Market Signal Briefing

The XRP Ledger is increasingly framed as purpose-built infrastructure for high-volume financial settlement, signaling its expanding role in supporting tokenized activity and real-world value flows across institutional environments.

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The Bitcoin price continues to face uncertainty after a recent recovery attempt failed to reclaim $94K. Market conditions are now changing rapidly with tightening of liquidity flows and softening of sentiment. The BTC price moves between firm support zones and heavy resistance, creating a narrow field for near-term decisions. 

The situation has become conditional upon the reaction of buyers to pressure and the greater transfers and economic statistics provoke new apprehension. The market is getting ready to make another decisive move as responses are tightening around hot spots.

BlackRock’s Transfer Sparks Market Unease
The Bitcoin price narrative shifted sharply after BlackRock moved $125M in BTC to Coinbase. This shift put strain because traders learned when to do it when the market was in a delicate situation. 

The BTC price reacted with hesitation because large inflows often signal immediate repositioning. The sellers became complacent as every rebound could not stand. Customers retreated rather than pursuing unpredictable actions.

New macro pressure was then absorbed in the market when the U.S. PCE inflation increased to 2.8 and this pushed Bitcoin down. This reading made people more cautious in the short term as traders revised expectations before potential policy changes. The decline strengthened the impact of BlackRock’s transfer since both events aligned with weak sentiment.

The liquidity became thin at the resistance as participants became less exposed. These circumstances added to the prevailing stress in the market. The Bitcoin price now faces stronger headwinds as traders track upcoming flows.

BlackRock has deposited $125,500,000 in $BTC and $2,500,000 in $ETH to Coinbase today.

More selling? pic.twitter.com/DliEz58VKG

— Ted (@TedPillows) December 5, 2025

Rejection Zone Signals Mounting Downside Risk
The BTC price continues to stall near the $94K barrier as sellers defend the region. The Bitcoin price attempted several rebounds, yet each push failed before breaking resistance. 

Meanwhile, the Bitcoin valuation is at 89,253, and it indicates a steady rejection pressure. Buyers find it difficult around this area because every progress is short lived. 

This trend raises the anticipation of a retest around $88K, supported by a top market analyst who observed that recurring failures are indicative of weakening demand. In particular, sellers become very aggressive when the price goes close to the ceiling.

Many observers now consider how the BlackRock transfer interacts with this pattern. The more traders are rejected, the more they prepare to be volatile. The BTC price now approaches a decisive point that may direct the next move.

BTC/USDT Daily Chart (Source: X)
Pennant Bearish Flag Hints Deeper Weakness
The Bitcoin price continues to trade inside a defined pennant bearish flag, and this structure shapes immediate expectations. The trend that appears following a steep fall and squeezes the price within a tightening range, which is usually an indication of continuation when the buyers are unable to reverse the momentum.

The parabolic SAR provides good understanding in this regard. This tool follows the direction of the trend by dots around the movement of the price. At this moment, all the SAR dots are above the candles, indicating that sellers continue to control the trend. This stance also cautions that purchasers find it difficult to decelerate downside pressure.

The DMI adds another layer. The +D and -D lines gauge the buyer-seller strength. The -D at 25 is above +D at 24 with a definite sell-side strength. This is supported by ADX at 24 since it indicates a trend that is strong enough to persist. These joint readings are pennant in a wider sense.

The following step is based on support. Buyers must defend $87K. Failure there could send the BTC price toward $84K before any rebound, a zone that influences the long-term Bitcoin market outlook.

BTC/USD 4-Hour Chart (Source: TradingView)
To conclude, Bitcoin price now enters a critical phase after several failed attempts near $94K. BlackRock’s significant transfer increased uncertainty and pushed traders to reassess short-term expectations. 

The next decisive reaction point will be observed at the level of $88K before any further extension by the market analysts. The market might drop to $84K first and that area might provide more stability and provide the base required to make a significant recovery and a more long-lasting recovery effort.

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Tom Lee has reiterated one of the most aggressive Ethereum targets in the market, telling attendees at Binance Blockchain Week on 4 December that ETH could eventually trade at $62,000 as it becomes the core infrastructure for tokenized finance.

“Okay, so let me explain to you why Ethereum, now that we’ve talked about crypto, […] is the future of finance,” Lee said on stage. He framed 2025 as Ethereum’s “1971 moment,” drawing a direct analogy to when the US dollar left the gold standard and triggered a wave of financial innovation.

Lee’s Thesis For Ethereum
“In 1971, the dollar went off the gold standard. And in 1971, it galvanized Wall Street to create financial products to make sure the dollar would be the reserve currency,” Lee argued. “Well, in 2025, we’re tokenizing everything. So it’s not just the dollar that’s getting tokenized, but it’s stocks, bonds, real estate.”

In his view, this shift positions ETH as the primary settlement and execution layer for tokenized assets. “Wall Street is, again, going to take advantage of that and create products onto a smart contract platform. And where they’re building this is on Ethereum,” he said. Lee pointed to current real-world asset experiments as early evidence, noting that “the majority of this, the vast majority, is being built on Ethereum,” and adding that “Ethereum has won the smart contract war.”

Lee also stressed that ETH’s market behavior has not yet reflected that structural role. “As you know, ETH has been range bound for five years, as I’ve shaded here. But it’s begun to break out,” he told the audience, explaining why he “got very involved with Ethereum by turning Bitmine into an ETH treasury company, because we saw this breakout coming.”

The core of his valuation case is expressed through the ETH/BTC ratio. Lee expects Bitcoin to move sharply higher in the near term: “I think Bitcoin is going to get to $250,000 within a few months.” From there, he derives two key ETH scenarios.

First, if the ETH/BTC price relationship simply reverts to its historical mean, he sees substantial upside. “If ETH price ratio to Bitcoin gets back to its eight year average, that’s $12,000 for Ethereum,” he said. Second, in a more aggressive case where ETH appreciates to a quarter of Bitcoin’s price, his long-standing $62,000 target emerges: “If it gets to 0.25 relative to Bitcoin, that’s $62,000.”

🔥 TOM LEE CALLS FOR $62,000 $ETH

“I think Ethereum’s going to become the future of finance, the payment rails of the future and if it gets to .25 relative to Bitcoin that’s $62,000. Ethereum at $3,000 is grossly undervalued.” pic.twitter.com/VydvLou9IE

— CryptosRus (@CryptosR_Us) December 4, 2025

Lee links these ratios directly to the tokenization narrative. “If 2026 is about tokenization, that means Ether’s utility value should be rising. Therefore, you should watch this ratio,” he told the crowd, arguing that valuation should track growing demand for ETH blockspace and its role as “the payment rails of the future.”

He concluded with a pointed assessment of current levels: “I think Ethereum at $3,000, of course, is grossly undervalued.”

At press time, ETH traded at $3,128.

ETH price, 1-week chart | Source: TOTAL on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

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Nasdaq-listed Strive, the 14th-largest publicly-listed Bitcoin treasury firm, has urged MSCI to reconsider its proposed exclusion of major Bitcoin holding companies from its indexes. 

In a letter to MSCI’s chairman and CEO, Henry Fernandez, Strive argued that excluding companies whose digital asset holdings comprise more than 50% of total assets would reduce passive investors’ exposure to growth sectors and would fail to capture companies it intends to.

Losing a spot in MSCI indexes could be a significant blow to digital asset treasury firms. JPMorgan analysts had earlier warned that Strategy, a Bitcoin treasury firm listed in the MSCI World Index, could lose $2.8 billion if MSCI moves ahead with the proposal. 

Strategy chair Michael Saylor has since stated that the company is in communication with the index provider regarding the issue. 

Large Bitcoin holders are at the forefront of AI: Strive CEOStrive CEO Matt Cole argued that major Bitcoin miners such as MARA Holdings, Riot Platforms and Hut 8 — all potential firms in the exclusion list — are rapidly diversifying their data centers to provide power and infrastructure for AI computing. 

Source: Matt Cole“Many analysts argue that the AI race is increasingly limited by access to power, not semiconductors. Bitcoin miners are ideally positioned to meet this rising demand,” he said. 

“But even as AI revenue comes in, their Bitcoin will remain, and your exclusion would too, curtailing client participation in the fastest-growing part of the global economy.”

Bitcoin structured finance is growingThe exclusion would also cut off companies like Strategy and Metaplanet, which offer investors a similar product to a variety of structured notes linked to Bitcoin’s returns from the likes of JP Morgan, Morgan Stanley and Goldman Sachs, argued Cole. 

“Bitcoin structured finance is as real a business for us as it is for JPMorgan. In fact, we, like other Bitcoin companies, have been open about our intent to make this our core vertical. It would be asymmetric for us to compete against traditional financiers, weighed down by a higher cost of capital from passive index providers’ penalties on the very Bitcoin enabling our offerings.”

A 50% Bitcoin threshold is unworkableCole said the proposal is unlikely to be workable in practice, as tying the inclusion of the index to a volatile asset would mean companies would “flicker” in and out of the index, raising management costs and tracking errors. 

There’s also the issue of measuring when digital asset holdings reach 50% as companies gain exposure to digital assets through various instruments. 

“The question is not theoretical. Trump Media & Technology Group Corp., holder of the tenth-largest public Bitcoin treasury, did not appear on your preliminary exclusion list because its spot holdings comprised just under 50% of total assets,” said Cole.

“Yet Trump Media is not there simply because it is the first large treasury to seek substantial digital asset exposure through derivatives and ETFs.” 

Instead of a broad-stroke exclusion, Strive has urged the MSCI to consider creating an “ex-digital asset treasury” version for its existing indexes. 

“Asset owners that wish to avoid these companies could select those benchmarks, while others could continue to use the standard indices that most closely represent the full investable equity universe.”

Magazine: The one thing these 6 global crypto hubs all have in common…

CoinShares, one of Europe’s largest digital-asset investment firms, is pushing back on renewed questions about Tether’s ability to cover its USDT liabilities after comments from BitMEX co-founder Arthur Hayes suggested the stablecoin issuer could be vulnerable to a sharp drop in the value of some reserve assets.

In a market note published on Dec. 5, CoinShares’ head of research, James Butterfill, said the latest solvency concerns “look misplaced,” pointing to Tether’s most recent attestation, which shows a headline surplus of assets over liabilities. Butterfill argued the numbers do not, at present, indicate a systemic vulnerability for USDT.

The recent pushback follows Hayes’ recent warning that as Tether increases its exposure to Bitcoin and gold, it will also make it increasingly likely that a steep pullback in these assets could undermine its cushion on equity. He said a roughly 30% decline in those assets could, in theory, wipe out Tether’s equity buffer and render USDT “theoretically insolvent.”

That argument quickly spread across crypto news sites and social media feeds. Butterfill replied with a short assessment of the data. The most recent attestation by Tether shows $181 billion in reserves and approximately $174.45 billion in liabilities, resulting in a surplus of nearly $6.55 billion. The study note also noted Tether’s abnormally strong profitability this year, with a year-to-date profit of more than $10 billion, and found that the available data at present does not imply a systemic weakness.

CoinShares says Tether’s profits and surplus reserves blunt volatility risks 
CoinShares acknowledged that there are risks associated with stablecoins and should not be overlooked, but still stated that the current Tether data have not shown signs of systemic vulnerability.

“Tether is still one of the most profitable companies in the sector, generating $10 billion in the first three quarters of the year — an unusually high figure on a per-employee basis,” CoinShares’ head of research wrote.

Tether’s Q3 disclosures — confirmed in an attestation it issued and widely reported by industry press — break down substantial portions of its reserves as large holdings of U.S. Treasuries (roughly $135 billion), along with approximately $12.9 billion of gold and $9.9 billion of Bitcoin.

Those gold and Bitcoin positions are exactly the ones Hayes named as potential sources of volatility; CoinShares recognised the exposure, but added that the headline reserve — liability gap and strong profitability mitigate near-solvency risk.

Tether counters solvency fears as critics target high-risk assets
Although speculation about Tether’s financial health is hardly new — media outlets have been tracking its reserves and asset backing for years — the latest flurry of solvency concerns appears to have arisen thanks to Arthur Hayes. 

Last week, the BitMEX co-founder said it was “in the early innings of running a massive interest-rate trade,” claiming a 30% drop in its Bitcoin and gold holdings would “wipe out their equity” and leave its USDt stablecoin technically “insolvent.” Both assets make up a substantial portion of Tether’s reserves, with the firm increasing its gold exposure in recent years.

Tether is facing criticism from more than just Hayes. CEO Paolo Ardoino recently pushed back on S&P Global’s downgrade of USDt’s ability to defend its US dollar peg, dismissing the move as “Tether FUD” — shorthand for fear, uncertainty, and doubt — and citing the company’s third-quarter attestation report in its defense.

S&P Global downgraded the stablecoin due to stability concerns, citing its exposure to “higher-risk” assets, including gold, loans, and Bitcoin. According to CoinMarketCap, Tether’s USDt remains the largest stablecoin in the cryptocurrency market, with $185.5 billion in circulation and a market share of nearly 59%.

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On 3rd December, official filings and press releases announced Twenty One Capital’s upcoming debut on the New York Stock Exchange (NYSE), positioning the company as one of the largest Bitcoin treasury firms ever to enter public markets. The listing brings a dedicated Bitcoin balance sheet into Wall Street’s core ecosystem, signaling a structural shift in how institutional investors can gain long-term BTC exposure.

A Bitcoin Treasury Giant Steps Onto The NYSE Stage
Twenty One Capital’s NYSE entry is anchored by its business combination with Cantor Equity Partners (CEP), the SPAC serving as the public-market vehicle for the transaction. CEP shareholders have already approved the merger, and the deal is expected to close around December 8. Once completed, the combined entity will operate as Twenty One Capital, Inc. and begin trading on December 9 under the ticker XXI. 

The original announcement, released through official press channels and SEC-related filings, emphasized CEP’s central role in enabling the listing and establishing the company’s public-market structure. CEO Jack Mallers also highlighted the milestone on X, noting the company’s readiness for its debut.

According to this press announcement, Twenty One Capital will debut with an estimated 43,500 BTC, a reserve valued near $4 billion at recent market levels. This immediately places it among the top corporate Bitcoin treasuries globally. Unlike companies that hold Bitcoin as a secondary reserve, Twenty One is specifically engineered around a Bitcoin-native model. The firm intends to report “Bitcoin-per-share,” providing investors a transparent look at how much BTC each equity unit represents. It also pledges full, on-chain proof-of-reserves, positioning itself as a high-transparency asset custodian at launch.

This model effectively transforms Twenty One into a regulated balance-sheet wrapper for Bitcoin. It lowers operational friction for institutional allocators who want direct BTC exposure without the complexities of crypto custody, self-storage, or exchange-based acquisition. By listing on the NYSE rather than relying on ETFs or derivatives, Twenty One creates a regulated public equity vehicle that holds, safeguards, and transparently tracks Bitcoin for institutional and retail investors alike.

Wall Street’s New On-Ramp To Institutional BTC Exposure
The market impact of Twenty One’s listing reflects the accelerating integration of Bitcoin into mainstream financial architecture. The company’s backers—including Tether-linked entities, Bitfinex-aligned interests, SoftBank-connected capital, and Cantor’s public-markets network—provide a cross-sector foundation aimed at bridging crypto-native philosophies with institutional liquidity channels. 

Under this structure, Twenty One aims to become a long-term institutional treasury vessel—a regulated balance sheet that accumulates BTC and gives investors an equity-linked way to participate in Bitcoin’s upside without engaging directly with crypto custody or trading infrastructure.

As the NYSE debut approaches, Twenty One Capital embodies a pivot point where BTC’s role in capital markets shifts from speculative asset to institutional treasury instrument. If XXI attracts sustained flow, it could set a new blueprint for how corporate entities engage with Bitcoin—anchoring Wall Street’s next phase of digital-asset adoption.

BTC price holds above $91,000 | Source: BTCUSD on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

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Fundstrat’s Tom Lee told attendees at Binance Blockchain Week that he believes the worst leg of the recent crypto slump is likely over and that markets may be ready for a gradual recovery. He pointed to weakening selling pressure and growing underlying activity as reasons for cautious optimism.

Market Sentiment May Be Near A Turning Point
According to Lee, mood on the street turned darker after October, with many investors showing fatigue after steady losses. He said the current selling looks closer to exhaustion than to the start of another major decline. Trading desks have cut back. Volume has thinned. Sentiment is low. Lee argued that often, when pessimism peaks, conditions for a reversal begin to form.

Bitcoin Drawdowns Are Not Uncommon
Based on reports, Bitcoin has fallen about 36% from its all-time high in the recent retreat. That size of drop has happened in prior cycles, including 2017 and 2021, and has been followed by rallies that reached new records.

“Crypto prices likely bottomed. The best years of growth are still ahead: there is 200x adoption to come.” – Tom Lee, Chairman of Bitmine pic.twitter.com/fPWbWdaosO

— Binance (@binance) December 4, 2025

Lee pointed to long-term returns for bitcoin and ether compared with some traditional assets over the last decade, saying crypto’s gains were larger. He used that history to support the idea that patient holders have been rewarded after past stress.

Tokenization Could Be A Major Story In 2026
Lee also presented tokenization as a key theme for the future. He said large institutions are preparing to move more financial products on-chain and that, if real estate joins the shift, close to a quadrillion dollars in assets could eventually be tokenized.

Stablecoins were cited as an early example of why tokenized instruments can attract demand. He suggested that a broader institutional push could add steady interest to the market over time.

BTCUSD now trading at $91,118. Chart: TradingView
BlackRock’s Bitcoin ETF Was Highlighted As A Signal
Reports have disclosed that BlackRock’s bitcoin ETF has become one of the firm’s top fee-earning products, a fact Lee used to show growing involvement from legacy finance. That kind of institutional participation, he argued, points to deeper engagement from big players who were previously on the sidelines.

Adoption Gap Suggests Large Upside
According to Lee, only 4.4 million bitcoin wallets hold more than $10,000 in BTC, while nearly 900 million people globally have more than $10,000 in retirement savings.

He said that gap shows how early the market still is and argued that if just a fraction of those savers put money into bitcoin, adoption could expand by as much as 200 times. The figure is speculative, he acknowledged, but he used it to show the potential scale for future demand.

What This Means For Investors Now
Lee questioned whether the old four-year cycle should be used as a strict guide. He suggested recent moves were driven more by de-leveraging and structural shifts than by the halving rhythm that shaped earlier cycles.

Featured image from Unsplash, chart from TradingView

Terra Luna Classic (LUNC) jumped nearly 100% today, after CoinDesk journalist Ian Allison appeared at Binance Blockchain Week Dubai wearing a vintage Terra Luna logo t-shirt while moderating interviews with executives from Mastercard, Ripple, and TON.

The image circulated across X and Telegram within hours, triggering discussion that the moment felt like a nostalgic revival of one of crypto’s most notorious altcoins.

Journalist Ian Allison Wearing a Terra Luna T-shirt at the Binance Blockchain Week in DubaiSponsored

Terra Luna Is Back? Not QuiteTraders had already been rotating into LUNC ahead of a scheduled network upgrade supported by Binance. 

The exchange confirmed it would pause deposits and withdrawals during the upgrade, signalling strong operational backing from the world’s biggest trading venue.

Terra Luna Classic (LUNC) Price Chart on December 5. Source: CoinGeckoThat announcement pushed volume sharply higher, setting the stage for fast speculative flows.

Token burn trackers reported aggressive supply reduction recently, including hundreds of millions of LUNC removed from circulation in the past week. Community messaging amplified the theme, reviving the idea of a shrinking float.

Sponsored

This narrative resurfaced at the same moment as Allison’s shirt went viral, reinforcing the perception of a coordinated cultural comeback.

The Do Kwon EffectThe rally also coincides with renewed attention on Do Kwon’s ongoing sentencing proceedings in the United States. Traders view developments toward legal conclusion as a potential reset point, allowing LUNC to trade like a legacy meme asset rather than a distressed one.

Sponsored

As volume spiked and spot markets tightened, the narrative gained traction quickly.

As expected, the DOJ wants a 12-year prison sentence for Do Kwon. Their sentencing submission suggests they don't buy Kwon's apologies, and they attack his attempts to evade blame and cast himself as a victim of Montenegrin officials. pic.twitter.com/Ub8MKk8iiP

— Alexander Osipovich (@aosipovich) December 5, 2025
Why the T-Shirt Moment Landed So LoudlyTerra’s collapse remains one of crypto’s most dramatic episodes, erasing billions in market value in 2022 and triggering regulatory crackdowns worldwide. Many in the industry still associate the logo with that moment — a symbol of excess, leverage, and systemic failure.

Seeing the design reappear on a main stage alongside established institutions added an unexpected emotional layer to the rally. It represented a strange throwback and also an emotional provocation.

Sponsored

$LUNC just went x2 and added 150 million to its market cap.

Not because of some innovation, not because of fundamentals, but simply because a @IanAllison123 from CoinDesk wore a $LUNC t-shirt on camera.

This is the reality of the market. People are not chasing technology,… pic.twitter.com/TpHeZwCWgm

— Cryptech Sam 𐤊 (@Cryptech_Sam) December 5, 2025
Terra’s Ghosts Are Still HereTerra’s algorithmic stablecoin unraveled three years ago, triggering contagion that spread into lending platforms, hedge funds, and later exchanges. Millions of investors were left underwater, and it drove the biggest crypto winter to date. 

Today’s rally simply shows that memory, speculation, and narrative still carry weight in crypto — sometimes more than fundamentals.

As LUNC surged, the sight of that shirt reminded markets how quickly sentiment can swing, even for a project once written off as irrecoverable.

Bitcoin is doing better now after a few weeks of turbulence.

Cover image via www.freepik.com

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The graph painfully illustrates that XRP is on the verge of a collapse. As momentum continues to deteriorate, and every attempt to regain lost ground is met with aggressive selling, the asset is now pushing against the lower boundary of its descending channel for the third time. This is XRP’s last chance to prevent a sharp decline toward the $1.00 region.

The 50-day, 100-day and 200-day moving averages are all sloping downward and stacking into a dense resistance block above $2.40-$2.60. The price has repeatedly failed to break above this cluster of moving averages. This is precisely the type of framework that stifles attempts at recovery.  

XRP/USDT Chart by TradingViewXRP has not even been able to sustain its short-term rebounds. XRP is currently positioned slightly above its channel’s lower trendline. Losing this level eliminates the only remaining technical justification for short-term stabilization, in addition to breaking the structure. Price action nearly always quickens downward after the channel fails, because there is no longer any intermediate support.

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The gap below it is significant for XRP, and the next major historical demand zone does not emerge until the $1.40-$1.20 range. Even $1.00 becomes a realistic magnet if sentiment continues to decline.

An increase in volatility should be expected by investors. Either the structure collapses and the market finally flushes out long-held positions, or XRP holds this channel and delivers a short-term bounce, possibly its final chance to reclaim the $2.30 midpoint.

The issue is that nothing on the chart points to strength: momentum indicators are hovering close to breakdown levels, volume is muted and there are no tailwinds in the overall market.

Bitcoin needs one moveBitcoin is getting close to one of those situations where a single breakout could completely alter the course of the market. Following weeks of severe selling, and a strong decline into the mid-$80,000 range, Bitcoin has now stabilized and is making its way back to a crucial decision zone.

The chart has a distinct structure, with a coiled setup that typically precedes an impulsive move, a slowdown into resistance and a sharp recovery off the lows. The simple key level is the $94,000-$96,000 band. This is where the last unsuccessful rally stalled, declining moving averages converged and previous support became resistance. Additionally, it is the barrier that prevents Bitcoin from moving forward in a meaningful way.

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The next stage will be a rapid expansion move toward six figures, rather than a slow upward trend, if Bitcoin can break through this block with high volume. The reasoning is straightforward: structural resistance is minimal above $96,000 until the psychological and liquidity-heavy $100,000 zone.

The market has repeatedly tested the trend’s underside, and each attempt at a recovery has been accompanied by higher volume and more aggressive buying. This indicates that buyers are not worn out and are instead waiting for a sign that the downward trend has ended.  

Shiba Inu in dangerThe chart makes it very evident that there is an imbalance between bearish pressure and bullish hope, and Shiba Inu is once again in a precarious position. What’s happening is not a comeback in the hopeful sense that investors typically desire; it is the opposite. Instead of a recovery rally, SHIB is perilously close to making a comeback to the bottom.

The pattern of shallow bounces, followed by deeper lows, all beneath a thick stack of declining moving averages, has been repeated in price action over the past few weeks. Any short-term rally is immediately met with layered resistance, because the 50-day, 100-day and 200-day MAs are aligned in a sharp downtrend. Simply put, SHIB lacks the momentum to overcome these barriers, which already tilts the likelihood downward.

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Another clue is volume. The recent spikes were reactive moves, primarily caused by short-term traders attempting to capture volatility rather than accumulation. Volume has since decreased once more, which is problematic on a bearish market. Low-volume bounces frequently occur before subsequent breakdowns and seldom result in long-lasting reversals.

From a structural perspective, SHIB remains below all significant trendlines. The asset made a brief attempt to rise above the closest moving-average cluster, but it was swiftly rejected. Due to that failure, it returns to a declining structure that has consistently produced lower lows since August.

The chart opens the door to revisiting the year’s bottom if the thin thread holding SHIB above the next support zone, which is located roughly in the mid-$0.0000080's, breaks. 

Here, investors should not anticipate a typical reversal. Unless there is an exceptionally strong spike in demand, which is not evident in current market conditions, SHIB’s setup favors the continuation of the downtrend.

TL;DR:

A trader warns Bitcoin could fall toward $80,000 amid rising volatility, liquidity stress and weakening support.
Break below key levels could trigger further selling, especially by leveraged traders, worsening downside.
A drop might act as consolidation, potentially setting the stage for a rebound if macro conditions improve or liquidity returns.

A prominent trader has sounded the alarm that Bitcoin might retrace sharply — possibly toward $80,000 — if current market headwinds intensify. According to on‑chain and macro data, the recent drop under $90,000 has reignited concerns among investors. The warning comes amid renewed volatility, weakening risk sentiment, and growing speculation that recent support zones may not hold.

What Could Push Bitcoin Back to $80,000 — And What It Means
Recent volatility and risk‑off sentiment are straining Bitcoin’s near‑term stability. The market decline below $90,000 has shaken confidence, triggering a wave of bearish bets and increased demand for protective positions. With liquidity under pressure and institutional flows appearing subdued, downside momentum seems to be gathering strength.

Technical levels and market psychology are aligning toward a deeper correction. According to the trader, if Bitcoin fails to reclaim critical support soon, the next realistic target becomes the low $80,000 zone. Such a move would wipe out recent gains and could prompt further exits by leveraged traders, amplifying downward pressure.

Underlying macroeconomic and regulatory factors add to the uncertainty. Broader market stress, rising interest rates, and macroeconomic noise have increased risk across asset classes — and crypto is not immune. In this climate, holding volatile assets like Bitcoin becomes more precarious, and the chances of a sharp correction grow.

That said, the potential dip may be considered a consolidation rather than a collapse. Some analysts argue that reaching $80,000 could reset prices, clear out speculative froth, and pave the way for a more stable rebound — especially if macro conditions improve or liquidity returns. For long-term holders, a dip may represent an opportunity rather than a catastrophe.

For traders and investors monitoring the path ahead, the message is cautious but measured. Bitcoin’s next move could test key levels — and the coming days may prove decisive. Whether the market stabilizes or sinks further will likely depend on macroeconomic factors, sentiment shifts, and how buyers respond around $80,000.

TL;DR:

Major holders are adding Bitcoin aggressively, pushing long‑term accumulation to record levels while prices remain volatile.
Reduced circulating supply from locked‑up Bitcoin could increase scarcity and amplify future price moves.
Growing institutional confidence may position Bitcoin as a durable store of value rather than a speculative asset, potentially attracting broader capital inflows.

Recent on‑chain data and market tracking reveal that large investors are currently accumulating Bitcoin at what appears to be the fastest pace in history. Over the past months, wallets associated with major holders have increased their Bitcoin balances substantially — a move that suggests strong conviction in the long‑term potential of the crypto asset. This accumulation wave stands out as one of the most significant since Bitcoin’s inception, even as prices fluctuate and broader market uncertainty persists.

What the Surge in Accumulation Means for Bitcoin
Accumulation among large holders is surging despite volatility. Data shows that major wallets have added Bitcoin at a pace not seen before, suggesting that many investors view current valuations as an opportunity rather than a risk. Rather than exiting, these players are doubling down — shifting the narrative from panic to accumulation. This behavior may reflect a long‑term belief in Bitcoin’s fundamentals beyond short‑term price swings.

The drop in circulating supply could tighten liquidity and increase scarcity. As large holders lock away more coins in long‑term storage, the amount of readily tradeable Bitcoin shrinks. This reduction in free float may create upward pressure if demand increases, especially when smaller investors react to macroeconomic or market developments. Less supply available to trade can amplify price movements in either direction.

Institutional interest and confidence seem reinforced by this trend. The scale of accumulation — across multiple large wallets rather than a few — implies broad institutional participation. Such collective behavior suggests that Bitcoin is increasingly seen not just as a speculative asset, but as a store of value or long-term reserve. This shift in perception could attract more capital, especially from conservative investors seeking alternatives to traditional financial assets.

The timing could prove favorable if macro conditions improve. With many holders accumulating now, any improvement in economic sentiment or regulatory clarity could trigger renewed demand. Accumulated Bitcoin could then form the foundation for a future rally. For long-term holders, this may represent a strategic accumulation phase rather than speculative trading — with potential for high reward if broader market cycles align.

For market participants watching closely, the message is clear: large‑scale accumulation by major investors is happening now — possibly in anticipation of future upside. Whether this leads to a sustained rally or renewed volatility depends on demand, macroeconomic developments, and how broadly this accumulation trend spreads into wider investor segments.

NEW YORK--(BUSINESS WIRE)---- $PRGO #classactionlawsuit--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who acquired Perrigo Company plc (“Perrigo” or the “Company”) (NYSE:PRGO) securities during the period of February 27, 2023 through November 4, 2025, inclusive (“the Class Period”). If you suffered a loss on your Perrigo investments, you have until January 16, 2026 to request lead plaintiff appointment. For more information: [CONTACT THE FIRM IF YOU SUFFERED.

Glassnode's data showcases a sharp uptick in Dogecoin's PoW network activity: is DOGE heating up?

Zcash price strengthens as breakout, OI, and short liquidations fuel bullish momentum.

After hitting $6.08 yesterday, Trump coin is sliding again. While Bitcoin and other cryptos are trying to bounce back, Trump-linked projects aren’t keeping pace.

Investors are staying cautious, since these political coins are famously unpredictable and driven more by hype than fundamentals.

Summary

Trump coin has dropped to $5.86, now 92% below its January 2025 all-time high.
Trump-linked crypto projects are falling faster than Bitcoin due to high volatility and concentrated insider ownership.
Short-term forecasts show a small potential rise to $5.96, driven mainly by hype and market sentiment.
Analysts warn TRUMP could decline over 22% to $4.57 by December 10 amid bearish sentiment and whale activity.
Overall, TRUMP remains highly risky, with price movements shaped largely by speculation, insider moves, and political hype.

Current market scenario
On December 5, Official Trump (TRUMP) is trading at $5.86, marking a 92% decline from its January 2025 all-time high of $75.35. Over the past 24 hours, it has lost 3.2%, and over the week, 4.5%.

TRUMP 1-day chart, December 2025 | Source: crypto.news
The Trump family’s cryptocurrency ventures are hemorrhaging money in a stunning collapse playing out in real time.

Multiple memecoins and crypto projects founded or promoted by President Trump and his sons are now losing value faster than Bitcoin. Politically themed coins like TRUMP are particularly high-risk due to extreme volatility, concentrated ownership among a few large holders (“whales”), and pronounced sensitivity to sentiment shifts.

Another thing to watch with TRUMP is that a big portion of the supply is in the hands of insiders and affiliates. When these holders make large moves, it can cause sudden swings, making the market even more unstable.

Upside outlook
The Official Trump price is expected to reach $5.96 in the next day or so, according to CoinCodex — a modest 1.34% uptick. Though modest, this uptick could give traders a quick opportunity. The short-term TRUMP outlook will likely track social media hype, market speculation, and broader crypto trends.

Downside risks
Short-term gains might be on the table, but the downside risks for TRUMP are real. Experts warn that following this small bump, the token could slide more than 22% to $4.57 by December 10. The fall is fueled by bearish sentiment on Trump-linked crypto ventures, whales making big moves, and the naturally speculative nature of meme coins. 

According to the TRUMP forecast, this coin is highly volatile. Any large insider sales, fading retail excitement, or negative headlines could push the price down even further, highlighting how risky TRUMP remains compared to mainstream cryptocurrencies.

TRUMP price prediction based on current levels
According to the TRUMP price prediction, this token is full of twists and turns, driven by both speculation and insider activity. Brief rallies like the $6.08 spike may give traders some quick wins, but the broader trend still shows weakness.

The OFFICIAL TRUMP price prediction suggests that investors should expect modest recoveries followed by sharp corrections, reflecting the highly volatile nature of politically themed memecoins.

The TRUMP forecast for early December points to declining prices, tempered by occasional speculative spikes. For traders and investors, the TRUMP outlook emphasizes caution, disciplined risk management, and awareness of the coin’s extreme sensitivity to both market sentiment and insider actions.

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PENSACOLA, Fla.--(BUSINESS WIRE)--Cyclum NextGen Travel Centers is proud to return to the historic Snowball Derby at Five Flags Speedway with its driver Kole Raz for the most iconic Super Late Model race in the country. The team will showcase its branding agreement with Phillips 66 through the iconic 76® brand, featuring the 76® Renewable Diesel-branded car. Driver Kole Raz will proudly represent both brands as he takes on one of the most competitive stages in short-track racing, further streng.

ADA

Cardano

Price Prediction

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Last updated: 

December 5, 2025

A prominent Cardano supporter just warned the community that the layer-2 scaling solution Hydra may not be as safe as they think. Are investors’ funds at risk, and does this justify a bearish Cardano price prediction?

If you want to use Hydra, you trust the operators of Hydra Head.

You are only in control of your funds if you are one of the Hydra Head operators.

When you lock ADA into a Hydra Head, you sign a transaction with your private key. The transaction sends ADA into an on-chain… pic.twitter.com/hbh78guPLY

— Cardano YOD₳ (@JaromirTesar) December 4, 2025
In a lengthy X post, a pseudonymous user named YODA, known for his support of the Cardano network for years, highlighted a potential flaw in the design of Hydra. This technical weakness would supposedly allow node operators to have a say on what happens with users’ tokens.

He clarified that the funds locked up in the L2 and delegated to third-party Hydra Heads (validators) are fully in control of the latter, not the owner.

In theory, if Hydra Heads collude and introduce false transactions, they would be able to sign them without necessarily having access to the private keys of the original owner of the ADA tokens.

“Every update requires signatures from all Hydra Head operators. Those signatures are made using the private keys of the operators, not the users,” YODA emphasized.

He added: “If they collude, they can ALL sign a malicious snapshot that splits all the funds between them.”

Cardano Price Prediction: ADA Finds Support at $0.40 But Bearish Trend PersistsAside from Dogecoin (DOGE), Cardano (ADA) has been one of the worst-performing top 10 tokens this year, with total losses now reaching 49%.

Source: TradingViewThe daily chart shows that the token has found support temporarily at $0.40.

However, ADA has been on a strong downtrend and is not yet showing signs of a trend reversal. The price needs to climb above $0.52 to reverse this downtrend.

Otherwise, ADA may face a much more dramatic correction to $0.32, meaning a total downside risk of 25%.

Well-established tokens like ADA have struggled to reach higher highs during this cycle. However, a new crypto presale called Maxi Doge ($MAXI) has managed to raise over $4 million in just a few weeks to launch its community-centered meme coin.

Maxi Doge ($MAXI) is The New Dogecoin-Themed Meme CoinMaxi Doge ($MAXI) is an Ethereum meme coin that aims to bring together an army of like-minded ‘degens’ who are not afraid to make YOLO trades to get out of mom’s basement.

Through fun competitions like Maxi Gains and Maxi Ripped, token holders will compete by showcasing their highest-yielding traders to earn rewards and bragging rights.

They also get exclusive access to a hub through which they can share ideas, insights, setups, and more.

This is a vibrant community that fully embraces the energy that comes with bull markets.

Finally, up to 25% of the presale’s proceeds will be used to invest in high-potential projects.

The gains will be used to fund the project’s marketing efforts to make $MAXI known.

To buy $MAXI before the presale ends, simply head to the official Maxi Doge website and link up a compatible wallet like Best Wallet.

Either swap USDT or ETH to get this token or use a bank card instead.

Visit the Official Maxi Doge Website Here

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December 5, 2025

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Meta reportedly acquired Limitless, a maker of artificial intelligence-powered wearables.

The acquisition was announced by Limitless in a Friday (Dec. 5) blog post and confirmed by a Meta spokesperson, CNBC reported Friday.

“We’re excited that Limitless will be joining Meta to help accelerate our work to build AI-enabled wearables,” the spokesperson said, per the report.

Limitless makes an AI-powered pendant that records conversations and generates summaries, according to the report.

In the company’s blog post, Limitless co-founder and CEO Dan Siroker said that when Limitless was launched five years ago, the idea of combining AI and hardware would have been considered “ludicrous.” But today it seems “inevitable,” he said.

“Meta recently announced a new vision to bring personal superintelligence to everyone, and a key part of that vision is building incredible AI-enabled wearables,” Siroker said in the post. “We share this vision, and we’ll be joining Meta to help bring our shared vision to life.”

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It was reported Thursday (Dec. 4) that Meta executives are considering cutting as much as 30% of the budget of the company’s metaverse group amid a shift of resources toward AI.

On Wednesday (Dec. 3), Meta CEO Mark Zuckerberg said in a series of posts on Threads that the company is establishing a new creative studio in its Reality Labs division that will focus on AI glasses and other devices.

“We’re entering a new era where AI glasses and other devices will change how we connect with technology and each other,” Zuckerberg wrote in one of the posts. “The potential is enormous, but what matters most is making these experiences feel natural and truly centered around people.”

Zuckerberg said during an October earnings call that Meta is focused on “building personal superintelligence for everyone.”

PYMNTS reported at the time that Meta’s framing of “personal superintelligence” suggests something between a digital assistant and a personalized operating system, a model that learns from user behavior across Facebook, Instagram, WhatsApp and Quest devices.

EssilorLuxottica, which partners with Meta on AI glasses, reported in July that the sales of Ray-Ban Meta glasses were up more than 200% in the first half of the year.

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Simon Gallagher, SPG Global managing director and former Hulu/Netflix exec, says Warner would be exponentially more valuable inside Netflix. He tells “The Close” that Warner Bros.

Waymo plans to voluntarily issue a software recall with federal safety regulators related to how its robotaxis operate around school buses, the Alphabet-owned company told TechCrunch.

The voluntary software recall will be filed early next week, according to the company. Waymo said as soon as the issue was identified it updated its software on November 17. The company contends this update has meaningfully improved performance to a level better than human drivers in this important area.

Software recalls have become more common in the age of modern passenger vehicles — and now robotaxis — in which operations are handled by software. These updates, or fixes, are often made prior to the official recall but still carry weight when filed with the federal government.

Waymo’s decision follows increased scrutiny by the National Highway Traffic Safety Administration and criticism by officials in Atlanta and Austin over how its robotaxis perform around school buses.

NHTSA’s Office of Defects Investigation (ODI) opened its initial investigation into Waymo in October after seeing footage of its autonomous vehicle maneuvering around a stopped school bus — with its stop sign extended and lights flashing — that was unloading kids in Atlanta. In that incident, a Waymo robotaxi crossed perpendicularly in front of the school bus from its right side. The autonomous vehicle then turned left around the front of the bus before traveling down the street.

Other similar incidents popped up in Austin, where the company also operates a robotaxi service with partner Uber. Austin School District officials contend, in a letter available on NHTSA’s website, that at least five of these occurred after Waymo said it updated its software.

The agency sent a letter December 3 to Waymo asking or more information about its self-driving system and operations following reports from the Austin School District that its robotaxis illegally passed school buses 19 times this year. Regulators requested detailed information about its fifth-generation self-driving system and operations.

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“While we are incredibly proud of our strong safety record showing Waymo experiences twelve times fewer injury crashes involving pedestrians than human drivers, holding the highest safety standards means recognizing when our behavior should be better,” Waymo Chief Safety Officer Mauricio Peña said in an emailed statement. “As a result, we have made the decision to file a voluntary software recall with NHTSA related to appropriately slowing and stopping in these scenarios. We will continue analyzing our vehicles’ performance and making necessary fixes as part of our commitment to continuous improvement.”

No injuries occurred related to the vehicle behavior addressed by this recall, according to the company, which has emphasized that safety is its top priority and it will continue to work with NHTSA.  

The company says it will continue to investigate, track and implement more updates as needed.

Waymo made a voluntary software recall earlier this year as well as two in 2024, including one that was issued after a Waymo vehicle in Phoenix, driving without a human safety operator, collided with a telephone pole in an alley during a low-speed pullover maneuver.  

Kirsten Korosec is a reporter and editor who has covered the future of transportation from EVs and autonomous vehicles to urban air mobility and in-car tech for more than a decade. She is currently the transportation editor at TechCrunch and co-host of TechCrunch’s Equity podcast. She is also co-founder and co-host of the podcast, “The Autonocast.” She previously wrote for Fortune, The Verge, Bloomberg, MIT Technology Review and CBS Interactive.

You can contact or verify outreach from Kirsten by emailing [email protected] or via encrypted message at kkorosec.07 on Signal.

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of AXON either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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

LEAWOOD, Kan.--(BUSINESS WIRE)---- $AMC--AMC Entertainment Holdings, Inc. (NYSE: AMC) (“AMC” or “the Company”), today announced that it has completed a transaction to transfer the majority of its equity investment in Hycroft Mining Holding Corporation (Nasdaq: HYMC) (“Hycroft”) to Sprott Mining, a private Canadian corporation owned by one of the world's leading gold and silver investors, Eric Sprott. Under the terms of the private transaction, AMC sold approximately 2.34 million shares of Hycroft common.

MUSCATINE, Iowa, Dec. 05, 2025 (GLOBE NEWSWIRE) -- On August 4, 2025, HNI Corporation (NYSE: HNI; “HNI”) announced a definitive agreement to acquire Steelcase, Inc. (NYSE: SCS; “Steelcase”) in a cash and stock transaction (the “Acquisition”). In connection with the Acquisition, HNI previously announced the commencement of an offer to exchange any and all outstanding 5.125% Notes due 2029 (the “Existing Steelcase Notes”), as issued by Steelcase, for up to $450,000,000 aggregate principal amount of new notes to be issued by HNI (the “New HNI Notes”).

HNI today announced the expiration and final results of the previously announced (A) offer to exchange (the “Exchange Offer”) any and all outstanding Existing Steelcase Notes for New HNI Notes and (B) related solicitation of consents (the “Consent Solicitation”) from the Eligible Holders of the Existing Steelcase Notes to, among other things, eliminate certain covenants and restrictive provisions from the Steelcase indenture dated August 7, 2006, governing the Existing Steelcase Notes (as amended and supplemented, the “Existing Steelcase Indenture”) and the Existing Steelcase Notes (the “Proposed Amendments”).

On the early tender date and consent revocation deadline of October 9, 2025, HNI received consents sufficient to amend the Existing Steelcase Indenture to effectuate the Proposed Amendments. The supplemental indenture to the Existing Steelcase Indenture was executed on October 9, 2025 in order to effect the Proposed Amendments (the “Existing Steelcase Notes Supplemental Indenture”). The Existing Steelcase Notes Supplemental Indenture will become operative only upon the settlement date for the Exchange Offer and the Consent Solicitation. The Exchange Offer expired at 5:00 p.m., New York City time, on December 5, 2025 (the “Expiration Date”), and no tenders submitted after the Expiration Date are valid.

The Exchange Offer and Consent Solicitation was made subject to the satisfaction of certain conditions, including among other things, the consummation of the Acquisition. On December 5, 2025, at their respective special meetings, the requisite majorities of shareholders of HNI and Steelcase voted in favor of approving the Acquisition. The Acquisition is expected to close on December 10, 2025. All other conditions set forth in the Exchange Offer Memorandum and Consent Solicitation Statement dated September 26, 2025 (the “Statement”) have been satisfied. The settlement of the Exchange Offer and Consent Solicitation is expected to occur on December 10, 2025.

As of 5:00 p.m., New York City time, on the Expiration Date, the principal amounts of Existing Steelcase Notes set forth in the table below had been validly tendered and not validly withdrawn (and consents thereby validly delivered and not validly revoked).

Title of Existing Steelcase Notes
 CUSIP Number of Existing Steelcase Notes
 Title of New HNI Notes
 Aggregate Principal Amount Outstanding
 Existing Steelcase Notes Tendered

Principal Amount 
Percentage5.125% Senior Notes due 2029 858155 AE4 5.125% Senior Secured Notes due 2029 $450,000,000 $351,008,000 78.00%
  HNI made the Exchange Offer and Consent Solicitation pursuant to the terms and subject to the conditions set forth in the Statement. The Statement and other documents relating to the Exchange Offer and Consent Solicitation were only distributed to holders of Existing Steelcase Notes who completed and returned a letter of eligibility certifying that they were (i) “qualified institutional buyers” within the meaning of Rule 144A under the Securities Act of 1933, as amended ( “Securities Act”) or (ii) not “U.S. persons” and were outside of the United States within the meaning of Regulation S under the Securities Act and who were “non-U.S. qualified offerees” (as defined in the Statement) were authorized to receive and review the Statement (such persons, “Eligible Holders”).

The New HNI Notes have not been registered under the Securities Act or any state or foreign securities laws, and they may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any applicable state and foreign securities laws.

About HNI Corporation

HNI Corporation (NYSE: HNI) has been improving where people live, work, and gather for more than 75 years. HNI is a manufacturer of workplace furnishings and residential building products, operating under two segments. The Workplace Furnishings segment is a leading global designer and provider of commercial furnishings, going to market under multiple unique brands. The Residential Building Products segment is the nation's leading manufacturer and marketer of hearth products, which include a full array of gas, electric, wood, and pellet-burning fireplaces, inserts, stoves, facings, and accessories.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act, which involve risks and uncertainties. Any statements about HNI’s, Steelcase’s or the combined company’s plans, objectives, expectations, strategies, beliefs, or future performance or events and any other statements to the extent they are not statements of historical fact are forward-looking statements. Words, phrases or expressions such as “anticipate,” “believe,” “could,” “confident,” “continue,” “estimate,” “expect,” “forecast,” “hope,” “intend,” “likely,” “may,” “might,” “objective,” “plan,” “possible,” “potential,” “predict,” “project”, “target,” “trend” and similar words, phrases or expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements are based on information available and assumptions made at the time the statements are made. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the forward-looking statements. Forward-looking statements in this communication include, but are not limited to, statements about the timing of the Acquisition, the Exchange Offer and the Consent Solicitation, including the expected timing of the consummation of the Acquisition and settlement of the Exchange Offer, and other statements that are not historical facts.

The following Acquisition-related factors, among others, could cause actual results to differ materially from those expressed in or implied by forward-looking statements: the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive merger agreement between HNI and Steelcase; the outcome of any legal proceedings that may be instituted against HNI or Steelcase; the possibility that the Acquisition does not close when expected or at all because required regulatory or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that seeking or obtaining such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Acquisition); the risk that the benefits from the Acquisition may not be fully realized or may take longer to realize than expected, including as a result of changes in, or problems arising from, general economic and market conditions, interest and exchange rates, monetary policy, trade policy (including tariff levels), laws and regulations and their enforcement, and the degree of competition in the geographic and business areas in which HNI and Steelcase operate; any failure to promptly and effectively integrate the businesses of HNI and Steelcase; the possibility that the Acquisition may be more expensive to complete than anticipated, including as a result of unexpected factors or events; reputational risk and potential adverse reactions of HNI’s or Steelcase’s customers, employees or other business partners, including those resulting from the announcement, pendency or completion of the Acquisition; the dilution caused by HNI’s issuance of additional shares of its capital stock in connection with the Acquisition; and the diversion of management’s attention and time to the Acquisition from ongoing business operations and opportunities.

Additional important factors relating to Steelcase that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, competitive and general economic conditions domestically and internationally; acts of terrorism, war, governmental action, natural disasters, pandemics and other Force Majeure events; cyberattacks; changes in the legal and regulatory environment; changes in raw material, commodity and other input costs; currency fluctuations; changes in customer demand; and the other risks and contingencies detailed in Steelcase’s most recent Annual Report on Form 10-K and its other filings with the U.S. Securities and Exchange Commission (the “SEC”).

Additional important factors relating to HNI that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, HNI’s ultimate realization of the anticipated benefits of the acquisition of Kimball International; disruptions in the global supply chain; the effects of prolonged periods of inflation and rising interest rates; labor shortages; the levels of office furniture needs and housing starts; overall demand for HNI’s products; general economic and market conditions in the United States and internationally; industry and competitive conditions; the consolidation and concentration of HNI’s customers; HNI’s reliance on its network of independent dealers; change in trade policy, including with respect to tariff levels; changes in raw material, component, or commodity pricing; market acceptance and demand for HNI’s new products; changing legal, regulatory, environmental, and healthcare conditions; the risks associated with international operations; the potential impact of product defects; the various restrictions on HNI’s financing activities; an inability to protect HNI’s intellectual property; cybersecurity threats, including those posed by potential ransomware attacks; impacts of tax legislation; and force majeure events outside HNI’s control, including those that may result from the effects of climate change, a description of which risks and uncertainties and additional risks and uncertainties can be found in HNI’s most recent Annual Report on Form 10-K and its other filings with the SEC.

These factors are not necessarily all of the factors that could cause HNI’s, Steelcase’s or the combined company’s actual results, performance, or achievements to differ materially from those expressed in or implied by any forward-looking statements. Other unknown or unpredictable factors also could harm HNI’s, Steelcase’s or the combined company’s results.

All forward-looking statements attributable to HNI, Steelcase, or the combined company, or persons acting on HNI’s or Steelcase’s behalf, are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made, and HNI and Steelcase do not undertake or assume any obligation to update publicly any of these statements to reflect actual results, new information or future events, changes in assumptions, or changes in other factors affecting forward-looking statements, except to the extent required by applicable law. If HNI or Steelcase updates one or more forward-looking statements, no inference should be drawn that HNI or Steelcase will make additional updates with respect to those or other forward-looking statements. Further information regarding HNI, Steelcase and factors that could affect the forward-looking statements contained herein can be found in HNI’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC, and in Steelcase’s Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and its other filings with the SEC including the section entitled "Risk Factors" in the registration statement on Form S-4 relating to the Acquisition.

No Offer or Solicitation

This communication is not intended to and does not constitute an offer to purchase, or the solicitation of an offer to sell, or the solicitation of tenders or consents with respect to any security. No offer, solicitation, purchase or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. In the case of the Exchange Offer and Consent Solicitation, the Exchange Offer and Consent Solicitation are being made solely pursuant to the Statement and only to such persons and in such jurisdictions as is permitted under applicable law.

For Information, Contact:

Vincent P. Berger
Executive Vice President and Chief Financial Officer
(563) 272-7400

Matthew S. McCall
Vice President, Investor Relations and Corporate Development
(563) 275-8898