Market Signal Briefing

The weekly structure break meant that AERO investors and traders can expect another 29% price drop.

Charles Schwab is moving deeper into digital assets, with CEO Rick Wurster confirming at the Reuters Next conference in New York that the brokerage plans to introduce spot Bitcoin and Ethereum trading in the first half of 2026. The rollout will follow a careful, phased approach, starting with internal employee testing before expanding to a small group of clients. Wurster emphasized that broader access for retail investors will come only after these controlled pilots validate the platform’s performance and security.

The CEO also highlighted that Schwab is preparing for additional dealmaking as part of its long-term growth strategy. While he expressed openness to acquiring a crypto company, Wurster made clear that any move would depend on finding the right opportunity at the right valuation. He declined to mention specific targets or confirm whether discussions are currently underway.

Schwab’s upcoming spot Bitcoin trading has already sparked debate around pricing. Bloomberg ETF analyst Eric Balchunas noted that fees will be a critical factor, especially since Schwab’s stock and ETF trades are already offered at zero commission. Pricing spot crypto trades below 50 basis points could put pressure on major crypto exchanges, he argued, particularly when crypto ETFs already provide tight spreads despite carrying expense ratios.

This shift toward broader asset access follows Schwab’s announcement that it plans to acquire private-market platform Forge Global for $660 million. Wurster linked the deal to rising investor demand for pre-IPO investment opportunities, saying the acquisition will expand the range of alternative assets available to Schwab clients.

Wurster also pointed to improving customer activity in late 2025. Daily trading volumes in the fourth quarter exceeded earlier quarters, client balances climbed alongside market gains, and Schwab’s third-quarter earnings beat expectations with record client assets and stronger trading revenue.

With crypto integration, new acquisitions, and rising investor engagement, Schwab appears positioned to broaden its competitive footprint heading into 2026.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Pepe

Price Prediction

Technical Analysis

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Content Writer

Harvey Hunter

Content Writer

Harvey Hunter

About Author

Harvey Hunter is a Content Writer at Cryptonews.com. With a background in Computer Science, IT, and Mathematics, he seamlessly transitioned from tech geek to crypto journalist.

Has Also Written

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Last updated: 

December 3, 2025

Pepe appears to have diverged from a textbook bearish setup, with yearly lows shaping up as a launchpad for bullish Pepe price predictions.

An early-week 17% bounce has affirmed $0.000004 as a firm bottom marker for the meme coin through this market cycle’s bullish phase.

That stability now puts the validity of a 9-month bearish head-and-shoulders breakdown into question.

PEPE / USDT 1-week chart, head-and-shoulder pattern. Source: TradingView.While the pattern had pointed to a potential 77% decline, a decisive rebound like this may signal an early bailout. Still, market participants appear to be oblivious to the setup as profit-taking continues.

One long-term PEPE Token holder deposited their remaining $3.5 million worth of PEPE to Coinbase, now having a zero balance for the first time since June 2024.

That behavior reflects a broader trend, with the Chaikin Money Flow on Coinbase plunging into deeply negative territory at –0.3, signaling significant profit-taking pressure.

PEPE Chaikin Money Flow (CMF). Source: TradingView.Pepe Price Prediction: The Next Move Could Shock EveryoneZooming in, the divergence appears to stem from a double-bottom reversal forming with a second bounce developing along the yearly low.

Its play-out has shifted attention toward a potential breakout from a broader descending channel, and momentum indicators now support the bullish setup.

PEPE / USDT 12-hour chart, descending channel pattern. Source: TradingView.The RSI has turned bullish for the first time in two months, pushing above the neutral line as buyers step back. The MACD mirrors the shift, printing a golden cross above the signal line.

Fully realised, the pattern sets eyes on a pre-October liquidation event demand zone at $0.000009 for a 95% gain.

And with supportive market conditions, such as a U.S. interest rate ease in December to stimulate demand for riskier plays PEPE, it could push 5x to all-time highs at $0.000028.

PepeNode: A Simpler Way to Position For the Bull RunWith most bull run setups flying under the radar under bearish market sentiment, it can be difficult to secure entries without leaving yourself exposed to potential heavy losses.

PepeNode ($PEPENODE) helps with an easier way to accumulate, without needing to time the market — the pitfall of most meme coin investors.

It’s a simple mine-to-earn (M2E) game. No hardware needed.

Just log in, acquire virtual nodes, stack rigs, and configure your setup to start earning passive rewards that diversify across top-performing meme coins.

Momentum is climbing fast. The presale has already passed $2.25 million, while early stakers can still earn up to 576% APY.

And thanks to a built-in deflationary model, where 70% of all $PEPENODE spent on nodes and rigs is burned, scarcity supports long-term token value.

PepeNode stands out as a smarter way to capture some of the market’s strongest upside—without worrying about timing the perfect entry.

Visit the Official PepeNode Website Here

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Coinbase Institutional released its monthly outlook report on Wednesday, indicating that conditions may favor a market reversal in December following Bitcoin’s underperformance in November.

Summary

Bitcoin underperformed in November, falling more than three standard deviations below its 90-day average, while U.S. equities saw milder declines.
Market conditions may favor a December reversal, as the end of quantitative tightening and potential Fed rate cuts could unlock sidelined cash into Bitcoin and crypto vehicles.
“I am bearish on the Fed and what they continue to do to the value of the dollar,” James Lavish says. “Bitcoin captures this.”

The cryptocurrency exchange’s institutional division cited the Federal Reserve’s return to the bond market as quantitative tightening ends, stating that the cash drain from markets may be ending. The firm characterized this development as typically favorable for risk-on assets, including cryptocurrencies.

According to the report, Bitcoin underperformed U.S. equities on a risk-adjusted basis in November, falling more than three standard deviations below its 90-day average. The S&P 500 declined only one standard deviation during the same period, the report stated.

The analysis identified several challenges affecting the cryptocurrency market. Spot exchange-traded fund flows turned negative in November, with the month posting record cumulative outflows. Stablecoin supply contracted with the weakest 30-day momentum since 2023, according to the findings.

Long-term Bitcoin holders distributed coins rather than accumulating during the period, the report noted. Digital asset treasury vehicles traded below net asset values for the first time in 2024.

K-shaped economic recovery
The report also addressed concerns about a “K-shaped” economic recovery in which artificial intelligence-driven job displacement could increase corporate profits while reducing personal income stability. However, the document stated that evidence of this trend impacting cryptocurrency markets remains weak.

Coinbase Institutional indicated that sidelined cash, including substantial money-market balances, could shift into regulated Bitcoin vehicles when market conditions stabilize. The firm stated that full market stabilization will likely require several months, echoing its October assessment.

The report suggested that conditions could support a reversal in December if the Federal Reserve cuts interest rates and unlocks inflows.

Why so bullish, Lavish?
James Lavish, a former hedge-fund manager, commented on X that over the last 16 years, the Federal Reserve has added a total of $8.8 trillion in liquidity to markets and removed a total of just $3.2 trillion, “before calling ‘uncle’ for the second time.”

He added, “So when people ask why I am so bullish on Bitcoin, it is simple. I am bearish on the Fed and what they continue to do to the value of the dollar. Bitcoin captures this.”

In the last 16 years, the Fed has added a total of $8.8 trillion of liquidity to markets and removed a total of just $3.2 trillion before calling *uncle* for the second time. So when people ask why I am so bullish on Bitcoin, it is simple. I am bearish on the Fed and what they… pic.twitter.com/Z9cY2J6JDE

— James Lavish (@jameslavish) December 2, 2025

Data from the Federal Reserve Bank of St. Louis showed the Fed recently injected liquidity into the banking system through overnight repurchase agreements, marking the second-largest spike since the COVID-19 pandemic.

XRP is testing a key inflection zone above $2.00 as two independent frameworks from crypto analysts Dom (@traderview2) and Osemka (@Osemka8) converge on a potential reversal – with clearly defined levels at roughly $2.00, $2.22 and $2.50 marking the battlefield.

XRP Price Consolidation Nears Its End
On the higher-timeframe 2-day chart, Osemka frames the structure as a classic flat correction built on top of the 2021 high. “Here’s the range and levels to help you navigate it. We’re basing on top of 2021 high,” he writes, adding that “we’ve also never broken down after going sideways for this long, so I remain with my view of this being an accumulation range and a flat correction.”

His chart shows XRP oscillating in a horizontal band whose floor aligns with the 2021 high, labeled as a “Reaccumulation” area. Price has repeatedly tagged this support and bounced, while midrange resistance in the low-to-mid $2 zone has capped multiple rallies. Above, a higher horizontal line marks the January spike, which Osemka treats as the cycle top.

XRP price analysis 2-day chart | Source: X @Osemka8
Internally, he maps an A–B–C corrective sequence. The B leg forms a dotted ascending channel, labeled as a 3-legged “abc” wave. “That dotted ascending range in the middle (3 legged abc wave in B) has me optimistic as that is a corrective move that is synonymous for a flat correction,” he explains. “Meaning the top was in January and this indeed is only a sideways correction.” The current C leg is contained within a downward “Corrective channel” pointing back toward the lower band.

For Osemka, even a deeper test of support would not necessarily be bearish for the larger structure: “If we end up taking the lower end of the range with C leg it’ll remain to be seen. But if so, it’d be a great buying opportunity.” He also calls XRP “a perfect example on why I view BTC also as a flat correction with the top in January,” arguing that “while Bitcoin is messy, XRP is very clean.”

Why Its Now Or Never For XRP
Dom zooms in on the last six weeks of that broader range and focuses on the microstructure that could trigger a move back toward the upper band. “If you inverse the chart over the last 6 weeks, you’ll see a perfect 3 drive pattern, a very accurate reversal setup in crypto,” he writes. On the non-inverted chart, this corresponds to three downside pushes that fail to extend lower, followed by what he calls a higher low: “We can see a HL has finally formed which can hint at the first sign of a trend change developing.”

XRP price analysis 8-hour chart | Source: X @traderview2
His 8-hour chart highlights the monthly rolling VWAP as the key pivot. “Bulls needs to regain the monthly rVWAP around $2.22 and that would be the shift for a rally back towards ~$2.50,” Dom says. That ~$2.50 area aligns with higher VWAP clusters and the upper portion of Osemka’s range.

Order-book and skew data back his view that conditions are ripe for a break if buyers step in. “Orderbooks are clear, if there was a time, it’s now for this trend to shift,” he notes, pointing to relatively clean liquidity overhead and a recovering skew after a washed-out short side.

XRP order books | Source: X @traderview2
The downside is equally explicit: “If this setup fails, acceptance under $2 is next and the end of year is ugly.” That would mean a decisive loss of the long-defended support band built on the 2021 high and a deeper completion of the C leg in Osemka’s flat-correction structure.

For now, XRP remains compressed between the $2.00 support, the $2.22 monthly rVWAP trigger and the ~$2.50 upside magnet, with the six-week 3-drive pattern and flat-correction range jointly defining one of the clearest technical inflection points on the XRP chart this year.

At press time, XRP traded at $2.1798.

XRP needs to break the 0.382 Fib, 1-week chart | Source: XRPUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

Bitcoin just spent two straight weeks sliding into a zone traders respect and fear at the same time. Price dropped toward the True Market Mean, the cost basis of all active coins minus miners, and then held there.

According to Glassnode, that level splits light bear phases from deep bear markets. For now, price is sitting just above it. The structure around it now matches what showed up in Q1 2022 almost tick for tick.

Spot price moved under the 0.75 supply quantile in mid‑November and now trades near $96.1K, putting more than 25% of total supply underwater.

At the same time, sellers may already be worn out. The line that changes everything is still the 0.85 quantile near $106.2K. Until price takes that level back, macro shocks keep full control of direction.

Glassnode data shows that Bitcoin’s Net Change in Realized Cap reads +$8.69B per month, which is pretty weak compared to the $64.3B per month peak in July, but it is not exactly negative either.

As long as this stays above zero, price can still build a base instead of falling apart. Meanwhile, long‑term investors continue to sell into strength, but at shrinking margins, with the Long‑Term Holder SOPR (30D‑SMA) stands at 1.43.

Derivatives and options reset risk across the board
Spot demand now looks lighter. U.S. Bitcoin ETFs flipped into net outflows across November on a three‑day average basis. The steady inflow that supported price earlier this year is gone. Outflows hit many issuers at once. Institutions pulled back as market pressure built. That leaves price more exposed to outside shocks.

At the same time, Cumulative Volume Delta turned negative on Binance and across the aggregate exchange group. That signals steady taker selling. Coinbase flattened as well. That removed a key sign of U.S. bid strength. With ETF flows and CVD both defensive, spot demand now runs thin.

Derivatives followed the same path. Futures open interest kept falling through late November. The unwind stayed slow and orderly. The leverage built during the uptrend is now mostly gone. New leverage is not entering. Funding rates cooled near zero after months of positive prints. Modest negative funding showed up at times but never lasted long. Shorts are not pressing hard. Positioning now sits neutral and flat.

In options, implied volatility dropped after last week’s spike. Bitcoin failed to hold above $92K, and sellers stepped back in, so short‑dated volatility fell from 57% to 48%, mid‑tenor slid from 52% to 45%, and long‑dated eased from 49% to 47%.

Short‑term skew fell from 18.6% to 8.4% after Bitcoin’s price rebounded from $84.5K, a drop tied to the Japanese bond shock. Longer maturities moved slower. Traders chased short‑term upside but stayed unsure about follow‑through.

Early week flow leaned heavy on put buying tied to fears of a repeat of the August 2024 carry‑trade stress. Once price stabilized, flow flipped to calls during the rebound.

At the $100K call strike, call premium sold still exceeds call premium bought, and the gap widened during the past 48 hours. That shows weak conviction to reclaim six figures. Traders also sit ahead of the FOMC meeting without chasing upside.

Crypto entrepreneur Lark Davis pointed out that crypto whales dumped the market, then “Charles Schwab, Vanguard and Bank of America all roll out crypto to their clients in the same week. What a happy coincidence!”

Get $50 free to trade crypto when you sign up to Bybit now

CryptoQuant noted that Strategy’s move from aggressive Bitcoin buying to a more conservative, liquidity-focused treasury approach comes amid Bitcoin’s largest drawdown of 2025. 

“Strategy’s Bitcoin buying has collapsed through 2025,” CryptoQuant noted in a Wednesday report, noting a dramatic monthly reduction in Bitcoin buys by Strategy since late 2024.

CryptoQuant reports that the company’s monthly purchases decreased from 134,000 BTC at the 2024 peak to just 9,100 BTC in November 2025, with only 135 BTC so far this month.  According to the data analytics firm, the 24-month buffer is a clear indication that Strategy is bracing for the bear market.

On November 17th, Strategy acquired 8,178 BTC for approximately $835.5 million, its largest purchase since July, bringing its total holdings to 649,870 BTC, valued at approximately $58.7 billion at the time of writing.

The firm has been the subject of intense speculation over the last several months following a downturn in the crypto market and the unwinding of the BTC proxy trade, which included digital asset treasury companies that accumulate crypto and mining operations.

Strategy secures $1.4B cash reserve
Just a few weeks ago, Strategy CEO Phong Le said the company might sell some of its Bitcoin to cover debt costs, but only if its stock falls below net asset value (NAV) or if it loses access to financing.

The company has also set aside a $1.4 billion cash reserve to cover dividend payments and debt obligations. This reserve is expected to provide a 12-month runway, with plans to expand it to cover 24 months, the company added.

Strategy’s attempt to join major stock market indexes has faced obstacles.MSCI, which sets eligibility criteria for many of these indexes, has suggested a policy change that would bar treasury companies holding 50% or more of their balance-sheet assets in digital assets.

The directive would cut off firms like Strategy from the passive inflows that come with index inclusion. Michael Saylor, the co-founder of Strategy, recently stated that Strategy is engaging with MSCI regarding the proposed policy change, which is set to take effect in January.

Bitcoin bounces to align with industry cost benchmarks
Bitcoin is closely monitored with the Difficulty Regression Model, according to checkonchain. This model estimates the all-in sustaining production cost for the network. The model treats mining difficulty as a distilled measure of mining price, as it incorporates all major operational variables into a single figure. 

This provides an industry-wide estimate of the average cost to produce one Bitcoin, eliminating the need for detailed assumptions about hardware, energy expenses, or logistics.

This model is currently priced at approximately $92,300, roughly the same as Bitcoin’s spot price. Bitcoin tumbled briefly to around $80,000 but has since come back to the model.

When Bitcoin moves above the model, then it tends to signal a bull market; when its price moves beneath it, it often indicates a bear market. In April 2025, Bitcoin dropped to $76,000, but was supported at the model’s value. Bitcoin was traded roughly 50% above the model for the majority of 2025; in 2024, however, prices stayed closer to it. Bitcoin was quoted as much as 50% below the model during the 2022 bear market. In previous bull markets, it has soared far above the model — doubling its price at the 2021 peak and five times the model’s value in 2017. As Bitcoin matures into an asset, premiums near those levels seem a thing of the past.

Overall, the model suggests Bitcoin is currently priced near its production cost, which can be interpreted as a fair value zone. Metcalfe’s based valuations also place bitcoin near fair value around $90,000, reinforcing that assessment.

If you're reading this, you’re already ahead. Stay there with our newsletter.

Solana Mobile has revealed new information about its upcoming native token, SKR, which is set to launch in January 2026 as the core economic and governance asset for the Seeker smartphone ecosystem. Designed to power a decentralized mobile platform, SKR is positioned to strengthen user participation, incentivize early adopters, and support long-term ecosystem development within Solana’s expanding mobile strategy.

According to an announcement posted on X, SKR will have a fixed total supply of 10 billion tokens. Solana Mobile has structured the distribution to prioritize community engagement and organic growth. Thirty percent of the supply will be dedicated to airdrops, giving early and active users direct incentives. Another 25% is reserved for growth initiatives and strategic partnerships aimed at expanding the Seeker ecosystem. Ten percent will support liquidity and launch activities, while another 10% will flow into a community treasury. Solana Mobile will receive 15% of the tokens, and Solana Labs will hold the remaining 10%.

The SKR token will feature a linear inflation model designed to reward early participants and stakers who contribute to network security and scalability. Inflation will start at 10% in the first year and decrease by 25% annually until it reaches a steady long-term rate of 2%. This predictable decay model is intended to encourage early adoption while maintaining sustainable issuance as the platform matures.

Solana Mobile’s Seeker smartphone, introduced in August 2025, builds on the success of the original Saga device. It includes upgraded hardware and deeper on-chain integrations, positioning it as a leading choice for users who want seamless access to decentralized applications, crypto-native features, and mobile Web3 experiences.

With SKR set to anchor its mobile ecosystem, Solana Mobile aims to accelerate the adoption of decentralized mobile technology and strengthen its position within the broader Web3 landscape.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Key NotesThe Shibarium exploit drained $2.4 million in crypto assets, with hackers moving 260 ETH through 111 wallets before depositing funds at KuCoin.SHIB price broke above key moving averages, reaching $0.00000917 as the team forwarded evidence to FBI and requested KuCoin cooperation.Technical analysis shows potential for continued upside toward $0.00001000 if bulls maintain momentum above $0.00000880 support level.
Shiba Inu

SHIB
$0.000009

24h volatility:
6.0%

Market cap:
$5.30 B

Vol. 24h:
$252.30 M

price rallied 8% in the last 24 hours as markets reacted to the team’s response to the Shibarium bridge exploit that saw hackers launder funds across crypto-mixer Tornado Cash and deposit accounts linked to KuCoin exchange.

Shibarium Bridge hacker foolishly chose not to accept the K9 bounty – it’s finally time to share the investigation we’ve been working on…🔎 this is juicy 🤤

The hacker made one stupid mistake and it completely unravelled their Tornado Cash laundering. 💰🌪️💵

That one mistake… pic.twitter.com/itxsXbbGSm

— Shima 島。 (@MRShimamoto) December 1, 2025

Investigations drew attention on Monday after prominent researcher and Shiba Inu community contributor Shima published a comprehensive breakdown of the months-long tracing effort, which revealed how the attacker moved approximately 260 ETH through 111 wallets after seizing a majority of validator keys in mid-September.

The exploit originally drained an estimated $2.3 million to $2.4 million in ETH, SHIB and KNINE before the funds were progressively consolidated and sent into mixers.

Reacting publicly to Shima’s findings, core developer Kaal Dhairya added that the full evidence will be forwarded to the FBI, while also requesting cooperation from KuCoin.

Great work! This needs to be amplified. I will also ensure it's sent to the @FBI attached to the open investigation report and request @kucoincom to cooperate. https://t.co/sbwMOtrROP

— Kaal (@kaaldhairya) December 2, 2025

The urgency follows earlier attempts by Shibarium’s liquid-staking partner, K9 Finance DAO, to lure the attacker with a bounty that escalated from 5 ETH to a final 25 ETH. The exploiter declined each offer, and K9 has since confirmed that the bounty’s unclaimed ETH has been returned to contributors, including 20 ETH sent back to Shib.io.

Ultimately, Shima traced 232.49 ETH to KuCoin across 48 deposits routed through roughly two dozen funnel wallets. According to the research, KuCoin’s fraud desk requested a formal law-enforcement case number before freezing or reviewing the implicated accounts.

Thanks to @MRShimamoto for doing all the hard work here to compile this thread. We truly appreciate your diligence and methodical approach.

Hopefully this investigation can continue with the help of the proper authorities. The communities need answers.

– ShibNet X intern https://t.co/3TJgWU5azB

— Shibarium Network (@ShibariumNet) December 2, 2025

The official ShibariumNet team has now endorsed the investigation, emphasizing that coordinated action with authorities is essential as the community seeks transparency.

Shiba Inu (SHIB) Price Forecast: Can Buyers Maintain Momentum Above Key Moving Averages?
Shiba Inu surged to its highest level in 14 days, closing near $0.00000917 after printing a strong 8.4% intraday gain 24 hours after the Shibarium team acknowledged resolution to the fraud investigations.

The chart shows SHIB rebounding sharply from late-November lows around $0.00000754, with bullish follow-through lifting price above the short-term SMA (green) at $0.00000856 and now testing the mid-range SMA (blue) at roughly $0.00000886.

Shiba Inu (SHIB) Price Analysis | Source: TradingView

This breakout is important as SHIB traded below all 3 moving averages for nearly a month, suggesting that sentiment may have shifted decisively in favor of buyers.

The next challenge now sits at the longer-term 30-day and 50-day SMAs, converging near $0.0000093. A daily close above this band would confirm a trend toward October peaks at $0.000010 as the next target. If bulls maintain the elevated trading volume, SHIB is likely to withstand minor pullbacks and begin forming higher lows.

Holding above $0.00000880 keeps SHIB price positioned for a potential push toward $0.00001000, while back beneath the short-term averages would invalidate the breakout attempt and restore bearish control.

Crypto Traders on High Alert As Maxi Doge Presale Nears $4M
As Shiba Inu demonstrates renewed strength, the broader meme coin sector is witnessing fresh momentum. Maxi Doge, a meme-based cryptocurrency that combines trading culture with community empowerment, is gaining traction across social platforms.

Maxi Doge presale

The Maxi Doge presale has now exceeded $3.9 million, nearing its $4.1 million target. The project offers up to 1000x leverage with no stop-loss restrictions. Each MAXI token is currently priced at $0.00026, with the tier expected to unlock within hours.

Interested buyers can visit the official Maxi Doge presale website to secure early allocation and access exclusive early-joiner bonuses.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

Shiba Inu (SHIB) News, Market News

Ibrahim Ajibade is a seasoned research analyst with a background in supporting various Web3 startups and financial organizations. He earned his undergraduate degree in Economics and is currently studying for a Master’s in Blockchain and Distributed Ledger Technologies at the University of Malta.

Ibrahim Ajibade on LinkedIn

About time to mine Pi? Mobile mining rate just boosted by 13.59%, inviting inactive Pioneers to reap the benefits of loyalty.

Market Sentiment:

Bullish

Bearish

Neutral

Published:
December 3, 2025 │ 9:25 PM GMT

Three miners breaking Earth down to millions of colourful coins.

December meets the Pioneers with a 190 million scheduled unlock for Pi Coin (PI), but the mining rates have reached a mouth-dropping level. The base mining rate has been raised by 13.59%, now standing at 0.0031296 Pi coins per hour.

Casual Pi Coin Mining Tumbles To All-Time Lows
This testifies to the dramatically slumping figures in Pi miners overall, as less Pi Coin (PI) enthusiasts renew their mining sessions. Naturally, this allows a quicker Pi mine rate for the rest of the 60-million strong community. This signifies the best Pi mining rate since the introduction of dynamic formula back in March, 2022.

Special announcement to all #Pioneers.

Base Mining Rate for December increased by +13.59%
New BMR: 0.0031296 $Pi/hr

📉 Previous Months BMR:
• September: 0.0027405 Pi/h (Down 1.229%)
• October: 0.0027405 Pi/h (No change)
• November: 0.0027551 Pi/h (Up 0.532%)
• December:… pic.twitter.com/31XfBltLHn

— Pi Network Academy (@CryptoExxpert24) December 2, 2025

Following the Pi mining rate news, the associated altcoin hovered above $0.23, dropping another 2% in a 24-hour period. On top of that, it takes roughly 13 days to earn the equivalent of $0.23 without any referral or lock-up bonuses, which makes many casual Pi miners leave the mobile-mining network as Pi’s price is fading since the $2.99 all-time high (ATH).

190M Pi Unlock Awaits: Harder Price Dip Coming?
Beyond 21.36 million Pioneers are now on-boarded to the mainnet, which ultimately means they can withdraw their hard-earned Pi Coins (PI). 6 years in the making prior to Pi mainnet’s release in late February, 2025, the mobile-mining altcoin’s enthusiasts are coming back amidst the news of CiDi Gaming partnership, providing Pi with Play 2 Earn features.

📢This month's 190M PI unlock meets its match: the dawn of a new gaming era with CiDi Games. As supply increases, our ecosystem is building demand through tangible utility. This is how we create sustainable value for 60M+ Pioneers. The game is on🚀#PiNetwork pic.twitter.com/3U2v94IrR4

— PiNetwork DEX⚡️阿龙 (@fen_leng) December 3, 2025

Surely, this month’s 190 Pi Coin unlock is the biggest in the next two years, so the inflation could add unwanted sell pressure. However, the token unlocks are nothing more than a scheduled regular procedure, so buying power comes into play here. If Pi Network gains a European license amidst the MiCa license, demand could overshadow emission.

Discover DailyCoin’s trending crypto news today:
ETH Hits $3,100 as Fusaka Upgrade Looms. BitMine Accumulates
Kalshi Moves to Primetime: Lands $1B Funding and CNN Partnership

People Also Ask:
What’s the new rate?

Base rate jumped 13.6% to 0.0031296 π/hour (Dec 1). Now ~13.3 days to mine 1 π instead of 15.

Why the sudden boost?

Biggest increase in 2 years – Pi team is pulling inactive Pioneers back before full mainnet in 2026.

Good time to mine again?

Yes if you’re patient. It’s still free, phone-only, while the rate is highest since 2023. With full boosts (circle + referrals + lockup + node), you can hit 0.08 π/hour.

How to max it out fast?

Complete Security Circle (+100%), invite active friends (+25% each), ock up 90%+ of your Pi for 1-3 years (up to +631%), run a simple node (+90%).

What if I just come back and tap daily?

Even with zero boosts you’ll mine ~2.25 π this month (worth ~$0.52 at $0.23). With boosts it’s easily plausible to gain 50–150 π/month.

DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?

Market Sentiment

100% Bullish

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

At the center of the upgrade is PeerDAS, a system that lets validators check small slices of data rather than entire “blobs,” reducing both costs and computational load for validators and layer-2 networks.Updated Dec 3, 2025, 10:03 p.m. Published Dec 3, 2025, 9:50 p.m.

Ethereum activated its highly anticipated “Fusaka” upgrade on Wednesday, marking the blockchain’s second major code change of 2025.

The update is designed to help Ethereum handle the increasingly large transaction batches coming from the layer-2 networks that settle on top of it.

STORY CONTINUES BELOW

The Fusaka upgrade, also sometimes called a “hard fork”, was triggered at 21:49 UTC and finalized roughly after 15 minutes, indicating that the code changes landed smoothly. Many of the core developers were gathered to celebrate the occasion on the EthStaker livestream.

Fusaka – a blend of the names Fulu + Osaka – bundles two hard forks on Ethereum happening in tandem: one on the consensus layer and one on the execution layer. The former is where transactions and smart contracts run, while the settlement layer is where these transactions are verified, finalized, and secured.

At the center of the upgrade is PeerDAS, a system that lets validators check small slices of data rather than entire “blobs,” reducing both costs and computational load for validators and layer-2 networks.

Today, layer 2s submit their transaction data to Ethereum in the form of blobs, which validators must download and verify in full. That process contributes to congestion and slows down the network. PeerDAS changes this by allowing validators to verify only a small portion of the blob’s data, which speeds up the verification process and thus reduces the gas fees tied to the processing.

Beyond layer 2s, the upgrade is expected to lower the barrier for smaller or newer validator operators by cutting down the resources required to run just a few validators. Still, Ethereum developers note that institutions operating large fleets of nodes, such as staking pools, won’t see the same level of savings.

“The improvements will take a few months to fully play out, since we will only slowly increase the blobs in order to make sure the network can handle the increased throughput safely,” Marius Van Der Wijden, a core developer at the Ethereum Foundation, told CoinDesk over Telegram.

Ethereum developers moved quickly to ship the upgrade this year as the ecosystem grapples with a reputation for slow or delayed rollouts. The goal was to land a series of smaller improvements now while preparing for more ambitious changes ahead.

“PeerDAS’ importance was such that, during the initial development of the Fusaka upgrade, any feature that carried a risk of delaying the fork, such as those requiring more research or having high complexity, was deprioritized and removed from the scope,” said Gabriel Trintinalia, an Ethereum core developer and engineer at Consensys. The “Fusaka upgrade really shows that Ethereum is serious about making Mainnet faster.”

Traditional financial (TradFi) institutions are taking notice as well. Last month, Fidelity Digital Assets published a report describing Fusaka as a decisive step toward a more strategically aligned and economically coherent roadmap for Ethereum.

What else is in Fusaka?

While the main focus of Fusaka is PeerDAS, there are 12 other Ethereum Improvement Proposals (EIPs) that have made it into the package, mostly improving the experience for developers and the health of the network. These include:

EIP-7642: Removes old, no longer used fields from Ethereum’s networking messages to simplify and clean up the protocol.EIP-7823: Puts a maximum limit on how big certain math operations can be so they can’t overload the network.EIP-7825: Sets an upper cap on how big a single transaction can be so no one can include extremely large, resource-heavy transactions.EIP-7883: Makes a specific type of math operation more expensive in gas so heavy calculations don’t unfairly strain the network.EIP-7892: Allows future upgrades to change only blob-related settings without touching the rest of the protocol, making blob tuning safer and easier.EIP-7910: Adds a new API method that lets software easily check what configuration or rules a node is using.EIP-7917: Makes the process of predicting who will propose the next blocks more transparent and reliable.EIP-7918: Makes sure blob data fees stay aligned with the actual cost of processing them, preventing extreme price swings.EIP-7934: Adds a strict size limit to certain block data to stop overly large blocks from slowing down the chain.EIP-7935: Raises the default block gas limit to 60 million so the network can fit more computation in each block.EIP-7939: Adds a simple new instruction for smart contracts that lets them improve efficiency for some calculations.EIP-7951: Adds built-in support for a widely used cryptographic signature type.As for what’s next, developers are already scoping out on the network’s next big upgrade, Glamsterdam, but nothing has been finalized yet for when it will occur and what will go in it.

Read more: Ethereum’s Fusaka Upgrade Could Cut Node Costs, Ease Adoption

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Bitcoin has reclaimed the $93,000 level after a sharp market-wide rebound, marking a notable shift in sentiment following weeks of bearish pressure and relentless selloffs. Analysts who previously warned of deeper downside are now turning cautiously bullish as fresh data begins to point toward a structural improvement in market conditions.

One of the clearest signals comes from a new report by Arab Chain on CryptoQuant, which shows that the Coinbase Premium Index has flipped back into positive territory at +0.03. This shift is significant: after a full month of U.S.-led selling in November, a positive premium often reflects renewed demand from US institutions, funds, and large traders, who primarily use Coinbase as their gateway for liquidity.

Bitcoin Coinbase Premium Index | Source: CryptoQuant
At the same time, Binance-based metrics—particularly spot volumes and perpetual futures activity—show that global liquidity is beginning to respond to the improving US bid. Historically, when Coinbase Premium rises alone, rallies tend to fade quickly. But when Binance liquidity strengthens in tandem, the market usually enters a consolidation phase that can set the stage for a sustained upward move.

Bitcoin Market Convergence Strengthens
Arab Chain notes that the price gap between Binance and Coinbase has narrowed significantly in recent days, a key sign that capital flows across major exchanges are beginning to rebalance. Throughout November, persistent selling from US investors created a disconnect between the two platforms, with Coinbase often pricing lower than Binance.

The recent convergence suggests that both markets are now receiving similar levels of demand, reducing fragmentation and improving overall market stability.

At the same time, Binance liquidity has begun to strengthen, with spot and perpetual markets showing a gradual rise in buying activity. This uptick supports the idea that Bitcoin may be forming a new price base following the sharp correction that pushed the asset into the low $80K range just days ago. Strengthening liquidity on Binance is particularly important because it reflects global participation—not just US-based flows.

The combination of a positive Coinbase Premium and recovering Binance liquidity creates a more constructive market environment. If these conditions persist—premium staying above zero and buy-side volumes increasing—the market could transition into the early stages of a new upward trend.

However, Arab Chain warns that if the premium turns negative again, traders should expect renewed volatility and short-term selling pressure to return.

BTC Reclaims $93K But Must Overcome Key Resistance Levels
Bitcoin’s 3-day chart shows a notable improvement after reclaiming the $93,000 level, but the broader structure remains in recovery mode rather than full reversal. The bounce from the $82,000–$85,000 demand zone marked a clear reaction from buyers, creating strong lower wicks that signal aggressive dip absorption. However, BTC now faces a critical test as it approaches the cluster of moving averages that served as breakdown points during November’s correction.

BTC consolidates above key SMA | Source: BTCUSDT chart on TradingView
Price currently sits just below the 50 SMA, which is trending downward and acting as immediate resistance near $95,000–$97,000. The 100 SMA, positioned around the $103,000 region, represents the next major barrier. A decisive break above this zone would signal a potential shift in mid-term momentum. Meanwhile, the 200 SMA at $88,500 now acts as reclaimed support, and Bitcoin holding above it is an early sign of stabilization.

Volume during the rebound shows healthier buying activity compared to late-November declines, but it remains moderate—suggesting cautious participation rather than full conviction. For BTC to regain trend strength, it must print a strong close above the 50 SMA and attempt to retest the 100 SMA.

Failure to break above $95K–$97K could invite another pullback toward $88K, making this resistance cluster a crucial pivot for Bitcoin’s next major move.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Chainlink (LINK) is once again in the spotlight across the cryptosphere after the launch of the first U.S. Chainlink-focused ETF sparked a sharp price rebound and renewed institutional interest. LINK surged more than 20% in 24 hours, trading around $14.4 as volumes and market participation accelerated.

Chainlink ETF Launch Sparks Strong Market Reaction
Grayscale launched the GLNK ETF on December 2, converting its previous private Chainlink trust into a publicly traded product on NYSE Arca.

The ETF opened with zero fees and recorded more than 1.17 million shares traded on its first day, far above historical averages. Trading volume reached roughly $13.8 million, while early inflows were reported near $43 million, reflecting strong initial demand.

The ETF gives institutions regulated exposure to LINK without requiring direct token custody. With access through major platforms such as Fidelity and Robinhood, Chainlink is receiving increased visibility among traditional investors.

Grayscale currently holds about 1.3 million LINK tokens through the product. Derivatives data also shows rising interest, with LINK futures open interest climbing more than 20% and funding rates turning positive as traders add long positions.

LINK's price gains some momentum on the daily chart. Source: LINKUSD on Tradingview
Technical Signals Point Toward Breakout Potential
Beyond ETF-driven momentum, the LINK chart is drawing attention from technical analysts.

Several analysts have emphasized a rare four-year descending wedge pattern, typically associated with long-term compression before a breakout. LINK recently bounced from the $12.50 support level, forming higher lows and regaining key Fibonacci levels.

Momentum indicators are turning positive as well. The daily RSI has recovered to around 53, while MACD signals improving strength. LINK is now approaching the $14.96 Supertrend level and remains below the 50-day and 200-day EMAs, both key levels the market is watching for confirmation of a trend shift.

If the token holds above $13, analysts expect a possible move toward the $18–$20 resistance range. A break above these zones could open the path toward the higher targets mentioned by long-term analysts.

Year-End Targets Strengthen as Market Sentiment Improves
Crypto analyst Ali Martinez notes that LINK is currently sitting on an important long-term support trendline, which could act as a foundation for a move toward $26 and potentially $47 if momentum continues.

Rising institutional inflows, accelerating derivatives activity, and a new spot ETF creating a steady channel for capital have strengthened market expectations.

For now, traders are watching the $12–$13 support area for signs that LINK can sustain its recovery. A decisive move above $14.50–$15 would mark the next major step toward a full bullish breakout.

Cover image from ChatGPT, LINKUSD chart from Tradingview

Former SEC Chair Gary Gensler isn’t letting crypto enthusiasts off the hook anytime soon.

Summary

Gary Gensler doubles down on skepticism, calling most cryptocurrencies (beyond Bitcoin and USD-backed stablecoins) speculative assets lacking fundamental value.
Investor caution is key, as Gensler warns that political narratives and ETF hype don’t reduce the underlying volatility or risk.
Regulation vs. innovation: Gensler maintains that protecting investors and fostering crypto innovation can coexist, despite ongoing sector mistrust.

In a recent Bloomberg interview, he reminded the market that most digital tokens remain speculative, volatile, and poorly understood by retail investors—even as the Trump administration and politicians increasingly talk up the sector.

“Look, I think it’s a risk asset,” Gensler said. “And the American public and the worldwide public have been fascinated with cryptocurrencies, but it’s a highly speculative, volatile asset.”

He reiterated a long-standing refrain: outside of Bitcoin and dollar-backed stablecoins, most tokens lack real value drivers like cash flows, dividends, or intrinsic utility. In other words, don’t mistake flashy headlines or political narratives for a sound investment.

Gensler’s tone echoes warnings he issued throughout his SEC tenure, when he flagged thousands of tokens as risky and spotlighted frauds, including the collapse of Sam Bankman-Fried’s empire.

Even as Bitcoin ETFs gain traction, Gensler pointed out the irony: markets are gravitating toward “centralized” structures—like ETFs—despite crypto’s decentralized promise. He frames this as a natural evolution akin to gold and silver investing: investors want accessibility, regulation, and some reassurance.

Through it all, Gensler maintains that regulation and innovation aren’t enemies. Protecting investors, he argues, is a prerequisite for the sector’s long-term survival.

1 hour ago

Larry Fink spoke alongside Coinbase CEO Brian Armstrong, describing how BlackRock's stance on crypto had evolved over the previous eight years.

Larry Fink, chair and CEO of asset management company BlackRock, explained his “big shift” from associating cryptocurrencies with illicit activities to having the largest spot Bitcoin exchange-traded fund.

Speaking at The New York Times’ DealBook Summit on Wednesday, Fink addressed questions related to his views on crypto and Bitcoin (BTC) from journalist Andrew Ross Sorkin.

The BlackRock CEO said his move from associating crypto primarily with money laundering to having exposure to billions of dollars in BTC was “a very glaring public example of a big shift in [his] opinions.”

“My thought process always evolves,” said Fink.

BlackRock CEO Larry Fink speaking at the DealBook Summit on Wednesday. Source: The New York TimesThe CEO, who took the stage with Coinbase CEO Brian Armstrong, was not entirely bullish on Bitcoin for the duration of the panel. Fink described Bitcoin as “an asset of fear,” noting that the price of the cryptocurrency had dropped amid news of a US-China trade deal and a potential end to the war in Ukraine.

He added:

“If you bought [Bitcoin] for a trade, it’s a very volatile asset. You’re going to have to be really good at market timing, which most people aren’t.”Fink’s comments stand in stark contrast to those he made in October 2017, before Bitcoin’s well-known bull run that drove the price of the cryptocurrency to then all-time highs. At the time, the CEO said the cryptocurrency “shows you how much demand for money laundering there is in the world.” 

In the eight years since that message, BlackRock was granted regulatory approval by the US Securities and Exchange Commission to launch one of the first spot Bitcoin exchange-traded funds in January 2024. The iShares Bitcoin Trust ETF, under the ticker symbol IBIT, reached a peak value of about $70 billion.

Net outflows for IBIT surged in NovemberCointelegraph reported last month that IBIT experienced more than $2.3 billion in net outflows across November, including withdrawals of about $463 million on Nov. 14 and $523 million on Nov. 18. However, BlackRock’s business development director, Cristiano Castro, said at the time that the asset manager was confident in ETFs as “liquid and powerful instruments.” 

Among the largest spot Bitcoin ETFs in the market are offerings from Grayscale, Bitwise, Fidelity, ARK 21Shares, Invesco Galaxy, and VanEck.

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The cryptocurrency almost crossed into $94K territory after a lackluster jobs report nudged up the odds of an interest rate cut by the Fed. Bitcoin Climbs on Weak Labor Data Private employers cut 32,000 jobs in November, according to human resources firm ADP in its latest jobs report, published Wednesday.

Since the emergence of the first XRP ETF in November, the ecosystem has remained in the spotlight with strong daily inflows and surging trading activities.

While the ecosystem has recorded another day of high combined trading volume amid surging institutional demands, Bitwise has taken the lead this time with the highest trading volume recorded today.

According to recent data shared by renowned media personnel, Chad Steingraber, Bitwise’s XRP ETF has secured the top spot in daily trading volume, contributing majorly to the recorded $19 million in combined trading activity across all XRP ETFs.

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Bitwise leads with $5.07 million in volume According to data provided by Chad, Bitwise alone has generated $5.07 million in volume since trading began today.

During the early intraday trading session, the fund outpaced Franklin Templeton’s $4.43 million, Canary Capital’s $2.82 million, REX–Osprey’s $1.85 million, and Grayscale’s $1.32 million.
card

At the time, the combined trading volume achieved across all XRP ETFs reached an impressive $15.48 million. While it has now increased to a massive $19 million, Bitwise still maintains its position as the fund with the highest trading volume for today.

XRP ETFs near $1 billion milestone While the strong performance spans across all existing XRP funds, it has come as XRP ETFs collectively approach the $1 billion milestone in assets under management.

With the combined AUM currently sitting at $909.74 million across five products as of Wednesday, December 3, it appears that the XRP ETFs are not far from collectively smashing the massive $1 billion milestone in just about two weeks of launch.

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According to the source, the rapid surge in the combined AUM volume has seen about 400.01 million XRP held in ETF vaults.

While these strong performances have continued to garner hype and build bullish momentum for XRP, the leading altcoin has shown massive daily gains over the last day, reclaiming the $2.22 level after multiple days of severe correction.

Larry Fink, chief executive officer of BlackRock, called the largest cryptocurrency by market cap an asset of fear at the New York Times DealBook Summit while defending its role in investor portfolios.

He said, “Bitcoin is an asset of fear. And when you’re less fearful, like we had a trade agreement with China, you saw a shift downward. There are conversations this week that there may be some type of settlement in Ukraine. Bitcoin fell a little bit.”

His comments referenced recent market movements, which according to him, were in response to macro factors.

“You own Bitcoin because you’re frightened of your physical security. You own it because you’re frightened of your financial security,” Fink said, adding that the fundamental long-term driver remains concerns about the debasement of financial assets due to deficits.

BlackRock’s Fink journey as a BTC convert
In 2017, Fink, a skeptic of Bitcoin at the time, dismissed the cryptocurrency as little more than an index for money laundering.

Now, he acknowledges his earlier skepticism was misguided, and his latest comments also reflect how far Bitcoin has come.

His company’s iShares Bitcoin Trust (IBIT), launched in January 2024, was one of the first Bitcoin Exchange-Traded Funds (ETFs) in the US and also holds the record of being the fastest to hit over $70 billion in assets and ranks number one in terms of volume, assets under management, and market capitalization.

Volatility and the timing trap
Fink also admitted to Bitcoin’s challenges, particularly for those treating it as a trading vehicle rather than a long-term hedge.

According to Fink, this is the third such decline since IBIT’s creation, where Bitcoin price has experienced a roughly 20 to 25% drawdown. The multi-week drop from its $125,000 high to the mid-$90,000s is the latest episode.

“If you bought it for a trade, it’s a very volatile asset, you’re going to have to be really good at market timing, which most people aren’t,” Fink warned. He noted that Bitcoin remains heavily influenced by leveraged players.

An optimistic outlook for Bitcoin
The asset manager’s embrace of cryptocurrency extends beyond Bitcoin itself. Fink has positioned tokenization of financial assets as an even larger opportunity, envisioning a future where all securities exist in digital form on blockchain infrastructure.

At the summit, Coinbase co-founder Brian Armstrong joined the discussion, in what highlighted the growing alignment between traditional finance and the cryptocurrency industry.

Both Fink and Armstrong believe that the current market event is not a sign of an impending doom for Bitcoin.

Armstrong said that there is no chance that Bitcoin will ever drop to zero, with Fink saying that he sees “a big, large use case for Bitcoin” in the future.

Armstrong also called on the US government to pass the pending CLARITY Act, which could provide clearer frameworks for cryptocurrency operations and establish working regulations for the industry that won’t be tampered with by another administration.

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Bitcoin’s recent rebound came as traders raised the probability of a December Federal Reserve rate cut, the dollar eased, and attention turned to who will lead the central bank after Jerome Powell’s term ends in 2026. Futures markets moved the odds of a 25-basis-point cut this month into the mid-to-high 80% range, a shift that loosened financial conditions and coincided with a ninth straight daily decline in the dollar.

The move helped pull BTC out of the $84,000–$87,000 range back toward $93,000 after a volatile November that saw leveraged crypto products and proxy equities whipsawed.

Spot levels hovered near $92,300 in mid-week trading while the 10-year Treasury yield held around 4.1%, a backdrop that has historically aligned with risk-on positioning across crypto.

Fed “shadow chair” speculation adds a fresh catalystThe policy narrative added a second catalyst. According to Reuters, President Trump plans to name his nominee for Fed chair in early 2026, ahead of Powell’s term ending on May 15, 2026.

Reporting points to former White House economist, and former Coinbase advisor, Kevin Hassett as the leading candidate, with Fed Governor Christopher Waller, Vice Chair for Supervision Michelle Bowman, former Governor Kevin Warsh, and BlackRock’s Rick Rieder also discussed.

Prediction-market pricing tilted toward Hassett as traders mapped a potentially easier policy path next year, though any nominee would not affect actual votes until confirmation and seating.

Fed chair nomination betting (Source: Polymarket)The Federal Reserve notes that Powell’s current chair term runs through May 2026, and he may remain a governor until Jan. 31, 2028.

The sequencing matters for Bitcoin because the effect before mid-2026 is driven by expectations and financial conditions rather than by near-term policy changes.

Markets already pushed toward an easier stance as the probability of a December cut rose, the dollar weakened, and long yields stabilized.

That rate impulse explains most of the crypto bounce, with the chair chatter reinforcing the same theme by nudging investors to price a higher chance of a dovish successor.

Positioning helped too. BTC slid through November while US spot bitcoin ETFs saw heavy redemptions, then snapped back as short covering met a softer dollar.

Sizable November outflows following a single-day record earlier in the month left room for a mechanical bounce once macro pressure eased.

Federal Reserve contenders: what their views could mean for rates, the dollar, and BitcoinThe candidate mix carries different reaction functions that investors are already mapping into forward curves. Hassett has argued that inflation is “way down” and has urged faster cuts in recent interviews, a stance investors view as an easing bias that could weigh on the dollar if adopted at the top of the Fed.

Waller, a sitting governor, recently advocated a December cut while framing decisions as data-dependent.

Bowman has favored gradualism with a financial-stability lens. See her statement here.

Warsh, a former governor and longtime critic of balance-sheet expansion, would likely be read as firmer on inflation and the pace of runoff.

Rieder has emphasized market plumbing and has also pushed for cuts given housing strains.

Those profiles matter most for term premium and the dollar through 2026, but they are already shaping sentiment in crypto through the discounting of liquidity conditions.

The near-term macro channel remains dominant.The stronger odds of a December cut lined up with a weaker dollar and steadier real yields, conditions that have historically supported BTC beta.

If those odds climb further into the policy statement and projections, dollar softness and easier financial conditions would continue to provide a tailwind.

Conversely, a hawkish surprise or an upside inflation shock would firm the dollar, lift yields, and pressure risk assets, including crypto.

After November’s outflows, a sustained re-acceleration of net inflows would validate the rebound and absorb supply from profit-taking miners, while continued redemptions would cap upside even if macro remains supportive.

Confirmation timing also tempers the leadership story. Trump’s planned “early 2026” reveal means months of hearings and Senate dynamics before a chair is seated.

Until then, Powell and the current committee steer policy. The practical impact for Bitcoin, therefore, is the “shadow chair” effect: markets adjust curves and the dollar based on the perceived bias of the presumptive successor, and crypto trades those changes.

Investors say a Hassett choice could pressure the dollar at the margin, particularly if paired with guidance that keeps cuts front-loaded and quantitative tightening on a slower glide path, according to Reuters.

A Warsh drumbeat would imply the opposite through a higher-for-longer stance and potential focus on balance-sheet runoff.

What happens next: the Fed chair path into 2026 and why it matters for BTCTo frame the path into 2026, the rate–USD–BTC linkage is the cleanest hinge. With the 10-year near 4.1% and the dollar easing, crypto is trading a classic liquidity impulse that does not require a personnel change at the Fed to persist.

The chair race is additive because it nudges those same variables by altering expectations about next year’s policy mix.

ScenarioChair outcome and biasPolicy path into 2026USD10Y USTBTC framing (tactical, not advice)Dovish continuityHassett or Rieder, easing bias25–50 bps more easing than current pricingSofterLower to stableRisk-on bid if ETF flows re-accelerateData-dependent glideWaller or Bowman, incrementalCuts broadly track futuresRange-bound~3.9–4.3%Chop tied to macro oscillations and flowsHawkish pivotWarsh or inflation re-accelerationDelayed cuts, balance-sheet priorityFirmerYields higherDe-risking across cryptoFirst, CME FedWatch probabilities into the December decision and the Summary of Economic Projections will steer the dollar and long rates.

Second, daily ETF net flows from trackers such as Farside, along with weekly ETP snapshots from CoinShares, will show whether the rebound can attract sticky demand.

Third, any White House signals that narrow the shortlist will guide curve positioning, with a Hassett drumbeat leaning toward a softer dollar and a Warsh drift pointing the other way.

According to Reuters, investors already debate how a Hassett Fed might affect the currency. At the same time, The Wall Street Journal’s commentary on Warsh highlights a more restrictive posture on balance-sheet policy.

The through-line for crypto readers is simple: the latest BTC bounce lines up primarily with a rates trade rather than a personality trade, and the chair narrative matters mostly through how it shapes the dollar and yields before any successor takes the gavel in May 2026.

Mentioned in this article

price analysis

SHIB

Shiba inu

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

A $2.4 million exploit on the Shibarium Bridge has taken a turn for the worse, with the hacker now refusing to return the stolen funds despite being offered a bounty.

This development could weigh heavily on Shiba Inu price prediction sentiment, as it highlights a critical weakness in the ecosystem’s infrastructure.

The update came from developer Mitsuki Ryu Shimamoto, part of the K9 Finance team, who disclosed the details following a key breakthrough in the investigation.

Shibarium Bridge hacker foolishly chose not to accept the K9 bounty – it’s finally time to share the investigation we’ve been working on…🔎 this is juicy 🤤

The hacker made one stupid mistake and it completely unravelled their Tornado Cash laundering. 💰🌪️💵

That one mistake… pic.twitter.com/itxsXbbGSm

— Shima 島。 (@MRShimamoto) December 1, 2025
It appears that, in their attempt to launder the money siphoned from the bridge, the hackers revealed their identities.

Despite his efforts, analyst Shimamoto acknowledged it is unlikely that the hacker will “face justice”. Tracing the money will demand a significant effort from authorities, along with manpower and resources, that they may not be willing to invest.

The whole incident revealed technical flaws in the design of an important piece of the Shiba Inu ecosystem. Although prices are starting to show signs of recovery.

Shiba Inu Price Prediction: Positive Momentum Accelerates as SHIB Tags Key Trend Line ResistanceSHIB has jumped 11% in the past 24 hours, signaling that momentum may finally be shifting in its favor.

After Monday’s sharp dip, the broader market appears poised for a comeback, with SHIB leading the charge among top meme coins.

While the token remains 58% down year-to-date, it is now approaching a key breakout point around $0.0000090. A decisive move above this level could open the door to a retest of $0.000010 and potentially set the stage for a full trend reversal.

If this bullish setup plays out, SHIB could reclaim market attention as traders begin rotating back into high-upside assets.

Meanwhile, new meme coins are stealing the spotlight this cycle. One of the most talked-about presales is Maxi Doge ($MAXI), which has already raised over $4 million as early buyers rush in ahead of what could be a breakout debut.

Maxi Doge ($MAXI) Injects Meme Energy Into the Trading World Through a Fun TokenMaxi Doge ($MAXI) is an Ethereum meme coin that embodies the hype that comes with bull markets. Its goal is to build a thriving community of like-minded ‘degens’ who know that their only way out of mom’s basement is through YOLO trades.

Through fun competitions like Maxi Ripped and Maxi Gains, the project will increase community engagement. Traders will receive rewards and bragging rights for climbing the leaderboard by showcasing their ROIs.

In addition, up to 25% of the presale’s proceeds will be used to invest in promising tokens with 1000X leverage, because YOLO. The gains will be used to pay for marketing campaigns that turn Maxi into a widely known meme coin.

To buy $MAXI and join the pump, simply head to the official Maxi Doge website and connect a compatible wallet like Best Wallet.

You can either swap USDT or ETH for this token or use a bank card to complete the transaction in seconds.

Visit the Official Maxi Doge Website Here

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, /PRNewswire/ - EQB Inc. (TSX: EQB) today reported financial results for the fourth quarter and the fiscal year ended October 31, 2025.

"Fiscal 2025 was a difficult year for EQB. We responded by announcing a one-time restructuring program in the fourth quarter which drove a charge of $92 million pre-tax. This significantly improves our cost structure and creates a foundation for better efficiency, operating leverage and ROE," said Chadwick Westlake, President and CEO. "Our new leadership team is focused on growing our core franchise, rapidly accelerating our Challenger Bank products and expanding our capabilities for the benefit of all Canadians. The transformative announcement of the acquisition of PC Financial and strategic partnership with Loblaw adds further strength to our outlook and complements the many great organic opportunities we have as a diversified Canadian lender and owner of EQ Bank, the top banking brand in Canada now nearing $10 billion in deposits. With our strong talent, capital and technology, combined with prudent and disciplined risk and cost management, our goal is to deliver lasting value for our stakeholders as a customer-first disruptor."    

Adjusted diluted EPS1: Q4 $1.53 (-39% y/y) and FY25 $8.90 (-19% y/y) (reported Q4 ($0.25) and FY25 $6.65)
Adjusted net income1: Q4 $63.5 million (-37% y/y) and FY25 $354.2 million (-19% y/y) (reported Q4 ($4.8 million) and FY25 $266.6 million)
Adjusted PPPT2: Q4 $143.1 million (-17% y/y) and FY25 $617.7 million (-11% y/y) (reported Q4 $55.6 million and FY25 $508.9 million)
Adjusted ROE1: Q4 7.5% and FY25 11.3% (reported Q4 (1.2%) and FY25 8.5%)
Adjusted revenue1: Q4 $308.1 million (-4% y/y) and FY25 $1.26 billion (-1% y/y) (reported Q4 $317.1 million and FY25 $1.26 billion)
Adjusted net interest margin (NIM)1,3: Q4 2.01% and FY25 2.07%, (-8 bps y/y) (reported Q4 2.17% and FY25 2.11%)
Book value per share: $81.31, +5% y/y
Total AUM + AUA3: $138 billion, +1% q/q +9% y/y
EQ Bank customers: 607,000, +4% q/q and +18% y/y
Common share dividends declared: $0.57 per share, +4% q/q and +16% y/y
Capital: CET1 ratio of 13.3% and total capital ratio of 15.8%

Strong lending growth with loans under management (LUM) up 10% y/y   

In Commercial Banking, total LUM grew +20% y/y, reflecting and highlighting strength in the insured multi-unit residential portfolio, resilience of the insured lending platform and market leading position. The strong risk profile of this portfolio was retained with more than 80% of total LUM being insured under CMHC programs
In Personal Banking, the single-family uninsured portfolio grew +4% y/y as healthy customer retention and renewal rates offset the impact of steady, but subdued, origination levels in a less active housing market. The decumulation lending portfolio (reverse mortgages and insurance lending) grew +36% y/y to $2.9 billion, with market share gains supported by demographic trends including the movement to age in place

EQ Bank: deposits increased to nearly $10 billion and welcomed 21,000 new retail and business customers in Q4, +18% y/y

EQ Bank deposits accelerated in FY25, closing the year at nearly $10 billion ($9.9 billion, +10% y/y) now with 607,000 total customers, +18% y/y. Deposit growth was generated by continued demand for EQ Bank's innovative products such as its Notice Savings Account, payroll deposit program and new Business Banking platform that fundamentally improves competitive choice in banking
Business Banking platform was launched in Q4 with a healthy product release pipeline. The platform was enthusiastically received by small business customers drawn to a differentiated, all-digital offering that provides greater value
EQ Bank named top banking brand in Canada and North American by Financial Times' leading magazine on international finance, The Banker, for its compelling brand story, momentum and likelihood of growing market share

Prudent provisioning accounts for current macroeconomic headwinds 

EQB's adjusted provision for credit losses (PCL) was $132 million in FY25 (reported $137 million) as higher impairments and performing allowances in the personal and commercial portfolios were driven by weaker housing market and uncertainty associated with GDP and unemployment versus a year ago. This was partly offset by lower equipment financing PCL
The Bank is appropriately reserved for credit losses with net allowances as a percentage of total loan assets of 41 bps, compared to 32 bps at Q4 2024. The increase was across all segments and driven by prudent provisioning against the performing loan book considering elevated macroeconomic uncertainty

Expense growth and operating leverage proactively addressed by decisive Q4 restructuring program

Executed strategic restructuring and streamlining program to enhance flexibility, improve efficiency and align costs to high-impact initiatives where EQB can generate strong ROE and growth
Final restructuring, severance and impairment charges totalled $92 million pre-tax, composed of $22.7 million in severance costs and $69.3 million in non-operating asset impairment charges
EQB's adjusted efficiency ratio for 2025 was 50.9%, +5.7% y/y (reported 59.7%, +12.4% y/y)

Dividend increase, share buybacks reflect disciplined approach to returning capital to shareholders

EQB declared a dividend of $0.57 per common share payable on December 31, 2025, to shareholders of record as of December 15, 2025, representing a 16% increase from the dividend paid in December 2024 and a 4% increase from the dividend paid in September 2025
EQB purchased and cancelled 1,023,748 common shares through its active Normal Course Issue Bid (NCIB) and intends to renew its NCIB in FY26 to support attractive return of capital for shareholders4

"EQB has three financial priorities for fiscal 2026: drive growth, thoughtfully manage expenses and maintain strong risk management practices," said Anilisa Sainani, CFO. "Recent targeted actions to manage expense growth along with prudent credit provisioning create the foundation to deliver on these priorities. Core business growth will come from disciplined organic initiatives to expand our lending market share positions and serve our EQB customers, both retail and business, with differentiated digital products. We expect to significantly bolster these organic growth opportunities with the announcement to acquire PC Financial and strategic partnership with Loblaw. In all our actions, we are committed to creating shareholder value."

Analyst conference call and webcast: 10:30 a.m. ET on December 4, 2025

EQB's Chadwick Westlake, President and CEO, Anilisa Sainani, CFO, and Marlene Lenarduzzi, CRO, will host EQB's annual earnings call and webcast. The listen-only webcast with accompanying slides will be available at eqb.investorroom.com. To access the conference call with operator assistance, dial 416-945-7677 five minutes prior to the start time.

1 Adjusted measures and ratios are Non-Generally Accepted Accounting Principles (GAAP) measures and ratios. Adjusted measures and ratios are calculated in the same manner as reported measures and ratios, except that financial information included in the calculation of adjusted measures and ratios is adjusted to exclude the impact of one-time acquisition and integration related costs, and certain items which management determines would have a significant impact on a reader's assessment of business performance. For additional information and a reconciliation of reported results to adjusted results, see the "Non-GAAP financial measures and ratios" section.

2 PPPT represents pre-provision-pre-tax income, a non-GAAP measure of financial performance.

3 These are non-GAAP measures, see the "Non-GAAP financial measures and ratios" section.

4 Subject to regulatory approvals.

CONSOLIDATED FINANCIAL STATEMENTS

Consolidated balance sheets

($000s) As at

October 31, 2025 

October 31, 2024 

Assets:

    Cash and cash equivalents

717,253

591,641

    Restricted cash

1,326,684

971,987

    Securities purchased under reverse repurchase agreements  

1,604,165

1,260,118

    Investments

1,645,864

1,627,314

    Loans

     Loans – Personal

31,857,508

32,325,379

     Loans – Commercial

14,581,966

14,872,960

     Allowance for credit losses

(206,801)

(164,421)

46,232,673

47,033,918

    Securitization retained interests

1,028,623

813,719

    Deferred tax assets

36,429

36,104

    Other assets

      Derivative financial instruments

242,799

260,678

      Intangible assets

148,623

198,640

      Goodwill

92,545

110,580

      Investment in associate

49,884

50,046

      Other

368,179

279,176

902,030

899,120

Total assets

53,493,721

53,233,921

Liabilities and Equity

Liabilities:

    Deposits

36,616,511

33,739,612

    Securitization liabilities

11,197,477

14,594,304

    Obligations under repurchase agreements

104,568

-

    Deferred tax liabilities

199,151

177,933

    Funding facilities

1,454,087

946,956

    Other liabilities

     Derivative financial instruments

94,742

121,727

     Other

615,386

515,204

710,128

636,931

Total liabilities

50,281,922

50,095,736

Equity:

    Common shares

503,060

505,876

    Other equity instruments

147,360

147,440

    Contributed deficit

(15,014)

(17,374)

    Retained earnings

2,566,475

2,483,309

    Accumulated other comprehensive income

1,684

8,555

Total shareholders' equity

3,203,565

3,127,806

Non-controlling interests

8,234

10,379

Total equity

3,211,799

3,138,185

Total liabilities and equity

53,493,721

53,233,921

Consolidated statements of income

($000s, except per share amounts) Year ended

2025

2024

Interest income:

    Loans – Personal

1,858,271

1,945,011

    Loans – Commercial

881,675

1,019,682

    Investments(1)

85,550

89,834

    Other

98,804

108,082

2,924,300

3,162,609

Interest expense:

    Deposits

1,320,094

1,490,075

    Securitization liabilities(1)

476,955

523,069

    Funding facilities

31,023

50,940

    Other

2,537

25,364

1,830,609

2,089,448

Net interest income(1)

1,093,691

1,073,161

Non-interest revenue:

    Fees and other income

79,241

81,087

    Net gains on loans and investments

14,616

20,279

    Gain on sale from securitization activities(1)

62,161

66,348

    Net gains on hedging and derivatives

12,092

14,567

168,110

182,281

Revenue

1,261,801

1,255,442

Provision for credit losses

137,431

107,013

Revenue after provision for credit losses

1,124,370

1,148,429

Non-interest expenses:

    Compensation and benefits

326,776

272,346

    Product costs

146,506

89,046

    Technology and system costs

97,729

82,374

    Marketing and corporate expenses

90,895

77,849

    Regulatory, legal and professional fees

62,312

55,631

    Premises

28,653

16,853

752,871

594,099

Income before income taxes

371,499

554,330

Income taxes

104,891

152,658

Net income

266,608

401,672

Dividends on preferred shares

-

8,140

Distribution to LRCN holders

8,820

2,586

Net income available to common shareholders and non-controlling interests  

257,788

390,946

Net income attributable to:

    Common shareholders

256,475

389,836

    Non-controlling interests

1,313

1,110

257,788

390,946

Earnings per share:

    Basic

6.70

10.19

    Diluted

6.56

10.11

(1)

Effective November 1, 2024, interest income earned on securitized retained interests is reported in Interest income – Investments and interest expense incurred on servicing liabilities is reported in Interest expense – Securitization liabilities. Previously, these amounts were included in Non-interest revenue. Prior period comparative figures have been updated to conform to current period presentation. 

Consolidated statements of comprehensive income

($000s) Year ended

2025

2024

Net income

266,608

401,672

Other comprehensive income – items that will be reclassified subsequently to income

Debt instruments at Fair Value through Other Comprehensive Income:

    Net change in gains on fair value

18,385

68,127

    Provision for credit losses recognized to income

400

-

    Reclassification of net gains to income

(10,532)

(54,147)

Other comprehensive income – items that will not be reclassified subsequently to income:  

Equity instruments designated at Fair Value through Other Comprehensive Income:

    Net change in gains on fair value

868

1,176

    Reclassification of net (gains) losses to retained earnings

(868)

248

8,253

15,404

Income tax expense

(2,197)

(4,063)

6,056

11,341

Cash flow hedges:

    Net change in unrealized gains (losses) on fair value

5,546

(22,798)

    Reclassification of net gains to income

(31,952)

(7,377)

(26,406)

(30,175)

Income tax recovery

6,486

8,174

(19,920)

(22,001)

Total other comprehensive loss

(13,864)

(10,660)

Total comprehensive income

252,744

391,012

Total comprehensive income attributable to:

    Common shareholders

242,611

379,176

    Other equity holders

8,820

10,726

    Non-controlling interests

1,313

1,110

252,744

391,012

Consolidated statements of changes in equity

2025

Common
Shares

Contributed
Deficit

Retained
Earnings

Accumulated other
comprehensive income (loss)

Other
equity
instruments

Cash
Flow
Hedges

Financial
Instruments
at FVOCI

Total

Attributable
to equity
holders

Non-
controlling
interests

Total

Balance, beginning of year

505,876

147,440

(17,374)

2,483,309

21,617

(13,062)

8,555

3,127,806

10,379

3,138,185

Net Income

-

-

-

265,295

-

-

-

265,295

1,313

266,608

Realized losses on sale of shares, net of tax

-

-

-

(6,377)

-

-

-

(6,377)

-

(6,377)

Transfer of AOCI losses to retained earnings, net of tax  

-

-

-

-

-

6,859

6,859

6,859

-

6,859

Transfer of AOCI losses to income, net of tax

-

-

-

-

-

134

134

134

-

134

Other comprehensive loss, net of tax

-

-

-

-

(19,920)

6,056

(13,864)

(13,864)

-

(13,864)

Exercise of stock options

8,419

-

-

-

-

-

-

8,419

-

8,419

Common shares repurchased and cancelled, net of tax

(13,204)

-

-

(84,121)

-

-

-

(97,325)

-

(97,325)

Issuance cost, net of tax

-

(80)

-

-

-

-

-

(80)

-

(80)

Limited recourse capital note distributions, net of tax

-

-

-

(8,820)

-

-

-

(8,820)

-

(8,820)

Common share dividends

-

-

-

(79,728)

-

-

-

(79,728)

(2,299)

(82,027)

Put option – non-controlling interests

-

-

(4,552)

-

-

-

-

(4,552)

-

(4,552)

Acquisition of non-controlling interests

-

-

4,242

(3,083)

-

-

-

1,159

(1,159)

-

Stock-based compensation

-

-

4,639

-

-

-

-

4,639

-

4,639

Transfer relating to the exercise of stock options

1,969

-

(1,969)

-

-

-

-

-

-

-

Balance, end of year

503,060

147,360

(15,014)

2,566,475

1,697

(13)

1,684

3,203,565

8,234

3,211,799

($000s)

2024

Preferred
Shares

Common
Shares

Contributed
Deficit

Retained
Earnings

Accumulated other
comprehensive income (loss)

Other equity
instruments

Cash
Flow
Hedges

Financial
Instruments
at FVOCI

Total

Attributable
to equity
holders

Non-
controlling
interests

Total

Balance, beginning of year

181,411

471,014

-

12,795

2,185,480

43,618

(48,775)

(5,157)

2,845,543

-

2,845,543

Non-controlling interest on acquisition

-

-

-

-

-

-

-

-

-

10,770

10,770

Net Income

-

-

-

-

400,562

-

-

-

400,562

1,110

401,672

Realized losses on sale of shares, net of tax

-

-

-

-

(23,056)

-

-

-

(23,056)

-

(23,056)

Transfer of AOCI losses to retained earnings, net of tax  

-

-

-

-

-

-

22,875

22,875

22,875

-

22,875

Transfer of AOCI losses to income, net of tax

-

-

-

-

-

-

1,497

1,497

1,497

-

1,497

Other comprehensive loss, net of tax

-

-

-

-

-

(22,001)

11,341

(10,660)

(10,660)

-

(10,660)

Common shares issued

-

11,000

-

-

-

-

-

-

11,000

-

11,000

Exercise of stock options

-

20,290

-

-

-

-

-

-

20,290

-

20,290

Redemption of preferred shares

(181,411)

-

-

-

(2,371)

-

-

-

(183,782)

-

(183,782)

Limited recourse capital notes issued

-

-

150,000

-

-

-

-

-

150,000

-

150,000

Issuance cost, net of tax

-

-

(2,560)

-

-

-

-

-

(2,560)

-

(2,560)

Limited recourse capital note distributions, net of tax

-

-

-

-

(2,586)

-

-

-

(2,586)

-

(2,586)

Dividends:

    Preferred shares

-

-

-

-

(8,140)

-

-

-

(8,140)

-

(8,140)

    Common shares

-

-

-

-

(66,580)

-

-

-

(66,580)

(1,501)

(68,081)

Put option – non-controlling interests

-

-

-

(30,613)

-

-

-

-

(30,613)

-

(30,613)

Stock-based compensation

-

-

-

4,016

-

-

-

-

4,016

-

4,016

Transfer relating to the exercise of stock options

-

3,572

-

(3,572)

-

-

-

-

-

-

-

Balance, end of year

-

505,876

147,440

(17,374)

2,483,309

21,617

(13,062)

8,555

3,127,806

10,379

3,138,185

Consolidated statements of cash flows

($000s) Year ended

2025

2024

CASH FLOWS FROM OPERATING ACTIVITIES

Net income

266,608

401,672

Adjustments for non-cash items in net income:

    Financial instruments at fair value through income

(62,388)

13,152

    Amortization of premiums/discount 

(9,055)

(14,908)

    Amortization of capital and intangible assets

67,948

60,036

    Provision for credit losses

137,431

107,013

    Impairment on intangible assets and goodwill

56,544

-

    Securitization gains

(62,161)

(66,348)

    Stock-based compensation

4,639

4,016

    Income taxes

104,891

152,658

    Securitization retained interests

174,863

129,719

Changes in operating assets and liabilities:

    Restricted cash

(354,696)

(204,792)

    Securities purchased under reverse repurchase agreements

(344,046)

(351,285)

    Loans receivable, net of securitizations

435,065

(58,571)

    Other assets

(13,106)

(53,917)

    Deposits

2,822,487

1,597,115

    Securitization liabilities

(3,438,557)

25,422

    Obligations under repurchase agreements

104,568

(1,128,238)

    Funding facilities

507,132

(784,631)

    Other liabilities

81,907

(8,314)

Income taxes paid

(108,134)

(98,042)

Cash flows from (used in) from operating activities

371,940

(278,243)

CASH FLOWS FROM FINANCING ACTIVITIES

    Proceeds from issuance of common shares

8,419

31,290

    Common shares repurchased

(97,325)

-

    Redemption of preferred shares

-

(183,782)

    Net proceeds from issuance of limited recourse notes

-

147,440

    Distributions to other equity holders

(8,820)

(2,586)

    Dividends paid on preferred shares

-

(8,140)

    Dividends paid on common shares

(82,027)

(66,580)

Cash flows used in financing activities

(179,753)

(82,358)

CASH FLOWS FROM INVESTING ACTIVITIES

    Purchase of investments

(405,136)

(351,650)

    Proceeds from sale or redemption of investments

374,662

871,021

    Acquisition of subsidiary

(4,242)

(75,483)

    Investment in associate

-

(50,000)

    Net change in Canada Housing Trust re-investment accounts  

53,032

76,243

    Purchase of capital assets and system development costs

(84,891)

(67,363)

Cash flows (used in) from investing activities

(66,575)

402,768

Net increase in cash and cash equivalents

125,612

42,167

Cash and cash equivalents, beginning of year

591,641

549,474

Cash and cash equivalents, end of year

717,253

591,641

Supplemental statement of cash flows disclosures

Cash flows from operating activities include:

Interest received

2,803,950

2,922,693

Interest paid

(1,740,308)

(1,747,235)

Dividends received

350

1,944

About EQB Inc.  

EQB Inc. (TSX: EQB) is a leading digital financial services company with $138 billion in combined assets under management and administration (as at October 31, 2025). It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh largest bank by assets, and wealth management through ACM Advisors, a majority owned subsidiary specializing in alternative assets. As Canada's Challenger Bank™, Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. It leverages technology to deliver exceptional personal and commercial banking experiences and services to nearly 780,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform (eqbank.ca) its customers have named it one of Canada's top banks on the Forbes World's Best Banks list since 2021. 

Please visit eqb.investorroom.com for more details or connect with us on LinkedIn.

Investor contact: 
Lemar Persaud
VP and Head of IR
[email protected] 

Media contact: 
Maggie Hall 
Director, PR & Communications
[email protected]

Cautionary Note Regarding Forward-Looking Statements

Statements made by EQB in the sections of this news release, in other filings with Canadian securities regulators and in other communications include forward-looking statements within the meaning of applicable securities laws (forward-looking statements). These statements include, but are not limited to, statements about EQB's objectives, strategies and initiatives, financial performance expectation, statements with respect to EQB's intention to renew and/or make share repurchases under its NCIB, and other statements made herein, whether with respect to EQB's businesses or the Canadian economy. Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "intends", "scheduled", "planned", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved", or other similar expressions of future or conditional verbs. These statements include, but are not limited to, statements relating to the expected impact of the Acquisition (as defined herein), the anticipated benefits of the Acquisition, including the expected impact on EQB's size, operations, capabilities, growth drivers and opportunities, activities, attributes, profile, business services portfolio and loans, revenue and assets mix, market position, profitability, performance, and strategy; the expected impact of the Acquisition on EQB's financial performance; expectations regarding EQB's business model, plans and strategy, the maintenance of CET1 ratio and changes in adjusted EPS; retention of PC Financial management and employees and the strategic fit and complementarity of PC Financial and Equitable Bank; anticipated synergies and estimated transaction and integration costs and the timing of incurrence thereof, as well as EQB's financial performance objectives, vision and strategic goals, the economic and market review and outlook, the regulatory environment in which we operate, the outlook and priorities for each of its business lines, the risk environment including liquidity and funding risk, and statements by EQB representatives.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of EQB to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to capital markets and additional funding requirements, fluctuating interest rates and general economic conditions including, without limitation global geopolitical risk, uncertainty arising from ongoing United States/Canada tariff concerns and related impacts, business acquisition, legislative and regulatory developments, changes in accounting standards, the nature of our customers and rates of default, the successful and timely approval of the Acquisition, the integration of PC Financial and the realization of the anticipated benefits and synergies of the Acquisition in the timeframe anticipated, including impact and accretion in various financial metrics; the ability to retain management and key employees of PC Financial; and competition as well as those factors discussed under the heading "Risk Management" in EQB's Q4 Management's Discussion and Analysis (MD&A) and in EQB's documents filed on SEDAR+ at www.sedarplus.ca.

All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate and liquidity conditions affecting EQB and the Canadian economy. Although EQB believes the assumptions used to make such statements are reasonable at this time and has attempted to identify in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by EQB in making forward-looking statements, including without limitation, assumptions regarding its continued ability to fund its mortgage business, a continuation of the current level of economic uncertainty that affects real estate market conditions, continued acceptance of its products in the marketplace, as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. EQB does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

Non-Generally Accepted Accounting Principles (GAAP) Financial Measures and Ratios

To enable readers to better assess trends in underlying business performance and increase consistency with the reporting regimens used by other leading Canadian financial institutions, EQB provides adjusted results in parallel with reported measures. Adjusted results are non-GAAP financial measures that enable readers to assess underlying business results and trends. Adjustments listed below are presented on a pre-tax basis:

2025

$17.7 million decrease in net interest income due to non-recurring fair value adjustments on covered bonds and interest on securitizations;
$92.0 million final restructuring, severance and impairment charges as outlined in the Key corporate events section of this report, of which $12.8 million reflects impairments on non-operating assets related to the Equipment financing business and $79.2 million of restructuring charges including goodwill and intangible asset impairments and severance provisions;
$8.7 million non-recurring transaction fees;
$7.9 million Concentra Bank and ACM acquisition related intangible asset amortization;
$7.0 million new office lease related costs prior to occupancy;
$6.5 million professional fees related to the Acquisition;
$2.6 million accelerated long-term incentive expense following the former CEO's passing;
$1.8 million non-recurring operational effectiveness expenses and acquisition and integration-related costs; and
$5.0 million provision for credit losses associated with an equipment financing purchase facility.

2024

$8.8 million covered bond fair value adjustments;
$9.3 million Concentra Bank and ACM acquisition related intangible asset amortization;
$2.2 million new office lease related costs prior to occupancy;
$11.2 million non-recurring operational effectiveness expenses and acquisition and integration-related costs associated with Concentra and ACM; and
$16.1 million provision for credit losses associated with an equipment financing purchase facility; and
$1.7 million provision for credit losses due to a one-time change in ECL methodology from five to four economic scenarios and adjusting associated weights.

The following table presents a reconciliation of GAAP reported financial results to non-GAAP adjusted financial results.

Reconciliation of reported and adjusted financial results

For the three months ended

For the year ended

($000, except share and per share amounts)

31-Oct-25

31-Jul-25

31-Oct-24

31-Oct-25

31-Oct-24

Reported results

Net interest income(1)

286,427

258,483

261,762

1,093,691

1,073,161

Non-interest revenue(1)

30,660

47,646

51,010

168,110

182,281

Revenue

317,087

306,129

312,772

1,261,801

1,255,442

Non-interest expense

261,472

170,954

153,625

752,871

594,099

Pre-provision pre-tax income(2)

55,615

135,175

159,147

508,930

661,343

Provision for credit loss

54,551

33,968

47,987

137,431

107,013

Income taxes

5,822

27,843

31,740

104,891

152,658

Net income

(4,758)

73,364

79,420

266,608

401,672

Net income available to common shareholders

(9,474)

73,014

75,382

256,475

389,836

Adjustments

Net interest income – interests and covered bond fair value adjustments

(21,784)

4,035

8,804

(17,749)

8,804

Non-interest revenue – non-operating asset impairments

(12,809)

-

-

(12,809)

-

Non-interest expenses – restructuring, severance, and impairments

(79,236)

-

-

(79,236)

-

Non-interest expenses – non-recurring transaction fees

(8,706)

-

-

(8,706)

-

Non-interest expenses – intangible asset amortization

(1,969)

(1,969)

(2,115)

(7,876)

(9,334)

Non-interest expenses – new office lease related costs

(15)

(857)

(2,208)

(7,024)

(2,208)

Non-interest expenses – related to professional fees described above

(6,505)

-

-

(6,505)

-

Non-interest expenses – accelerated incentive expense

-

(2,594)

-

(2,594)

-

Non-interest expenses – non-recurring operational effectiveness and acquisition-related costs(3)  

-

-

(755)

(1,782)

(11,171)

Provision for credit loss – equipment financing

-

-

(16,085)

(5,018)

(16,085)

Provision for credit loss – ECL methodology change and weights

-

-

-

-

(1,698)

Pre-tax adjustments

87,456

9,455

29,967

113,801

49,300

Income taxes – tax impact on above adjustments(4)

19,215

2,561

7,988

26,229

12,997

Post-tax adjustments – net income

68,241

6,894

21,979

87,572

36,303

Adjustments attributed to minority interests

(228)

(230)

(288)

(978)

(912)

Post-tax adjustments – net income to common shareholders

68,013

6,664

21,691

86,594

35,391

Adjusted results

Net interest income(1)

264,643

262,518

270,566

1,075,942

1,081,965

Non-interest revenue(1)

43,469

47,646

51,010

180,919

182,281

Revenue

308,112

310,164

321,576

1,256,861

1,264,246

Non-interest expense

165,041

165,534

148,547

639,148

571,386

Pre-provision pre-tax income(2)

143,071

144,630

173,029

617,713

692,860

Provision for credit loss

54,551

33,968

31,902

132,413

89,230

Income taxes

25,037

30,404

39,728

131,120

165,655

Net income

63,483

80,258

101,399

354,181

437,975

Net income available to common shareholders

58,539

79,678

97,073

343,069

425,227

Diluted earnings per share

Weighted average diluted common shares outstanding

38,269,352

38,519,991

38,723,974

38,557,364

38,549,300

Diluted earnings per share – reported

(0.25)

1.90

1.95

6.65

10.11

Diluted earnings per share – adjusted

1.53

2.07

2.51

8.90

11.03

Diluted earnings per share – adjustment impact

1.78

0.17

0.56

2.25

0.92

(1) Effective November 1, 2024, interest income earned from retained interests and interest expense incurred on servicing liabilities are reclassed from Non-interest revenue to Net interest income. Prior period comparative figures have been updated to conform to current period presentation. 

(2) This is a non-GAAP measure, see Non-GAAP financial measures and ratios section.

(3) Includes non-recurring operational effectiveness and acquisition and integration-related costs associated with Concentra Bank and ACM.

(4) Income tax expense associated with non-GAAP adjustment was calculated based on the statutory tax rate applicable for that period.

Other non-GAAP financial measures and ratios:

Adjusted efficiency ratio: it is derived by dividing adjusted non-interest expenses by adjusted revenue. A lower adjusted efficiency ratio reflects a more efficient cost structure
Adjusted return on equity (ROE) is calculated on an annualized basis and is defined as adjusted net income available to common shareholders as a percentage of weighted average common shareholders' equity (reported) outstanding during the period.
Assets under administration (AUA): is sum of (1) assets over which EQB's subsidiaries have been named as trustee, custodian, executor, administrator, or other similar role; (2) loans held by credit unions for which EQB's subsidiaries act as servicer.
Assets under management (AUM): is the sum of total balance sheet assets, loan principal derecognized but still managed by EQB, and assets managed on behalf on investors.
Loans under management (LUM): is the sum of loan principal reported on the consolidated balance sheet and loan principal derecognized but still managed by EQB.
Net interest margin (NIM): this profitability measure is calculated on an annualized basis by dividing net interest income by the average total interest earning assets for the period.
Pre-provision pre-tax income (PPPT): this is the difference between revenue and non-interest expenses.
Total loan assets: this is calculated on a gross basis (prior to allowance for credit losses) as the sum of both Loans – Personal and Loans – Commercial on the balance sheet.

SOURCE EQB Inc.

Market Domination Overtime anchor Josh Lipton breaks down the latest market news for December 3, 2025. Salesforce reported third quarter earnings that topped Wall Street estimates.

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Okay. Good morning, everybody. I'm Noah Poponak. I'm the aerospace and defense analyst here at Goldman. Very happy to have with us for our next presentation, Ducommun. And with me on stage here is the CFO, Suman Mookerji. Suman, thanks so much for being with us.

Suman Mookerji
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Thank you, Noah.

Noah Poponak
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Great to have you.

Suman Mookerji
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Great being here, and I appreciate the invite and the opportunity to present Ducommun in this conference.

Noah Poponak
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So Suman is going to go through some slides to kick us off, and then I have some questions. And if anybody in the audience has a question, just raise your hand.

Suman Mookerji
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Great. All right. So I'll take you through our investor presentation, just for the benefit of those who aren't as familiar with the story and are new to it, it will help you get some background on the company and where we are headed. Our usual disclosures, the presentation, of course, has some forward-looking statements in it, subject to risk factors, please refer to our Qs and Ks for more details around those.

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So Ana, why don't we just jump into Q&A. We're very excited to be hearing Mr. [indiscernible] say that in over $0.25 billion at the spend to Bank of America [ATMs] every week. So we're very deep tuning.

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