Market Signal Briefing

Bitcoin Treasuries Surpass 4 Million as Institutional Demand AcceleratesOn-chain data from Coin Bureau shows Bitcoin treasuries have surpassed 4 million BTC, one of the asset’s biggest milestones. 

Source: Coin BureauTherefore, this total reflects combined holdings across public and private companies, ETFs, governments, custodians, and emerging DeFi protocols now using Bitcoin as collateral.

The surge in institutional accumulation signals a major evolution in Bitcoin’s role within global finance. Once a niche digital experiment, Bitcoin has become a strategic reserve asset for leading corporations, with MicroStrategy and others reinforcing their balance sheets through long-term BTC holdings. 

At the same time, spot ETFs across the U.S., Europe, and Asia are accelerating mainstream adoption,providing regulated, accessible exposure that is drawing in both institutional capital and everyday investors.

Governments have also helped push Bitcoin past this historic milestone. El Salvador, the first country to adopt BTC as legal tender, continues to grow its reserves, while other nations quietly accumulate through strategic diversification or asset seizures. 

These rising state-level holdings underscore Bitcoin’s evolution from a speculative asset to a geopolitically relevant store of value.

Custodians and major asset managers have further accelerated this trend. As demand for secure, compliant BTC storage surges, institutional-grade custody solutions are enabling pension funds, hedge funds, and insurance firms to enter the market with confidence. This infrastructure boom has transformed Bitcoin from a niche technology into a fully integrated component of global financial portfolios.

Well, DeFi’s growing integration of Bitcoin marks a new frontier for the asset. Protocols now using BTC as collateral and liquidity are effectively bridging the gap between the world’s largest digital currency and decentralized finance, laying the groundwork for Bitcoin to function as a core layer of on-chain financial infrastructure.

Surpassing 4 million BTC in global treasuries signals more than aggressive accumulation, it reflects a structural realignment in modern finance. 

As corporations, governments, ETFs, and custodians embed Bitcoin into their balance sheets and product offerings, its identity is evolving from a speculative asset to a strategic institutional cornerstone. 

With only 21 million coins ever to exist, this accelerating adoption amplifies Bitcoin’s scarcity narrative and reinforces its long-term value proposition.

Top U.S. Bank CEOs to Meet Senators on December 11 to Shape Crypto Market StructureIn a notable shift for traditional finance, top U.S. bank CEOs have been called to a closed-door Senate meeting on December 11 to discuss the future of crypto market structure. 

According to analyst Diana, leaders from Citi, Bank of America, and Wells Fargo, long skeptical of digital assets, are now helping shape the regulatory framework they once resisted.

This comes at a pivotal moment for U.S. finance, as crypto adoption accelerates amid regulatory gaps and growing institutional demand for safer, clearer entry points. Engaging legacy banking leaders signals lawmakers’ push toward a more coordinated, mainstream framework for crypto oversight.

Banks may be driven by more than regulatory compliance. With crypto ETFs gaining traction, blockchain payment systems maturing, and tokenized assets entering institutional adoption, major banks risk losing relevance if they stay on the sidelines. Shaping regulatory frameworks could give them a strategic advantage as digital assets integrate with traditional finance.

For the crypto sector, the outcome is double-edged. Collaboration with banks and lawmakers could finally deliver regulatory clarity, attracting institutional capital and enhancing legitimacy. Yet critics warn that excessive bank influence may produce restrictive rules that favor incumbents and stifle innovation.

What does this show? Well, the symbolism is clear; institutions that once urged regulators to shun crypto are now invited to shape its future. December 11 could mark more than a policy discussion, it may be the moment Wall Street moves from observer to architect in the digital asset ecosystem.

ConclusionBitcoin crossing 4 million coins in institutional and sovereign treasuries marks more than a milestone, it signals a shift in global finance. As corporations, governments, and investment funds secure significant supply, Bitcoin is evolving from speculation to a strategic financial asset. 

With demand rising and supply tightening, it’s positioning itself as a key driver in economic policy, capital allocation, and long-term wealth preservation.

On the other hand, The December 11 meeting could mark a pivotal shift in the U.S. crypto landscape, as lawmakers and top banks collaborate to provide long-awaited clarity and structure. 

This convergence of traditional finance and digital assets may redefine regulatory frameworks and cement Wall Street’s role in building a secure, accessible, and innovative crypto ecosystem, potentially shaping the next era of mainstream cryptocurrency adoption.

ETH rallied above $3,300 after a mostly positive day for the crypto market. The token kept seeing inflows from whales, as well as another big purchase from Bitmine. 

ETH continues to see interest from large-scale players, including whales, in both spot and derivative markets. 

ETH rallied late on Tuesday, after a short squeeze liquidated positions above $3,300. | Source: Coingecko
ETH recovered above $3,200 after a short squeeze, following a day of rebuilding short liquidity. The token continued its expansion to $3,342.21. The last price move caused $36.3M in long liquidations for the past 24 hours, of which close to 50% were on Binance. 

The latest price moves showed a quick return to speculation, as traders opened new positions just as the token showed signs of a directional move. Open interest spiked within a short timespan, from $17.6B to $18.5B. However, traders opened new positions on the short side, suggesting the rally may be short-lived. 

Bitmine has $1B to buy more ETH
Bitmine revealed it had been buying more ETH in the past week, expanding its treasury to $12.05B. 

The treasury company has $1B remaining to make more purchases, after last week’s addition of over $138K ETH. Bitmine expanded its treasury by 13.8% in the past month, resuming more frequent purchases in December.

Treasury companies have slowed down their buying, but still added more ETH to their balance in December. BMNR shares responded by bouncing off their lows, rising to $38.60, around the middle of their range for the past few months. BMNR has secured its financing and is one of the predictable buyers of ETH. 

Hyperliquid whales go long on ETH
Hyperliquid whales also took high-profile positions in ETH, currently sitting on outsized unrealized gains. 

The 1011 whale, who was known for shorting BTC just before the October drop, expanded the unrealized gains from $3M to over $18M. The whale keeps paying fees of over $100,000 to retain the position, and has not closed to take profits. 

On-chain data shows whale currently holds the biggest long position on Hyperliquid, with a notional value of $269M. 

Hyperliquid whales are sitting on growing unrealized gains from their aggressive long positions. | Source: Coinglass
The second position was built by the ‘Anti-CZ’ whale, and is valued at $174M, with unrealized gains of over $6M. In the third spot is an older whale that quickly aped into ETH, with $1.6M in unrealized gains. Machi Big Brother, another notorious Hyperliquid trader, also increased his ETH long position. 

The latest climb erased most of the available ETH short liquidity, with few positions remaining up to $3,400. The short squeeze may be followed by a reversal, as ETH has accumulated long positions just above $3,000. At the current price range, ETH retains the support level at $3,000, in addition to the $2,800 range, which is the cost basis of multiple whales. 

The ETh fear and greed index rallied from 51 points to 66 points within a few hours, signaling a rapid shift in sentiment.

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Published: Dec 09, 2025 at 17:53

Voyager Token (VGX) is the native utility token of the Voyager cryptocurrency trading platform.

Voyager is a crypto brokerage app that enables users to trade a wide range of cryptocurrencies. VGX plays a central role in the Voyager ecosystem and offers various benefits and use cases for platform users. 

Voyager offers a loyalty program where VGX holders can earn rewards, cashback, and other benefits based on their VGX holdings.

Voyager Token (VGX) 

VGX was initially created as part of the Voyager Loyalty Program, where users can earn rewards for holding VGX. The more VGX you hold in your Voyager account, the higher your interest rate on your cryptocurrency balances.

Voyager offers interest on certain cryptocurrencies, and VGX holders can earn higher interest rates. The more VGX you hold, the more interest you can earn on your crypto.

Some exchanges and wallets support VGX staking, where users can lock up VGX to secure the network and receive rewards in return.

Disclaimer. This article is for informational purposes only and should not be viewed as an endorsement by Coinidol.com. The data provided is collected by the author and is not sponsored by any company or token developer. They are not a recommendation to buy or sell cryptocurrency. Readers should do their research before investing in funds.

Expert in finance, blockchain, NFT, metaverse, and web3 writer with great technical research proficiency and over 15 years of experience.

XRP (CRYPTO: XRP) and Ethereum (CRYPTO: ETH) surged 5% on Tuesday as a major Ethereum whale lifted a long position to $266 million.

XRP Breaks Its Downtrend And Retests The 200 EMA

Price Prediction for XRP (Source: TradingView)

XRP is up about 5% as price pushes above the descending trendline that has defined the entire decline since early November. 

Traders have monitored this level for weeks, and the clean breakout shows sellers losing control.

XRP price now trades above short-term EMAs, confirming early positive momentum. 

The next major level is the 200-day EMA near $2.19, where several prior rallies stalled. 

A close above that line would strengthen the case for a broader trend reversal.

Support has shifted upward to the $2.1–$2.12 band. 

Buyers repeatedly defended this region during the recent consolidation. 

Holding above it keeps $2.3 in focus and opens a path toward the larger resistance zone between $2.55 and $2.6.

The RSI sits near 66, showing strong demand without entering overbought territory. 

That combination often accompanies early breakouts rather than exhaustion phases.

Ethereum Clears Major Levels As Whale Expands $266M Long

ETH Price Analysis (Source: TradingView)

Ethereum is up more than 8% after breaking through the 0.618 Fibonacci retracement at $3,195 and approaching the $3,330–$3,350 resistance band. 

The move ends weeks of sideways price action marked by low volatility.

ETH now trades above all short EMAs and is holding above the 200-day EMA near $3,178. 

Reclaiming this level is significant because it capped upside attempts for nearly a month. 

A sustained hold would confirm that buyers have regained momentum.

Support now sits at $3,195 and at the EMA cluster around $3,130. 

A clear break above $3,350 would likely target $3,500, followed by a wider move toward $3,800.

RSI near 74 signals strong demand but not yet an immediate reversal warning. 

Whale Activity Shows Rising Conviction Behind EthereumA major Ethereum whale who correctly positioned ahead of the Oct. 10 market drop has now flipped aggressively long, increasing exposure from $218 million to roughly $266 million within days. 

The account added about $48 million in new size earlier today.

The position shows a return on equity of nearly 28% and carries no short exposure. 

The liquidation level sits around $2,117, far below spot, suggesting the holder is prepared to maintain the long position through volatility.

Unrealized profits jumped from about $3.37 million to nearly $14.9 million following the latest addition. 

Such concentrated positioning has drawn attention from traders who view whale behavior as a gauge of market sentiment.

This shift comes as the sector continues to digest Cardano's (CRYPTO: ADA) 11% rally today, which was driven by enthusiasm around the upcoming Midnight privacy network. 

The move helped lift activity across several large-cap assets and altcoins.

Read Next:

Ethereum Or Solana? The Real Winner Is One You’re Ignoring, Bitwise’s Matt Hougan Says
Image: Shutterstock

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NEOS Gold High Income ETF offers a covered call strategy on gold, targeting high monthly income and potential appreciation. IAUI delivers a 12.53% distribution rate, with approximately 85% of distributions classified as return of capital. The fund stands out due to its straightforward structure and is managed by a team with a strong track record in covered call ETFs.

Idorsia’s dual orexin receptor antagonist, the first and only drug of its kind approved in Europe for the treatment of insomnia disorder, has been awarded the inaugural Prix Galien Bridges Award in the category of “Best Biotechnology & Pharmaceutical Product”Inaugural winners are honored for breakthrough innovations in life sciences Allschwil, Switzerland – December 9, 2025
Idorsia Ltd (SIX: IDIA) announces that its novel treatment for insomnia disorder has been awarded the inaugural Prix Galien Bridges Award in the category of “Best Biotechnology & Pharmaceutical Product”. The award recognizes groundbreaking medicines, including biologics, gene therapies, and traditional pharmaceutical compounds, that advance patient care through scientific innovation.

Bettina Blosse, General Manager of Idorsia Nordics, commented:
"We are immensely proud to have been awarded the prestigious Prix Galien, particularly the first of its kind in the Nordics. The recognition from the jury is a wonderful endorsement of Idorsia's commitment to innovation in healthcare and the value that the new treatment brings to improving patient care for insomnia disorder. My team is working to make this medicine accessible to all patients in the Nordic region.”

Martine Clozel, MD and Chief Scientific Officer added:
“Our research team began work on the science of orexin and orexin receptors immediately after they were first described in 1998. Our initial work led to the understanding that antagonism of the orexin system induced a very physiological sleep. With a treatment of insomnia disorder in mind, the team set the target to design a dual orexin receptor antagonist that, among a number of criteria, would achieve a rapid onset of effect and a duration of action sufficient to cover the totality of the night at optimally effective doses, avoiding morning carry-over effects. It took us more than 10 years, and we had to synthesize and characterize more than 25,000 compounds to arrive at the molecule which has now been recognized with the Prix Galien Bridges Award – for improving not only the nights of patients with insomnia disorder, but also most importantly their daytime functioning.”

The Prix Galien Awards were created in 1970 by Roland Mehl in honor of Galien, the father of medical science and modern pharmacology, to recognize outstanding innovation and scientific advancement. With chapters in 16 countries and Africa, Prix Galien is regarded worldwide as the equivalent of the Nobel Prize for the life science industry.
For more information about the Foundation, visit: https://www.galienfoundation.org/
For more information about Prix Galien Bridges, visit: https://www.galienfoundation.org/prix-galien-bridges.

Notes to the editor

About The Galien Foundation
The Galien Foundation fosters, recognizes, and rewards excellence in scientific innovation to improve the state of human health. Our vision is to be the catalyst for the development of the next generation of innovative treatments and technologies that will impact the state of medical practice and save lives. The late Professor Elie Wiesel, 1986 Peace Nobel Laureate, is The Honorary Founding President of The Galien Foundation

The Foundation oversees and directs activities in the US for the Prix Galien, an international awards program dedicated to progress through innovative medicines development, with chapters in 14 countries, Africa and an inaugural chapter established in India in 2024. The Prix Galien was created in 1970 by Roland Mehl in honor of Galen, the father of medical science and modern pharmacology.

About insomnia disorder
Insomnia disorder is defined as difficulty initiating or maintaining sleep, causing clinically significant distress or impairment in important areas of daytime functioning. This impact on sleep quantity or quality should be present for at least three nights per week, over the period of at least three months, and occurs despite an adequate opportunity to sleep.1

Insomnia is a state of overactive wake signals and studies have shown that in patients with insomnia, brain regions associated with wakefulness remain more active during sleep.2,3 Insomnia disorder is a common problem with an estimated prevalence in Switzerland of 9.2% of the working-age population.4

Insomnia as a disorder is distinctly different from a short period of poor sleep and it can affect both physical and mental health.1,5 It is a persistent condition that has a negative impact on daytime performance.1 Idorsia's research has shown that poor sleep quality can affect many aspects of daily life, including the ability to concentrate, mood and energy levels.

The goal of treating insomnia is to improve sleep quality and quantity, as well as daytime performance, while avoiding side and after-effects the next morning. The currently recommended treatment for insomnia includes sleep hygiene, cognitive behavioral therapy and pharmacotherapy.4

About the orexin system
Wake and sleep signaling is regulated by intricate neural circuitry in the brain. One key component of this process is the orexin system, which helps promote wakefulness.6,7 There are two forms of orexin neuropeptides – small protein-like molecules used by nerve cells (neurons) to communicate with each other in the brain – orexin A and orexin B.6,8 Orexin promotes wakefulness through its receptors OX1R and OX2R. 6,8 Together, these neuropeptides and receptors make up the orexin system. The orexin system stimulates targeted neurons in the wake system – leading to the release of several chemicals (serotonin, histamine, acetylcholine, norepinephrine) – to promote wakefulness.9 Under normal circumstances, orexin levels rise throughout the day as wakefulness is promoted and then fall at night.10 Overactivity of the wake system is an important driver of insomnia.7

The Idorsia research team has been studying the science of orexin and orexin receptors since they were first described in 1998. The team's initial work led to the conclusion that antagonism of the orexin system is key to maintaining natural sleep architecture in patients with insomnia. With this goal in mind, the team developed dual antagonists with the aim of a rapid onset of action and a duration of action sufficient to bridge the night but short enough to minimize any negative residual activity the next morning at optimally effective doses.

References

The Diagnostic and Statistical Manual of Mental Disorders (5th ed.; DSM–5; American Psychiatric Association, 2013).Buysse, D.J., et al. Drug Discov Today Dis Models. 2011;8(4):129-137.Levenson, J.C., et al. Chest. 2015;147(4):1179-1192.Hafner, Marco, et al., 2023. Santa Monica. CA: RAND Corporation.Wardle-Pinkston S., et al. Sleep Med Rev. 2019;48.Muehlan, C., et al. J Psychopharmacol. 2020;34(3):326-335.Boof, M.L., et al. Eur J Clin Pharmacol. 2019;75(2):195-205.Muehlan, C., et al. Expert Opin. Drug Metab. Toxicol. 2020;16(11):1063–1078.Clifford, B.S., et al. Trends Neurosci. 2001;24(12).726-31.Gotter, A.L., et al. BMC Neuroscience. 2013;14(1):14-19. About Idorsia
The purpose of Idorsia is to challenge accepted medical paradigms, answering the questions that matter most. To achieve this, we will discover, develop, and commercialize transformative medicines – either with in-house capabilities or together with partners – and evolve Idorsia into a leading biopharmaceutical company, with a strong scientific core.

Headquartered near Basel, Switzerland – a European biotech hub – Idorsia has a highly experienced team of dedicated professionals, covering all disciplines from bench to bedside; QUVIVIQ™ (daridorexant), a different kind of insomnia treatment with the potential to revolutionize this mounting public health concern; strong partners to maximize the value of our portfolio; a promising in-house development pipeline; and a specialized drug discovery engine focused on small-molecule drugs that can change the treatment paradigm for many patients. Idorsia is listed on the SIX Swiss Exchange (ticker symbol: IDIA).

For further information, please contact:
Investor & Media Relations
Idorsia Pharmaceuticals Ltd, Hegenheimermattweg 91, CH-4123 Allschwil
+41 58 844 10 10
[email protected] – [email protected] – www.idorsia.com

The above information contains certain "forward-looking statements", relating to the company's business, which can be identified by the use of forward-looking terminology such as “intend”, "estimates", "believes", "expects", "may", "are expected to", "will", "will continue", "should", "would be", "seeks", "pending" or "anticipates" or similar expressions, or by discussions of strategy, plans or intentions. Such statements include descriptions of the company's investment and research and development programs, business development activities and anticipated expenditures in connection therewith, descriptions of new products expected to be introduced by the company and anticipated customer demand for such products and products in the company's existing portfolio. Such statements reflect the current views of the company with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of the company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward-looking statements. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated or expected.

Press Release PDF

LUXEMBOURG--(BUSINESS WIRE)--Eurofins Scientific SE (EUFI.PA) has received various notifications of dealing from Persons Discharging Managerial Responsibilities (“PDMR”). The notification of Dealing Form for each PDMR can be found below. This notification is made in accordance with the European Market Abuse Regulation. NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM     1. Details of the person discha.

Key Takeaways KT-621 drove deep STAT6 degradation and strong biomarker reductions in KYMR's phase Ib BroADen study.KT-621 showed notable EASI and pruritus improvements, plus benefits in asthma and allergic rhinitis patients.KT-621 was well-tolerated, and KYMR has advanced it into a phase IIb study with data expected in 2027.
Shares of Kymera Therapeutics (KYMR - Free Report) were up 41.6% yesterday after the company announced positive data from the phase Ib BroADen study, which evaluated its lead pipeline candidate KT-621 for treating atopic dermatitis (AD), also known as eczema.

KT-621 is an investigational, first-in-class, once daily, oral degrader of STAT6, the specific transcription factor responsible for IL-4/IL-13 signaling and the central driver of type 2 inflammation.

Year to date, shares of Kymera have rallied 134.4% compared with the industry’s rise of 19.3%.

Image Source: Zacks Investment Research

More on the Data from KYMR’s BroADen StudyThe open-label, single-arm phase Ib BroADen study evaluated KT-621 across two doses (100 mg and 200 mg) in patients with moderate-to-severe AD.

Data from the study showed that treatment with KT-621 led to deep STAT6 degradation in both the 100 mg and 200 mg doses, with median reductions of 94% in the skin and 98% in the blood, showing that the candidate’s effects in healthy volunteers translated well to AD patients.

Treatment with KT-621 also led to strong reductions in disease-relevant type 2 biomarkers in blood, including Thymus and Activation-Regulated Chemokine (TARC) – median reduction of 74% in patients with baseline TARC levels comparable to Sanofi’s (SNY - Free Report) Dupixent (dupilumab) studies on AD, Eotaxin-3, IL-31, IgE, and in core type 2 inflammation and AD disease-relevant gene sets in skin lesions.

KT-621 demonstrated strong clinical activity across all measured endpoints in the phase Ib BroADen study, including a mean 63% reduction in Eczema Area and Severity Index (EASI) and a mean 40% reduction in peak pruritus Numerical Rating Scale (NRS).

Patients with asthma who received KT-621 experienced a median 56% reduction in FeNO along with improvements in asthma control. Also, patients with allergic rhinitis who received KT-621 experienced significant symptom relief and better quality of life.

Treatment with KT-621 was generally safe and well-tolerated, with no serious adverse side effects observed.

The positive phase Ib BroADen results highlight KT-621’s potential as a first-in-class, once-daily oral therapy for type 2 inflammatory diseases. Its week-4 outcomes were comparable to—and in some cases exceeded—published data for SNY’s blockbuster drug, Dupixent, which is approved for several types of inflammatory diseases, including moderate-to-severe AD.

KYMR’s Other Development ActivitiesKymera recently initiated dosing in the phase IIb study, BROADEN2, evaluating KT-621 in patients with moderate-to-severe AD. It expects to report data from the BROADEN2 trial by mid-2027.

Meanwhile, Kymera is on track to initiate a phase IIb study, BREADTH, in moderate-to-severe asthma patients in the first quarter of 2026.

Conducting parallel phase IIb studies in AD and asthma is expected to accelerate KT-621’s development and determine the appropriate dosing strategy for subsequent parallel phase III registrational programs spanning several type 2 dermatology, gastroenterology and respiratory conditions.

In the absence of a marketed product, the successful development of its pipeline candidates remains the key focus area for Kymera.

KYMR’s Zacks Rank & Stocks to ConsiderKymera currently carries a Zacks Rank #3 (Hold).

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

In the past 60 days, estimates for ANI Pharmaceuticals’ 2025 earnings per share (EPS) have increased from $7.28 to $7.54. EPS estimates for 2026 have moved up from $7.78 to $8.15 during the same period. ANIP stock has surged 47.2% year to date.

ANI Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, with the average surprise being 21.24%.

In the past 60 days, estimates for Castle Biosciences’ loss per share have narrowed from 65 cents to 23 cents for 2025. During the same time, loss per share estimates for 2026 have narrowed from $2.10 to $1.42. Year to date, shares of CSTL have rallied 43%.

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

SailPoint, Inc. (SAIL) Q3 2026 Earnings Call December 9, 2025 8:30 AM EST

Company Participants

Scott Schmitz - Senior Vice President of Investor Relations
Mark McClain - Founder, CEO & Director
Brian Carolan - Chief Financial Officer
Matthew Mills - President

Conference Call Participants

Joseph Gallo - Jefferies LLC, Research Division
Robbie Owens - Piper Sandler & Co., Research Division
Gray Powell - BTIG, LLC, Research Division
Shaul Eyal - TD Cowen, Research Division
Peter Levine - Evercore ISI Institutional Equities, Research Division
Ryan Lountzis - Morgan Stanley, Research Division
Jonathan Ruykhaver - Cantor Fitzgerald & Co., Research Division
Shrenik Kothari - Robert W. Baird & Co. Incorporated, Research Division
Matthew Hedberg - RBC Capital Markets, Research Division
Junaid Siddiqui - Truist Securities, Inc., Research Division
Todd Weller - Stephens Inc., Research Division
Benjamin Bollin - Cleveland Research Company LLC
Joshua Tilton - Wolfe Research, LLC
Gregg Moskowitz - Mizuho Securities USA LLC, Research Division

Presentation

Operator

Thank you for standing by, and welcome to SailPoint's Third Quarter Fiscal Year 2026 Earnings Conference Call. [Operator Instructions]

I would now like to hand the call over to Scott Schmitz, VP of Investor Relations. Please go ahead.

Scott Schmitz
Senior Vice President of Investor Relations

Good morning, and thank you for joining us today to discuss SailPoint's fiscal third quarter 2026 financial results. Joining me today are SailPoint's Founder and CEO, Mark McClain; and our Chief Financial Officer, Brian Carolan. For the Q&A portion of today's call, we will also be joined by our President, Matt Mills.

Please note that today's call will include forward-looking statements. And because these statements are based on the company's current intent, expectations and projections, they are not guarantees of future performance, and a variety of factors could cause actual results to differ materially. This call will also include references to non-GAAP results, which excludes certain items that do not reflect our underlying business performance. Please reference this

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Bank of America slapped a $275 price target on Nvidia (NASDAQ:NVDA) stock. This is nowhere near the highest price target of $352, but it is still something to peek into, considering BofA is a major firm that has usually been more conservative.

What’s more puzzling is that this price target came at a time when big-name investors and “gurus” started doubting Nvidia’s story. For example, Michael Burry implied that Nvidia was misrepresenting its earnings by what he sees as the delayed depreciation of GPUs. NVDA stock is now at a 10% discount since that price target was issued.

Should you pay any heed to it, and is BofA’s price target within reach in the near term? Let’s take a look at what the analyst has to say.

The rationale behind BofA’s NVDA price target
Vivek Arya is a Managing Director and Senior Equity Research Analyst at Bank of America Securities, specializing in semiconductor and semiconductor equipment research with a focus on leading technology companies. He’s the analyst behind the Nvidia price target.

Similar companies like AMD (NASDAQ:AMD), Intel (NASDAQ:INTC), Broadcom (NASDAQ:AVGO), Qualcomm (NASDAQ:QCOM), and Marvell Technology (NASDAQ:MRVL) fall within his coverage. He has a 61% success rate with a 20.5% average return per rating.

Bank of America called the AI skepticism healthy but overstated in the near to medium term, and believes the skepticism ensures that the space is not “overcrowded”. They’re basically implying that with bears being so skeptical, it is keeping the “bad money” out. Ergo, the NVDA stock rally is healthy.

His team said that OpenAI spending has not yet peaked, and that Nvidia’s $500 billion data center order disclosure for 2025 and 2026 means that the company can keep growing sales and profits by up to 70% annually. Yet, you’re still paying a modest 25 times next fiscal year’s estimated earnings.

Arya’s price target is based on a “44 multiple,” his estimate for price-to-earnings ratio, minus cash for the calendar year 2026. This falls within Nvidia’s historical forward PE.

Slowdown fears are “completely wrong,” according to Arya
Investors have long been uneasy about how sustainable Nvidia’s sales growth is, considering hyperscalers are unlikely to be comfortable paying high margins for Nvidia’s AI chips. Many of them are already designing custom-made chips to sidestep paying Nvidia. In late October, Google signed a deal with Anthropic (the company behind Claude AI) for up to 1 million Tensor Processing Units (TPUs).

Arya says that the worry is “off the mark” and believes demand is still there. He used Amazon’s (NASDAQ:AMZN) recent AWS event as an example.

AWS is the largest cloud computing hyperscaler out there, and he says it is still reliant on Nvidia. For example, AWS plans to use NVLink Fusion (a Nvidia platform) for its in-house Trainium 4 accelerator expected next year or in 2027. This keeps Nvidia in the loop, though it does show that companies are trying to reduce their reliance.

The Bears or BofA, who’s right?
It is not impossible to imagine a universe where both the bears and the bulls are proven right. Nvidia has been posting blockbuster earnings quarter after quarter, and expecting the hype train to derail abruptly is too pessimistic.

At the same time, maintaining growth rates above 50% annually for the long term is impossible. Nvidia will have to slow down at some point as the AI buildout matures. Whether that will be in 2026 or 2030 is anyone’s guess.

I believe NVDA stock can cross $275 or even $300 and beyond in the coming quarters as long as it keeps trouncing earnings estimates. You’re not being asked to pay a lot for it, and there’s plenty of upside potential left if the hype picks up even more from here.

Hyperscalers will diversify, and competition can start to chip away in the coming years. If the AI buildout suddenly slows down and there’s a glut of AI GPUs, margins can crash, and so can the stock. So far, nothing points to that being the case just yet. I’d side with BofA until Nvidia’s financial statements reflect anything bearish.

Key Takeaways AR will buy HG Energy's upstream assets for $2.8B, adding 2026E production and 385,000 net acres.AM plans a $1.1B purchase of HG Energy's midstream assets, adding about 900 MMcf/d throughput in 2026.AR and AM will also sell Ohio Utica assets for $1.2B, supporting finances and portfolio optimization.
Antero Resources Corporation (AR - Free Report) , a leading natural gas producer in the United States, announced that it will acquire the upstream assets of the privately held energy firm, HG Energy II, LLC. Owned by Quantum Energy Partners, HG Energy is a natural gas producer primarily operating in the Appalachian Basin. The deal entails total cash consideration of $2.8 billion, while also accounting for HG Energy’s commodity hedge book. It is anticipated to close in the second quarter of 2026.

Antero Resources’ Upstream Acquisition of HG Energy IIThe acquisition of HG Energy’s assets adds 850 million cubic feet equivalent per day (MMcfe/d) of expected production in 2026 and 385,000 net acres in West Virginia, adjacent to AR’s core Marcellus acreage. The acquisition is also expected to extend Antero Resources’ inventory life by approximately five years at maintenance capital levels. Furthermore, the company has identified synergies totaling approximately $950 million over 10 years, including nearly $550 million in capital efficiencies to be achieved through streamlining development planning and reducing D&C costs. The deal is also anticipated to be accretive to the company’s free cash flow, net asset value and operating cash flows. AR also stated that it expects the acquisition to lower its cash cost structure by almost $0.25 per Mcfe and enhance its margins by $0.15-$0.20 per Mcfe, excluding the synergies.

Antero Midstream’s Acquisition of HG Energy’s Midstream AssetsAntero Midstream Corporation (AM - Free Report) , a leading midstream company, announced that it will acquire HG II Energy Midstream Holdings, LLC from the privately held HG Energy for a total cash consideration of $1.1 billion. This bolt-on acquisition is contiguous with its existing midstream infrastructure in the Marcellus Shale. The acquired assets are projected to add around 900 MMcf/d of expected throughput in 2026. Additionally, the deal includes more than 400 undeveloped Marcellus drilling locations dedicated to Antero Midstream’s gathering and processing infrastructure. AM has stated that the acquired assets are capital effective and complement its existing asset base, thereby strengthening its footprint in the Marcellus shale and enhancing system efficiency. The deal is also expected to be immediately accretive to AM’s free cash flow after dividends.

Divestiture of Ohio Utica Shale AssetsAntero Resources and Antero Midstream also disclosed that they have agreed to sell their Ohio Utica Shale upstream and midstream assets for a total consideration of $1.2 billion to Infinity Natural Resources and Northern Oil and Gas. Infinity Natural Resources will acquire a 51% interest in the assets for $612 million, while Northern Oil and Gas is expected to acquire a 49% stake for $588 million. These transactions are expected to conclude by the first quarter of 2026. 

Financing Plan for the DealMichael Kennedy, the CEO of Antero Resources and Antero Midstream, stated that this strategic acquisition boosts its core acreage in the Marcellus while also strengthening its position as a leading liquids developer in the region. He also emphasized that Antero Resources has built a clear plan for financing this transaction through its near-term free cash flow generation, proceeds from the divestiture of its Ohio Utica assets and the hedged free cash flows from its acquired assets generated over the next three years.

Rising U.S. Natural Gas Demand Enhances Deal BenefitsThe acquisition provides Antero with more natural gas resources along with other midstream assets at an extremely favorable time, as the natural gas demand in the United States has been on the rise, driven by winter heating needs, strong LNG exports globally, and increased electricity requirements from data centers and other energy-intensive industries. The deal should enhance Antero’s competitive position among peers and revenue visibility in the future.

Zacks Rank and Key PicksAR and AM both currently carry a Zacks Rank #3 (Hold).

Some top-ranked stocks from the energy sector are Oceaneering International (OII - Free Report) and FuelCell Energy (FCEL - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.

FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives. 

U.S. cattle ranchers will soon have a new way to protect their dwindling herds from the threat of the parasite screwworm, which is decimating cattle in Mexico.

The U.S. Food and Drug Administration granted conditional approval for a drug called EXZOLT CATTLE-CA1, a topical treatment from Merck Animal Health for the prevention and treatment of New World Screwworm. It can also be used as a treatment and control for the cattle fever tick.

Farmers will have access to doses of the Merck drug starting on December 20 through their veterinarian.

"The conversation started in July with the FDA, and because there is an element of human food safety, there was a big data package we had to generate," said Holger Lehmann, vice president of pharmaceutical research and development for Merck Animal Health. "This approval is a significant undertaking. The U.S. has received the product, and Mexico received it in early November, where it is being used," Lehmann said.

The FDA has approved it with a 98-day withholding period to ensure no residue in meat.

Lehmann cautioned that the drug alone cannot eradicate the parasite any time soon. "Experts tell us in Mexico that they don't expect that they're going to be able to get rid of the screwworm problem quickly," Lehmann said. "They think it's a multi-year problem to get resolved."

Screwworm is spread by hatching fly eggs in the open wounds of cattle, which feed on their living tissue. Humans can also get infected. To protect the U.S. cattle herd and to stop the spread of the parasitic fly, the U.S. Department of Agriculture has closed the border to Mexico for imports of live cattle, bison, and horses, on and off, since 2024.

The border continues to be closed.

Before the closure, Mexico was an exporter of calves to the U.S., with USDA data showing the U.S. imported over one million cattle annually, approximately 3.3% of the U.S. total calf crop.

The screwworm outbreak in Mexico is one of the reasons for volatility in the cattle futures market, and behind the high costs of beef, which has become a high-profile issue for the Trump administration among the president's falling poll numbers on the economy.

President Trump has blamed meat processors and U.S. cattlemen for the higher costs. Tariffs associated with animal feed and farming equipment have been linked to the rise in beef prices, along with drought impacting herd size.

watch now

According to USDA data, as of November 2025, the U.S. cattle on feed were 11.7 million head, down 2%, or 260,000 head, from 2024. That represents a U.S. cattle herd at its lowest level since 1951.

In November, Tyson Foods announced it was closing its major beef plant in Lexington, Nebraska, and cutting back operations in Amarillo, Texas, because of the cattle shortage.

"As ranchers, we're glad to see the FDA approving new tools like this," said sixth-generation Texas rancher James Clement III. "When we face fever ticks or screwworm outbreaks, having effective medications and treatments on hand isn't optional; it's essential," he said. "These products give producers the ability to respond quickly, protect our herds, and safeguard the broader livestock industry," he said, though he added ranchers will have some questions before they move ahead with use of the drug.

Because it's winter and the temperatures are cooler, Lehmann said the likelihood of flies carrying screwworm from Mexico into the U.S. is currently low. "But there is risk in the spring, so we have enough product available that we could deploy immediately to cattle ranchers for preventative action," Lehmann said. "Based on what we know, this treatment is very effective against screwworm, and you want to contain this. So benefit treatment actually becomes very critical," Lehmann added.

Toll Brothers, Inc. ( TOL ) Q4 2025 Earnings Call December 9, 2025 8:30 AM EST Company Participants Douglas Yearley - Chairman & CEO Gregg Ziegler - Executive VP & CFO Martin Connor - Senior Advisor Conference Call Participants Stephen Kim - Evercore ISI Institutional Equities, Research Division John Lovallo - UBS Investment Bank, Research Division Stephen Mea - RBC Capital Markets, Research Division Trevor Allinson - Wolfe Research, LLC Richard Reid - Wells Fargo Securities, LLC, Research Division Michael Rehaut - JPMorgan Chase & Co, Research Division Alan Ratner - Zelman & Associates LLC Victoria Piskarev - BofA Securities, Research Division Presentation Operator Good morning, and welcome to the Toll Brothers Fourth Quarter Fiscal Year 2025 Conference Call. [Operator Instructions] The company is planning to end the call at 9:30 when the market opens.

USA TODAY Co., Inc. (TDAY) Presents at UBS Global Media and Communications Conference 2025 Transcript

Figure Technology Solutions, Inc. is rated Buy with a $53 price target, implying 33% upside over 12 months. FIGR leads the tokenized private credit market, posting 81% revenue growth and 75% adjusted EBITDA growth year-over-year. Despite trading at a premium (61x FY2025 earnings), FIGR's dominant market share, rapid growth, and capital-light model justify valuation.

PGIM Global High Yield Fund (GHY) offers a 10.14% yield, outperforming major bond indices and most peers on total and real returns. GHY maintains a well-diversified portfolio with only 42.2% U.S. exposure, positioning it to benefit from a weakening U.S. dollar and monetary easing. The fund's distribution is currently covered by investment income and unrealized gains, with net asset value stability suggesting sustainability.

16h05 ▪
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Louis B.

Summarize this article with:

Bitcoin enters a decisive phase as the price holds above 90,000 dollars ahead of the final Fed meeting of the year. Market structure tightens while traders watch the 89,000 to 95,000 dollar zone for signals. Sentiment remains cautious, yet seasonal patterns and strong underlying demand keep the Santa rally narrative alive. Lower leverage and muted activity in derivatives also shape this week’s setup.

In brief

Bitcoin holds above 90,000 dollars after a volatile weekend, keeping the 89,000–95,000 dollar zone in focus.
Traders watch key levels as the Fed prepares its final rate decision, with a 25 bp cut widely expected.
Low leverage, falling open interest and seasonal patterns keep a year-end rally possible if Powell signals stability.

Bitcoin Tests Key Levels Ahead of Fed Week
Bitcoin continues to show strong volatility as the price pushed back above 90,000 dollars on Sunday and has managed to hold this level so far. The weekend rebound highlights how quickly momentum shifts, with traders reacting to each move inside the wide 87,000 to 90,000 dollar range. Several well-known analysts are watching this structure closely, as noted in a recent market analysis that outlined key trader expectations for the current range.

Trader CrypNuevo expects the price to move toward the 50-day EMA near 95,500 dollars, where a major liquidity cluster stands. He still sees no clear long setup, as a retest of the low 80,000s remains possible if Bitcoin fails to build a stronger base. Michaël van de Poppe notes strong buying pressure near recent lows and believes a move above 92,000 dollars would support a bullish continuation.

Daan Crypto Trades highlights the importance of the 84,000-dollar Fibonacci area. It acted as support earlier this month, and losing it would break the higher-timeframe structure and expose the April lows as the next target.

Fed Decision Takes Center Stage This Week
This week brings few macroeconomic data releases, allowing the FOMC meeting to take full focus. Markets expect a 0.25 percent rate cut, supported by weakening US labor data. Nonfarm payrolls have declined in five of the last seven months, which The Kobeissi Letter describes as the weakest streak in at least five years.

Despite this, Mosaic Asset Company sees a constructive backdrop. Inflation remains above target, yet the overall economy appears steady and the S&P 500 trades near all-time highs. According to Mosaic, this mix creates a favorable setup for risk assets if the Fed continues easing. Jerome Powell’s press conference will be crucial, as markets look for clues on the policy path for 2026. His communication may determine how both stocks and Bitcoin react to the decision.

Bitcoin Santa Rally Depends on Market Reaction and Seasonality
Bitcoin has underperformed stocks throughout Q4, while major indices trade close to new highs. Still, seasonal patterns have kept the Santa rally narrative alive. Analyst Timothy Peterson sees strong similarities between the current cycle and the 2022–2023 period.

Bitcoin seasonality chart. Source: Timothy Peterson/X

His view that “89,000 dollars is the new 16,000 dollars” reflects the idea that Bitcoin may be forming a longer-term bottom or consolidation floor.

Timothy Peterson
Joao Wedson expects Bitcoin to end the year sideways, noting that the asset has already recorded more negative trading days than its historical average. In his view, any deeper correction would likely occur in 2026, not in the final weeks of 2025. These contrasting views highlight how much the next move depends on macro events, especially the Fed’s decision.

Market signals from derivatives support this cautious tone. New data from CryptoQuant shows that open interest across major exchanges has fallen to its lowest level since April. Analyst Coindream explains that such declines often indicate investor apathy or mild capitulation, both of which have historically created buy-the-dip opportunities. Leverage ratios have also dropped sharply since mid-November, reducing structural pressure and creating a healthier market setup.

Bitcoin open interest. Source: CryptoQuant
Even after the rebound from 80,500 dollars, traders have not added significant leverage, suggesting that the market has already absorbed its correction and is now waiting for a macro trigger to define the next move. Together, seasonality, reduced leverage and a tightening market structure create the conditions for a potential Santa rally but the reaction to the Fed decision will be the deciding factor.

Bitcoin Outlook for the Coming Weeks
Bitcoin enters a decisive phase as the price holds above 90,000 dollars while volatility remains high. The range between 89,000 and 95,000 dollars acts as the key zone before the Fed’s final rate decision of the year. If the Fed cuts rates and Powell delivers a stable outlook, Bitcoin could gain the momentum needed to break the upper boundary of this range. Seasonal patterns, reduced leverage and steady demand support the idea that a Santa rally remains possible. The next major move will depend on how markets interpret the Fed’s message and whether buyers can reclaim control above key resistance levels.

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Louis B.

Louis Blümlein has been analyzing the crypto market for several years. His focus is on trading strategies, market trends, and economic developments to identify and take advantage of market opportunities at an early stage.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

With the launch of cronos one, Cronos Labs is consolidating multiple onboarding steps into a single experience for new and cross-chain Web3 users.

Summary

A unified Cronos onboarding hub for Web3 entrantsCronos Verify and the rise of gasless privacy attestationsPartner utilities and verified user incentivesAgent-driven transactions and programmable payment flowsRoadmap progress and identity-powered infrastructureLeadership perspective on on-chain attestationsAvailability and next development phasesAbout Cronos Labs and the Cronos ecosystemConclusion
A unified Cronos onboarding hub for Web3 entrants
On December 9th, 2025, Cronos Labs unveiled Cronos One (one.cronos.org), a unified cronos onboarding hub designed to simplify how newcomers and cross-chain participants access the Cronos ecosystem. The platform merges bridging, wallet top-ups and on-chain identity verification into one streamlined flow aimed at scaling mainstream Web3 adoption.

Moreover, the new hub focuses on reducing friction at the first interaction, allowing users to move funds, set up wallets and verify identities without juggling multiple tools or interfaces. This unified approach is positioned to support both retail users and more advanced DeFi participants.

Cronos Verify and the rise of gasless privacy attestations
At the core of the rollout sits Cronos Verify, a gasless and privacy-preserving on-chain attestation service that links a user’s wallet to a verified Crypto.com account. However, the design ensures that personal data remains protected while still producing cryptographic proof of personhood on-chain.

This development aligns with a broader industry shift toward gasless privacy attestations and decentralized identity standards, as projects seek stronger Sybil resistance and more equitable reward systems. With frameworks such as EAS (Ethereum Attestation Service) gaining traction, attestations are increasingly underpinning loyalty programs, gated utilities and cross-dApp verification rails.

Partner utilities and verified user incentives
Through Cronos Verify, ecosystem partners including Moonlander, Delphi, Tectonic and VVS Finance are introducing incentives such as trading fee rebates, prediction vouchers, exclusive launchpad allocations and gasless transactions. These benefits are targeted at users who complete verification via the hub.

Moreover, this structure helps ensure that rewards are directed toward real users rather than bots, while giving dApps added confidence in the integrity and uniqueness of their active user base. That said, it also creates a clearer path for institutions that require verified counterparties.

Agent-driven transactions and programmable payment flows
The launch of Cronos One coincides with the start of the Cronos x402 Hackathon, where developers are experimenting with agent driven transactions and programmable payment flows built around verified identity signals. These experiments highlight growing interest in AI-assisted and automated execution layers.

As this agentic model evolves, verifiable attestations such as those provided by Cronos Verify are becoming a necessary trust layer for safe and scalable automation. However, they also open the door to new financial and gaming use cases that depend on robust on-chain personhood checks.

Roadmap progress and identity-powered infrastructure
Cronos One marks a key milestone in the Cronos 2025–2026 roadmap, advancing the goal of making the ecosystem more accessible, verifiable and suitable for institutional-grade applications. It builds on infrastructure upgrades such as a 10x reduction in gas fees and sub-second block times, which together enhance the user experience across DeFi and gaming.

Moreover, the rollout reinforces a strategic push toward identity powered features across dApps, where verified attestations can secure loyalty mechanisms, fine-tune incentives and coordinate cross-application user reputations. This convergence of speed, cost efficiency and identity tools is central to Cronos’ expansion strategy.

Leadership perspective on on-chain attestations
“Across Web3, on-chain privacy-preserving attestations are emerging as a critical foundational building block for more use cases,” said Mirko Zhao, Head of Cronos Labs. “Cronos One gives users a frictionless starting point and provides developers with the personhood verification they need to build fairer incentives, stronger loyalty and smarter on-chain applications.”

That said, Zhao’s remarks underscore how verified identity signals may become standard infrastructure for DeFi protocols, gaming platforms and cross-chain tools seeking to defend against Sybil attacks while preserving user privacy.

Availability and next development phases
Cronos One is now live at one.cronos.org, with additional partners and verification-based utilities slated for future phases of the rollout. However, details on upcoming integrations will be disclosed progressively as the ecosystem expands.

In parallel, developers and projects across the Cronos stack are expected to experiment with new configurations of rewards, access controls and identity-aware applications that leverage the unified onboarding layer.

About Cronos Labs and the Cronos ecosystem
Cronos is a leading blockchain ecosystem backed by Crypto.com and more than 500 application developers and contributors, collectively addressing a user base of over 150 million people worldwide. The network’s mission is to build the DeFi infrastructure that makes tokenized markets open, compliant and usable by billions.

The Cronos universe currently spans 3 chains: Cronos EVM, an Ethereum-compatible chain built on the Cosmos SDK; Cronos POS, a Cosmos-based network focused on payments and NFTs; and Cronos zkEVM, a high-performance layer 2 secured by Ethereum. Together, they form a multi-chain environment optimized for DeFi, NFTs and emerging identity solutions.

Cronos ranks among the top 15 blockchain ecosystems, with more than 6 billion dollars in user assets. Since inception, the network has settled over 100 million transactions while maintaining a focus on security and scalability. Transaction fees are paid in Cronos ($CRO), a blue-chip cryptocurrency at the core of the ecosystem.

The broader ecosystem is supported by Cronos Labs, a Web3 start-up accelerator dedicated to DeFi, GameFi and long-term growth of the Cronos network. For more information, visit https://cronos.org or follow @cronos_chain on X.

Conclusion
By combining identity verification, gasless attestations and unified tooling, cronos one positions the Cronos ecosystem for a new phase of scalable, secure and user-friendly Web3 onboarding.

Alessia Pannone

Graduated in communication sciences, currently student of the master's degree course in publishing and writing.
Writer of articles from an SEO perspective, with care for indexing in search engines.

ETF structure allows investors to gain exposure to multiple major cryptocurrencies without holding individual assets.

Key Takeaways

The Bitwise 10 Crypto Index ETF received SEC approval to trade as an exchange-traded product on NYSE Arca.
This is one of the first index funds allowing diversified, market cap-weighted exposure to major cryptocurrencies via a traditional exchange.

Bitwise Asset Management’s 10 Crypto Index ETF has received SEC approval to begin trading on NYSE Arca as an exchange-traded product, marking a significant step in bringing diversified crypto exposure to traditional exchanges.

The market-cap weighted fund tracks leading digital assets including Bitcoin, Ethereum, Solana, XRP, Cardano, Avalanche, and Chainlink. The SEC issued a notice of effectiveness for the Bitwise 10 Crypto Index Fund, clearing the regulatory path for its NYSE Arca listing.

The approval represents a milestone in making broad crypto index exposure accessible through established exchange structures, offering investors a single product that captures multiple major digital assets rather than individual crypto ETFs.

Disclaimer

Bitcoin’s (BTC) Hash Ribbons metric, tracked by onchain analytics platform Capriole Investments, sent a “buy signal” for the fifth time in 2025.

Key takeaways:

A historically accurate Bitcoin price metric sends a “buy” signal for the fifth time this year.

Miners’ BTC sales have accelerated since the beginning of October compared to earlier in the year.

Bitcoin is stuck between the yearly open at $93,000 and the demand zone below $90,000, reflecting traders’ indecision on the direction of BTC’s price trend.

Bitcoin Hash Ribbons: “Miners are under pressure”One historically-accurate Bitcoin miner performance metric is telling market participants to buy despite the price declining to as low as $80,500 on Nov. 21 from its $126,000 all-time high.

Hash Ribbons, which identify hashrate and price recovery out of miner capitulations, suggest that miners are under pressure.

The chart below shows that the 30-day moving average (MA) of the hashrate has dropped below the 60-day MA, signalling miner capitulation, which often syncs with major price discounts and long-term opportunities.

Bitcoin Hash Ribbons chart. Source: Capriole InvestmentsHash Ribbons has an impressive track record of catching long-term price bottoms and has delivered “buy” signals relatively rarely. 

“This doesn’t mean you have to rush in” and buy, CryptoQuant contributor Darkfost commented in an X post analysis on the topic.

This “highlights phases where miners are under pressure,” Darkfost said, adding:

“In the short term, these periods tend to be bearish because miners may need to increase their selling to cover production costs.”Long-term, these forced sell-offs “have historically created very strong accumulation opportunities,” the analyst concluded.

Although miners’ BTC reserves have stayed more or less flat through 2025, there has been sustained selling since early October. Known miner wallets totaled around 1.8 million BTC on Tuesday, down by 5,000 BTC since Oct. 10.

Bitcoin miner reserves. Source: CryptoQuant
BTC price stuck between two trendlinesBitcoin’s recent recovery was rejected by resistance from the yearly open at $93,300, which coincides with the 200-period simple moving average (SMA), as shown on the four-hour chart below.

This move, however, saw BTC/USD find support at the $89,000-$90,500 demand zone, where the 50 and 100 SMAs currently are.

BTC/USD four-hour chart. Source: Cointelegraph/TradingViewBitcoin price is required to rise above the resistance at $92,000 and higher than the 200 SMA to break out of the downtrend and stage a sustained recovery toward $100,000. 

As Cointelegraph reported, the bears will attempt to pull the price down below $90,000 support for a prolonged decline that can go as low as $40,000.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

Reduced Bitcoin exchange reserves signal lower selling pressure, but macro trends and derivatives markets keep volatility in play.

Key Takeaways

Over 403,000 Bitcoin moved off exchanges between December 2024 and December 2025, reducing the proportion held on exchanges by 2%.
Declining Bitcoin exchange reserves may lower short-term selling pressure and could contribute to future price rallies.

Over 403,000 Bitcoin were withdrawn from crypto exchanges between December 7, 2024, and December 7, 2025, according to new data from Santiment.

The withdrawals have led to a 2% decrease in circulating Bitcoin supply on exchanges, which suggests investors are holding for the long term and is generally a positive sign for Bitcoin’s price.

Fewer coins on exchanges typically reduce the risk of a sudden large sell-off, which can push prices down. Historically, when more BTC is held off exchanges, it’s a positive signal for long-term price stability.

Bitcoin is bracing for more volatility ahead of the Fed meeting, trading near $91,000 as of now, according to CoinGecko.

As 2025 comes to an end, a number of analysts have revised their Bitcoin forecasts. Standard Chartered now expects the digital asset to finish the year around $100,000, down from its previous $200,000 projection.

Galaxy Digital has also lowered its 2025 year-end outlook to $120,000, down from a prior forecast of $185,000.

Disclaimer

Circle has rolled out USDCx, a new version of its stablecoin built on the Aleo blockchain. The token aims to give users what the industry calls “banking-level privacy” by hiding transaction details from public view.

Aleo cofounder Howard Wu said the project tackles a core issue: blockchains are public, and that doesn’t work for institutions like banks. “People don’t want to reveal their business revenues. They don’t want to reveal business intelligence,” Howard allegedly told Fortune.

USDCx is still tied to the U.S. dollar, like any stablecoin, but it’s built differently. Transactions on Aleo appear as blobs of data to anyone scanning the chain. But they’re not invisible.

Each one comes with a compliance record accessible by Circle if law enforcement requests it. Howard described it as “banking-level privacy, as opposed to ‘privacy privacy.’”

Banks show interest as tokenization trend grows
The move comes as crypto firms push traditional finance players to use blockchain. And it’s working. BlackRock launched a tokenized money market fund called BUIDL. Robinhood tested blockchain-based stock trading.

Stripe put serious money into stablecoins. In his 2025 investor letter, Larry Fink, BlackRock’s CEO, said: “Every stock, every bond, every fund—every asset—can be tokenized.”

Howard said Aleo has already drawn attention from payroll services like Request Finance and Toku, who want to use USDCx to handle salaries with privacy intact.

Prediction markets, where users bet on sports and global events, are also exploring the token.

Aleo isn’t alone in the privacy space. Coins like Zcash also offer encrypted transactions. But they’re volatile; their price can swing wildly. That’s why Circle believes stablecoins like USDCx, which hold their value, have a better shot at gaining traction with companies and financial platforms.

Join a premium crypto trading community free for 30 days - normally $100/mo.

Aster token price forms a clear double-bottom pattern at high-time-frame support, raising expectations of a potential rebound toward the $1.06–$1.09 resistance zone.

Summary

Buying interest is returning as Aster stabilizes at a crucial price level.
Recent trading behavior hints at momentum gradually shifting upward.
A breakout above near-term resistance could attract renewed market attention.

Aster (ASTR) token price is showing early signs of a potential bullish reversal as price action develops a clear double-bottom structure around a major high-time-frame support level. After weeks of selling pressure, the token is stabilizing at a region where historical reactions have generated strong upside movements.

The emerging double bottom, combined with notable technical confluence at this price level, is fueling speculation that Aster may soon attempt a recovery toward the $1.06–$1.09 resistance band.

Aster token price key technical points

Aster is forming a double-bottom pattern at the $0.91 high-time-frame support.
The value area low aligns with this level, creating strong structural confluence.
A reclaim of $1.09 resistance could open the path toward $1.36, the high value area.

ASTERUSDT (12H) Chart, Source: TradingView
The current double-bottom formation on Aster is taking shape at one of the most technically significant zones on the chart. The $0.91 support level has served as a decisive pivot in previous market cycles, where price reactions have consistently led to bullish expansions.

This time, the level aligns not only with historic support, but also with the value area low, forming a high-volume zone where buyers have historically stepped in. Such confluence strengthens the likelihood that this local bottom could evolve into a broader bullish structure. Market structure around this region further supports the double-bottom narrative.

Price has now held above $0.91 for several consecutive days, reinforcing the integrity of the pattern. A second successful retest suggests that supply is weakening at these levels while demand gradually increases. Each candle close above this support adds credibility to the pattern and increases the probability that the market is transitioning from accumulation toward expansion.

Above the current price action lies one of the most critical resistance markers: the $1.09 region, which aligns with the point of control (POC) on the volume profile. The POC represents the price level where the most trading activity occurred within the range, often acting as a magnet for price during recovery phases. A sustained reclaim of $1.09 would not only confirm the strength of the reversal, but also position Aster for a powerful move toward the next major objective at $1.36, the value area high.

If this scenario unfolds, it would trigger a full rotational movement consistent with market auction theory, in which price oscillates between high- and low-value areas. Aster currently sits near the lower boundary of this distribution, meaning the chart is offering one of the more favourable potential reversal setups from a structural standpoint.

 With Aster also outlining an ambitious 2026 roadmap that includes launching its own layer-1 blockchain, broader ecosystem developments may further reinforce long-term sentiment as the market watches how price responds from this zone.

This trend of rebounds from deeply discounted levels has historically generated strong rallies in Aster’s price, and the present conditions appear aligned with those prior behaviors. However, the integrity of the double-bottom depends entirely on the $0.91 support holding. A breakdown below this level would invalidate the bullish structure and reopen the path toward lower price discovery.

What to expect in the coming price action
If Aster maintains support above $0.91 and reclaims the $1.09 POC resistance, momentum is likely to strengthen, with a high-probability target at $1.36. Failure to hold support would invalidate the double bottom and shift the bias back to bearish.

Tue, 9/12/2025 - 15:37

Solana doubled down on its XRP provocation, dropping a fresh new meme and tagging Ripple's CTO a day after the viral 589 post, pulling the XRP crowd back into reaction mode and leaving everyone guessing.

Cover image via U.Today

Solana escalated its unexpected outreach to the XRP crowd today with a new post captioned 'time to flip the switch', accompanied by a castle-themed illustration placing SOL at the top, Bitcoin and XRP on opposite towers, and a medieval cast of characters that looked intentionally crafted to provoke a reaction. 

The detail that pushed the whole thing into a different league was the account tagging David Schwartz - Ripple’s CTO and one of the original architects of the XRP Ledger - who has not reacted yet, despite the growing noise around the post.

The timing wasn’t accidental. The Solana account had already detonated an XRP-focused spark less than 24 hours earlier when it posted a single number: 589. That number carries a long-running status inside the XRP community, tied to a never-confirmed price myth born from old Simpsons screenshots and endlessly recycled memes. 

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What looked like a light mystery drop pulled off more than 3.2 million views, nearly 10,000 likes and a massive reply wall driven almost entirely by XRP accounts.

Bitcoin, Solana and XRPThis second post does not feel like a continuation but a coincidence. Despite the community immediately framing it as Solana trying to redirect attention during a week when XRP threads dominated major timelines, the one interesting idea prompts the thought that it is a sneak peek of a new blockchain solution that will link Bitcoin, XRP and Solana together.

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Whether it is strategic marketing, light provocation or a deliberate cross-ecosystem nudge, the setup worked. Solana triggered the most reactive community in crypto two days in a row, and now everyone waits to see whether Schwartz will ignore it, acknowledge it or flip the switch back.

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