Market Signal Briefing

SummaryElevance Health is rated a Buy with a $400 price target, reflecting 18% upside and potential market outperformance.ELV trades at a significant discount to peers, with an 11x earnings multiple and strong double-digit top-line growth despite sector headwinds.Recent FQ3 2025 results showed a double-beat, with revenue up 12% year-over-year and EPS surpassing analyst estimates, signaling a turnaround.The healthcare sector is at multi-year lows, offering a compelling, defensive diversification opportunity as ELV fundamentals improve and concerns recede.Morsa Images/DigitalVision via Getty Images

Following my last article on Elevance Health (ELV), the stock appreciated 6% and outperformed the benchmark over the past two months. This may signal a shift in sentiment and potential turnaround in play, supported by robust performance

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.

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Analyst’s Disclosure:I/we have a beneficial long position in the shares of TRIN, HTGC 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.

Microsoft's business is steadier than Alphabet's. Alphabet's business depends on advertising spending.

, /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) (the "Company") today announced the early results of the previously announced offers: (a) to exchange (the "Exchange Offer") any and all of the Company's outstanding 7.375% Senior Secured Notes due 2028 (the "Existing Notes") held by Eligible Holders (as defined below) for newly issued 7.625% Second Lien Senior Secured Notes due 2031 (the "Exchange Notes"), to be issued by the Company, and cash, (b) to purchase (the "Tender Offer") up to $185.0 million in aggregate principal amount of the Existing Notes for up to $111.0 million in cash and (c) the right to subscribe to purchase (the "Subscription Offer" and, together with the Exchange Offer and the Tender Offer, collectively, the "Offers") up to $60.6 million in aggregate principal amount of newly issued 10.500% First Lien Senior Secured Notes due 2030 (the "New First Lien Notes" and, together with the Exchange Notes, the "New Notes").

As of 5:00 P.M., New York City time, on December 1, 2025 (the "Early Tender Date"), the Company received from Eligible Holders valid and unwithdrawn tenders and related Consents (as defined below), as reported by D.F. King & Co., Inc. (the "Exchange Agent"), representing approximately $450.0 million in aggregate principal amount of Existing Notes, or approximately 92.2% of the aggregate principal amount of Existing Notes outstanding.

Eligible Holders electing to participate in: (a) only the Exchange Offer are referred to herein as "Exchange Offer Only Participants," (b) the Exchange Offer and the Tender Offer are referred to herein as "Exchange Offer and Tender Offer Participants," (c) the Exchange Offer, the Tender Offer and the Subscription Offer are referred to herein as "Exchange Offer, Tender Offer and Subscription Offer Participants," and (d) the Exchange Offer and the Subscription Offer are referred to herein as "Exchange Offer and Subscription Offer Participants." The Exchange Offer and Tender Offer Participants and the Exchange Offer, Tender Offer and Subscription Offer Participants are collectively referred to herein as the "Tender Offer Participants."

As of the Early Tender Date, $480,000 in aggregate principal amount of Existing Notes were tendered by Exchange Offer Only Participants and Exchange Offer and Subscription Offer Participants to receive the Exchange Consideration and approximately $449.5 million in aggregate principal amount of Existing Notes were tendered by Exchange Offer and Tender Offer Participants and Exchange Offer, Tender Offer and Subscription Offer Participants to receive the Tender Consideration. Because Existing Notes in a principal amount greater than $185.0 million were tendered into the Tender Offer, the Tender Offer is oversubscribed, and Existing Notes accepted in the Tender Offer will be subject to proration, as described below.

Prior to the Early Tender Date, Eligible Holders (other than the Supporting Noteholders (as defined below)) subscribed to purchase approximately $4.7 million in aggregate principal amount of New First Lien Notes. Following the Early Tender Date, Eligible Holders may no longer elect to participate in the Subscription Offer. To be eligible to participate in the Subscription Offer, Eligible Holders were required to tender all of their Existing Notes in the Exchange Offer only or in the Exchange Offer and Tender Offer at or prior to the Early Tender Date and must deliver in cash an amount equal to the purchase price therefor by 11:59 P.M, New York City time, on December 3, 2025. As previously announced, pursuant to a Transaction Support Agreement, dated as of November 14, 2025, by and among the Company and certain holders (the "Supporting Noteholders") of Existing Notes, the Supporting Noteholders have agreed to backstop the full Subscription Offer and are expected to purchase the remaining approximately $55.9 million in aggregate principal amount of New First Lien Notes.

In addition, as of the Early Tender Date, the Company received the requisite number of consents (the "Consents") in the concurrent consent solicitation (the "Consents" and such solicitation, the "Consent Solicitation") from Eligible Holders of the Existing Notes to adopt certain proposed amendments to the indenture governing the Existing Notes (the "Existing Notes Indenture") to eliminate substantially all of the restrictive covenants and certain of the default provisions, modify covenants regarding mergers and consolidations and modify or eliminate certain other provisions, including removing the requirement that the Company make an offer to repurchase the Existing Notes if the Company experiences certain change of control transactions, releasing the guarantees provided by the guarantors of the Existing Notes, and eliminating any requirement to provide guarantees in the future with respect to the Existing Notes, releasing the liens on all of the collateral securing the Existing Notes and eliminating any requirement to provide collateral in the future with respect to the Existing Notes (collectively, the "Proposed Amendments"). Promptly after the Early Tender Date, the Company intends to enter into a supplemental indenture with the trustee for the Existing Notes and the guarantors party thereto to reflect the Proposed Amendments, but the Proposed Amendments will become operative only upon, and subject to, the consummation of the Exchange Offer and Tender Offer.

As of 5:00 P.M., New York City time, on December 1, 2025, the right to withdraw tenders of Existing Notes and related Consents expired. Accordingly, Existing Notes tendered for exchange at or before such time may not be validly withdrawn and Consents may no longer be revoked, unless required by applicable law, or the Company determines in the future in its sole discretion to permit withdrawal and revocation rights.

The Offers and the Consent Solicitation will expire at 5:00 P.M., New York City time, on December 15, 2025, unless extended (such time and date as it may be extended, the "Expiration Date") or earlier terminated. Each participating Eligible Holder must tender all of the Existing Notes it holds for purchase in the Tender Offer and/or exchange in the Exchange Offer through The Depository Trust Company's Automated Tender Offer Program ("ATOP"). Partial tenders of Existing Notes will not be accepted. Following the Early Tender Date, within ATOP, each participating Eligible Holder must tender all of the Existing Notes it holds into the appropriate contra-CUSIP corresponding with its decision to participate as (1) an Exchange Offer Only Participant or (2) an Exchange Offer and Tender Offer Participant. Eligible Holders will only be entitled to participate in the Tender Offer if they elect to exchange all of their Existing Notes in the Exchange Offer other than those Existing Notes, if any, accepted for purchase in the Tender Offer.

Treatment per $1,000 Principal Amount of Existing Notes Validly Tendered and Not Validly Withdrawn(3)

Aggregate
Principal Amount Outstanding(1)

Title of
Series of
Existing
Notes

CUSIP No. / ISIN(2)

Participant Type

Tender Consideration(4)

Exchange Consideration(5)

$487,836,000

7.375%
Senior
Secured
Notes due
2028

144A: 91705J AC9 / US91705JAC99

Reg S: U9155T AB3 / USU9155TAB36

Exchange Offer Only Participant

—

$1,000 principal amount of Exchange Notes and $3.75 in cash

Exchange Offer and Tender Offer Participant

$600 in cash (for Existing Notes accepted up to the Tender Cap)

$1,000 principal amount of Exchange Notes and $3.75 in cash

(1)           The outstanding principal amount reflects the aggregate principal amount outstanding as of December 1, 2025, but does not include accrued and unpaid interest.

(2)           No representation is made as to the correctness or accuracy of the CUSIP numbers or ISINs listed in this press release or in the Offering Memorandum or printed on the Existing Notes. Such CUSIP numbers and ISINs are provided solely for the convenience of the holders of the Existing Notes.

(3)           Any accrued and unpaid interest on the Existing Notes accepted for exchange or purchase, as applicable, in the Exchange Offer and/or Tender Offer to, but not including, the settlement date for the Offers will be paid in cash at settlement.

(4)           The maximum principal amount of Existing Notes that will be accepted for purchase in the Tender Offer is $185.0 million, and the maximum amount of cash consideration that will be paid for Existing Notes validly tendered (and not validly withdrawn) in the Tender Offer is $111.0 million. If $185.0 million or less in aggregate principal amount of Existing Notes is validly tendered (and not validly withdrawn) by all Subscription Offer Participants together, all such participants will receive $600 per $1,000 principal amount of Existing Notes tendered (the "Tender Consideration") in respect of all of their tendered Existing Notes. To the extent Existing Notes in a principal amount greater than $185.0 million are tendered into the Tender Offer, the Tender Offer will be oversubscribed, and Existing Notes accepted in the Tender Offer will be subject to proration. In such case, the amount of Existing Notes that will be accepted in the Tender Offer for each Tender Offer Participant will be equal to the product of (a) the aggregate principal amount of Existing Notes tendered by such Tender Offer Participant and (b) the quotient of $185.0 million (the "Tender Cap") divided by the total principal amount of Existing Notes validly tendered (and not validly withdrawn) in the Tender Offer. Eligible Holders who elect to participate in the Tender Offer will receive the Tender Consideration for its Existing Notes tendered up to the Tender Cap, with the remainder of their Existing Notes being exchanged for the Exchange Consideration in the Exchange Offer. The Tender Consideration depicted in the table above is for illustrative purposes only. The Tender Consideration will be impacted by participation levels in the Tender Offer and will be determined following the Expiration Date in the manner described in the Offering Memorandum.

(5)           The Existing Notes will only be accepted for exchange or purchase by the Company in minimum principal amounts of $2,000 and integral multiples of $1,000 thereafter. No alternative, conditional or contingent tenders will be accepted.

The consummation of the Offers and the Consent Solicitation is subject to, and conditioned upon, the satisfaction or, if permitted, waiver by the Company of certain conditions, including the Supporting Noteholders' performance of their obligations under the Transaction Support Agreement, the Company's substantially concurrent refinancing of its existing asset-based lending facility (or, in lieu thereof, the receipt of consent from the required lenders thereunder to the consummation of the Offers) and the General Conditions (as defined in the Offering Memorandum). Subject to applicable law, the Company may amend, extend, terminate or withdraw any of the Offers and/or Consent Solicitation without amending, extending, terminating or withdrawing any of the others, at any time and for any reason, including if any of the conditions set forth under "Conditions to the Offers and Consent Solicitation" in the Offering Memorandum with respect to the Offers are not satisfied as determined by the Company in its sole discretion.

The New Notes and the offering thereof have not been registered with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"), or any state or foreign securities laws. The Offers and Consent Solicitation will only be made, and the New Notes are only being offered and issued, to holders of Existing Notes that are (a) reasonably believed to be qualified institutional buyers in reliance on Rule 144A promulgated under the Securities Act or (b) non-U.S. persons, in transactions outside the United States, in reliance on Regulation S under the Securities Act (such holders, the "Eligible Holders"). Only Eligible Holders are authorized to receive or review the Offering Memorandum or to participate in the Offers. Copies of all the documents relating to the Offers and Consent Solicitation may be obtained from the Exchange and Information Agent (as defined below), subject to confirmation of eligibility through online procedures established by the Exchange and Information Agent, available at: www.dfking.com/UONE. There will be no letter of transmittal for the Offers.

Eligible Holders of the Existing Notes are urged to carefully read all of the information in, or incorporated by reference into the Offering Memorandum, including the information presented under "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" before making any decision with respect to the Offers or the Consent Solicitation. None of the Company, its subsidiaries, the Exchange and Information Agent, the Dealer Manager (as defined in the Offering Memorandum), the applicable trustees under the indentures governing the Existing Notes and the New Notes, the applicable collateral agents under the indentures governing the Existing Notes and the New Notes or any of their respective affiliates, makes any recommendation as to whether holders of Existing Notes should participate in the Offers or Consent Solicitation. Each Eligible Holder must make its own decision as to whether to participate in the Offers and whether to tender its Existing Notes and to deliver Consents.

Moelis & Company LLC has been appointed as the dealer manager and solicitation agent (the "Dealer Manager and Solicitation Agent") and D.F. King & Co., Inc. has been appointed as the exchange and information agent, respectively, for the Offers and Consent Solicitation. Questions concerning the Offers and the Consent Solicitation may be directed to the Dealer Manager and Solicitation Agent, in accordance with the contact details shown on the back cover of the Offering Memorandum.

No Offer or Solicitation

This press release is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote, consent or approval in any jurisdiction in connection with the Offers and Consent Solicitation, or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In particular, this press release is not an offer of securities for sale into the United States. The New Notes to be offered in the Offers have not been registered under the Securities Act or any state securities laws, and unless so registered, New Notes may not be offered or sold in the United States or to any U.S. persons except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

About Urban One

Urban One Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 35 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform, and inspire a diverse audience of adult Black viewers. As of September 30, 2025, the Company owned and/or operated 74 independently formatted, revenue producing broadcast stations (including 57 FM or AM stations, 15 HD stations, and the 2 low power television stations the Company operates), located in 13 of the most populous African-American markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made in this press release may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, including any statements regarding the consummation of the Offers and Consent Solicitation. Any statements that are not statements of historical fact should be considered forward-looking statements. In many cases, forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "plan," "predict," "expect," "estimate," "intend," "would," "will," "could," "should," "anticipate," "believe," "project" or "continue" or the negative thereof or other similar expressions. The forward-looking statements contained in this press release reflect our views as of the date of this press release and are based on our expectations and beliefs concerning future events, as well as currently available data as of the date of this press release. While we believe there is a reasonable basis for our forward-looking statements, they involve a number of risks, uncertainties, assumptions and changes in circumstances that may cause actual results, performance or achievements to differ significantly from those expressed or implied in any forward-looking statement, including, but not limited to, the adverse impact of failing to consummate the Offers and the Consent Solicitation, the risk that an insufficient number of holders of Existing Notes participate in the Offers and other risk factors described from time to time in the Company's filings with the SEC. Therefore, these statements are not guarantees of future events, results, performance or achievements, and you should not rely on them. All forward-looking statements included in this press release are based on information available to the Company as of the date on which such statements were made, and the Company assumes no obligation to update or revise any forward-looking statements to reflect events or circumstances that occur after such statements are made, except as required by law.

SOURCE Urban One, Inc.

The 2025 Q3 earnings cycle is nearly over, with the period remaining positive on the back of strong growth and a solid number of companies exceeding consensus expectations.

So far, several companies – American Express (AXP - Free Report) , Palantir (PLTR - Free Report) , and Roku (ROKU - Free Report) – have posted robust results, reflecting positive business momentum. Let’s take a closer look at what drove the strong results. 

Roku

Roku posted a double-beat concerning our headline expectations, with adjusted EPS tripling alongside a 14% sales increase. Notably, the company posted positive operating income for the first time since 2021.

Advertising efforts and subscription growth led to the strong quarter, with the company raising its fiscal year outlook following the print. The current year EPS outlook jumped following the guide higher, with the stock a current Zacks Rank #2 (Buy). 

American Express

American Express posted a double-beat concerning our headline expectations, with adjusted EPS climbing 19% alongside a 10% sales increase. AXP raised its current year sales and EPS outlook thanks to the strong results, with shares seeing a nice pop post-earnings.

Sales of $18.4 billion reflected a quarterly record, with successful launches of updated Platinum Cards providing nice benefits. Increased Card Member spending also provided big tailwinds, with Net Interest Income of $4.5 billion also exceeding our consensus estimate by nearly 4%.

Current year sales expectations jumped following the print.

Palantir

Quarterly sales of $1.2 billion in Palantir’s release set another record, climbing 63% from the year-ago period. Growth was broad-based, with US commercial revenue surging 121% YoY and US government revenue shooting 52% higher.

PLTR inked many lucrative deals throughout the period, closing more than 200 deals worth at least $1 million, 91 worth at least $5 million, and 53 deals worth at least $10 million. It closed a record-setting $2.8 billion of Total Contract Value (TCV) overall, up a staggering 340% from the same period last year. And to top it off, Customer count grew by a massive 45% YoY.

Bottom Line

The 2025 Q3 cycle has been positive, and all three companies above – Roku (ROKU - Free Report) , Palantir (PLTR - Free Report) , and American Express (AXP - Free Report) – have added to the positivity, each posting robust quarterly results. 

Shopify experienced instability for hours on one of the busiest shopping days of the year. Last year, it handled $11.5 billion between Black Friday and Cyber Monday.

By

Katherine Li

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Shopify experiences a major outage on Cyber Monday, one of the busiest shopping days of the year.

REUTERS/Mario Anzuoni

2025-12-02T02:23:46.982Z

Shopify experienced an outage on Cyber Monday, disrupting merchant transactions.
The outage mainly affected business login and point-of-sale systems.
Shopify powers over 10% of US e-commerce, and its stock fell 5.8% on Monday.

It was a tough day for one of the nation's largest transaction platforms to experience instability.

Shopify suffered an outage on Cyber Monday, freezing some merchants out of their accounts and point-of-sale systems during one of the busiest shopping days of the year.

The financial impact is still unclear. A spokesperson directed Business Insider to the company's status page.

Many small business owners posted on social media to tell shoppers that their shipping labels could not be generated and that they may experience issues during checkout.

Global computer glitch grounds flights, knocks out 911

Outage tracker Downdetector showed a spike of roughly 4,000 problem reports at 11 a.m. ET, with thousands more pouring in around 1:15 p.m. ET.

The Canadian e-commerce transaction giant said early afternoon on its status page that some sellers were "experiencing issues" with Shopify admin, Point of Sales, Mobile, and Shopify Support.

By mid-afternoon, Shopify reported that services were recovering after engineers fixed an issue with the company's login authentication flow, though pockets of disruption remained.

"We are seeing signs of recovery for admin and POS login issues now," Shopify said in a 2:31 p.m. ET update, adding that teams were still monitoring the situation.

By 3:38 p.m. ET, Shopify said in its most recent status update that its Help Center is still "experiencing longer than normal wait times."

As of 9 p.m. ET, Point of Sale, API & Mobile, and Support are still considered to have "degraded performance."

Shopify powers more than 10% of US e-commerce sales. The company's President, Harley Finkelstein, said in a press release on Saturday that the platform processed $6.2 billion in gross merchandise volume on Black Friday, up 25% year over year, led by cosmetics, activewear, fitness, and nutrition.

Shopify's stock closed 5.8% down on Monday.

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NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--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 26, 2026 to file lead plaintiff applications in a securities class action lawsuit against Sprouts Farmers Market, Inc. (“Sprouts” or the “Company”) (NasdaqGS: SFM), if they purchased or otherwise acquired the Company's securities between June 4, 2025 and October 29, 2025, inc.

Key NotesBears maintain firm control with $228 million in cumulative short positions following BNB's steep 20% November decline.A critical $805 support level concentrates $19.9 million in long contracts representing 33% of total bullish leverage exposure.Binance appoints Nina Rong as Executive Director of Growth ahead of Blockchain Week amid challenging market conditions.
BNB

BNB
$826.2

24h volatility:
1.2%

Market cap:
$113.80 B

Vol. 24h:
$2.23 B

slipped 6% to trade under the $810 support zone on Dec. 1, extending November’s weak close and placing additional stress on leveraged long-side exposure.

Coinglass’ 30-day liquidation map shows bears remain in firm control with $228 million in cumulative short positions, outpacing the $60 million in longs left after BNB posted a steep 20% performance loss last month.

BNB Liquidation Map (30-D), Dec. 1, 2025 | Coinglass

The data highlights a critical cluster forming at the $805 price level, where bullish traders have concentrated $19.9 million in active long contracts, representing more than 33% of total leveraged bullish exposure in the past month. With such a heavy concentration of leverage around a single price band, any decisive break below $805 risks accelerating downside momentum as the remaining support levels offer much lower liquidity.

See you in less than 48 hours!
Dec 3rd 11:45am
Binance Blockchain Week pic.twitter.com/Jogzdx1xqF

— Nina Rong (@nina_rong) December 1, 2025

Binance team continues to make strategic moves to navigate the turbulent market phase with its newly-appointed Executive Director of Growth, Nina Rong set to appear at Binance Blockchain Week event set to kick-off on Dec. 3. Co-founder Changpeng Zhao endorsed Nina’s appointment last week.

CZ delivered the vote of confidence on a lengthy post from the ex-Arbitrum growth lead, which cited BNB Chain’s competitive advantages, including its 695 million unique addresses and its over 2 million daily active users, as ample avenues to ship innovative retail products at a global scale. Notably, under Nina Rong’s leadership, digital asset’s trading platform Robinhood launched its on-chain US stocks on the Arbitrum network in July 2025.

BNB Price Forecast: Can Bulls Defend the $805 Cluster as Double-Top Risks Re-Emerge?
BNB trades at $810.70 on the monthly chart, slipping back into the lower boundary of its recent expansion phase and moving closer to the bearish trigger zone that would confirm a double-top reversal. The current formation suggests that BNB traders can count on two critical liquidity pockets at $813 and $802.

The Breakout Probability indicator shows the majority of traders have flipped bearish, with the current 34.88% upside potential offset by a 47.50% downside risk.

Binance Coin (BNB) Technical Price Forecast, Dec. 1, 2025 | Source: TradingView

More so, the RSI at 58.81, down from the prior peak near 68, shows cooling strength but not yet oversold conditions, meaning sellers have room to extend pressure before encountering exhaustion. This technical weakness suggests the path of least resistance remains to the downside in the near term.

On the upside, an early BNB price recovery above the recent $875 supply zone would be required to neutralize the immediate bearish pressure and attempt a retest of the $1,050 target on the double top pattern. However, with derivative flows skewed against bulls, a close below the $805 cluster triggers major liquidations and potentially activates the 47.5% downside projection to lower lows near $700.

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

Cryptocurrency News, News

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

Ibrahim Ajibade on LinkedIn

Placeholder VC’s Chris Burniske sees one of the best long-term setups for Bitcoin building in the background – but he is clear that the real opportunity likely lies lower, with a potential test of levels near $56,000 still ahead.

On X, Burniske argues that the current sentiment environment is exactly what eventually produces outsized returns, while warning that it is still early for aggressive deployment. “There’s so much pessimism and short-term thinking on crypto assets these days that the R/R is tilting towards optimism and long-term, sized, high-conviction positions in distressed, public, cryptoassets,” he writes. “That said, the time isn’t yet now, imo.”

Bitcoin Bear Market Not Over Yet
He reiterates a framework he first shared when Bitcoin was trading at $109,000: “I shared my view @ $109K that BTC only starts to get interesting < $75K, and a revisit of the 200W SMA is always possible (~$56K currently, will trend higher), with all of those numbers still representing a mellow bear.” For Burniske, a move into that band – and even a touch of the 200-week simple moving average – would not mean a structural breakdown, but a more orderly, “mellow” bear market reset. He adds a blunt caveat: “Can we go lower? Sure. Pay your taxes and let’s see what 2026 brings.”

That patience extends beyond Bitcoin to the broader crypto complex. As an example, he highlights Monad’s MON token, where Placeholder is a venture investor. He describes MON as “one of the highest quality teams to launch in the last few years,” arguing it “sits at a tenth of the FDV of previous high-flyers in its category, while having superior tech & design choices across the board.” For him, MON’s price action is symptomatic of the broader reset: “Observing discourse & price-action around MON … shows how much repricing is happening.”

Burniske sees that repricing as necessary rather than catastrophic. “More broadly, the vicious repricing happening in crypto is cathartic,” he says. “Everyone is taking their licks, and smart ones will learn and adapt.” In his framework, tokens are “liquid venture,” and the failure rate should be treated accordingly: “Most crypto assets should go to zero — this is liquid venture, what did you expect?”

The flip side is that a small minority of assets will, in his view, be marked down far too aggressively as “babies are thrown out with the bathwater.” For those, timing and conviction matter more than ever: “there are going to be a handful that reprice far too low … and having the conviction, at the right time, to be optimistic when the consensus is pessimistic will once again yield 10-100X’s.”

For now, Burniske’s message to would-be Bitcoin bottom fishers is straightforward: the structural risk–reward is improving, but a convincing bottom may still require a deeper break – potentially toward the rising 200-week moving average around $56,000 – before long-term, high-conviction capital truly steps in.

At press time, Bitcoin traded at $85,872.

Bitcoin tests the 0.786 Fib and 100-week EMA again, 1-week chart | Source: BTCUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

Large-holder activity in Dogecoin has declined to its lowest level in 60 days, according to data shared by cryptocurrency analyst Ali Martinez on Sunday, Nov. 30.

Summary

Large Dogecoin transactions dropped to just four, down from a recent peak of 38, according to analyst Ali Martinez.
The pullback comes even as Dogecoin shows a short-term price uptick and trades near a key 2024 support level, still below its 200-day EMA.
Technical indicators, including the RSI, remain weak — signaling fading momentum as whale activity hits a 60-day low.

The number of high-value Dogecoin (DOGE) transactions dropped to four, down from a recent peak of 38, Martinez reported. The decline occurred as the token showed signs of a short-term price increase, raising questions about the sustainability of the movement.

The data indicates that major holders have reduced their transaction activity despite recent upward price momentum, according to Martinez’s analysis shared with followers.

Dogecoin is currently trading below its 200-day exponential moving average, a technical indicator often monitored by market participants.

The Relative Strength Index, a momentum indicator, has shown negative readings since a rally period that occurred between June and September ended, according to technical data.

Martinez is a cryptocurrency analyst who regularly publishes market data and technical analysis to followers on social media platforms.

Dogecoin, originally created as a parody cryptocurrency in 2013, remains among the most widely traded digital assets by market capitalization. But the token has experienced significant volatility throughout its trading history, with price movements often influenced by social media activity and large-holder transactions.

At last check Monday, the coin was down 27% over the past month.

Source: CoinGecko
The current decline in whale activity represents a notable shift from recent months, when large transactions reached levels nearly ten times higher than current figures, according to the data Martinez shared.

A looming global asset unwind is how Robert Kiyosaki frames what he calls a 30-year bubble rupture, urging investors toward bitcoin and other hard assets as he warns of accelerating instability across major markets.

Vanguard's move signals growing acceptance of crypto investment by mainstream asset managers and broadens access for traditional investors seeking digital assets.

Key Takeaways

US ETFs tracking Bitcoin, Ethereum, XRP, and Solana are now visible on Vanguard’s platform.
This move represents a shift for Vanguard, which previously did not support crypto products on its platform.

Vanguard has listed US Bitcoin, Ethereum, XRP, and Solana ETFs on its investment platform as it moves toward offering trading in crypto-related ETFs and mutual funds.

Starting Tuesday, the move will enable over 50 million Vanguard brokerage customers in the US to engage with crypto alongside other non-core assets like gold.

Vanguard operates as a major investment management company serving individual and institutional investors with various funds and exchange-traded products. The firm had previously maintained a restrictive stance toward crypto investments on its platform.

The pivot follows an extensive internal review and continuous client demand for digital assets, despite recent market declines.

Disclaimer

According to market observers, this week could mark a turning point for XRP as five spot ETFs trade at the same time for the first full week. 21Shares’ XRP fund (TOXR) launched today, joining Bitwise, Grayscale, Franklin Templeton and Canary Capital. Reports have disclosed that ETF inflows have already topped Over $660 million in less than a month, with zero outflows across 10 consecutive trading days.

5 ETFs Trade Together
Bitwise recently increased its XRP holdings to 80 million tokens. ETF managers now hold more than $687 million in assets, which represents just over 300 million XRP on record. 21Shares debuted with a $500,000 seed basket and charges a 0.50% management fee. Based on reports, competition among issuers will reveal how aggressively these funds plan to keep buying over the long term.

Demand Model
A price-path sensitivity simulation run by Mohamed Bangura was shared by analysts and taken up by commentators. The model used a baseline ETF demand of 74.5 million XRP per day, total exchange supply of 2.7 billion XRP, and an escrow release of 300 million XRP every 30 days.

Next week is a big milestone for XRP.

We will have the first full week of trading with 5 pure spot ETF’s running in competition.

It’s going to tell us ALOT by the end of week what we can expect for these funds acquiring XRP for the long term. https://t.co/S3TENqa4PP pic.twitter.com/LQ48QLKcgh

— Chad Steingraber (@ChadSteingraber) November 30, 2025

Elasticity values of 0.2, 0.5 and 1.0 were tested over 180 days. The outcomes showed that low elasticity can rapidly drain exchange-held supply, while higher elasticity can produce sharper price spikes as OTC liquidity absorbs flows. That result has many traders watching liquidity statistics closely.

Liquidity Pressure Builds
Jake Claver, CEO of Digital Ascension Group, warned that private OTC and dark-pool channels may be running thin. He estimated that about 800 million XRP of private liquidity was absorbed in the first week of ETF accumulation.

XRPUSD currently trading at $2.02. Chart: TradingView
Because much ETF buying happens off-exchange, price action has not yet matched the tightening supply, and markets may see more abrupt moves when funds are forced to source coins from public exchanges.

Whales Reshuffle Balances
Meanwhile, reports have disclosed changes among large holders. The top 10,000 wallets now hold 51.39 billion XRP, or about 85% of circulating supply. In one day, 78 new wallets took in 77.324 million XRP. One wallet reportedly collected 35 million XRP, another grabbed 3.63 million, and six wallets added 1.99 million each.

🚀 XRP RICH LIST SHOCKWAVE (11/29/2025) 🐳

Fresh data shows the top 10,000 wallets now control 51.39B+ XRP, and today’s ledger activity screams new whales + stealth accumulation.​

78 new accounts grabbed 77M+ XRP in one day.

246 existing wallets increased balances by another… pic.twitter.com/wpXZMJUQpI

— XRP 🅧 Army | Chacha72kobe4er (@Mullen_Army) November 30, 2025

Up to 44 new wallets were reported to have amassed over 300 million XRP each, while 246 existing wallets increased their combined balance by 17.91 million XRP. Those moves point to quiet accumulation during recent market weakness.

What Comes Next
Analysts say the current setup is a test of liquidity more than a simple demand story. ETF holdings of roughly 300 million XRP are sizable but still small compared with potential daily demand if inflows stay high and additional funds launch.

If OTC channels dry up and ETFs must buy on exchanges, volatility could rise quickly. Traders and portfolio managers will be watching order books, OTC reports and ETF filings in the coming days to see how the supply picture changes in practice.

Featured image from Trading News, chart from TradingView

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

Bitcoin (BTC) faced renewed selling pressure on Monday, dropping to around $86,000 after a series of liquidation events erased hundreds of millions of dollars in leveraged positions.

The decline deepened over the weekend, pushing BTC briefly under $85,500 amid broader risk-off sentiment and growing macroeconomic uncertainty.

BTC's price trends to the downside on the daily chart. Source: BTCUSD on Tradingview
Liquidation Wave Accelerates Downtrend
Data from multiple exchanges shows that more than $640 million worth of leveraged positions were wiped out within 24 hours, triggering a sharp breakdown below Bitcoin’s recent trading channel.

The pullback followed a breach of a major liquidation cluster under the $90,000 level, which rapidly thinned liquidity and intensified the move toward the mid-$80,000 region.

On the charts, Bitcoin lost short-term structural support after falling below the lower boundary of its ascending channel. Indicators such as the Chaikin Money Flow (CMF) and the monthly MACD have weakened, with the latter printing a bearish crossover historically associated with extended downturns.

Analysts say support now lies around $84,500–$84,800, with deeper levels near $82,000 and $80,500 if selling pressure continues.

Altcoins reflected the volatility, with Ethereum dropping to around $2,800 while Solana, XRP, Binance Coin, and Dogecoin recorded losses between 5% and 7%. The total crypto market cap declined by nearly 5% to $2.95 trillion.

Bitcoin ETF Outflows and Macro Signals Add Pressure
The correction comes as Bitcoin spot ETFs recorded significant outflows through November. The month saw about $3.5 billion leave Bitcoin ETF products, with major issuers facing sizeable withdrawals.

Analysts attribute the trend to portfolio rebalancing and profit-taking, rather than a broad exit from digital assets; however, the timing has added pressure to an already fragile market.

Global macro developments have also shaped sentiment. The Bank of Japan is signaling a possible rate hike in December, contributing to volatility across risk assets.

In the US, traders are awaiting new guidance from the Federal Reserve after the end of Quantitative Tightening. A shift toward easier policy could help stabilize liquidity conditions, but uncertainty remains ahead of upcoming FOMC communications.

Market Awaits Fed Direction as Key Levels Hold
Despite the downside momentum, some analysts argue that the broader cycle remains intact, calling the current pullback a shakeout rather than the start of a prolonged bear phase.

For now, BTC’s ability to hold the $86,000–$87,000 zone will be closely watched. A recovery above $89,000 could ease immediate pressure, while a break below support may open the path toward the low-$80,000 range.

Cover image from ChatGPT, BTCUSD chart from Tradingview

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.

December 01, 2025 9:34 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - December 1, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Marex Group plc (NASDAQ: MRX) between May 16, 2024 and August 5, 2025, both dates inclusive (the "Class Period"), of the important December 8, 2025 lead plaintiff deadline.

SO WHAT: If you purchased Marex 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 Marex class action, go to https://rosenlegal.com/submit-form/?case_id=43100 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 8, 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, during the Class Period, defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Marex sold over-the-counter financial instruments to itself; (2) Marex had inconsistencies in its financial statements between its subsidiaries and related parties, including as to intercompany receivables and loans; (3) as a result of the foregoing, Marex's financial statements could not be relied upon; and (4) as a result of the foregoing, defendants' positive statements about Marex's business, operations, and prospects were materially misleading and/or lacked a reasonable basis. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Marex class action, go to https://rosenlegal.com/submit-form/?case_id=43100 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/276581

December 01, 2025 9:35 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - December 1, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of Freeport-McMoRan Inc. (NYSE: FCX) between February 15, 2022 and September 24, 2025, both dates inclusive (the "Class Period"), of the important January 12, 2026 lead plaintiff deadline in the securities class action first filed by the Firm.

SO WHAT: If you purchased Freeport-McMoRan 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 Freeport class action, go to https://rosenlegal.com/submit-form/?case_id=45553 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 12, 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 made false and/or misleading statements and/or failed to disclose that: (1) Freeport-McMoRan did not adequately ensure safety at the Grasberg Block Cave mine in Indonesia; (2) the lack of proper safety precautions constituted a heightened risk that could foreseeably lead to the death of Freeport's workers; (3) this constituted an undisclosed heightened risk of regulatory, litigation, and reputational risk; and (4) as a result, defendants' statements about Freeport-McMoRan'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 Freeport class action, go to https://rosenlegal.com/submit-form/?case_id=45553 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.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276518

Stocks made muted gains and traders were wary on Tuesday, following a slide in cryptocurrencies and a global bond selloff triggered by a looming interest rate hike in Japan.

A sweeping market reset may soon set the stage for a stronger bitcoin rebound, positioning it to potentially outpace the Nasdaq and gold as easing macro strain encourages a shift from fear toward selective risk-taking and renewed momentum.

The crypto market has spent years arguing about Tether’s reserves – sometimes with more hyperbole than substance – but the latest debate is sharper and more revealing than usual. Dec 2, 2025, 2:41 a.m.

Good Morning, Asia. Here's what's making news in the markets:Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.

Tether is back in the spotlight as traders revisit a familiar question: is the world’s largest stablecoin as sound as its balance sheet suggests?

STORY CONTINUES BELOW

This isn't a new debate. Tether truthers, usually with an anti-crypto bent, would concoct conspiracy theories about the health of USDT and how its being used to inflate the crypto market. Bitcoin, they would say, is about to go to zero as Tether is on the verge of collapse.

However, the debate has reignited once again and is now more serious, coming from actual market participants rather than hyperbolic critics.

The disagreement highlights a genuine divide over how to assess Tether’s strength.

Arthur Hayes, the founder of BitMEX, argues that Tether’s growing exposure to bitcoin and gold leaves it vulnerable if those assets decline, eroding its reported equity cushion.

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However, former Citi crypto research lead Joseph Ayoub pushed back, saying Hayes is working from an incomplete picture because Tether’s disclosed reserves do not reflect its full corporate balance sheet.

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Looking at the big picture, Ayoub argued, Tether holds equity, mining operations, corporate reserves, and one of the largest cash-generating Treasury portfolios in the world, giving it meaningful capacity to absorb losses.

Perhaps the more pointed concern is not solvency but immediacy.

Tether holds very little cash and relies on limited banking rails, raising potential questions about how quickly its largely non-cash reserves could be mobilized in an extreme redemption scenario.

Most of Tether’s reserves sit in short-dated Treasuries, reverse repos, money market funds, gold, and bitcoin. These are valuable assets, but they are not cash and cannot all be converted at the same pace, especially if multiple markets are under stress at the same time.

Everything functions smoothly as long as redemptions remain modest, which has historically been the case with USDT, as most users recycle it within crypto trading venues rather than converting it back to fiat.

The open question is what happens if that pattern breaks. A large shock in Asia’s trading hubs or a regulatory event affecting offshore markets could trigger a redemption surge that tests Tether's ability to unwind positions and move dollars through its banking partners.

One of USDT's record-breaking stress tests was in 2022 when it processed more than two billion dollars in redemptions within a single day while continuing to honour requests from verified customers at par.

Tether highlighted that, even during periods of severe volatility, it has never failed to meet redemptions from eligible users, presenting this as evidence that its asset base can be mobilized quickly when needed.

That episode shows that Tether can handle meaningful outflows, but it does not settle how the system would perform in a longer, more chaotic redemption cycle.

Tether, for its part, is dismissive of any criticism, saying that negative assessments of its balance sheet miss the big picture.

What makes this year’s debate useful is that it moves beyond the familiar noise. The arguments come from traders, analysts, and builders who rely on USDT every day and assess its strengths and weaknesses with clear eyes.

There is no talk of hidden conspiracies or imminent collapse, only a grown-up discussion about balance sheets, liquidity, and market plumbing. As USDT becomes more central to Asia’s trading flows, this perhaps is exactly the kind of scrutiny the market needs.

Market MovementBTC: Bitcoin is trading around $86,436 after briefly sinking toward $84,000 during the U.S. session as rate-hike signals from the Bank of Japan pressured risk assets.

ETH: Ether is hovering near $2,794 and remains under sustained selling pressure as treasury-linked ETH plays slid more than 10% in Monday's crypto-stock sell-off.

Gold: Gold opened at $4,218.50, briefly neared $4,300, and climbed as investors de-risked on falling crypto and stock futures while markets priced in an 87.6% chance of a Fed rate cut next week.

Nikkei 225: Japan’s Nikkei 225 rose 0.54% as financials, energy and basic materials led gains and industrial names like Fanuc and NGK Insulators jumped despite JGB yields hitting multi-decade highs.

Elsewhere in CryptoVitalik Buterin: 'Dark Hand' of Token Voting Could Erode Zcash Privacy (Decrypt)JPMorgan and Strike CEO Jack Mallers Go Silent, Leave 'Debanking' Questions Unanswered (CoinDesk)Trump Media and Crypto.com's $6 Billion Cronos Treasury Inches Closer to Public Debut (Decrypt)More For You

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Nov 14, 2025

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As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.View Full Report

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Seller Exhaustion or a Bottom? Strategy Gains 11% From Session's Worst Levels

5 hours ago

Peter Schiff took a victory lap after the company Monday morning announced it had raised $1.44 billion via common stock sales as a reserve to pay preferred dividends for nearly two years.

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Strategy lost ground on Monday, but managed a sizable bounce from its worst levels even as bitcoin held near session lows.The company earlier in the day announced the sale of common stock to raise cash in which to fund preferred dividends.For now, the action appears to be little more than short-covering after the swift plunge in the company's stock, but there are signs a bottom might be in.Read full story

Binance founder Changpeng Zhao’s YZi Labs has launched a bid to stack the board of a BNB buying company it helped to bankroll with its own nominees, citing “destruction” of stockholder value. 

In a regulatory filing on Monday, YZi Labs said it wants to cancel all of the company’s bylaw changes since July, expand the size of CEA’s board and elect “our highly-qualified nominees as directors.”

YZi told shareholders that the measures “are necessary to address the continued destruction of stockholder value at BNC and to ensure that the Company is being run in a manner consistent with your best interest.”

If the majority of outstanding shareholders agree, then YZi, which formerly marketed itself as Zhao’s family office, would essentially wrest control of the world’s largest public BNB (BNB) treasury company.

BNB is close to Zhao and Binance, which reportedly owns the majority of the supply. 

CEA shares have tumbled since YZi’s backingShares in CEA Industries (BNC) have dropped around 89% since its peak of $57.59 on July 28, the same day the Canadian vape company’s stock surged 550% on its plans to become the largest BNB treasury company.

It ended trading on Monday at $6.47, down more than 10% on the day. The stock is down over 20% so far this year, trading below its price before it pivoted to crypto.

Shares in CEA Industries fell by over 10% on Monday amid YZi Labs' launch of its board coup. Source: Google FinanceYZi helped bankroll CEA’s $500 million private investment in public equity (PIPE) deal that closed in August, which CEA pitched was to help “establish the largest publicly listed BNB Chain digital asset treasury strategy in the world.”

CEA’s crypto pivot saw investment firm 10X Capital’s CEO, David Namdar, installed as CEO, and multiple 10X Capital executives joining CEA’s board.

However, in its latest filing, YZi claimed that CEA’s management has been slow to provide investor updates and has made “little to no media or marketing efforts” to promote the company.

YZi also accused Namdar of a “lack of devotion and loyalty” to CEA, claiming he had promoted other crypto treasury companies, and floated that the new board “should explore the selection of a new CEO.”

CEA Industries did not immediately respond to a request for comment.

BNB trades low, but outperforms CEABNB, a token deeply tied to Binance that offers perks to BNB holders on its platform, is trading at a three-month low of $829.

It has lost almost 40% since reaching an all-time high of $1,367 in mid-October, but has fallen in tandem with the broader crypto market due to broader macroeconomic concerns.

Despite its recent decline, BNB is up 17.8% so far this year and has traded slightly down over the last 24 hours.

CEA Industries reports holdings of 515,054 BNB purchased at an average cost of $851.29, which has pushed its mNAV, the ratio of the company’s value compared to the value of its crypto holdings, to 0.79x.

Magazine: Solana vs Ethereum ETFs, Facebook’s influence on Bitwise — Hunter Horsley

Bitcoin price started a fresh decline below $88,000. BTC is now attempting to recover but upside might face hurdles near $88,000.

Bitcoin started a fresh decline below the $88,000 zone.
The price is trading below $87,500 and the 100 hourly Simple moving average.
There was a break above a short-term bearish trend line with resistance at $86,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move down if it settles below the $85,500 zone.

Bitcoin Price Attempts Recovery
Bitcoin price failed to stay above the $90,000 zone and started a fresh decline. BTC dipped sharply below $88,500 and $88,000. The bears even pushed the price below the $86,500 level.

A low was formed at $83,870 and the price is now correcting losses. There was a move above the $85,000 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $91,928 swing high to the $83,870 low.

Besides, there was a break above a short-term bearish trend line with resistance at $86,000 on the hourly chart of the BTC/USD pair. Bitcoin is now trading below $88,000 and the 100 hourly Simple moving average.

If the bulls remain in action, the price could attempt another increase. Immediate resistance is near the $87,250 level. The first key resistance is near the $88,000 level or the 50% Fib retracement level of the downward move from the $91,928 swing high to the $83,870 low.

Source: BTCUSD on TradingView.com
The next resistance could be $88,500. A close above the $88,500 resistance might send the price further higher. In the stated case, the price could rise and test the $90,000 resistance. Any more gains might send the price toward the $91,500 level. The next barrier for the bulls could be $92,000 and $92,500.

Another Decline In BTC?
If Bitcoin fails to rise above the $88,000 resistance zone, it could start another decline. Immediate support is near the $85,500 level. The first major support is near the $85,000 level.

The next support is now near the $83,500 zone. Any more losses might send the price toward the $82,500 support in the near term. The main support sits at $81,200, below which BTC might accelerate lower in the near term.

Technical indicators:

Hourly MACD – The MACD is now losing pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $85,500, followed by $85,000.

Major Resistance Levels – $87,250 and $88,000.

In a strategic move, Tether has shifted its reserve strategy, reducing its exposure to treasuries while increasing allocations to Bitcoin and gold. The USDT issuer has shown a notable reduction in government debt exposure, paired with an expanded position in hard assets known for durability and independence from traditional financial systems. 

Treasury Exposure Drops Amid Changing Macro And Regulatory Landscape
Stablecoin giant, Tether, has reduced its US Treasury holdings and increased its Gold and Bitcoin reserves. CryptosRus reported on X that Tether is quietly repositioning itself for what the company expects to be the Federal Reserve’s (FED) next round of rate cuts.

Related Reading: Rumble At The Core: How Tether Plans To Dominate The US Stablecoin Market

According to BitMex founder Arthur Hayes, Tether’s latest reserve update shows a clear shift away from the US treasuries and deeper into BTC and gold, a sign that the company is positioning for a changing macro environment. Furthermore, the Standard & Poor (S&P) Global noted that Tether is now leaning more heavily into assets with larger price swings in value, warning that this mix could expose USDT if markets turn volatile. Meanwhile, the current S&P Global rating on Tether remains weak.

Source: Chart from CryptoRus on X
Thus, Tether CEO Paolo Ardoino has pushed back, saying that the company holds no toxic assets. He claims that its rapid growth reflects a broader shift towards new financial systems that operate outside the traditional banking world.

Why Attempts To Break Tether Are Difficult In Practice
Crypto analyst Ted Pillows has also offered insight into the Tether Fear Uncertainty and Doubt (FUD) as it is making its usual rounds again. The narrative is latching onto the company’s latest attestation, showing a notable shift into Gold and Bitcoin to offset declining interest income. Meanwhile, if these risk assets drop by 30%, Tether’s equity buffer could evaporate, creating an environment where Tether will be insolvent, and panic will kick in.

Related Reading: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

However, Ted is steadfast and believes that Tether has been through a decade of this same FUD, and USDT is still sitting at $1.00. They’re fully liquid, but they operate on a fractional-reserve model, much like traditional banks. As long as redemptions remain normal, everything will work smoothly. A problem will only arise if there’s an irrational panic, and then liquidity stress could hit quickly. 

According to Ted, the USDT isn’t fully backed by cash, but it’s backed by a diverse portfolio that includes the US treasuries, yield-generating assets, and some risk assets. This is all scaled to a massive $174 billion stablecoin. “If someone wants to kill USDT, it’s possible, but I highly doubt it,” Ted noted.

BTC trading at $86,381 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

Journalist

Posted: December 2, 2025

Investors just can’t seem to catch a break.

December is already moving against the usual seasonal playbook. What was expected to be the start of the “Thanksgiving rally” instead turned into another sharp flush, with $160 billion wiped from the crypto market.

Bitcoin [BTC] took the biggest hit, making up 62% of the drawdown. But the story doesn’t end there. The very “store-of-value” narrative that pushed flows into BTC may now be flipping into its biggest bearish catalyst.

Bitcoin flash dump triggers market-wide liquidation wave
The last 24 hours were a classic liquidity bloodbath.

On the technical front, the total crypto market cap slipped back below $3 trillion, while Bitcoin absorbed most of the hit. In fact, its market cap dropped under $1.7 trillion, wiping out the week’s gains in one move.

The outcome was a textbook deleveraging. Coming into December, sentiment was firmly bullish, and Binance’s 24H long/short ratio, sitting above 68% long, made the overexposure of longs clear.

Source: Coinglass

Against that backdrop, even a minor pullback was enough to spark a crash.

As the chart above shows, total liquidations hit $637 billion, with 90% coming from long positions. This was the largest liquidation of the week, showing just how much crowded longs got squeezed and fueled the drop.

The result? BTC fell 4.3% to a weekly low of $86k, but this wasn’t a one-off. The move followed a key event that reignited speculation around MSTR’s strategy, adding fresh uncertainty to its already volatile market outlook.

Market reacts as MSTR navigates green dot speculation
MSTR has been in the spotlight two times in less than a month.

The first was the potential MSCI delisting after a clash with JPMorgan, which pushed margin requirements higher and rattled traders. Notably, each event has highlighted the risks of MSTR’s heavy Bitcoin exposure.

Adding to the volatility, Michael Saylor, recently shared a post on X showing what could happen if “green dots” are added over the BTC tracker. For context, an orange dot typically represents a BTC purchase.

Source: X

As expected, the post stirred some market chatter. 

Critics see the green dot as a possible warning of a BTC sell-off, given the current market conditions. The argument is simple: Since the October crash, MSTR has dropped roughly 70%, setting the stage for volatility.

Add in the potential delisting event and rising margin requirements, and it’s no surprise if a BTC sell-off follows. The bigger question is: Is Bitcoin’s ongoing slump a reality check on institutional dominance in the market?

Bitcoin crashes highlight risks in leveraged play
With 650k BTC, MSTR is easily the largest corporate Bitcoin treasury. 

But digging into the numbers, it’s clear why the stock has been under pressure. Its market-to-net-asset value (mNAV) sits around 1.01×, meaning the market values the company roughly equal to its Bitcoin holdings.

However, on the 22nd of November, MSTR’s mNAV dipped to 0.97×, showing the market was pricing the company below its Bitcoin stash.  Essentially, investors were paying less than $1 for every $1 of BTC.

Source: SaylorTracker

This shows MSTR stock is trading purely on its Bitcoin value.

In this context, if BTC falls further, the share price could drop too, since investors are treating it mainly as a leveraged Bitcoin play. Simply put, lower BTC prices add pressure to the company’s debt.

In this environment, the “green dot” quickly sparked sell-off speculation, and it was no fluke. Bitcoin’s back-to-back crashes show how its “store-of-value” narrative is turning into a double-edged sword.

Final Thoughts

Bitcoin dipped $4k, triggering a $637 billion liquidation wave, with 90% hitting long positions and BTC taking 62% of the losses.
MSTR’s BTC-heavy strategy faces pressure as its mNAV dipped below 1×, making its leveraged play riskier amid back-to-back BTC crashes.

In a first for the U.S. market, Galaxy Z TriFold folds inward twice like a pamphlet.

The company is widely expected to promote from within, with parks chief Josh D'Amaro and television head Dana Walden considered leading contenders.