levels.
The pattern mirrors prior accumulation phases where long-term holders quietly withdrew coins while price corrected.

Persistent exchange withdrawals typically signal reduced spot selling pressure, as coins move into cold storage rather than back onto the market.

This dynamic suggests the recent correction may be driven by derivatives leverage and trend-based selling—not sustained spot distribution.

What this divergence implies
The combination of technical weakness (trendline rejection) and bullish on-chain behavior [net outflows] creates a split-signal environment:

Short-term: BTC remains vulnerable as long as it trades below the descending trendline and fails to reclaim $90K.
Mid-term: Continued outflows point to a market quietly tightening supply, which has historically preceded rebounds or new accumulation bases.

If withdrawals persist while price consolidates, BTC could be forming the groundwork for a trend reversal once broader sentiment stabilizes.

Final Thoughts

Trendline rejection keeps BTC in a short-term downtrend, with bears controlling momentum.
Large exchange outflows suggest long-term holders are buying the dip, indicating underlying confidence despite price weakness.

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XRP is closing out 2025 caught between two opposing forces. On one side, price action has weakened, technical indicators are flashing caution, and liquidity has thinned as the holidays approach.

On the other hand, analysts continue to publish ambitious upside targets, while fresh narratives around utility, adoption, and yield generation keep the token in focus. The result is a market struggling to reconcile near-term pressure with longer-term expectations.

After spending much of the year underperforming other large-cap cryptocurrencies, XRP has slipped below the closely watched $2 level. That breakdown has sharpened debate over whether the market is entering a deeper correction or simply extending a prolonged consolidation phase.

XRP's price trends to the downside on the daily chart. Source: XRPUSD on Tradingview
XRP Price Structure Shows Growing Strain
Technical analysts point to mounting downside risks. XRP has formed what some describe as a higher-timeframe double-top near the $3.30–$3.40 region, with momentum indicators rolling over.

The $1.85–$1.90 zone is now acting as a critical support area. A confirmed break below that range could expose XRP to a deeper pullback toward the $1.60–$1.65 region, aligning with key Fibonacci retracement levels.

Additional on-chain metrics add to the cautious tone. XRP continues to trade well above its realized price, a condition that in previous cycles has preceded mean-reversion pullbacks.

Meanwhile, moving averages and momentum indicators, such as the MACD, remain tilted to the downside, reinforcing the view that sellers retain control in the short term.

Analysts Split Between Caution and Optimism
Despite the weak chart structure, some analysts argue that the broader narrative has not changed materially. Vincent Van Code has noted that while XRP’s price performance disappointed in 2025, there has been no clear fundamental shock to explain the decline.

Legal clarity around Ripple, ongoing institutional interest, and XRPL development remain intact, suggesting the disconnect may be driven more by market structure and liquidity than by fundamentals.

Others are more explicit with upside targets. Analyst Dark Defender, who previously identified the $1.88 support zone, argues that XRP has completed a corrective phase under Elliott Wave analysis.

From that perspective, targets around $5.85 remain possible in the next major advance, though timing depends heavily on broader market conditions.

Utility Narratives and Speculation Add Noise
Beyond price charts, new narratives are complicating sentiment. Reports highlighting XRP-based yield strategies, including mining-related platforms, have circulated widely; however, these claims vary in transparency and risk, and are not directly tied to XRP’s core protocol.

Separately, unconfirmed rumors suggesting that EA Sports may explore XRP for in-game payments have briefly reignited discussion around mass adoption, even as no official confirmation has emerged.

XRP currently sits at an uncomfortable crossroads. Technical pressure is real, downside risks remain, and patience is being tested. At the same time, bold analyst targets and recurring adoption stories ensure the token remains one of the most closely watched assets heading into early 2026.

Cover image from ChatGPT, XRPUSD chart from Tradingview

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TLDR

Aave V4 unifies liquidity using Hub and Spoke design for scalable global lending.
Horizon brings tokenized real-world assets onchain for institutional borrowing.
Aave App targets mass adoption with seamless mobile access to DeFi services.
Aave holds $75B in net deposits and has processed $3.33T in lifetime deposits.

Aave is positioning itself as a major player in decentralized finance, aiming to become a foundational layer for global on-chain finance. 

With over five years of development, the protocol now holds $75 billion in net deposits and has processed $3.33 trillion in lifetime deposits. 

Founder Stani Kulechov outlined a roadmap for 2026 focused on institutional adoption, new products, and mass user growth, signaling a push toward becoming the backbone of global financial infrastructure.

Aave V4: Unifying Liquidity Across Networks
Aave V4 represents a full redesign of the protocol, introducing a Hub and Spoke architecture. Hubs consolidate liquidity across networks, while Spokes provide specialized lending markets for various assets. 

This structure is designed to support trillions of dollars in assets, creating a scalable framework for institutions and fintech companies.

The V4 release will also include an improved developer experience. Aave Labs has built tools to facilitate product launches on the protocol, enabling new markets and integrations previously unavailable in DeFi. 

Kulechov emphasized that these upgrades will progressively expand total value locked (TVL) throughout 2026.

By combining centralized liquidity with flexible lending markets, Aave V4 aims to provide reliable and deep liquidity for users globally. 

Developers and DAO partners will collaborate closely on the rollout to ensure effective adoption of the redesigned protocol.

Horizon: Bridging Traditional Finance and Onchain Assets
Horizon is Aave’s dedicated platform for institutional Real-World Assets (RWA). It allows qualified institutions to use tokenized assets such as U.S. 

Treasuries and other credit instruments as collateral to borrow stablecoins. According to Kulechov, Horizon meets the operational and compliance standards required by large financial players.

Horizon has already achieved $550 million in net deposits, with plans to scale to $1 billion by partnering with Circle, Ripple, Franklin Templeton, and VanEck. 

The platform is designed to bring equities, real estate, commodities, and fixed income onto the blockchain, expanding Aave’s reach into traditional finance.

By connecting large-scale institutional capital with DeFi liquidity, Horizon positions Aave as a central credit layer for the global financial system. 

The platform provides a secure on-ramp for conventional assets to enter the onchain ecosystem.

Aave App: Onboarding Millions of Users
The Aave App is a mobile-first platform aimed at simplifying DeFi for mainstream users. Integrated with Push, it offers a zero-fee on/off-ramp covering more than 70% of global capital markets. The app is designed to provide a seamless cash-to-DeFi experience for users worldwide.

Kulechov stated that the Aave App rollout will target millions of new users, expanding the protocol’s adoption beyond institutions. 

Its launch complements the technical and institutional growth strategies of the Aave ecosystem.

By combining user-friendly interfaces with deep institutional liquidity, Aave is creating an ecosystem capable of supporting global onchain finance.

Kulechov reinforced this commitment in a recent tweet: “I bought $10 million more AAVE yesterday onchain,” demonstrating alignment between Aave Labs and the protocol’s long-term objectives.

TL;DR

Ex-Pump.fun developer Jarett Dunn sentenced to six years for stealing $2M in Solana.
Dunn’s defense of “whistleblowing” was dismissed by the court.
Pump.fun faces a major fraud lawsuit in the U.S. alleging insider manipulation.

A London judge sentenced Jarett Dunn, a former Pump.fun developer, to six years in prison after Dunn took about $2 million in Solana (SOL) connected to the platform. Dunn entered guilty pleas for fraud by abuse of position and transfer of criminal property.

Dunn spent 308 days on an electronic tag, and the court counted 154 of those days toward the prison term. Dunn also spent about five months in custody on remand, and courts typically count that period toward a sentence.

Dunn carried out the theft and spread funds across thousands of random addresses. Soon after, Dunn posted about the act on social media and admitted responsibility. Dunn then tried to label the theft as a whistleblower act and described Pump.fun as harmful, while claiming a desire to warn users. Dunn held a senior developer role at Pump.fun for six weeks before the incident.

Data cited from Dune placed Pump.fun lifetime revenue near $43.9 million around the time of the theft. A later figure cited in the same source material places lifetime revenue near $927.2 million, reflecting rapid growth in fees and activity over time.

Pump.fun lawsuit pressure grows as PUMP slides to a five-month low
After the theft, Dunn’s case also included mental-health and procedural turns. Authorities deemed Dunn unfit for a police interview and sent Dunn to a hospital for two weeks after months without medication. 

Dunn pleaded guilty in August 2024, then tried to withdraw the plea roughly two months later during sentencing steps. Dunn’s legal team then left the case, and Dunn spent months finding new representation while police kept Dunn under surveillance.

In July 2025, authorities jailed Dunn for breaching bail conditions. In August, Dunn entered a guilty plea again. Dunn then waited for sentencing while held at HMP Pentonville and continued to communicate online. The judge imposed two six-year sentences to run concurrently for the two offenses. Dunn had also expressed a wish for immediate deportation to Canada, yet custody remained in London.

Legal pressure also surrounds Pump.fun in the United States. Diego Aguilar, Kendall Carnahan, and lead plaintiff Michael Okafor filed a fraud lawsuit that names Pump.fun co-founders Alon Cohen, Noah Tweedale, and Dylan Kerler, and also targets co-founders of Solana Labs. 

Plaintiffs say defendants profited from token launches by giving insiders priority access and misleading regular buyers. Plaintiffs also point to Pump.fun marketing claims that described launches as “fair” and “rug-pull proof,” alongside a 1% platform fee. Plaintiffs allege insiders bought large positions at low prices before retail demand arrived, then triggered sharp spikes and fast drops.

A federal judge in the U.S. District Court for the Southern District of New York approved a second amended complaint, which lets plaintiffs expand claims. Market data in the same material also points to stress in trading flows, with CMF reaching an all-time low and marking the largest outflows in PUMP trading history.

Price action matched the legal overhang. PUMP fell almost 30% over one week and dropped 8.9% over 24 hours. The token trades near $0.001987, the lowest level in five months, and buyers have not shown consistent demand that changes the short-term direction.

Perpetuals trading platform Synthetix is returning to Ethereum’s mainnet, with its founder arguing the network is now more than capable of supporting high-frequency financial applications after years of network congestion drove derivatives activity elsewhere.

“By the time perp DEXs became a thing, the mainnet was too congested, but now we can run it back,” Synthetix founder Kain Warwick told Cointelegraph during an interview on Wednesday. 

“It’s kind of crazy that there really hasn’t been a Perp DEX on mainnet,” he added, explaining that reduced demand after the perp DEX exodus, combined with ongoing scaling improvements, has made Ethereum layer 1 more viable again.

“It’s definitely the best place to run a perp DEX,” he said.

Source: SynthetixWarwick said that high gas fees and network congestion previously made it impractical to operate complex trading infrastructure on the network. 

For several years, many perpetual platforms migrated to layer-2 networks or alternative blockchains, and Synthetix followed a similar path, he said, moving to the Ethereum layer-2 network Optimism in 2022 and later expanding to Arbitrum and Base.

Around the same time, decentralized derivatives exchange dYdX transitioned from mainnet to StarkWare layer-2 solution StarkEx.

Warwick says fees were “just too high” to make it feasibleWarwick said it wasn’t feasible to run critical infrastructure because the costs were “just too high.”

“The cost per transaction and therefore the efficiency of the markets on the chain really degraded,” Warwick said. On Wednesday, Ethereum’s average gas fee stood at approximately 0.71 gwei, nearly 26 times lower than on the same day twelve months ago, when it averaged 18.85 gwei, according to Etherscan.

Ethereum gas fees are significantly lower than they were twelve months ago. Source: Ether ScanWarwick said that the combination of layer-2 and layer-1 scaling means that ”you can actually run critical infrastructure on mainnet again.”

Some Ethereum proponents have predicted further improvements toward network capacity in 2026. Ethereum educator Anthony Sassano recently said the goal to significantly increase Ethereum’s gas limit to 180 million next year is a baseline rather than a best-case scenario.

Warwick expects other perpetual exchanges to follow SynthetixWarwick expects other perpetual DEXs to follow Synthetix back to mainnet, arguing Ethereum now has the capacity to support multiple perp DEXs simultaneously.

“It wouldn’t be a Synthetix launch if someone didn’t try and, you know, follow us within 20 minutes,” Warwick said.

“The main advantage is most of the liquidity in the crypto world is on Ethereum mainnet; most of the assets, most of the margin, most liquidity, almost everything is there. It is the most efficient onchain market,” he said.

Warwick added that Ethereum’s development has improved significantly in 2025, and it has potentially been the best year for the network since the Merge in September 2022.

“There’s been a renewed kind of focus on, like, the needs of builders, in a way that I think in the past, maybe it was much more focused on the network itself,” he said.

Magazine: Big questions: Would Bitcoin survive a 10-year power outage?

XRP edged lower during a volatile trading session, but the decline was accompanied by sharply elevated volume, a sign that large market participants remained active even as price failed to regain critical technical levels. The token closed the session down 1.2% at around $1.84 after swinging through a wide intraday range, underscoring the ongoing uncertainty surrounding XRP price action.

Broader crypto markets experienced sharp fluctuations after a softer-than-expected U.S. CPI report briefly pushed bitcoin above $89,000 during U.S. trading hours. That rally quickly faded, however, reinforcing a recent pattern in which macro-driven upside moves in crypto struggle to sustain momentum. While equities remained firmly positive, digital assets once again lagged, reflecting thinner positioning and persistent selling pressure.

Within this environment, XRP remained under pressure after failing earlier this month to reclaim the psychologically important $2.00 level. Many analysts view this zone as a structural inflection point, and repeated rejection there has kept the broader technical bias tilted to the downside. XRP continues to trade below its major moving averages, while the former support area between $1.93 and $2.00 has now flipped into resistance, aligning with key Fibonacci retracement levels and capping rebound attempts.

During the session, XRP briefly rebounded from support near $1.84 and surged toward $1.93 on strong volume, but sell orders quickly emerged at resistance, triggering a sharp reversal. Trading volume spiked as much as 147% above the 24-hour average, peaking near 155 million tokens during the afternoon selloff. The heaviest activity occurred near the highs and during the subsequent breakdown, suggesting distribution rather than panic-driven liquidation.

Although momentum indicators such as RSI are showing early signs of stabilization, price has yet to confirm a bullish reversal. XRP stabilized late in the session just above $1.84, but bids remained thin and follow-through buying was limited. As long as XRP remains below $1.93, traders are likely to stay cautious, with consolidation or further downside toward deeper support levels appearing more likely than a sustained recovery.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

All Flavors Contain Zero Added Sugar and Only Real-Food Ingredients

, /PRNewswire/ -- Laird Superfood®, Inc. (NYSE: LSF), a leader in functional coffee, creamers, and superfood products made with simple, minimally processed ingredients, has expanded its Hydrate line with two new flavors. Wild Berry contains a blend of antioxidant-rich maqui, calafate and murta berries from Patagonia; Tropical Punch offers a blend of fruits and real orange oil. Laird Superfood has also introduced a Variety Pack containing all five Hydrate flavors and expanded its line-up of single-serve packets by offering the Original flavor in these convenient sticks.

Laird Superfood Expands Hydrate Drink Mix Offerings with New Wild Berry and Tropical Punch Flavors, and Introduces a Variety Pack

All Laird Superfood Hydrate powders contain only real-food ingredients, and have the added benefit of Aquamin™, a red marine algae that provides bioavailable seaweed-derived calcium and magnesium, and more than 70 trace minerals, including naturally occurring potassium and sodium. The fruit-flavored options are lightly sweetened with monk fruit for zero added sugar; Original is made from only two ingredients (coconut water and Aquamin).

Each product in the Laird Superfood Hydrate lineup contains electrolytes such as sodium and potassium that naturally replenish the body.

"It's surprising that many athletes still rely on processed sports drinks, and those who use hydration powders often find they're also filled with artificial ingredients and excessive sugars," said Jason Vieth, CEO of Laird Superfood. "At Laird Superfood, we're committed to making healthy hydration easy with our natural, clean products that empower people to make nutritious choices without compromising taste or performance."

The full Laird Superfood Hydrate lineup includes Lemon, Mango-Pineapple, Original, Tropical Punch, and Wild Berry, as well as a Variety Pack of all the flavors. Hydrate Original is now also available in single-serve sticks, as well as the existing 8-ounce bag.

All are available for purchase on LairdSuperfood.com and Amazon.

For more information about new products, follow @LairdSuperfood on Instagram, @LairdSuperfood on TikTok, and visit LairdSuperfood.com.

About Laird Superfood®
Laird Superfood is a minimally processed food brand dedicated to fueling active lifestyles with superfood products that support energy, endurance, and overall well-being. Co-Founded by world-renowned big wave surfer Laird Hamilton in 2015 and selling its first products in 2016, the brand was born from his personal mission to find a better morning routine that could improve and sustain his performance while out catching waves. Alongside his Co-Founder, wife, former professional beach volleyball legend, bestselling author and fitness icon Gabby Reece, the brand has expanded from superfood creamers to offer instant lattes, coffees, bars, prebiotic daily greens, and more. Laird Superfood is committed to offering simple ingredients and minimally processed foods that can help fuel people from sunrise to sunset.

PRESS CONTACT
Brooke Cashin
[email protected]
702-306-7808

SOURCE Laird Superfood

In the latest trading session, ServiceNow (NOW - Free Report) closed at $153.38, marking a -80.4% move from the previous day. The stock's change was less than the S&P 500's daily gain of 0.79%. Elsewhere, the Dow gained 0.14%, while the tech-heavy Nasdaq added 1.38%.

The maker of software that automates companies' technology operations's stock has dropped by 4.17% in the past month, falling short of the Computer and Technology sector's loss of 0.85% and the S&P 500's gain of 0.87%.

The investment community will be closely monitoring the performance of ServiceNow in its forthcoming earnings report. It is anticipated that the company will report an EPS of $4.35, marking a 18.53% rise compared to the same quarter of the previous year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $3.52 billion, up 19.19% from the year-ago period.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $17.31 per share and revenue of $13.23 billion. These totals would mark changes of +24.35% and +20.49%, respectively, from last year.

Investors should also note any recent changes to analyst estimates for ServiceNow. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed an unchanged state. ServiceNow currently has a Zacks Rank of #3 (Hold).

Digging into valuation, ServiceNow currently has a Forward P/E ratio of 45.21. This expresses a premium compared to the average Forward P/E of 15.91 of its industry.

Also, we should mention that NOW has a PEG ratio of 1.85. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Computers - IT Services industry had an average PEG ratio of 1.85 as trading concluded yesterday.

The Computers - IT Services industry is part of the Computer and Technology sector. This industry currently has a Zacks Industry Rank of 87, which puts it in the top 36% of all 250+ industries.

The Zacks Industry Rank is ordered from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Progressive (PGR - Free Report) closed at $224.86 in the latest trading session, marking a -1.06% move from the prior day. The stock trailed the S&P 500, which registered a daily gain of 0.79%. Elsewhere, the Dow gained 0.14%, while the tech-heavy Nasdaq added 1.38%.

The insurer's shares have seen an increase of 1.95% over the last month, not keeping up with the Finance sector's gain of 4.09% and outstripping the S&P 500's gain of 0.87%.

Analysts and investors alike will be keeping a close eye on the performance of Progressive in its upcoming earnings disclosure. The company is predicted to post an EPS of $4.34, indicating a 6.37% growth compared to the equivalent quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $22.31 billion, up 9.75% from the prior-year quarter.

For the full year, the Zacks Consensus Estimates project earnings of $17.86 per share and a revenue of $86.82 billion, demonstrating changes of +27.12% and +15.59%, respectively, from the preceding year.

Investors should also take note of any recent adjustments to analyst estimates for Progressive. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. The Zacks Consensus EPS estimate has moved 0.3% lower within the past month. As of now, Progressive holds a Zacks Rank of #3 (Hold).

With respect to valuation, Progressive is currently being traded at a Forward P/E ratio of 12.73. This represents a premium compared to its industry average Forward P/E of 11.66.

We can also see that PGR currently has a PEG ratio of 1.01. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As of the close of trade yesterday, the Insurance - Property and Casualty industry held an average PEG ratio of 1.63.

The Insurance - Property and Casualty industry is part of the Finance sector. At present, this industry carries a Zacks Industry Rank of 27, placing it within the top 11% of over 250 industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Wells Fargo (WFC - Free Report) closed at $91.48 in the latest trading session, marking a -1.2% move from the prior day. This move lagged the S&P 500's daily gain of 0.79%. Elsewhere, the Dow saw an upswing of 0.14%, while the tech-heavy Nasdaq appreciated by 1.38%.

The biggest U.S. mortgage lender's stock has climbed by 10.02% in the past month, exceeding the Finance sector's gain of 4.09% and the S&P 500's gain of 0.87%.

Market participants will be closely following the financial results of Wells Fargo in its upcoming release. The company is predicted to post an EPS of $1.66, indicating a 16.9% growth compared to the equivalent quarter last year. Alongside, our most recent consensus estimate is anticipating revenue of $21.51 billion, indicating a 5.55% upward movement from the same quarter last year.

WFC's full-year Zacks Consensus Estimates are calling for earnings of $6.28 per share and revenue of $84.07 billion. These results would represent year-over-year changes of +16.95% and +2.15%, respectively.

It is also important to note the recent changes to analyst estimates for Wells Fargo. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate remained stagnant. Wells Fargo presently features a Zacks Rank of #2 (Buy).

In terms of valuation, Wells Fargo is presently being traded at a Forward P/E ratio of 14.75. This valuation marks a discount compared to its industry average Forward P/E of 17.85.

We can additionally observe that WFC currently boasts a PEG ratio of 0.94. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Financial - Investment Bank industry was having an average PEG ratio of 1.07.

The Financial - Investment Bank industry is part of the Finance sector. With its current Zacks Industry Rank of 29, this industry ranks in the top 12% of all industries, numbering over 250.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

In the latest trading session, Walt Disney (DIS - Free Report) closed at $111.87, marking a +1.12% move from the previous day. This change outpaced the S&P 500's 0.79% gain on the day. At the same time, the Dow added 0.14%, and the tech-heavy Nasdaq gained 1.38%.

The stock of entertainment company has risen by 5.69% in the past month, leading the Consumer Discretionary sector's gain of 2.39% and the S&P 500's gain of 0.87%.

The upcoming earnings release of Walt Disney will be of great interest to investors. The company's earnings per share (EPS) are projected to be $1.57, reflecting a 10.8% decrease from the same quarter last year. Meanwhile, our latest consensus estimate is calling for revenue of $26.04 billion, up 5.45% from the prior-year quarter.

DIS's full-year Zacks Consensus Estimates are calling for earnings of $6.59 per share and revenue of $101.18 billion. These results would represent year-over-year changes of +11.13% and +7.15%, respectively.

Investors should also pay attention to any latest changes in analyst estimates for Walt Disney. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 0.24% upward. Walt Disney is currently a Zacks Rank #3 (Hold).

In terms of valuation, Walt Disney is currently trading at a Forward P/E ratio of 16.79. This denotes a discount relative to the industry average Forward P/E of 20.11.

It's also important to note that DIS currently trades at a PEG ratio of 1.53. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The average PEG ratio for the Media Conglomerates industry stood at 1.58 at the close of the market yesterday.

The Media Conglomerates industry is part of the Consumer Discretionary sector. This group has a Zacks Industry Rank of 182, putting it in the bottom 27% of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

Meta Platforms (META - Free Report) closed the most recent trading day at $664.45, moving +2.3% from the previous trading session. The stock exceeded the S&P 500, which registered a gain of 0.79% for the day. Elsewhere, the Dow gained 0.14%, while the tech-heavy Nasdaq added 1.38%.

The stock of social media company has risen by 10.02% in the past month, leading the Computer and Technology sector's loss of 0.85% and the S&P 500's gain of 0.87%.

Market participants will be closely following the financial results of Meta Platforms in its upcoming release. The company's upcoming EPS is projected at $8.15, signifying a 1.62% increase compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $58.37 billion, indicating a 20.63% upward movement from the same quarter last year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $23.43 per share and revenue of $198.75 billion. These totals would mark changes of -1.8% and +20.82%, respectively, from last year.

It's also important for investors to be aware of any recent modifications to analyst estimates for Meta Platforms. Such recent modifications usually signify the changing landscape of near-term business trends. Therefore, positive revisions in estimates convey analysts' confidence in the business performance and profit potential.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.16% higher. Meta Platforms is currently a Zacks Rank #3 (Hold).

Valuation is also important, so investors should note that Meta Platforms has a Forward P/E ratio of 27.72 right now. This expresses a discount compared to the average Forward P/E of 28.76 of its industry.

Investors should also note that META has a PEG ratio of 1.68 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. META's industry had an average PEG ratio of 1.87 as of yesterday's close.

The Internet - Software industry is part of the Computer and Technology sector. With its current Zacks Industry Rank of 60, this industry ranks in the top 25% of all industries, numbering over 250.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.

Cisco Systems (CSCO - Free Report) ended the recent trading session at $76.95, demonstrating a +1.25% change from the preceding day's closing price. The stock outperformed the S&P 500, which registered a daily gain of 0.79%. At the same time, the Dow added 0.14%, and the tech-heavy Nasdaq gained 1.38%.

Prior to today's trading, shares of the seller of routers, switches, software and services had lost 3.05% lagged the Computer and Technology sector's loss of 0.85% and the S&P 500's gain of 0.87%.

Market participants will be closely following the financial results of Cisco Systems in its upcoming release. The company is predicted to post an EPS of $1.02, indicating a 8.51% growth compared to the equivalent quarter last year. Meanwhile, the latest consensus estimate predicts the revenue to be $15.12 billion, indicating a 8.06% increase compared to the same quarter of the previous year.

CSCO's full-year Zacks Consensus Estimates are calling for earnings of $4.1 per share and revenue of $60.76 billion. These results would represent year-over-year changes of +7.61% and +7.24%, respectively.

Any recent changes to analyst estimates for Cisco Systems should also be noted by investors. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.83% higher. As of now, Cisco Systems holds a Zacks Rank of #3 (Hold).

In the context of valuation, Cisco Systems is at present trading with a Forward P/E ratio of 18.52. This represents a premium compared to its industry average Forward P/E of 17.52.

It is also worth noting that CSCO currently has a PEG ratio of 2.31. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. As the market closed yesterday, the Computer - Networking industry was having an average PEG ratio of 1.6.

The Computer - Networking industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 41, finds itself in the top 17% echelons of all 250+ industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Amazon (AMZN - Free Report) closed the most recent trading day at $226.79, moving +2.49% from the previous trading session. The stock's change was more than the S&P 500's daily gain of 0.79%. Elsewhere, the Dow gained 0.14%, while the tech-heavy Nasdaq added 1.38%.

The stock of online retailer has fallen by 0.64% in the past month, lagging the Retail-Wholesale sector's gain of 0.48% and the S&P 500's gain of 0.87%.

Market participants will be closely following the financial results of Amazon in its upcoming release. The company's upcoming EPS is projected at $1.97, signifying a 5.91% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $211.29 billion, indicating a 12.51% growth compared to the corresponding quarter of the prior year.

For the full year, the Zacks Consensus Estimates project earnings of $7.17 per share and a revenue of $713.67 billion, demonstrating changes of +29.66% and +11.87%, respectively, from the preceding year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Amazon. These latest adjustments often mirror the shifting dynamics of short-term business patterns. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.39% increase. As of now, Amazon holds a Zacks Rank of #2 (Buy).

In terms of valuation, Amazon is currently trading at a Forward P/E ratio of 30.85. This expresses a premium compared to the average Forward P/E of 18.75 of its industry.

One should further note that AMZN currently holds a PEG ratio of 1.52. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. Internet - Commerce stocks are, on average, holding a PEG ratio of 1.44 based on yesterday's closing prices.

The Internet - Commerce industry is part of the Retail-Wholesale sector. At present, this industry carries a Zacks Industry Rank of 83, placing it within the top 34% of over 250 industries.

The Zacks Industry Rank assesses the strength of our separate industry groups by calculating the average Zacks Rank of the individual stocks contained within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow AMZN in the coming trading sessions, be sure to utilize Zacks.com.

In the latest trading session, ASML (ASML - Free Report) closed at $1,036.31, marking a +2.06% move from the previous day. This move outpaced the S&P 500's daily gain of 0.79%. Elsewhere, the Dow gained 0.14%, while the tech-heavy Nasdaq added 1.38%.

Coming into today, shares of the equipment supplier to semiconductor makers had lost 2.3% in the past month. In that same time, the Computer and Technology sector lost 0.85%, while the S&P 500 gained 0.87%.

The investment community will be closely monitoring the performance of ASML in its forthcoming earnings report. The company is predicted to post an EPS of $8.84, indicating a 21.1% growth compared to the equivalent quarter last year. In the meantime, our current consensus estimate forecasts the revenue to be $11.06 billion, indicating a 11.9% growth compared to the corresponding quarter of the prior year.

ASML's full-year Zacks Consensus Estimates are calling for earnings of $29.01 per share and revenue of $37.64 billion. These results would represent year-over-year changes of +39.34% and +23.21%, respectively.

Investors should also note any recent changes to analyst estimates for ASML. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.

The Zacks Rank system, which varies between #1 (Strong Buy) and #5 (Strong Sell), carries an impressive track record of exceeding expectations, confirmed by external audits, with stocks at #1 delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.02% higher. Currently, ASML is carrying a Zacks Rank of #3 (Hold).

Digging into valuation, ASML currently has a Forward P/E ratio of 35. This indicates a premium in contrast to its industry's Forward P/E of 33.91.

It is also worth noting that ASML currently has a PEG ratio of 1.58. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As of the close of trade yesterday, the Semiconductor Equipment - Wafer Fabrication industry held an average PEG ratio of 1.28.

The Semiconductor Equipment - Wafer Fabrication industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 6, finds itself in the top 3% echelons of all 250+ industries.

The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Ensure to harness Zacks.com to stay updated with all these stock-shifting metrics, among others, in the next trading sessions.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

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H.B. Fuller (NYSE:FUL) manufactures adhesives and sealants globally. The company pays $0.915 per share annually, yielding 1.52%. With a 33-year dividend increase streak and conservative payout ratios, I evaluated whether this dividend can survive recent earnings headwinds and elevated debt.

Metric
Value

Annual Dividend
$0.915 per share

Dividend Yield
1.52%

Consecutive Years of Increases
33 years

Most Recent Increase
5.6% (2025)

Dividend Aristocrat Status
Yes (25+ years)

Payout Ratios Provide Substantial Cushion
The company paid $47.6 million in dividends during 2024 against $163.2 million in free cash flow, producing a free cash flow payout ratio of 29%. The five-year average FCF payout ratio sits at 24%, meaning the company typically returns less than one-quarter of its cash generation to shareholders.

The 2024 earnings payout ratio was 37% ($47.6 million dividends against $130.4 million net income). This remains comfortably below the 60% threshold I consider healthy for industrial companies. The trailing twelve-month earnings payout ratio of 43% ($0.915 divided by $2.11 EPS) reflects recent earnings pressure but still leaves meaningful room for the dividend.

Metric
Value
Assessment

Earnings Payout Ratio (TTM)
43%
Healthy

FCF Payout Ratio (2024)
29%
Very Healthy

5-Year Average FCF Payout
24%
Excellent

Debt Levels Warrant Attention
Total debt stands at $2.08 billion against shareholders’ equity of $1.96 billion, producing a debt-to-equity ratio of 1.06x. Net debt of approximately $1.96 billion translates to 3.6x EBITDA, which sits at the upper end of what I consider manageable for an industrial manufacturer.

With quarterly interest expense of $33.6 million ($134 million annualized) and EBIT of $316 million in 2024, the interest coverage ratio calculates to 2.4x. This provides adequate but not exceptional cushion. If earnings decline further or interest rates remain elevated, debt service could pressure cash available for dividends.

Three Decades of Increases, But Growth Is Slowing
The company has raised its dividend for 33 consecutive years, qualifying it as a Dividend Aristocrat. The quarterly payment increased from $0.2225 in Q1 2025 to $0.235 in subsequent quarters, reflecting the 5.6% annual increase. Over the past five years, the dividend has grown at a 7.7% compound annual rate.

However, growth has decelerated from the 13% increase in 2022. Given the earnings pressure (net income fell 10% in 2024 and 20% in 2023), management appears appropriately cautious about maintaining aggressive dividend growth while preserving balance sheet flexibility.

This Dividend Looks Safe Despite Headwinds
Dividend Safety Rating: Safe

The combination of a 29% FCF payout ratio, 43% earnings payout ratio, and 33-year increase streak gives me confidence this dividend will survive the current earnings cycle. Even in 2022, when free cash flow fell to $126.5 million, the company covered its dividend by more than 3x. Management also accelerated share buybacks to $39.6 million in 2024, demonstrating confidence in cash generation.

I would be comfortable owning H.B. Fuller for income if you can accept modest dividend growth in the near term while earnings stabilize. The company’s guidance for 4% to 5% EBITDA growth in fiscal 2025 suggests stabilization is underway. However, I would be cautious if net debt-to-EBITDA rises above 4x or if interest coverage falls below 2x, as this would reduce the dividend safety cushion.

Market analysts are closely watching the XRP price as recent movements test key support levels. A new technical analysis has highlighted a critical price zone that is currently helping contain further downside pressure on XRP. Over the past few months, the cryptocurrency has struggled to reclaim its previous highs, recently crashing below the $2 psychological level amid increased volatility and market uncertainty. 

XRP Key Support Contains Downside Risks
Crypto analyst Skipper shared a new technical update on XRP this week, highlighting current market dynamics and a critical support level that could help prevent further downturns. The analyst noted that XRP recently broke below $1.93, signaling heightened selling pressure and ongoing market repositioning.

Notably, XRP’s decline below $1.93 comes amid broader market weakness, as the cryptocurrency has struggled to hold key levels. Spot market data show the cryptocurrency is currently trading at $1.85, reflecting a significant drop of about 2.7% in the last 24 hours and more than 7.8% over the past seven days. 

XRP’s choppy price action has also kept it pinned below many resistance zones. However, Skipper reveals that sustained trading below $1.88 keeps the cryptocurrency’s downside pressure intact in the near term. The analyst also notes that the next meaningful area where buyers may attempt to stabilize price sits around $1.85. 

Source: Chart from Skipper on X
Despite ongoing Spot ETF inflows since its launch in November, Skipper noted that XRP’s short-term price action appears more driven by technical positioning than fundamental developments. He also highlighted that XRP’s market supply has contracted significantly, dropping by 45% from approximately 3.9 billion tokens at the beginning of 2025 to about 1.6 billion tokens by December. This reduction in supply could influence XRP’s price dynamics and overall market scarcity. 

XRP Faces Continued Downtrend Amid Market Weakness
In a subsequent post, Skipper reported that the XRP price fell 5% as the crypto market experienced fresh selling pressure with major altcoins extending recent declines. The analyst stated that the token had dipped to lows of around $1.81, reflecting growing investor risk aversion. Moreover, despite being one of the top-performing assets earlier in the year, XRP now risks slipping further.

According to Skipper, XRP has been in a steady downtrend since July 2025, with each price bounce weaker than the previous one. He emphasized that bulls must reverse this downtrend to restore a positive outlook, which would require XRP to rise above the $2.27 high from the last weak bounce in late November. 

The analyst also noted that in past cycles, when XRP breaks below the 50-week Simple Moving Average (SMA) and stays there for roughly 50 to 84 days, a strong rally typically follows. He disclosed that the price has now spent approximately 70 days below its 50-week SMA, placing it within the same historical window.

XRP trading at $1.87 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Pxfuel, chart from Tradingview.com

Journalist

Posted: December 19, 2025

The Bitcoin [BTC] price fell 5.59% in 4 hours on the 17th of December, after the S&P 500 and the Nasdaq sank to a 3-week low. The losses tech stocks endured were the primary reason, as worries about the sustainability and return on spending in the AI trade resurfaced.

The U.S. Federal Reserve has hinted that it could pause interest rate cuts next month, which has also discouraged risk-taking.

Oracle Corporation shed 5.4% after a report that the cloud company’s negotiations with its largest data center partner, Blue Owl Capital, stalled on a $10 billion project.

The Asian markets tracked these losses, with the Nikkei 225 down 1% and the KOSPI 1.53% in red. The Bitcoin price, which tested the local $85.7k support, has bounced higher by 1.58% in 12 hours to trade at $87k at press time.

The impact of the Bitcoin price volatility
In a post on X, the Kobeissi Letter observed that the Bitcoin price swing represented a $140 billion market cap swing in under 2 hours. CoinGlass data showed that Bitcoin saw a $158 million liquidation wipeout in the past 24 hours, as of writing.

This nearly matched the $184 million worth of liquidations Bitcoin saw on Tuesday. Back then, the Asian markets posted losses, and the Bitcoin price had seen a bearish swing to force sizable liquidations.

In total, the crypto market saw $543 million in liquidations today, and $165 million for Ethereum [ETH].

AMBCrypto had observed in the same report that leverage was rising despite the lack of market momentum, setting up volatile conditions.

What next for BTC?

Source: BTC/USDT on TradingView

The 4-hour chart showed a bearish structure break on the 15th of December. This drop also left a sizable imbalance (white box) and a lower high at $90k.

Wednesday’s Bitcoin price volatility saw this imbalance tested, the local high swept, and a bearish drop back to the $85.7k local support.

The liquidation heatmap showed a magnetic zone at $94.5k. This cluster of short liquidation levels presented an attractive target, as prices gravitate towards liquidity.

On the other hand, the $82k-$83k pocket was closer and could be visited before any upward move.

Traders should also be prepared for a bearish continuation to the $74k liquidity pocket, due to a lack of demand.

Final Thoughts

The Wall Street tech sector showed weakness and worried investors, which the Asian markets and Bitcoin reflected.
Traders and investors should be prepared for further BTC drawdown.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories.
His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity.
Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution.
As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.

TL;DR

Aptos proposes adding quantum-resistant digital signatures (SLH-DSA) via AIP-137.
The upgrade is optional for new accounts; existing users are unaffected.
The move follows similar research and testing by other major networks like Solana.

Aptos moved the quantum conversation from theory into planning and proposed an optional signature path designed to resist long-term cryptographic risk. The network relies on digital signatures for daily security: users prove ownership, authorize transactions, and protect accounts through cryptography.

On Thursday, Aptos Labs outlined a proposal that targets the network’s dependence on signatures at the account layer. The core claim stays clear. Existing schemes hold up under classical computing, yet sufficiently capable quantum machines can make common signature schemes forgeable. 

A quantum-capable attacker could attempt to counterfeit authorizations and undermine account security, including retroactive exposure in some threat models.

Aptos Labs also pointed to external signals that push the issue into boardrooms and compliance teams. The team referenced early discussions around quantum scaling by IBM and cited the release of post-quantum cryptography standards by NIST in the United States.

Plans for a post-quantum future on Aptos, drafted by @AptosLabs' Head of Cryptography, @alinush.

→ AIP-137 aims to empower Aptos to better respond to future developments in quantum computing with a focus on ease of integration & limited new security assumptions.

Learn more 👇 https://t.co/dgPRueL4Jk

— Aptos (@Aptos) December 18, 2025

Aptos framed the concern around “CRQCs,” or cryptographically relevant quantum computers, which can turn today’s signature assumptions into liabilities.

AIP-137 adds optional SLH-DSA accounts with no forced migration
Developers proposed AIP-137, an Aptos Improvement Proposal authored by cryptographers at Aptos Labs. The design adds support for a post-quantum signature scheme at the account level, and it does not force any existing user to change keys. Current accounts remain untouched. Post-quantum accounts stay opt-in, so adoption can happen selectively.

If governance approves the proposal, Aptos would support SLH-DSA, a hash-based digital signature scheme standardized as FIPS 205, as an optional account signature type. Aptos positions the move as a way to offer native post-quantum accounts in production without breaking backward compatibility across the network.

Aptos operates as a proof-of-stake layer-1 built for decentralized applications. Network leadership has also pointed to consumer-facing apps gaining traction, including products that blend Web2-style onboarding with Web3-style ownership. The signature proposal fits that direction: mass-market apps depend on simple security primitives that reduce custody risk and lower the operational burden of upgrades.

Aptos does not act alone
Earlier in the month, Solana tested quantum-resistant transactions on a dedicated testnet to measure how post-quantum signature schemes can fit into its transaction model without disrupting existing accounts. 

In the Bitcoin world, a smaller but vocal group of developers, researchers, and fund managers also pushes faster progress on quantum-resistant cryptography. Some efforts center on BIP-360, an early-stage proposal that introduces quantum-resistant signature options, though the idea remains under debate.

Other voices reject near-term urgency
Early Bitcoin figure Adam Back dismissed short-horizon quantum fears as FUD and argued that Bitcoin’s core security model does not rely on encryption. Instead, Bitcoin relies on digital signature schemes and cryptographic hash functions, and the argument turns on timelines and practical quantum capability rather than headlines.

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2.2 Trillion SHIB Exit Coinbase as Bullish Price Setup Emerges

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Search engine giant Google has emerged as a silent architect behind Bitcoin miners' rapid pivot towards artificial intelligence (AI).

Instead of acquiring mining firms, the Alphabet-owned company has provided at least $5 billion of disclosed credit support behind a handful of BTC miners' AI projects.

While markets often frame these announcements as technology partnerships, the underlying structure is closer to credit engineering.

Google’s backing helps recast these previously unrated mining companies as counterparties that lenders can treat like infrastructure sponsors rather than pure commodity producers.

The mechanism for these deals is pretty straightforward.

BTC Miners contribute energized land, high-voltage interconnects, and shell buildings. Fluidstack, a data-center operator, signs multi-year colocation leases with these firms for the “critical IT load,” the power delivered to AI servers.

Google then stands behind Fluidstack’s lease obligations, giving risk-averse commercial banks room to underwrite the projects as infrastructure debt instead of speculative crypto financing.

The Google backstopsTeraWulf established the structural precedent at its Lake Mariner campus in New York.

Following an initial phase, the miner announced a massive expansion, lifting the total contracted capacity above 360 megawatts. TeraWulf values the deal at $6.7 billion in contracted revenue, potentially reaching $16 billion with extensions.

Crucially, the deal terms indicate Google increased its backstop to $3.2 billion and boosted its warrant-derived stake to approximately 14%.

Notably, Google's role was also evident in Cipher Mining's AI pivot.

Cipher Mining had secured a 10-year, 168-megawatt AI hosting agreement with Fluidstack at its Barber Creek site.

While Cipher markets this as approximately $3 billion in contracted revenue, the financial engine is Google’s agreement to backstop $1.4 billion of the lease obligations.

In exchange for this credit wrap, Google received warrants convertible into roughly a 5.4% equity stake in Cipher.

Hut 8 Corp. further scaled the model on Dec. 17, disclosing a 15-year lease with Fluidstack for 245 megawatts of IT capacity at its River Bend campus in Louisiana.

The contract holds a total value of $7 billion. Market sources and company disclosures confirm that JP Morgan and Goldman Sachs are structuring the project finance, a feat made possible only because Google “financially backs” the lease obligations.

Why AI leases beat bitcoin marginsThese miners' structural pivot responds to deteriorating mining economics.

CoinShares’ data puts the average cash cost to produce 1 BTC among listed miners at about $74,600, with the total cost including non-cash items such as depreciation closer to $137,800.

With BTC trading around $90,000, margins for pure-play miners remain compressed, prompting boards to seek more stable revenue streams.

That search now points to AI and high-performance computing. CoinShares reported that public miners have announced more than $43 billion in AI and HPC contracts over the past year.

Through these deals, BTC miners have a better standing with financial institutions because banks can underwrite a 10 or 15-year AI capacity lease as recurring revenue and test it against debt service coverage ratios.

Bitcoin mining income, by contrast, moves with network difficulty and block rewards, a pattern most institutional lenders are reluctant to anchor on.

However, Google’s role bridges this gap. As a credit enhancer, it lowers the perceived risk of projects and enables miners to access capital closer to that of traditional data center developers.

For Google, the structure improves capital efficiency. Instead of carrying the full cost of building data-center shells or waiting through interconnection queues, it secures future access to compute-ready power through Fluidstack. It also retains upside optionality through equity warrants in the miners.

Operational risks and counterparty chainsDespite the financial logic, the operational execution carries distinct risks.

Bitcoin miners have traditionally optimized for the cheapest, most easily curtailed power they can secure. AI customers, by contrast, expect data-center grade conditions, including tight environmental controls and rigorous service-level agreements.

So, the transition from “best-effort” mining to near-continuous reliability requires an overhaul of both operational culture and physical infrastructure. If cooling retrofits run over budget or interconnect upgrades face delays, miners will confront breaches of contract rather than simple opportunity costs.

Furthermore, the structure introduces significant counterparty concentration.

The economic chain relies on Fluidstack acting as the intermediary. Cash flows depend on Fluidstack’s ability to retain AI tenants and, ultimately, on Google’s willingness to honor the backstop for over a decade.

If the AI hype cycle cools or tenants force lease renegotiations, this chain creates a single point of failure. Miners are effectively betting that Google will remain the ultimate backstop, but legal recourse flows through the middleman.

RisksThe broader implications of these deals reach beyond project finance into competition policy and Bitcoin’s long-term security budget.

By relying on credit backstops rather than direct acquisitions, Google can aggregate access to energized land and power, the scarcest inputs in the AI build-out. This approach avoids the kind of merger review that a large asset purchase would invite.

However, if this template scales across multiple campuses, critics could argue that Google has created a kind of “virtual utility.” It would not own the buildings but would still shape who can deploy large-scale computing on those grids.

As a result, regulators may eventually find themselves asking whether control over long-dated AI capacity, even via leases, deserves closer antitrust scrutiny.

For Bitcoin, the trade-off is straightforward. Every megawatt diverted from mining to AI reduces the pool of power available to secure the network.

The market once assumed that hashrate would track price almost linearly as more efficient rigs and more capital came online.

So, if the most efficient operators systematically redeploy their best sites into AI contracts, hashrate growth becomes more constrained and more expensive, leaving a greater share of block production to stranded or lower-quality power assets.

Mentioned in this article

XRP treasury firm VivoPower aims to acquire hundreds of millions of dollars in Ripple Labs shares via a new joint venture. 

The company announced on Tuesday that its Vivo Federation unit has been engaged by South Korea–headquartered asset manager Lean Ventures to source an initial $300 million of Ripple equity. The Ripple shares will be placed into a dedicated investment vehicle managed by Lean Ventures, targeting institutional and qualified retail investors in South Korea — one of XRP’s biggest markets worldwide.

The share acquisition deal will proceed under an arrangement that the company says would provide indirect exposure to approximately 450 million XRP tokens, worth around $900 million at today’s prices.

VivoPower clarified that it does not intend to deploy its own balance sheet capital as part of the deal. The company would instead generate management fees and performance-based compensation, targeting $75 million in net economic returns over three years if the initial $300 million agreement is successful.

In its press release, VivoPower describes the Ripple stake as providing exposure to “underlying” XRP, based on the San Francisco-based company’s existing XRP stack.

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VivoPower’s XRP Treasury Strategy
The arrangement follows earlier revelations by VivoPower around other XRP-related strategies.

In August, the company revealed plans to acquire up to $100 million in privately held Ripple shares as part of what it characterized as an XRP-focused treasury strategy, positioning equity ownership as a way to gain indirect exposure to the industry’s fifth-largest cryptocurrency rather than holding XRP directly.

Earlier this year, VivoPower announced a $121 million private placement led by His Royal Highness Prince Abdulaziz bin Turki bin Talal Al Saud, chairman of Eleventh Holding Company in Saudi Arabia. The raise positioned it as one of the first publicly listed companies to base its digital asset strategy around XRP rather than the two largest cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH).

XRP is trading down 1.4% over the past day at $1.83, according to CoinGecko data.

TL;DR

Fidelity’s Jurrien Timmer labels 2026 as an “off-year” for Bitcoin after its October 2025 peak.
He sees potential for a price correction to the $65,000–$75,000 support zone.
The view contrasts with other forecasts that remain bullish for 2026 (e.g., Bitwise).

Jurrien Timmer, Director of Global Macro at Fidelity Investments, signals a cautious stance on Bitcoin for 2026. Timmer describes 2026 as an off-year for the largest cryptocurrency by market value and anchors the view in cycle math tied to the latest peak.

Bitcoin trades near $86,207 and keeps failing to retake $90,000. Price action reflects ongoing weakness after the $125,000 high reached in October 2025, and buyers have not restored control around prior breakout zones.

While I remain a secular bull on Bitcoin, my concern is that Bitcoin may well have ended another 4-year cycle halving phase, both in price and time. If we visually line up all the bull markets (green) we can see that the October high of $125k after 145 months of rallying fits… pic.twitter.com/Uxg9DTccnt

— Jurrien Timmer (@TimmerFidelity) December 18, 2025

Timmer also revisits a prior call that compared Bitcoin with gold. He expected Bitcoin to beat gold during the second half of the year. However, gold rose while Bitcoin fell over the same stretch. Timmer says mean reversion does not appear yet, so the gap can persist in the near term.

Timmer tags $125,000 as a cycle top and watches $65,000–$75,000 for support
Timmer argues the rally reached a natural endpoint at $125,000. He links the peak to “145 months of rallying” and says the timing matches historical patterns in his dataset. Therefore, he treats the October high as the likely top of the current cycle and reads the bull phase as finished.

Under Timmer’s framework, Bitcoin can retrace and search for a floor. He points to a potential support zone between $65,000 and $75,000 as an area where sellers may slow and the market may stabilize. Timmer still likes Bitcoin over the long run, yet he separates long-run conviction from a weaker setup for 2026.

Bitwise rejects a 2026 crypto winter and argues that ETFs and institutional participation reduce old boom-bust behavior. Bitwise expects BTC to post a new record during 2026, based on flows and broader access.

Meanwhile, Standard Chartered and Bernstein keep a positive bias, but both firms lowered targets after the October 2025 peak. VanEck avoids a 2026 call and declines to publish a point forecast.

The split shows a market that still digests the post-peak phase. Timmer emphasizes cycle duration and a pullback toward $65,000–$75,000. Bitwise emphasizes ETFs and structural demand. For now, Bitcoin sitting near $86,207 and failing to reclaim $90,000 provides the simplest scoreboard.

Journalist

Posted: December 19, 2025

Ethereum remained under heavy pressure as broader market weakness dragged altcoins lower.

After peaking near $4,900 earlier this cycle, Ethereum stayed locked in a downtrend with only brief recovery attempts. At press time, ETH traded near $2,856, down 2.36% daily and about 10% weekly.

That sustained decline appeared to push both whales and institutions toward the exit.

Whales head for the door
On-chain data showed a major Ethereum [ETH] whale accelerating profit-taking.

According to Onchain Lens, the whale deposited 7,654 ETH, worth about $21.62 million, into Binance. Lookonchain reported that this transaction locked in roughly $4 million in profit.

A few hours earlier, the same address deposited 10,169 ETH, valued near $29.77 million, realizing an additional $11.36 million gain.

Source: Onchain Lens

In total, the whale offloaded 17,823 ETH, worth approximately $51.4 million, through Binance deposits.

Blockchain records showed the whale originally withdrew 19,505.5 ETH, staked the assets, and later redeposited 20,269 ETH. That strategy generated about 763.58 ETH in staking rewards.

After the latest deposits, cumulative realized profit stood near $15.36 million.

Historically, whale selling during prolonged downtrends often reflected fading confidence. Large holders typically exited when they expected further downside risk.

Institutions are even more bearish
In addition to individual whales exiting the market, institutional investors have dominated the sell-side activity. 

Data from SoSoValue showed Ethereum Spot ETFs recorded net outflows for five consecutive sessions. Over that period, cumulative outflows reached about $533.25 million.

Source: SoSoValue

On the 17th of December, for example, outflows jumped to -$22.43 million, reflecting intense selling pressure. As a result, Ethereum’s Spot ETFs saw Total Assets drop from $21 billion to $17 billion, marking a $4 billion dip in five days.

Such a sustained period of outflows suggests that institutions turned bearish and reduced exposure, an apparent lack of market conviction.

A breakdown or a rebound?
Ethereum’s price action reflected that caution.

Sellers continued defending higher levels, while buyers struggled to sustain rebounds. That imbalance kept ETH locked in a broader downtrend.

Momentum indicators reinforced the bearish tone. The Stochastic Momentum Index dropped into oversold territory, reflecting heavy downside pressure.

Source: TradingView

At press time, ETH hovered just above the 0.618 Fibonacci Retracement near $2,807. A failure to hold that level could open the door to a move toward the 0.786 retracement around $2,633.

However, exchange activity hinted at a potential short-term shift.

Source: CryptoQuant

Exchange Netflows turned sharply negative, falling to about -47,100 ETH from roughly +46,000 ETH the prior day. That swing suggested reduced sell-side pressure and emerging demand.

If buyers defended the $2,807 zone, ETH could attempt a rebound toward $2,929. A stronger recovery would place resistance near the $3,200 region.