Market Signal Briefing

ICP trades below its 9- and 20-day EMAs with bearish MACD and neutral RSI, as bid and ask walls define a tight range and cap prospects for any near-term breakout.

Summary

ICP remains under its 9- and 20-day EMAs after a multi-week downtrend, with only tentative attempts to form mid-range support.​
MACD stays negative but shows contracting histogram bars, while RSI in the low 40s hints at weak, range-bound momentum rather than capitulation.​
Order-book data shows strong bid walls cushioning downside and stacked ask walls capping upside, with a key psychological level acting as major resistance.

Internet Computer Protocol (ICP) cryptocurrency continues trading below key technical levels following a multi-week downtrend, according to technical analysis from market data.

The digital asset remains below both its 9-day and 20-day exponential moving averages, with price action showing limited recovery attempts after an extended decline. Daily closes indicate attempts to establish support in the mid-range, though the cryptocurrency has not reclaimed its short-term moving averages, according to chart data.

Looks like #ICP will start to move soon this week after Wednesday, likely path drawn and this trendline should support the move. $ICP will be very strong as long as we stay above $2.8 on a weekly basis.

Watch today's close for further strength. pic.twitter.com/kw3VslS0r0

— Brain2jene💫 (@brain2jene) December 2, 2025

Technical indicators present mixed signals. The Moving Average Convergence Divergence (MACD) remains in negative territory, though histogram bars have contracted in recent sessions, suggesting a potential easing of downward pressure. The Relative Strength Index (RSI) hovers in the low-40s range, indicating neither oversold conditions nor strong momentum.

For potential price advancement, ICP faces resistance at multiple levels where prior rejection occurred. Breaking above the 9-day exponential moving average would represent the first technical hurdle, followed by higher resistance zones where trading activity historically increased.

Support levels exist at substantially lower price points established during previous market declines. The distance between current trading ranges and these support levels indicates potential downside risk if stabilization efforts fail.

ICP faces rejection at multiple levels
Order book data shows three significant bid walls currently providing liquidity support. The nearest bid wall offers immediate defense against further declines, though breach of this level could expose the cryptocurrency to additional downside movement toward deeper support structures.

On the upside, multiple ask walls present obstacles to price recovery. Clearing the first major ask wall could enable movement toward higher resistance levels, with a larger liquidity concentration positioned at a key psychological price point.

Technical analysts note that while indicators maintain a bearish bias, the slowing rate of decline in MACD readings combined with stabilizing RSI levels suggests the possibility of sideways trading rather than immediate trend continuation.

A sustained close above the 9-day exponential moving average would signal a shift in short-term momentum, according to technical analysis frameworks. More conservative approaches would require reclaiming primary resistance levels to confirm structural trend reversal.

December 02, 2025 10:07 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - December 2, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of America's Car-Mart, Inc. (NASDAQ: CRMT) resulting from allegations that America's Car-Mart may have issued materially misleading business information to the investing public.

SO WHAT: If you purchased America's Car-Mart securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. The Rosen Law Firm is preparing a class action seeking recovery of investor losses.

WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=46025 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

WHAT IS THIS ABOUT: On September 4, 2025, during market hours, Benzinga published an article entitled "America's Car-Mart Stock Plunges After Sales Volume Dip, Delinquency Uptick." The article stated that America's Car-Mart, Inc. stock was trading "lower after the company reported first-quarter results. The company reported a first-quarter loss of 69 cents per share, compared with a net loss of 15 cents per share in the year-ago period."

On this news, America's Car-Mart's stock fell 18.2% on September 4, 2025.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. At the time Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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NEW YORK and NEW ORLEANS, Dec. 02, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with substantial losses that they have until January 2, 2026 to file lead plaintiff applications in a securities class action lawsuit against CarMax, Inc. (NYSE: KMX), if they purchased or otherwise acquired the Company’s securities between June 20, 2025 and November 5, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Maryland.

What You May Do

If you purchased securities of CarMax and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-kmx/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 2, 2026.

About the Lawsuit

CarMax and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On September 25, 2025, the Company announced its Second Quarter Fiscal Year 2026 financial results, disclosing among other things, that retail unit sales had decreased 5.4%, comparable store unit sales had decreased 6.3%, wholesale units had decreased 2.2%, and that net earnings per diluted share of $0.64 compared to $0.85 a year ago.

On this news, the price of CarMax’s shares fell $11.5 per share, or 20.07%, to close at $45.60 per share on September 25, 2025.

The case is Cap v. CarMax, Inc., No. 25-cv-03602.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC

Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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December 02, 2025 10:11 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - December 2, 2025) - Why: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of CarMax, Inc. (NYSE: KMX) between June 20, 2025 and November 5, 2025, both dates inclusive (the "Class Period"), of the important January 2, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

So what: If you purchased CarMax securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

What to do next: To join the CarMax class action, go to https://rosenlegal.com/submit-form/?case_id=47077 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 2, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

Why Rosen Law: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

Details of the case: According to the lawsuit, defendants throughout the Class Period made materially false and/or misleading statements and/or failed to disclose that: (1) Defendants recklessly overstated CarMax's growth prospects when, in reality, its earlier growth in the 2026 fiscal year was a temporary benefit from customers buying cars due to speculation regarding tariffs; and (2) as a result, defendants' statements about CarMax's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the CarMax class action, go to https://rosenlegal.com/submit-form/?case_id=47077 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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Ethereum is scheduled to activate its Fusaka upgrade on December 3, 2025, at 21:49 UTC, deploying PeerDAS technology. This innovation enables network nodes to store only one-eighth of blob data while unlocking up to 8x theoretical scalability for Layer 2 rollups.

This marks Ethereum’s second major network enhancement in 2025, following the Pectra fork in May, which sparked a 29% rally in ETH and set new standards for validator operations.

Sponsored

Sponsored

Fusaka Combines Execution and Consensus Layer ImprovementsThe Fusaka hard fork merges the Osaka execution layer upgrade and Fulu consensus layer update, delivering improvements that boost Ethereum’s scalability, security, and user experience. These changes support exponentially higher transaction volumes across Layer 1 and Layer 2 solutions within Ethereum’s ecosystem.

According to Coin Metrics analysis, Fusaka enhances Layer 1 throughput by increasing blob capacity to improve data availability, resulting in much more cost-effective rollup operations. The upgrade is a direct follow-up to Pectra, which combined Prague and Electra upgrades into Ethereum’s most ambitious hard fork to date.

Ethereum’s official X announcement highlighted the upgrade’s impact on the Layer 2 ecosystem.

“Ethereum’s second major upgrade this year. Feature highlight: PeerDAS – Unlocking up to 8x data throughput. For rollups, this means cheaper blob fees and more space to grow.”

Fusaka’s scope extends to infrastructure improvements, reduced node resource requirements, and increased security through stricter computational limits and refined gas pricing mechanisms.

Sponsored

Sponsored

PeerDAS Technology Revolutionizes Data AvailabilityPeer Data Availability Sampling (PeerDAS) anchors Fusaka’s innovation, completely changing how nodes manage blob data. Under PeerDAS, nodes now store one-eighth of the network’s blob data, reducing storage demands by around 80% while maintaining full data availability via distributed sampling.

The Ethereum Foundation documentation states that PeerDAS enables nodes to verify data availability by randomly sampling small portions of data across the network. This reduces bandwidth and storage barriers for node operators, increasing participation while supporting greater overall blob capacity.

For Layer 2 rollups, which use Ethereum to post transaction data, PeerDAS directly reduces blob fees. The new scalability enables rollups to process higher transaction volumes while potentially lowering costs, directly addressing key challenges in Ethereum scaling.

Additionally, Fusaka adds Blob-Parameter-Only forks, allowing Ethereum to adjust blob capacity targets and limits without requiring a full network hard fork. This gives developers the flexibility to quickly increase blob targets in response to rollup demand without the need for major protocol upgrades.

Passkey Integration Eyes Institutional AdoptionFusaka delivers critical security and efficiency enhancements. EIP-7918 aligns blob fees with actual network congestion, protecting Ethereum’s economic security. The upgrade also caps single transaction gas usage at 16,777,216 (2^24) gas units to eliminate denial-of-service risks from large transactions.

On the user experience front, native support for secp256r1 signatures enables passkey-style authentication using Apple Secure Enclave and Android Keystore. This eliminates the need for seed phrases, potentially accelerating institutional adoption. Sharplink CEO Joseph Charom called Fusaka “a massive milestone for Ethereum and its institutional adoption journey.”

However, analysts remain cautious about direct price comparisons. Pectra’s rally coincided with broader macro tailwinds, including a US-UK trade deal that boosted overall market sentiment. Fusaka’s impact may depend more on sustained L2 growth and institutional inflows than on immediate speculative interest.

Unlike Pectra, which focused heavily on staking efficiency and account abstraction, Fusaka prioritizes infrastructure scalability—a less visible but arguably more foundational improvement for Ethereum’s long-term competitiveness against rivals like Solana.

NEW YORK and NEW ORLEANS, Dec. 02, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with substantial losses that they have until January 5, 2026 to file lead plaintiff applications in a securities class action lawsuit against Six Flags Entertainment Corporation f/k/a CopperSteel HoldCo, Inc. (NYSE: FUN), if they purchased or otherwise acquired the Company’s common stock pursuant or traceable to the company’s registration statement and prospectus issued in connection with the July 1, 2024 merger of legacy Six Flags Entertainment Corporation (“Legacy Six Flags”) with Cedar Fair, L.P. (“Cedar Fair”), and their subsidiaries and affiliates (the “Merger”). This action is pending in the United States District Court for the Northern District of Ohio.

What You May Do

If you purchased shares of Six Flags as above and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-fun/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 5, 2026.

About the Lawsuit

Six Flags and certain of its executives are charged with failing to disclose material information in the registration statement for the Merger, violating federal securities laws.

Specifically, the Registration statement failed to disclose that (i) despite the Company’s claims that it had pursued transformational investment initiatives in the years leading up to the Merger, Legacy Six Flags in fact suffered from chronic underinvestment and its parks required millions of dollars in additional capital and operational expenditures above the company’s historical cost trends in order to maintain or grow Legacy Six Flags’ share in the intensely competitive amusement park market; (ii) following defendant Selim Bassoul's appointment as CEO in November 2021, the company implemented aggressive cost-cutting measures, including significant reductions in employee headcount, which materially degraded operational competence and guest experience; (iii) as a result, Legacy Six Flags required a substantial and undisclosed capital infusion to stabilize and revitalize its business, and these acute capital needs fundamentally undermined the rationale for the Merger as presented in the registration statement.

On the Merger closing date, July 1, 2024, Six Flags stock traded above $55 per share. The price of Six Flags stock subsequently fell as low as $20 per share, a nearly 64% decline.

The case is City of Livonia Employees’ Retirement System v. Six Flags Entertainment Corporation, No. 25-cv-02394.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

CONNECT WITH US: Facebook || Instagram || YouTube || TikTok || LinkedIn

Oil was down in early Asian trading following a choppy session, as geopolitical tensions roiled the market, ANZ research analysts said.

Ethereum price started a fresh increase above $2,920. ETH is now attempting to clear the $3,050 resistance and might accelerate higher.

Ethereum started a fresh increase above the $2,920 and $2,950 levels.
The price is trading above $2,950 and the 100-hourly Simple Moving Average.
There was a break above a short-term bearish trend line with resistance at $2,825 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it settles above the $3,050 zone.

Ethereum Price Eyes Upside Break
Ethereum price managed to stay above $2,720 and started a fresh increase, like Bitcoin. ETH price gained strength for a move above the $2,850 and $2,880 resistance levels.

There was a break above a short-term bearish trend line with resistance at $2,825 on the hourly chart of ETH/USD. The bulls even pumped the price above $2,950.  However, the price is now testing a key barrier at $3,050. A high was formed at $3,047 and the price is now consolidating above the 23.6% Fib retracement level of the recent move from the $2,718 swing low to the $3,047 low.

Ethereum price is now trading above $2,950 and the 100-hourly Simple Moving Average. If there is another upward move, the price could face resistance near the $3,050 level.

Source: ETHUSD on TradingView.com
The next key resistance is near the $3,080 level. The first major resistance is near the $3,120 level. A clear move above the $3,120 resistance might send the price toward the $3,200 resistance. An upside break above the $3,200 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,350 resistance zone or even $3,380 in the near term.

Another Decline In ETH?
If Ethereum fails to clear the $3,050 resistance, it could start a fresh decline. Initial support on the downside is near the $2,970 level. The first major support sits near the $2,880 zone or the 50% Fib retracement level of the recent move from the $2,718 swing low to the $3,047 low.

A clear move below the $2,840 support might push the price toward the $2,800 support. Any more losses might send the price toward the $2,750 region in the near term. The next key support sits at $2,720 and $2,710.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now above the 50 zone.

Major Support Level – $2,970

Major Resistance Level – $3,050

Grayscale officially launched the Grayscale Chainlink Trust ETF, also known as GLNK, on the NYSE Arca on Tuesday, marking the first spot Chainlink ETF to enter the U.S. market. The product transitioned from a private trust to a fully listed ETF following an amended S-1 filing submitted last month.

The newly listed ETF holds Chainlink’s native token, LINK, as its sole asset, offering traditional investors direct exposure to the Chainlink oracle network. A Grayscale representative told Decrypt that Chainlink was a natural choice due to the firm’s longstanding support of the network and the trust’s operation as a private fund since 2021.

A Milestone for Blockchain Oracle Exposure
According to Grayscale, GLNK makes the company the first asset manager to offer ETF access to blockchain oracle infrastructure. The spokesperson explained that the ETF will help investors engage more directly with Chainlink’s critical technology layer, which connects smart contracts to real-world data and off-chain computation.

The GLNK prospectus describes Chainlink as infrastructure that synchronizes on-chain and off-chain information, enabling a wide range of smart contract use cases across multiple blockchains.

Follows Grayscale’s DOGE and XRP ETF Conversion Path
The Chainlink ETF launch followed a similar conversion route used in Grayscale’s DOGE and XRP ETFs, which also began trading on NYSE Arca after clearing SEC procedures. The cash-only creation and redemption model used in these products requires authorized participants to manage more of the transaction process themselves, often leading to wider price spreads during early trading.

According to Grayscale, the SEC’s updated listing standards approved in September were key to enabling the GLNK launch. The firm noted that it was able to rely on a filing pathway outlined by the SEC at the onset of the government shutdown. That triggered 20 days after which the registration became automatically effective.

Strong First Day Trading Activity
Early trading showed strong investor interest. By midday Tuesday in New York, Grayscale reported very positive volume, which ultimately reached 1.17 million shares on launch day. This significantly exceeded the ETF’s average 42000 share volume and indicated strong price discovery as GLNK transitioned from OTC markets to NYSE Arca.

GLNK closed its first trading day at 11.89 dollars, marking a 5.8 percent increase. After-hours trading pushed the price to around 12 dollars, based on Yahoo Finance data.

Grayscale said it has observed enthusiasm from a wide range of investors, with secondary market activity reflecting this sentiment.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments are volatile and risky. Always conduct your research before making any investment decisions

Bhavesh Parmar

Bhavesh Parmar, a crypto enthusiast since 2022. Loves to guide others to understand blockchains, crypto currencies, NFTs, Metaverse and everything in Web3. He is passionate about his work and never stops his research on crypto.

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Arthur Hayes, the BitMEX co-founder, warned late last month that Tether’s shift into Bitcoin and gold could leave the stablecoin exposed if those assets tumble.

According to Hayes, a roughly 30% drop in Tether’s BTC and gold holdings could erase the company’s equity and leave USDT vulnerable.

His comments touched off fresh debate about how much of the company’s true financial strength is visible to the market.

The Tether folks are in the early innings of running a massive interest rate trade. How I read this audit is they think the Fed will cut rates which crushes their interest income. In response, they are buying gold and $BTC that should in theory moon as the price of money falls.… pic.twitter.com/ZGhQRP4SVF

— Arthur Hayes (@CryptoHayes) November 29, 2025

Tether Is Far Stronger Than It Looks: Former Citi Analyst
A former Citi research lead, who goes by the name “Joseph”, pushed back on Hayes’s scenario. Based on reports, Joseph said public attestations only show the assets that directly back outstanding USDT and do not capture the full corporate balance sheet.

I spent 100’s of hours writing research on tether for @Citi. @CryptoHayes missed a few key points.

1) 𝐓𝐡𝐞𝐢𝐫 𝐝𝐢𝐬𝐜𝐥𝐨𝐬𝐞𝐝 𝐚𝐬𝐬𝐞𝐭𝐬 =/ 𝐚𝐥𝐥 𝐜𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐚𝐬𝐬𝐞𝐭𝐬

When tether generates $ they have a separate equity balance sheet which they don’t… https://t.co/pHSRr245Up

— Joseph (@JosephA140) November 30, 2025

He told reporters he spent hundreds of hours reviewing filings and market data and estimates Tether’s total equity could be in the $50–$100 billion range — a cushion much larger than what critics point to when they focus on attested reserves.

Reported Buffers
According to Joseph’s calculations, Tether holds about $120 billion in US Treasuries that are earning roughly 4%, which he says could generate about $10 billion a year in net income.

He also cited other corporate assets that are not part of public reserve snapshots — equity stakes, mining operations, and additional Bitcoin holdings — all of which, he argues, strengthen Tether’s overall capital position.

Paolo Ardoino, Tether’s CEO, has publicly cited roughly $30 billion in “group equity” as part of the firm’s buffer against shocks.

re: Tether FUD

From latest attestation announcement (Q3 2025):

“Tether will continue to maintain a multi-billion-dollar excess reserve buffer and an overall proprietary Group equity approaching $30 billion.”

Tether had (at end of Q3 2025) ~7B in excess equity (on top of the…

— Paolo Ardoino 🤖 (@paoloardoino) November 30, 2025

Hayes’s Warning And The Transparency Question
Hayes’s point, however, rests on a simple math worry: volatile assets can move fast, and marked declines would reduce the value of reserves.

He framed Tether’s move into Bitcoin and gold as a macro hedge against expected rate cuts, but said that hedge could backfire under a sharp sell-off.

Total crypto market cap currently at $2.93 trillion. Chart: TradingView
Reports have noted that because attestations focus on backing for USDT supply, they may not reveal how much of the company’s other assets would be available in a crisis — a gap that keeps some investors uneasy.

Image: Coins.ph
What The Debate Means For Markets
The clash highlights two facts. One: there are sizable numbers involved — $120 billion in Treasuries, a roughly $30 billion equity figure cited by management, and the $50–$100 billion range estimated by Joseph.

Two: the core issue is disclosure. If Tether’s broader holdings can be marshalled quickly in a stress event, the company may handle big swings. If not, volatility could create trouble for short-term liquidity even if long-term equity is large.

Featured image from Pexels, chart from TradingView

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Bitcoin continues to trade below $90,000, struggling to recover after several days of heavy selling and aggressive long liquidations. Sellers keep pushing price lower, and bulls fail to reclaim momentum, creating a market environment filled with uncertainty and fear. Every attempt to bounce meets immediate resistance, showing how much control bears currently hold.

Data shared by Axel Adler shows a clear shift in derivatives pressure toward buyers. The liquidation dominance oscillator now sits at 32%, one of its highest readings in recent years. This level signals that leveraged bulls keep taking the majority of the damage, with long positions consistently wiped out as volatility rises. Instead of absorbing the drawdown, many traders continue to unwind or get forced out of their positions.

These repeated long liquidations fuel deeper downside moves and block any meaningful recovery attempts. The market now watches closely to see whether this wave of forced selling will continue dragging Bitcoin lower or if the pressure is finally reaching exhaustion.

Long Liquidations Dominate as Bitcoin Faces Renewed Downside Pressure
Adler explains that the liquidation dominance oscillator measures the ratio between long and short liquidations across the derivatives market. When the indicator prints positive values, shown as green bars, long positions take the bulk of the damage.

Negative values reflect a dominance of short liquidations. Bitcoin’s current reading of 32% stands out as one of the highest levels seen in the last three years, highlighting how aggressively bulls have been forced out during this correction.

November illustrates this perfectly. The market saw three separate waves of long liquidations, each exceeding $400 million. Every one of those spikes aligned with a sharp acceleration in Bitcoin’s price decline, reinforcing how leveraged buyers repeatedly amplified downside momentum. Rather than stabilizing the market, each flush created more selling pressure and triggered deeper unwinding across futures platforms.

Bitcoin Long Liquidations USD | Source: Axel Adler
The most recent liquidation wave reached $221 million, hitting the market right as Bitcoin attempted a short-term recovery. That flush immediately reversed the bounce and dragged BTC back down to the $86,000 region, erasing nearly all of last week’s gains. The persistent dominance of long liquidations shows that bulls remain under heavy stress—and until this dynamic eases, Bitcoin will struggle to build sustainable upside.

Bitcoin Market Searches for a Higher Time-Frame Floor
Bitcoin’s weekly chart shows the market pressing into a critical support zone after weeks of heavy selling. The price has dropped from the $115,000 region to the $86,000–$88,000 range, where it now interacts directly with the 100 SMA. This moving average has served as a key structural support in previous cycles, and Bitcoin’s current test of it will likely determine whether the broader uptrend holds or breaks down further.

BTC Consolidates below $90K | Source: BTCUSDT chart on TradingView
The recent candles highlight intense volatility. Bitcoin briefly dipped to nearly $84,000 before buyers stepped in, forming a lower wick that shows early attempts to defend this level. However, the rebound remains shallow, and the 50 SMA continues to slope downward — a sign that short- and mid-term momentum still favors sellers. For bulls to regain control, BTC needs to reclaim $95,000 on a weekly closing basis.

Volume adds weight to the bearish pressure. Selling spikes dominate recent weeks, revealing a mix of forced liquidations and fear-driven exits rather than healthy profit-taking. As long as BTC trades below the 50 SMA, the market remains vulnerable to deeper retracements.

If the 100 SMA fails to hold, the next major liquidity zone sits near $70,000–$72,000, aligning with previous consolidation and the long-term 200 SMA. The next weekly close will be decisive.

Featured image from ChatGPT, chart from TradingView.com

In brief
One major wallet bought $55 million in ETH from BitGo on Tuesday, followed by another $13 million purchase from Binance on Wednesday.
The buying streak coincides with an 8% jump in Ethereum and broader gains across Bitcoin and Solana after early-December losses.
Derivatives data show rising taker buy volume and higher perpetual CVD alongside open interest, signalling renewed appetite for leveraged long positions.
Ethereum’s largest holders have re-emerged as crypto prices mount a recovery following more than $600 million in long liquidations on Monday.

On-chain data show that one large holder purchased 18,345 ETH, worth roughly $55 million, from BitGo on Tuesday, according to analytics platform Arkham Intelligence.

Another purchased 4,597 ETH worth roughly $13 million from Binance early on Wednesday, while yet another large holder purchased 30,278 ETH worth $91.16 million from Kraken, roughly three hours ago.

Those moves have coincided with a rebound from early December losses, which have lifted Bitcoin, Solana, and other digital assets higher.

Ethereum is up more than 8% over the past 24 hours and is currently trading at $3,015, according to CoinGecko data. Bitcoin is 7% and Solana has jumped more than 10%.

Adding to hopes of continued higher prices, taker buy volume—representing the volume of buy orders filled by takers in perpetual swaps—spiked to $148.7 million across all exchanges on Tuesday. 

The demand hints at a “strong signal of aggressive market buying,” according to a Tuesday tweet from Maarten Regterschot, a verified analyst at CryptoQuant. 

Futures cumulative volume delta, meanwhile, has ticked up relative to spot cumulative volume delta, Velo data shows. 

When perpetual CVD and open interest—representing total open orders—trend higher, it typically shows investors are opening new long positions.

“If we see more DATs trade below mNAV, there will be some acquisitions with institutional investors swooping in for discounted Ethereum,” Stephen Gregory, founder of crypto trading platform Vtrader, told Decrypt. 

“I think the correction has run its course, and the macro tailwinds will push Ethereum back up,” he added.

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Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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.

NEW YORK and NEW ORLEANS, Dec. 02, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors with substantial losses that they have until December 30, 2025 to file lead plaintiff applications in securities class action lawsuits against Synopsys, Inc. (“Synopsys” or the “Company”) (NasdaqGS: SNPS), if they purchased or otherwise acquired the Company’s securities between December 4, 2024 and September 9, 2025, inclusive (the “Class Period”) and/or purchased or otherwise acquired Synopsys common stock in exchange for their shares of Ansys, Inc. (“Ansys”) common stock in the acquisition of Ansys. These actions are pending in the United States District Court for the Northern District of California

What You May Do

If you purchased securities of Synopsys and would like to discuss your legal rights and how the case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nasdaqgs-snps/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by December 30, 2025.

About the Lawsuits

Synopsys and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On September 9, 2025, post-market, the Company announced its 3Q2025 financial results, disclosing quarterly revenue of $1.740 billion, missing its prior guidance of between $1.755 billion and $1.785 billion, and reported net income of $242.5 million, a 43% year-over-year decline from $425.9 million reported for 3Q 024. Further, the Company reported that its Design IP segment accounted for approximately 25% of revenue and came in at $426.6 million, a 7.7% decline year-over-year, and also provided guidance inferring that Design IP revenues will decline by at least 5% on a full-year basis in fiscal 2025.

On this news, the price of Synopsys’ shares fell $216.59, or 35.8%, to close at $387.78 per share on September 10, 2025, on unusually heavy trading volume.

The first-filed case is Kim v. Synopsis, Inc., et al., No. 25-cv-09410. A subsequent case, New England Teamsters Pension Fund v. Synopsis, Inc., et al., No. 25-cv- 10201, expanded the class period.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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December 02, 2025 10:37 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - December 2, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of DexCom, Inc. (NASDAQ: DXCM) between July 26, 2024 and September 17, 2025, both dates inclusive (the "Class Period") of the important December 29, 2025 lead plaintiff deadline.

SO WHAT: If you purchased DexCom securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) DexCom had made material design changes to the G6 and G7 continuous glucose monitoring ("CGM") systems that were unauthorized by the U.S. Food and Drug Administration (the "FDA"); (2) the foregoing design changes rendered the G6 and G7 less reliable than their prior iterations, presenting a material health risk to users relying on those devices for accurate glucose readings; (3) accordingly, defendants' purported enhancements to the G7, as well as the device's reliability, accuracy, and functionality, were overstated; (4) Defendants downplayed the true scope and severity of the issues and health risks posed by adulterated G7 devices; (5) all the foregoing subjected DexCom to an increased risk of heightened regulatory scrutiny and enforcement action, as well as significant legal, reputational, and financial harm; and (6) as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

-------------------------------

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276723

Microsoft Corporation (MSFT) UBS Global Technology and AI Conference 2025 December 2, 2025 5:35 PM EST

Company Participants

Rajesh Jha - Executive Vice President of Experiences & Devices

Conference Call Participants

Karl Keirstead - UBS Investment Bank, Research Division

Presentation

Karl Keirstead
UBS Investment Bank, Research Division

Okay. Let's get started. I'm Karl Keirstead covering Microsoft here, and we are always so honored to have Microsoft keynote our event. I was saying to Rajesh, it wouldn't be the same without Microsoft up on stage. So Rajesh, thank you so much for flying in for this.

Rajesh Jha
Executive Vice President of Experiences & Devices

Well, thank you so much for having me, Karl.

Question-and-Answer Session

Karl Keirstead
UBS Investment Bank, Research Division

Yes. Rajesh, when I went online to look at all the parts of Microsoft that report up to you, it took me a little while because there are so many, but I summed up the revenue stream, and it was a very, very large number. So a very big part of Microsoft's portfolio sums up to this gentleman. Can you talk a little bit about what some of the common threads are between the different parts of the portfolio that report into you?

Rajesh Jha
Executive Vice President of Experiences & Devices

Yes. So I lead the experiences and devices at Microsoft. It's got Office, Teams, so M365. It has our business applications, Dynamics, Power platform, Windows, Surface and then, of course, M365 Copilot. And the common theme, Karl, for experiences and devices, it's what the name suggests, the experiences and devices for information workers on the globe to allow them to be productive, to be collaborative and ultimately drive business outcomes, economic opportunity. So it's a per user. Think of it as we are focused on the users in these organizations, small or large.

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Cellebrite DI Ltd. (CLBT) UBS Global Technology and AI Conference 2025 December 2, 2025 6:15 PM EST

Company Participants

Steve Pettigrew
Thomas Hogan - CEO & Director
David Barter - Chief Financial Officer

Presentation

Steve Pettigrew

Guys, thank you for joining today. My name is Steve Pettigrew. I lead the Software Investment Banking business at UBS. Pleased to have with me today David Barter, Chief Financial Officer; and Tom Hogan, Chief Executive Officer of Cellebrite. For those of you who don't know Cellebrite, digital investigations market leader, and we'll talk through a little bit more about what that means today. Tom, maybe you can start us off. Can you share for kind of people who aren't as familiar, a little bit of background about Cellebrite and your history?

Thomas Hogan
CEO & Director

Yes. So the company, roughly 20 years old, obviously, public, NASDAQ listed. The genesis of the company is in Israel, where the core of our research and development still sits today, but we have a huge presence around the world, operate very internationally, do 55% or so of our business in the United States and 45% in the rest of the world. And what we do, we're a force for good for all of you. Whoever is here, whoever is listening, we help both exonerate innocent people, but in most cases, we help put bad people behind bars.

And that ranges from terrorists to murderers, to pedophiles, to human traffickers, to fentanyl rings. We're the technology engine that works closely with municipalities and police forces and democratized nations around the world with -- we help private enterprise, and we also work closely with virtually every intelligence agency and defense departments in countries that have high standards for human rights and privacy. So we make the world a better, safer place. And if you like a mission-driven story, this is

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LOS ANGELES--(BUSINESS WIRE)--Coupang, Inc. Investigated for Securities Fraud Violations - Contact the DJS Law Group to Discuss Your Rights – CPNG.

HSBC Holdings named Brendan Nelson as its new chairman on Wednesday, replacing Mark Tucker, in a return to appointing the head of its board from within its ranks.

American entrepreneur and investor Kevin O’Leary has pushed back against speculation that the US Federal Reserve will cut interest rates in December — a move that typically signals a favorable outlook for crypto. 

However, O’Leary doesn’t anticipate a Fed rate hold negatively impacting Bitcoin’s (BTC) price.

“I don’t actually think the Fed's gonna cut in December,” O’Leary, also known as “Mr Wonderful,” told Cointelegraph during an interview on Tuesday, emphasizing that it’s not “gonna make a difference to Bitcoin.”

Mr. Wonderful doesn’t tip Bitcoin to move more than 5%“I’m not investing that way. I’m not investing as if the Fed is going to cut rates. So I just don’t see it. I think there are lots of reasons why they might not,” O’Leary said. 

O’Leary pointed to there being “a lot of inflation in the system.” The annual inflation rate rose to 3% in September, the highest since January.

“It’s a dual mandate, full employment and inflation. And so the tariffs are starting to take hold and input costs,” O’Leary said. Despite those concerns, market participants have assigned odds of 89.2% to a Fed rate cut in December, according to the CME’s FedWatch Tool.

The market is tipping a 89.2% chance of the Fed cutting rates in December. Source: CME GroupCrypto traders typically see Fed rate cuts as bullish for riskier assets such as crypto, as investors tend to shift from bonds and term deposits that become less lucrative.

However, an unexpected Fed rate decision could negatively impact Bitcoin’s price and the broader crypto market, some fear.

However, O’Leary doesn’t anticipate this happening. 

O’Leary said that Bitcoin has found “a level for now” and he doesn’t forecast its price going much lower. “I think it’s going to sort of drift within 5% of where it is now, in either direction, but I don’t see a lot of upside catalyst,” O’Leary said. 

Bitcoin has declined by 17.35% over the past 30 days. Source: CoinMarketCapBitcoin is currently trading at $91,440, according to CoinMarketCap.

Fed rate volatility high in lead up to decisionMarket expectations for a December rate cut were far less bullish just weeks ago.

On Nov. 19, the odds of an interest rate cut at the December meeting plunged to 33%, only weeks after investors placed the odds of a December rate cut at about 67% during the first week of November.

However, just a couple of days later, on Nov. 21, the odds nearly doubled to 69.40% after dovish remarks from New York Fed president John Williams, who said the Fed can cut rates “in the near term” without endangering its inflation goal. 

Bloomberg analyst Joe Weisenthal said it was the reason the odds had “massively increased.”

Following the first rate cut of 2025 in September and another cut in November, markets broadly expected the Federal Reserve to continue easing policy through the end of the year.

Magazine: When privacy and AML laws conflict: Crypto projects’ impossible choice

Aave, the largest decentralized lending protocol, has historically taken a maximalist approach towards deploying on new blockchains.

Spot Bitcoin ETFs are driving institutional participation and reshaping digital asset market dynamics as trading activity reaches record highs.

Key Takeaways

Bitcoin ETF trading volume reached $5.6 billion, indicating strong investor interest.
BlackRock's iShares Bitcoin Trust (IBIT) has been a leading contributor to the surge in trading volume.

US-listed spot Bitcoin ETF trading volume reached $5.6 billion today, reflecting heightened institutional and retail interest in crypto asset exposure through exchange-traded products.

BlackRock’s iShares Bitcoin Trust (IBIT), an exchange-traded product that tracks Bitcoin’s price performance, has emerged as a key player in recent spot Bitcoin ETF trading surges. The fund offers investors exposure to Bitcoin.

Fidelity’s Wise Origin Bitcoin Fund (FBTC) has also contributed greatly to the elevated trading activity. The ETF provides convenient access to Bitcoin’s price movements through a familiar investment vehicle structure.

Spot Bitcoin ETFs have become central to the high trading volumes in the cryptocurrency market, demonstrating their growing influence on digital asset market dynamics. Asset managers, including BlackRock and Fidelity, continue to drive increasing institutional involvement in the space.

Disclaimer

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Bitcoin has fallen back below the $90,000 level after another wave of selling pressure and leveraged long liquidations, signaling that the market remains firmly on the defensive. Each attempt to stabilize has failed, with sellers quickly overwhelming buyers and forcing price into lower ranges. Fear and uncertainty continue to dominate sentiment, and traders increasingly prepare for the possibility of a deeper continuation of the downtrend as volatility accelerates.

Amid this weakness, a new signal has started to attract the attention of analysts. According to Maartunn, one of the market’s most respected on-chain researchers, old coins are waking up again. Dormant Bitcoin—specifically coins held for 3 to 5 years—has begun to move on-chain in noticeable spikes. Historically, this type of activity often reflects structural shifts in holder behavior, appearing during periods of stress, capitulation, or preparation for major market pivots.

While the direction of these moves is not always immediately clear, rising activity among long-dormant coins adds another layer of complexity to an already fragile market. As Bitcoin continues to struggle below $90K, the behavior of these older coins could help determine whether the current decline deepens—or sets the stage for a larger transition ahead.

Old Coins Start Moving as Macro Fear Collides With Policy Shifts
Maartunn highlights a notable rise in activity from 3–5 year-old Bitcoin, a cohort that typically remains dormant unless underlying conditions begin to shift. The Spent Output Age Bands show a sharp increase, jumping from 2,030 BTC earlier today to 3,475 BTC now. These spikes rarely happen randomly. Maartunn believes that “something’s stirring beneath the surface,” suggesting that long-term holders may be reacting to mounting market stress—or positioning ahead of a potential macro inflection.

Bitcoin Spent Output Age Bands | Source: CryptoQuant
This awakening of older coins comes at a moment filled with conflicting signals. Fear around Tether’s reserves has resurfaced, sparking concerns over liquidity stability across exchanges. At the same time, renewed headlines about a supposed China Bitcoin ban have circulated again, despite offering no new policy information. These narratives have added yet another layer of anxiety to an already fragile market.

Yet the macro backdrop also contains reasons for cautious optimism. The Federal Reserve is expected to bring its quantitative tightening (QT) program to an end, and markets are increasingly pricing in a potential interest rate cut this December. Such shifts historically improve liquidity conditions and support risk assets.

As long-term coins begin to move and macro forces pull in opposite directions, Bitcoin enters a complex environment—one that could precede either deeper volatility or the early stages of a larger transition.

Bitcoin Struggles to Recover as Daily Trend Remains Firmly Bearish
Bitcoin’s 1-day chart continues to reveal a market trapped in a strong downtrend, with price failing to reclaim the key moving averages that define higher-timeframe momentum. After breaking down from the $115,000 region, BTC plunged directly through the 50 SMA, 100 SMA, and 200 SMA, creating a steep momentum shift that sellers still control.

The current price action around $86,000–$88,000 shows hesitation and a lack of follow-through from bulls, even after several attempts to rebound.

BTC struggling to push above $90K | Source: BTCUSDT chart on TradingView
The 50 and 100 SMAs both slope sharply downward, confirming a bearish trend structure. Meanwhile, the 200 SMA has flattened and now sits far above price, highlighting just how aggressive and extended the selloff has been. BTC continues to print lower highs and lower lows, a clear signal that the market has not yet found a stable bottom.

Volume spikes on major red candles suggest a mix of forced liquidations and panic-driven exits, while green candles remain smaller and less convincing. The lack of strong buy volume shows that investors remain cautious despite the magnitude of the correction.

If Bitcoin fails to break back above $92,000–$95,000, the market risks another leg lower. The next major supports sit between $80,000 and $78,000, levels that align with previous consolidation zones. For now, the bears still control the daily trend.

Featured image from ChatGPT, chart from TradingView.com

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

In brief
GLNK opened on NYSE Arca as the first U.S. spot Chainlink ETF after converting from a private trust.
Grayscale told Decrypt the launch relied on SEC guidance issued during the government shutdown.
GLNK saw more than 1.17 million shares traded on debut, far above typical volume levels for the product.
Grayscale launched its Grayscale Chainlink Trust ETF (GLNK) on NYSE Arca on Tuesday, becoming the first spot Chainlink exchange-traded product to reach the U.S. market.

The conversion shifts the vehicle from a private trust into an ETF holding Chainlink’s native cryptocurrency, LINK,  as its sole asset, following an amended S-1 filed last month that set the structure for the newly listed product.

Asked about why they chose the chain, a Grayscale representative told Decrypt Chainlink was a natural candidate for an ETF wrapper given how the company has been “a longstanding supporter” of the Chainlink oracle network and the trust’s operation as a private fund since 2021.

The debut marks Grayscale as “the first to offer ETF access to the world of blockchain oracles,” the spokesperson said. It would help investors “engage more directly with this critical layer of blockchain infrastructure,” they added.

Chainlink operates an oracle network “designed to connect smart contracts on any blockchain to real-world data, events and off-chain computation,” a description from GLNK’s prospectus reads. The network “serves as infrastructure for synchronizing on-chain and off-chain information,” it adds.

Grayscale’s debut for its Chainlink ETF follows the same trust conversion pathway used in its DOGE and XRP ETF launches late last month, which began trading on NYSE Arca after clearing similar procedural steps.

Cash-only models require authorized participants to handle more of the buying and selling themselves, as the SEC describes in its official documentation. Those extra costs can show up as wider prices when a new ETF first starts trading.

The SEC’s new listing standards, approved in September, played out as a “key factor” in “enabling” the asset manager to launch the product, Decrypt was told.

“We were able to rely on a pathway outlined by the SEC at the onset of the government shutdown,” to submit their filing for GLNK, the company said.

Grayscale shared with Decrypt an SEC statement on how it proceeded to qualify pending registration statements despite the shutdown, which lasted several weeks and affected liquidity for the broader crypto market.

That move “triggered a 20-day window at the end of which the product became automatically effective,” Decrypt was told.

When asked about their assessment of early trading conditions, the Grayscale spokesperson said: “So far, trading volume has been very positive,” in a message sent around Tuesday noon in New York, several hours into the product’s debut.

GLNK closed its launch day at $11.89, up 5.8%, with after-hours trading lifting it to about $12, according to Yahoo Finance data.

Volume reached 1.17 million shares, far above its average of roughly 42,000, indicating outsized first-day interest and active price discovery as the newly listed ETF transitioned from OTC markets to NYSE Arca.

Grayscale claimed it is seeing “enthusiasm from a range of investors,” while secondary market activity appears to align with that sentiment.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

A six-year data review shows five large and mid-cap cryptocurrencies often gain during December. However, their “Santa rally” success is clustered in specific bull and recovery years, not every Christmas.

The analysis covers December performance from 2019 to 2024. It focuses on USD returns for Bitcoin, Ethereum, Binance Coin, Litecoin and Monero.

Bitcoin: Big December Moves in Bull CyclesBitcoin delivered its strongest December in 2020, rising about 48% from roughly $19,700 to $29,000. It posted another solid December gain in 2023, adding about 12% as ETF optimism returned.

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By contrast, Bitcoin fell about 5% in December 2019 and nearly 19% in 2021. It slipped around 4% in 2022 and slightly over 3% in 2024.

The pattern is clear. Bitcoin’s December rallies appear mainly in strong bull or recovery phases, not during tightening or late-cycle stress.

Around Christmas, the biggest moves usually came after the holiday. In 2020 and 2023, the week after Christmas outperformed the week before.

BREAKING: Bitcoin is on track for its biggest daily gain since May 2025, nearing $91,000, as levered short liquidations surge.

In the last 60 minutes alone, ~$140 million of shorts have been liquidated compared to just ~$3 million of longs.

Recent swings in crypto are ENTIRELY… https://t.co/cIDnDkvV6B pic.twitter.com/ElxAw4BUiw

— The Kobeissi Letter (@KobeissiLetter) December 2, 2025
Ethereum: Follows Bitcoin’s Cycle, With Strong 2020 and 2023Ethereum showed a similar December profile to Bitcoin, with standout gains in 2020 and 2023. In December 2020, ETH climbed about 21%, from around $615 to $750.

During December 2023, Ethereum added roughly 11%, tracking the broader market recovery. Both rallies coincided with improving macro sentiment and stronger network activity.

Yet Ethereum fell sharply in bearish or late-cycle years. It dropped about 15% in December 2019, 20% in 2021 and around 8% in 2024, with a smaller 8% decline in 2022.

Overall, Ethereum tends to rally in December when liquidity is ample and risk appetite is high. When macro conditions tighten, its December performance turns negative quickly.

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A whale transferred $120,000,000 in $ETH after 10 years of dormancy.

He bought them for just $12,400 and is now sitting on a 9,633x return.

Life-changing wealth with Ethereum. pic.twitter.com/sOaBGLgMyz

— Ted (@TedPillows) November 30, 2025
BNB: Explosive December Rallies in 2020 and 2023The formerly labeled Binance Coin shows some of the most dramatic December gains in the dataset. BNB rose about 19% in December 2020 as Binance volumes surged late in the bull run.

Its biggest move came in December 2023, jumping roughly 37% from around $228 to $312. That rally followed improving clarity around Binance’s legal position and a rebound in spot volumes.

However, BNB also suffered heavy December drawdowns. It fell about 13% in 2019, 18% in 2021 and another 18% in 2022 during exchange-related FUD.

BNB’s December record is high beta. When sentiment swings positive, its rallies outpace Bitcoin, but its losses are deeper in stress periods.

BNB 3-Month Price Chart. Source: CoinGeckoSponsored

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Litecoin: Classic High-Beta December PlayLitecoin behaved like a leveraged bet on the market’s December mood. Its strongest month was December 2020, when LTC surged about 42%, from roughly $88 to $125.

That move tracked Bitcoin’s breakout and followed greater payment support, including PayPal’s crypto rollout. It cemented Litecoin’s role as a “digital silver” trade during bull-market holidays.

Litecoin then struggled in later years. It dropped about 13% in 2019, nearly 30% in 2021 and around 12% in 2022.

Even so, it posted modest gains of about 5% in December 2023 and an estimated 7% in 2024. These smaller rallies show Litecoin still benefits from late-year risk-on phases, especially around halving narratives.

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Monero: Quiet but Consistent Holiday StrengthMonero stands out for its defensive but positive December pattern. It rose around 15% in December 2020 and roughly 9% in December 2022 while many coins fell.

Monero also gained about 10% in December 2023, moving from the mid-$160s toward $180. Its December drawdowns in other years were relatively mild compared with major altcoins.

This resilience likely reflects steady transactional demand and its privacy use case. Monero tends to act as a defensive crypto asset during periods of exchange or regulatory fear.

Across 2019–2024, Monero avoided extreme December crashes and often finished the month higher. That makes it one of the more consistent late-year performers among mid-cap coins.

Santa Rallies Are Selective, Not GuaranteedThe data shows these five coins have delivered multiple strong Decembers, especially in 2020 and 2023.

However, every coin also logged negative December returns in at least one year.

Rallies cluster in bullish macro environments and recovery phases. Meanwhile, bear-market Decembers reward more defensive assets like Monero and, at times, Litecoin.

For traders, the message is clear. Historical December strength exists, but each year’s macro backdrop and project-specific news still decide whether Christmas turns green.