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Legendary trader Peter Brandt issues another bearish Bitcoin price prediction on Monday, warning about a major upcoming BTC crash. Global crypto market cap tumbled more than 5% to $2.92 trillion, with BTC plunging 6% to an intraday low of $85,653 today.

Peter Brandt Predicts Major Bitcoin Price Crash
In an X post on December 1, Peter Brandt, known for accurate Bitcoin market top and bottom predictions, shared another reason why he is bearish on Bitcoin price. He shared a weekly Bitcoin logarithmic chart showing BTC tops and bottoms in the last 12 years.

Peter Brandt highlights the upper boundary of the lower green zone starting at the sub-$70k level, showing more room for Bitcoin price to fall further. Also, the lower boundary support of the green zone is in the mid-$40k. As the crypto market enters a bear market, heavy liquidations by institutional investors and treasury firms could trigger Bitcoin price crash below $50k.

Bitcoin Price Weekly Chart. Source: Peter Brandt
While he remains bullish on Bitcoin for the long term, he predicted a Bitcoin crash to $58K last month as BTC broke below the $100k psychological support. He predicted $81,000 and $58,000 as two primary support levels, which turned out to be accurate as Bitcoin price fell below $81,000 recently.

Will BTC Continue Historical Patterns and Crash 60%
Bitcoin continues to adhere to its four-year cycle, with historical peaks 12-18 months after halvings and bull market peaks occurring around 1,060-1,070 days. Long-term holders (LTH) and OG whales have sold their holdings in line and short-term holders and institutions are only buying the dip.

As CoinGape reported earlier, the BTC crash odds are higher as it aligns with its realized price at $56K and the 200-WMA at $56K. The range of drop remains the key question, as Bitcoin price crashed by more than 80% and 70% in prior bear markets. Notably, BTC is down more than 32% from its all-time high of $126,198.

BTC price is currently trading at $86,738, down more than 6% over the past 24 hours. The 24-hour low and high are $85,653 and $91,965, respectively. Trading volume climbed 66% in the last 24 hours amid crypto market crash today.

Dead cat bounce over???? https://t.co/WnUcadQCle

— Peter Brandt (@PeterLBrandt) December 1, 2025

11h20 ▪
4
min read ▪ by
Luc Jose A.

Summarize this article with:

Bitcoin ends this year on a familiar note. Down more than 36 % from its annual highs, the asset eerily replicates the movements of the 2022 bear market. This correlation alarms analysts as crypto ETFs register positive inflows again. Between the return of institutional capital and memories of a previous crash, the market oscillates between concern and hopes of a rebound.

In brief

In 2025, bitcoin records a drop of over 36 % from its annual highs.
Analysts observe a 98% correlation between BTC’s current trajectory and the 2022 bear market.
This similarity renews the hypothesis of a prolonged cycle, with a potential trough by Q1 2026.
Despite this drop, crypto ETFs register $226 million in net inflows in one week.

An almost perfect correlation with the 2022 bear market
For Timothy Peterson, analyst and manager at Cane Island Alternative Advisors, bitcoin’s current dynamics follow “an identical trajectory to that of the second half of 2022”.

In a post shared on X, he states that the bitcoin price correlation over 30 days with its past performance now reaches 0.98, i.e., 98 %. On a daily scale, it remains above 80 %. These levels leave little room for interpretation. According to him, current fluctuations accurately reproduce the movements seen during the last major correction cycle.

Here are the main points noted by the analyst :

A monthly correlation of 98 % between the current asset price and that of 2022 for the same period ;

A daily correlation above 80 %, confirming a very marked alignment of the curves ;

The 36 % drop from this year’s highs, a figure comparable to that recorded during the last bear market ;

The projection of a potential trough not reached before Q1 2026, if the past cycle repeats.

For technical analysts, these elements strengthen the hypothesis of prolonged inertia in prices, fueled by contained volatility and declining trading volumes. The historical analogy does not necessarily imply an exact repetition, but it remains a signal that experienced investors watch closely.

Return of capital: crypto ETFs turn green again
Alongside this price inertia, another signal draws market watchers’ attention: net flows into crypto exchange-traded funds (ETFs) have turned positive again.

According to weekly data, these products recorded net inflows of $226 million in the week ending November 24. A notable figure that ends four consecutive weeks of capital outflows.

This return of flows mainly concerns US-based ETFs, which alone attract $137 million in net inflows. Institutional investors seem to be cautiously returning to these assets, possibly taking advantage of price dips to reposition themselves. Market sentiment remains mixed, with some analysts seeing a simple technical rebound linked to the Thanksgiving period, while others read it as the beginnings of a more structural movement.

While bitcoin accurately reflects the 2022 bear cycle, Bitcoin ETFs are rising again. This gap between technical analysis and institutional dynamics highlights the ambient uncertainty and raises the question of a possible trend change or a mere pause in an always fragile market.

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

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

Well-known cryptocurrency analyst Willy Woo asked an AI agent to provide a comparative analysis of Tether's (CRYPTO: USDT) asset backing versus a traditional bank, following concerns about the stablecoin issuer’s liquidity profile.

Questions Over Tether’s Solvency AriseThe conversation was sparked by BitMex co-founder Arthur Hayes' initial X post, where he analyzed Tether's third-quarter reserves attestation and called for a real-time view of its balance sheet to assess solvency risks.

Hayes said that a 30% decline in Tether’s gold and Bitcoin (CRYPTO: BTC) positions would wipe out its equity and theoretically render USDT, the world’s biggest stablecoin by market capitalization, insolvent.

Tether's latest attestation report shows $181 billion in reserves backing its tokens, with roughly $139 billion worth of cash and cash equivalents and $174 billion in liabilities.

See Also: South Korea’s Stablecoin War Heats Up As Tech Giants Race To Challenge Dollar Dominance

Greg Osuri, founder of decentralized compute marketplace Akash Network, called Tether a “ticking time bomb,” adding that he would exit USDT to be safe.

What Is Grok’s Verdict?Woo, who has previously backed Tether, stepped in, asking Grok to compare Tether’s liquidity profile with traditional banks.

Grok replied, saying that Tether's reserves, with nearly 75-80% liquid cash vs. a bank's 10-20% liquid assets, with the rest in illiquid loans, give it a liquidity edge. However, it added that banks are more resilient due to the government’s financial backstop, while Tether's stability hinges on market conditions.

“Banks are more resilient overall, ” Grok AI said.

Controversy Around S&P DowngradeThe arguments come after S&P downgraded Tether's ability to maintain its peg with the dollar from "Constrained" to the lowest tier, "Weak," citing a higher allocation to "high-risk" reserve assets, including Bitcoin and gold.

CEO Paolo Ardoino fired back, questioning the methodologies adopted by traditional rating agencies. He called it a "traditional finance propaganda” to target decentralized projects like Tether.

Read Next: 

Tether’s Gold Royalty Shift – And What It Means For Your Portfolio
Photo courtesy: Steve Heap on Shutterstock.com

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Arthur Hayes recently raised alarms over Tether but a former Citi crypto analyst says the concerns don’t match the reality of how the company operates.

Joseph, who previously spent “100’s of hours writing research on tether for Citi,” responded directly on X, offering a clearer look at Tether’s balance sheet and profitability.

A Missing Piece in the Tether DebateJoseph’s main point is straightforward: the reserves Tether publishes are not its full corporate balance sheet. He says the disclosures follow a “matching” philosophy meant only to show how USDT is backed and not everything the company owns.

According to him, Tether also holds:

equity investments,mining operations,corporate reserves,and possibly additional Bitcoin.Any remaining profits are paid out as dividends. In his view, this is the part Hayes overlooked.

A Business Producing BillionsJoseph also pushed back on the idea that Tether is vulnerable to asset swings. He highlighted how profitable the company has become since interest rates climbed.

Tether currently holds about $120 billion in Treasuries earning roughly 4%. That translates to nearly $10 billion in annual profit, managed by a staff of around 150 people. Joseph called it “one of the most efficient cash generating businesses in the world.”

He estimated Tether’s equity could be valued between $50-100 billion, noting the company has even explored raising $20 billion for a 3% stake, which is a valuation he admits is likely too high, but still shows how valuable the business has become.

Stronger Liquidity Than Most BanksHayes argued Tether could be wiped out if its Bitcoin and gold dropped 30%.

Joseph disagrees, pointing out that banks typically keep only 5-15% of deposits in liquid assets, while Tether is “significantly better collateralised.” Unlike banks, Tether doesn’t have a central bank behind it, but Joseph says its balance sheet strength fills that gap.

Also Read: BREAKING: Why Tether’s USDT Is One Bitcoin Crash From Breaking

FUD Met With Facts?The post drew supportive responses from the community, including a comment from Tether CEO Paolo Ardoino.

For now, Joseph’s breakdown offers a more grounded view: Tether isn’t facing an insolvency crisis but is running a highly profitable operation with far more behind it than the public reserve reports show.

Trust with CoinPedia:CoinPedia has been delivering accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert panel of analysts and journalists, following strict Editorial Guidelines based on E-E-A-T (Experience, Expertise, Authoritativeness, Trustworthiness). Every article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy guarantees unbiased evaluations when recommending exchanges, platforms, or tools. We strive to provide timely updates about everything crypto & blockchain, right from startups to industry majors.

Investment Disclaimer:All opinions and insights shared represent the author's own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication assumes responsibility for your financial choices.

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2 mins mins

In Brief

Grayscale to launch first U.S. spot Chainlink ETF, converting its existing LINK trust.

ETF tracks LINK’s spot price and includes staking rewards for added investor returns.

LINK price drops 7% amid market correction despite strong institutional developments.

Grayscale will launch the first spot Chainlink (LINK) ETF in the U.S. this week. The fund converts its existing LINK trust into a publicly tradable ETF.

The ETF allows investors to access LINK without managing wallets or private keys. This move adds to Grayscale’s growing suite of regulated digital asset products.

The Chainlink ETF will track the spot price of LINK and generate additional returns through staking. Grayscale has already launched similar spot ETFs for Bitcoin, Ethereum, XRP, and Dogecoin.

Bloomberg analysts estimate over 100 spot crypto ETFs could launch within six months. Market participants expect the Grayscale Chainlink ETF to go live on December 2.

Grayscale filed to convert the Zcash Trust into a spot ETF last month. It also seeks regulatory approval to trade it on NYSE Arca under a 19b-4 rule change.

The Zcash ETF would directly hold ZEC and track its market price. The fund holds approximately $150 million in ZEC and charges a 2.5% annual fee.

Institutional Demand Grows as LINK ETF Nears Launch
Analysts expect strong institutional interest in the Chainlink ETF. The fund holds over $17 million in assets under management with a 2.5% fee structure.

Another LINK ETF from Bitwise has appeared on DTCC listings, suggesting more institutional products are in development. These additions reflect the growing demand for regulated crypto access.

Despite the ETF news, LINK has declined 7% today to $12.21 amid broader market weakness. Trading volume has surged over 117% in the past 24 hours.

Analysts see potential for further downside if support levels fail. However, they also note possible upside if bullish technical patterns emerge.

According to analyst Javon Marks, LINK price previously rose from $6.34 to $30.94, gaining over 386%. His target remains at $47.15, over 240% above current levels.

Grayscale to Launch First Spot Chainlink (LINK) ETF This Week 2
LINK trades at $12.15 today, down 7.12% daily and 2.16% weekly. The broader outlook remains bullish if support holds and momentum returns.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Weekend selloffs shake BTC, while altcoins hint at a potential rebound.

AMSTERDAM, NETHERLANDS - SEPTEMBER 12: The Dell Technologies logo is on display at the International Broadcasting Convention (IBC2025) on September 12, 2025 in Amsterdam, Netherlands. IBC2025 brings together the global media, entertainment, and technology community. Across 14 dedicated halls, the world's leading providers showcase their innovations. (Photo by Michel Porro/Getty Images)

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Dell Technologies (NYSE:DELL) has lost approximately 22% of its market value over the last month, marking a significant downturn for a stock that was previously benefiting from the AI-infrastructure surge. The decline has primarily been fueled by worries regarding profitability. Prices of memory components — especially DRAM and NAND, crucial for AI-capable servers — have increased markedly this quarter. As Dell’s revenue composition shifts more towards hardware-intensive AI servers, these escalating component costs are putting direct pressure on gross margins.

Another element affecting the stock is the inconsistent demand landscape across Dell’s business divisions. While the AI-server pipeline is robust and continues to grow, the conventional PC and client-device sector is still witnessing weak demand. As long as the PC cycle remains lackluster, Dell’s overall growth narrative becomes increasingly reliant on its newer, lower-margin server offerings. This shift has brought about volatility, with investors uncertain of how swiftly AI-server demand will convert into sustainable, high-margin earnings.

However, if you are looking for an upside with less volatility than holding a single stock, consider the High Quality Portfolio. It has significantly outperformed its benchmark—a combination of the S&P 500, Russell 2000, and S&P MidCap indexes—and has achieved returns over 105% since its inception. Additionally, see – Navitas Crashes 55% In A Month: What’s Next?

In spite of these challenges, the long-term outlook for Dell is still intact. The company is strategically positioning itself as a leading supplier of enterprise AI infrastructure, merging servers, storage, networking, and services into an all-inclusive package. Dell may have a chance to capture the next wave of corporate AI expenditures. In fact, the company has revised its long-term revenue projections upward due to stronger-than-anticipated demand for AI infrastructure. The difficulty lies in the fact that this long-term growth narrative is emerging during a period of margin pressures, with investors focusing on short-term execution rather than potential future gains.

What’s Next?

The critical question now is whether this downturn signifies a buying opportunity or if further declines are in store. For long-term investors with a multi-year perspective, the recent decline might present an attractive entry point, particularly if memory prices stabilize and Dell effectively monetizes its backlog of AI-ready servers. Should the AI infrastructure cycle continue to gain momentum, Dell could experience a rebound in sentiment as revenue growth transitions more smoothly into profit growth. However, for short-term investors or those cautious about volatility, prudence may still be advisable. There is a genuine risk that cost pressures will remain high over the next quarter or two, potentially keeping margins and the stock under strain.

At this point, Dell is best regarded as a high-risk, high-reward opportunity. The long-term AI thesis remains compelling, but immediate profitability issues are significant and may continue to cause instability. A staggered investment approach or a wait-for-clarity strategy could be wise based on individual risk tolerance; however, the current valuation does offer an attractive setup for patient investors who trust in the resilience of enterprise AI spending.

Now, we apply a risk assessment framework while constructing the Trefis High Quality (HQ) Portfolio, which, with a collection of 30 stocks, has a proven history of consistently outperforming the S&P 500 over the last 4 years. Why is that? As a collective, HQ Portfolio stocks have delivered superior returns with less risk compared to the benchmark index; resulting in a less tumultuous experience as shown in HQ Portfolio performance metrics.

, /PRNewswire/ -- CN Energy Group. Inc. ("CNEY" or the "Company") (NASDAQ: CNEY), a Nasdaq-listed company, today announced that its wholly owned subsidiary, PATHENBOT Group Inc. ("PATHENBOT"), has launched its robotics solutions platform and its official website (www.pathenbot.com). This launch represents the next step in the development of PATHENBOT's intelligent robotics initiatives.

The North American intelligent automation market continues to see increased demand. PATHENBOT's mission is to provide customizable intelligent robotics products and related automation services to small and medium-sized industrial, logistics, and catering businesses in North America. PATHENBOT intends to integrate robotics, software, and artificial intelligence technologies to provide automation solutions as part of the Company's continued development.

Wenhua Liu, CEO of CNEY, commented: "We are pleased to announce the launch of PATHENBOT's robotics solutions platform and official website, which reflect our continued efforts to advance the Company's strategic initiatives and support our broader growth plans."

About CN Energy Group. Inc.

CN Energy Group. Inc. is currently listed on NASDAQ under the symbol "CNEY." With patented proprietary bioengineering and physiochemical technologies, CNEY has pioneered and specialized in producing high-quality recyclable activated carbon and renewable energy from abandoned forest and agricultural residues, converting harmful wastes into invaluable wealth and delivering significant financial, economic, environmental and ecologic benefits. CNEY's products and services have been widely used by food and beverage producers, industrial and pharmaceutical manufacturers, as well as environmental protection enterprises. For more information, please visit the Company's website at www.cneny.com.

Cautionary Note Regarding Forward-Looking Statements

This press release contains statements that do not relate to historical facts but are "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements can generally (although not always) be identified by their use of terms and phrases such as anticipate, appear, believe, continue, could, estimate, expect, indicate, intend, may, plan, possible, predict, project, pursue, will, would and other similar terms and phrases, as well as the use of the future tense. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on current beliefs, expectations and assumptions regarding the future of the business of the Company, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control, including the risks described in our registration statements and annual reports under the heading "Risk Factors" as filed with the Securities and Exchange Commission. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements in this press release speak only as of the date hereof. Unless otherwise required by law, we undertake no obligation to publicly update or revise these forward-looking statements, whether because of new information, future events or otherwise.

Information contained on, or that can be accessed through, the Company's website or any other website or any social media is expressly not incorporated by reference into and is not a part of this press release.

SOURCE CN Energy Group. Inc.

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--(BUSINESS WIRE)--American Strategic Investment Co. (NYSE: NYC) (“ASIC” or the “Company”) announced today that the New York Stock Exchange (“NYSE”) has accepted the Company's business plan to regain compliance with the continued listing standards set forth in Section 802.01B of the NYSE Listed Company Manual. “We are pleased that the NYSE has accepted our plan to regain compliance with its continued listing standards,” said Nicholas Schorsch, Jr., the Company's Chief Executive Officer.

Bitcoin price erased recent gains, shedding nearly 5% to below $87,000 in early Asian trading hours on Dec. 1. This came as a surge in Japanese government bond yields triggered a broad risk-off sentiment, shattering a fragile, low-volume market structure.

Story HighlightsThe live price of the Polygon coin is  $ 0.21819891.POL price predictions for 2025 suggest potential highs of $0.7655.Long-term forecasts indicate POL could reach $4.94 by 2030.Polygon (POL) has a mind-blowing Layer-2 scaling solution project for Ethereum, which is primarily designed to address slow speeds and the network’s high transaction fees. 

As a result, Polygon is seen as a revolutionary framework for developers and users, as it attracts by offering a more efficient Ethereum experience, which is the reason contributing to POL’s price value, too.

Through, POL, which is its native token (formerly MATIC), is utilized for transaction fees and network governance, in the framework of interconnected Ethereum-compatible blockchain networks. 

Its use case makes it an attractive altcoin, and even its token POL price is attracting attention. The coin is expected to show a surge in the coming sessions, but it would require a technical eye to understand. 

Therefore, if you are curious about whether the POL price can rebound to $1. Will Polygon go up? And is Polygon a good investment? We bring our Polygon Price Prediction for 2025 – 2030 to explore the POL price prediction.

Polygon Price TodayCryptocurrencyPolygonTokenMATICPrice$0.2182 2.88% Market Cap$ 402,374,198.7424h Volume$ 1,217,344.7306Circulating Supply0.00Total Supply10,000,000,000.00All-Time High$ 2.92 on 27 December 2021All-Time Low$ 0.0030 on 10 May 2019Polygon’s price outlook for December 2025 (POL) indicates a potentially volatile start due to insufficient bullish demand. The consolidation could persist for the rest of the month if this trend continues or even worsens to new lows.

MonthPotential Low ($)Potential Average ($)Potential High ($)Polygon Price Action November 2025$0.10$0.20$0.40POL Token Analysis 2025Throughout 2025, the POL token (formerly MATIC) has experienced a significant downfall, with its price declining by more than 60% from an annual high of $0.76. 

This fall was largely influenced by broader macroeconomic shifts, as a result saw its steepest losses in the first half of the year. But the second half of 2025 has marked a change in momentum, as the token has stopped forming new lows. 

The bullish hopes for the third quarter are rising as POL is inching higher with a key pattern’s assistance.

Polygon Price Prediction 2025After H1, with nothing happening, all investors’ hopes were pinned on H2, but it left investors disappointed by having the same price action in H2 as well.

Even a bullish awakening occurred in Q3, pushing the price to a high of $0.29 in mid-September, but this moment proved brief, and expectations failed again. 

The aggressive profit-taking accelerated from mid-September onward, completely reversing the rally and smashing the price down to the range’s lower border by mid-October, and crashing even lower in November.

Now that December has begun, it seems to be continuing where November left off. When writing, it is crashing even deeper and has hit $0.1250.

 This move places POL at a critical juncture; if this continues, its price action could continue lower. Or it can show a reversal and pull itself back above $0.15, and this late November to early December move could be a move to hunt liquidity.

YearPotential Low ($)Potential Average ($)Potential High ($)Polygon Price Action 2025$0.15$0.26$0.53Polygon Price Prediction 2026 – 2030YearPotential Low ($)Potential Average ($)Potential High ($)Polygon Price Action 2026$0.18870$0.47179$0.75488POL Price Prediction 2027$0.30194$0.75488$1.20782Polygon Crypto Price Forecast 2028$0.48311$1.20782$1.93252POL Coin Price Projection 2029$0.77297$1.93252$3.09205Polygon Price Prediction 2030$1.23676$3.09205$4.94729This table, based on historical movements, shows POL price to reach $4.94 by 2030 based on compounding market cap each year. This table provides a framework for understanding the potential POL price movements. Yet, the actual price will depend on a combination of market dynamics, investor behavior, and external factors influencing the cryptocurrency landscape.

Polygon Price Action 2026Anticipating further expansion, MATIC’s potential high for 2026 is projected to be $0.75488, while the potential low is estimated at $0.18870, resulting in an average price of $0.47179.

POL Price Prediction 2027MATIC crypto can make a potential high of $1.20782 in 2027, with a potential low of $0.30194, leading to an average price of $0.75488.

Polygon Crypto Price Forecast 2028As the POL price progresses, the potential high price for 2028 is projected to be $1.93252, with a potential low of $0.48311, resulting in an average price of $1.20782.

MATIC Coin Price Projection 2029Polygon coin price potential high for 2029 could be $3.09205, while a potential low of $0.77297, with an average price of $1.93252.

Polygon Price Prediction 2030With an established position in the market, POL’s potential high for 2030 is projected to be $4.94729. On the flip side, a potential low of $1.23676 will result in an average price of $3.09205.

Market AnalysisFirm Name202520262030CoinCodex$ 0.71$ 0.50$ 0.90Binance$0.24$0.26$0.31Flitpay$6.25$4$10.4CoinPedia’s MATIC Price PredictionCoinpedia’s price prediction for Polygon is bullish, suggesting the MATIC crypto price may reach new swing highs and possibly surpass its all-time high in the near future.

The Polygon Price Forecast 2025 predicts a swing high of $0.47181, with an average price of $0.29488.

YearPotential LowPotential AveragePotential High2025$0.11795$0.29488$0.47181Never Miss a Beat in the Crypto World!Stay ahead with breaking news, expert analysis, and real-time updates on the latest trends in Bitcoin, altcoins, DeFi, NFTs, and more.

FAQsIs MATIC a good investment?

Yes, it is a profitable investment, but the digital asset should be under due consideration for the long term. 

How high can Polygon MATIC price go by 2025?

According to our MATIC price prediction, the altcoin could reach a maximum of $0.47181 by 2025. With a potential surge, the price could go as high as $4.94731 by 2030.

Is Polygon better than Solana?

While it is not a direct apples-to-apples comparison, as one is a layer-2 and the other is a layer-1.

How high can Polygon MATIC transactions go?

At its best, it can process 65,000 transactions per second.

Why Polygon is faster than Ethereum?

The major functionality of this altcoin is to enable the multichain Ethereum ecosystem. It provides a network that offers interoperability between previous and present infrastructure scenarios of Ethereum.

Can polygon hit $100?

As per our MATIC price prediction, $100 dollars target is possible over the next 18 years.

Has MATIC changed to POL?

Yes, MATIC has been upgraded to POL as the network token for Polygon.

MATICBINANCE Disclaimer and Risk WarningThe price predictions in this article are based on the author's personal analysis and opinions. CoinPedia does not endorse or guarantee these views. Investors should conduct independent research before making any financial decisions.

11h45 ▪
4
min read ▪ by
Luc Jose A.

Summarize this article with:

What if Ethereum was worth much more than the market thinks ? According to a study conducted by CryptoQuant, 9 valuation models out of 12 estimate that ETH is currently largely undervalued. For Ki Young Ju, CEO of the platform, these analyses reveal a significant gap between the current price of Ether and its real theoretical value. This finding rekindles the debate on how cryptos should be valued.

In Brief

A new study conducted by CryptoQuant states that Ether (ETH) is largely undervalued by the current market.
Out of 12 economic models analyzed, 9 estimate that the real value of ETH significantly exceeds the current $3,000.
The average valuation from these models places ETH around $4,836, a positive gap of +58 %.
The Revenue Yield model, however, estimates that ETH is overvalued by more than 50 %.

A Majority of Models Converge : ETH Largely Undervalued
According to Ki Young Ju, CEO of CryptoQuant, the majority of valuation models applied to Ethereum reach the same conclusion: ETH is undervalued at its current price.

“These models were built by trusted experts from academia and traditional finance”, he states. Out of the 12 models analyzed, 9 estimate that the price of ETH should be well beyond the current $3,000. By cross-referencing this data, an average composite value of ETH is estimated at $4,836, 58 % higher than its market valuation.

Among the most notable models in this study, several stand out due to their analytical approach and results :

The App Capital Model : accounts for all on-chain assets on Ethereum (stablecoins, ERC-20 tokens, NFTs, RWA, etc.) with a valuation of $4,918 for the crypto ;

The Metcalfe’s Law based model : values the network based on the square of active users with an estimated valuation of $9,484, or +211 % compared to the current price ;

The Layer 2 TVL model : relies on the total value locked in Ethereum’s scalability solutions (Arbitrum, Optimism, etc.) with an estimated valuation of $4,633.

In total, 8 of the 12 models are considered sufficiently reliable, rated two out of three or higher according to ETHval’s criteria.

All these approaches reflect an optimistic view of ETH’s intrinsic value, fueled by the growth of its ecosystem, the increasing adoption of L2 solutions, and the expansion of use cases related to tokenized assets. Based on this data, the market is today clearly out of step with the economic reality projected by the Ethereum network.

A Disruptive Model : The Crypto Would Be Overvalued by More Than 50 %
Despite the apparent consensus among most models, some methodological approaches temper or even contradict this optimistic reading. The Revenue Yield model reveals that Ether would be significantly overvalued at its current levels.

This model, described as “the most reliable” within the study, relies on a simple but rigorous methodology : dividing the annual revenues generated by the Ethereum network by the yield obtained through staking. According to calculations, the crypto should trade around $1,296, far from current levels, indicating an overvaluation of 57 %.

This pessimistic view is based on a tangible fact: the drop in revenues of the Ethereum network. Transaction fees have hit historically low levels, reflecting a decline in on-chain activity, while other emerging blockchains are nibbling away at the network’s market share.

This revenue decline mechanically affects staking yield, the very basis of this valuation model. Unlike other more projected or theoretical approaches, the Revenue Yield model favors a fundamental and immediate reading, focused on the net cash flows generated by the Ethereum crypto network.

While Ethereum raises its gas limit to 60M, strengthening its technical capabilities, the debate about its valuation takes on a new dimension. Between bullish projections and methodological caution, the market will have to decide: is ETH truly undervalued or simply ahead of its economic reality?

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Luc Jose A.

Diplômé de Sciences Po Toulouse et titulaire d'une certification consultant blockchain délivrée par Alyra, j'ai rejoint l'aventure Cointribune en 2019.
Convaincu du potentiel de la blockchain pour transformer de nombreux secteurs de l'économie, j'ai pris l'engagement de sensibiliser et d'informer le grand public sur cet écosystème en constante évolution. Mon objectif est de permettre à chacun de mieux comprendre la blockchain et de saisir les opportunités qu'elle offre. Je m'efforce chaque jour de fournir une analyse objective de l'actualité, de décrypter les tendances du marché, de relayer les dernières innovations technologiques et de mettre en perspective les enjeux économiques et sociétaux de cette révolution en marche.

DISCLAIMER

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

The total crypto market cap dipped below $3 trillion today again.

December starts with a bang, but in the wrong direction, as bitcoin dumped once again by several grand in the span of just a few hours without an apparent catalyst.

The altcoins have followed suit, with ETH losing the $3,000 and $2,900 levels, while XRP found some support at $2.00.

BTC Drops Below $86K
The primary cryptocurrency bottomed at $80,500 on November 21 and began a gradual recovery in the following ten days. It bounced to $84,000 during that weekend and surged to $88,000 by Wednesday. Although it was stopped there at first, it managed to break through and even reclaimed the $90,000 resistance as the trading week came to an end.

The bulls kept the pressure on last Friday when they drove bitcoin to a 7-day peak of over $93,000. The overall market sentiment started to change as many anticipated another rally toward $100,000. That, however, has turned out to be a distant dream, at least for now.

Bitcoin was immediately rejected at $93,000 and driven to around $91,000, where it spent most of the weekend until the early hours of the Asian trading session. At the time, BTC started to nosedive rapidly and dumped to under $86,000 for the first time in several days.

Although it has recovered around a grand since then, BTC is still 5% down on the day. Its market cap has slipped to $1.730 trillion, while its dominance over the alts is above 57%.

BTCUSD. Source: TradingView
Alts With Big Declines
The altcoins are deep in the red today as well. ETH has dropped by over 5% and now struggles below $2,850. XRP is down by almost 7% and sits beneath $2.05. BNB, SOL, DOGE, ADA, LINK, and HYPE have marked even more violent declines of up to 8%.

ZEC continues with its recent correction. Another 19% drop has driven it to $365. Recall that the asset flew past $700 not so long ago. RAIN is the only exception from the larger-cap alts. It’s up by over 12% and trades above $0.008.

The cumulative market cap of all crypto assets has shed nearly $200 billion in a day and stands around $3 trillion as of now.

Cryptocurrency Market Overview December 1. Source: QuantifyCrypto

The top crypto coins, Bitcoin, Ethereum and Dogecoin, opened December on a risky note after a sudden overnight sell-off erased billions from the market. Bitcoin plunged roughly $5,000, falling more than 4%, and the shock move triggered heavy liquidations across major altcoins. Ethereum dropped about 5%, while Dogecoin slid nearly 8% as the ripple effect intensified.

With no clear negative news behind the crash, traders are calling the move unusual, and the Top Crypto Prediction now depends on whether BTC, ETH and DOGE can hold their support levels and prevent a deeper breakdown.

Why Is Bitcoin Falling? BTC Crashes $5,000 in Hours With No Negative News
Bitcoin shocked markets Sunday night after plunging nearly $5,000 in three hours, triggering more than $700 million in liquidations and wiping out roughly $210 billion from the total crypto market cap. What alarmed traders most was the complete absence of a catalyst, no regulatory announcement, no macro shock, no geopolitical news and no Trump commentary.

Social feeds are currently flooded with confusion. As BTC slid sharply, liquidity disappeared from order books, deepening the drop. Bloomberg later confirmed Bitcoin briefly traded below $88,000, its weakest level in months, as Asia markets opened to a risk-off tone.

Today's dump makes absolutely no sense.

Bitcoin dumped -$5,000 in 3 hours

$210,000,000,0000 wiped out of crypto market in a single day

Nearly $700 million liquidated

And the craziest part?

There wasn’t a single negative news today.

No FUD.
No Trump tweet.
No stock… pic.twitter.com/1Qqb1vqfFZ

— Ash Crypto (@AshCrypto) December 1, 2025

Analysts say the biggest issue is the lack of dip-buyers and weak ETF inflows. With investors cautious ahead of major U.S. economic data this week, volatility is likely to remain elevated.

Bitcoin Chart Analysis Today
BTC/USD daily chart shows Bitcoin trading around $86,583, attempting to hold support near $85,000 – $88,000, a zone that previously attracted buyers in April and August. The RSI is deepening toward oversold conditions, showing selling pressure may be fading, but momentum remains fragile.

If Bitcoin loses $85,000, the next major support appears near $80,000, a psychological floor and a level highlighted by institutional desks.
A recovery above $90,000 would be the first sign of strength and could attract fresh demand.

BTC/USD daily chart showing Bitcoin attempting to stabilise within the $85,000–$88,000 support band after a sharp overnight drop. Created on: TradingView
From where I stand, this level is one of those pivotal areas where Bitcoin either steadies quickly or risks sliding into a much deeper correction.

Ethereum Price Prediction: Is ETH Preparing for Another Drop?
Ethereum followed Bitcoin lower, falling more than 5% intraday as panic spread across crypto markets. ETH was already under pressure before the crash due to weak inflows and a lack of bullish catalysts. With Bitcoin leading the downturn, Ethereum was quick to extend its decline, slipping below the $2,900 region.

Sentiment is cautious as traders watch whether ETH can defend its mid-range supports or whether another sell-off opens the door toward lower levels.

Ethereum Chart Analysis Today
ETH/USD is trading at $2,833, sitting just above support at $2,800 – $2,850. This zone acted as a reaction point in September and November.

If ETH loses $2,800, the next supports appear near $2,500 – $2,600, where deeper liquidity sits.
To shift the bearish structure, bulls must reclaim $3,100 – $3,200, a resistance region marked by previous lower highs. Until then, momentum remains tilted downward.

From my perspective, ETH still has room to stabilise if the broader market avoids another shock, but buyers need to show up quickly or the chart could unravel faster than many expect.

ETH/USD daily chart highlighting Ethereum defending the $2,800 zone while remaining trapped beneath a series of lower-high resistance levels. Created on:TradingView
Dogecoin Price Prediction: DOGE Breaks Key Supports as Sellers Tighten Grip
Dogecoin was hit even harder, falling nearly 8%, breaking multiple support levels as altcoins reacted aggressively to Bitcoin’s sudden drop. DOGE is now trading below its 100-day trend structure, signalling that bearish sentiment has taken control of the near-term outlook.

From my perspective, Dogecoin’s decline accelerated mainly because it moved in lockstep with BTC and ETH, and the thin weekend liquidity made the drop hit harder than usual.

Dogecoin Chart Analysis Today
DOGE/USD daily chart shows price hovering around $0.136, after breaking below $0.15 support, a level that previously acted as a base for mid-year rallies.
The chart shows a clear pattern of lower highs and lower lows, with momentum weak as DOGE continues to slide.
Immediate support lies at $0.12, while resistance sits around $0.15 and $0.17.
If DOGE fails to defend $0.12, the next downside zone appears near $0.10, a critical psychological level for traders.

DOGE/USD daily chart illustrating Dogecoin sliding toward the $0.12 support region after losing momentum above the mid-range trend line. Created on:TradingView
Top Crypto Prediction Outlook: Volatility Remains High as Key Levels Are Tested
The sudden crash across Bitcoin, Ethereum and Dogecoin sets the tone for a turbulent start to December. With no clear external trigger, the move highlights how sensitive crypto markets remain to liquidity imbalances and leveraged positions.
For now, support levels are holding, but only barely. Whether BTC defends $85,000, ETH holds $2,800, and DOGE stabilises near $0.12 will define the Top Crypto Prediction narrative for the rest of the week.
If these floors give way, a deeper market correction could unfold. If buyers step in, the market may recover faster than expected.

Why did Bitcoin crash today?

Bitcoin crashed due to a sudden wave of liquidations, thin weekend liquidity, and cascading stop-loss triggers, not because of any major negative news or external event.

What does the Bitcoin crash mean for December?

The crash signals a risky start to December, and the month may remain volatile unless Bitcoin holds its key support around $85,000 and dip-buyers return with stronger volume.

How much has Bitcoin crashed?

Bitcoin dropped roughly $5,000 in a few hours, falling more than 5% from the previous trading session and wiping out billions from the overall crypto market.

This article was originally published on InvestingCube.com. Republishing without permission is prohibited.

All dollar amounts are in Canadian dollars ("$") unless otherwise indicated.

, /PRNewswire/ - Thesis Gold Inc. ("Thesis" or the "Company") (TSXV: TAU) (WKN: A3EP87) (OTCQX: THSGF) is pleased to announce positive results from an independent Prefeasibility Study ("PFS") for its 100% owned Lawyers-Ranch Project ("Lawyers-Ranch" or the "Project") in the prolific Toodoggone Mining District of British Columbia.

Figure 1: Annual Payable Precious Metals (CNW Group/Thesis Gold Inc.)

Figure 2: Milled Reserve Schedule (CNW Group/Thesis Gold Inc.)

Figure 3: Longitudinal Projection of Lawyers Underground Looking West (CNW Group/Thesis Gold Inc.)

Figure 4: Process Flowsheet (CNW Group/Thesis Gold Inc.)

Figure 5: Regional Map of Thesis Claims and the Lawyers and Ranch Sites (CNW Group/Thesis Gold Inc.)

Figure 6: Lawyers Site General Arrangement (CNW Group/Thesis Gold Inc.)

Figure 7: Ranch Site General Arrangement (CNW Group/Thesis Gold Inc.)

The PFS was prepared by Ausenco Engineering Canada ULC. ("Ausenco"), Mining Plus Canada Ltd. ("Mining Plus"), Knight Piésold Ltd. ("Knight Piésold"), Equilibrium Mining Inc. ("Equilibrium"), P&E Mining Consultants Inc. ("P&E"), pHase Geochemistry Inc., Frank Wright Consulting, and SLR Consulting Ltd. ("SLR") in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"). The NI 43-101 PFS Technical Report will be filed on SEDAR+ at www.sedarplus.ca and Thesis Gold's website www.thesisgold.com within 45 days of this announcement.

The PFS outlines a plan for developing the combined Lawyers-Ranch Project using both open pit and underground mining methods, with ore processed at a single facility.

PFS highlights are summarized below:

Strong Economics at US$2,900 per ounce of gold (oz Au) and US$35 per ounce of silver (oz Ag):

Pre-tax: 73.5%, internal rate of return ("IRR") and $3.73 billion net present value at a 5% discount rate ("NPV5%")
After-tax: IRR of 54.4% and an NPV5% of $2.37 billion
At US$4,100/oz Au and US$51/oz Ag:

Pre-tax: 117.4% IRR and $6.86 billion NPV5%
After-tax: 87.8% IRR and $4.36 billion NPV5%

Strong Early Production: Strong gold-equivalent ("AuEq")* annual production rates for the first three years averaging 266,000 ounces**, and 187,000 ounces** over the Life of Mine ("LOM").
Increased Tonnes Processed, Increased Throughput Rates and Extended Mine Life: Despite the removal of Inferred Resources from the mine plan, total tonnes processed rose by 18% (relative to the 2024 Preliminary Economic Assessment). Process plant throughput increased by 9% to 13,700 tonnes per day (t/d) and the mine life increased to 15-years, based solely on Measured and Indicated Resources.
Mineral Reserve: Maiden Mineral Reserve statement with 76.16 million tonnes of ore grading 0.97 g/t Au and 28 g/t Ag for a total AuEq* grade of 1.33 g/t.
Low All-in Sustaining Costs ("AISC†"): Average AISC† of US$1,185 per AuEq** ounce.
Silver: Silver production accounts for approximately 23% of revenue.
Quick Payback: The Project offers an after-tax payback period of 1.1 years at US$2,900 Au and US$35 Ag.
Capex: Initial capital expenditure is estimated at $736.2 million, with a compelling after-tax NPV5%:initial capital ratio of 3.2:1. The initial capital estimate does not consider a potential revenue of $91.1 million in pre-production revenue from processing stockpiles as part of the initial commissioning and ramp-up plan.
Project Upside: Significant project upside exists both in the potential to further optimize engineering design through a Feasibility Study, and in the project-wide exploration potential that remains untapped. The section entitled "Project Upside" further details the opportunities present at Lawyers-Ranch.
*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and closure costs.

Dr. Ewan Webster, President and CEO, commented, "With the prefeasibility results announced today, Thesis Gold is positioned as one of the strongest value-creation stories in the sector. An after-tax NPV of $2.37 billion, a 54.4% IRR, and a 1.1-year payback places Lawyers-Ranch firmly among the top tier of development-stage gold projects globally. The study strengthens the technical rigor of the project, increases total tonnes processed, and delivers a substantially improved payback period while preserving an exceptionally strong early-year production profile. I'm extremely proud of our team, Ausenco, and our technical partners, whose work provides the foundation for advancing Lawyers-Ranch through permitting and toward construction. Importantly, this is not the end of the growth story. With significant resource expansion and discovery potential still ahead of us, we view this PFS as both a validation of what we've discovered to date and as the foundation for the next phase of value creation."

Bill Lytle, Non-Executive Chairman, added, "I am looking forward to advancing the project through Feasibility Study and permitting, as we look to create significant value for all our stakeholders by responsibly developing the Ranch-Lawyers project."

The Company will host a webcast call to discuss the results of the PFS on Monday, December 1st at 10:00 am Eastern time. To join the call: visit https://app.webinar.net/G0lQbExeaRm, or dial 1-289-815-3444 (Toronto), or 1 (800) 715-9871 (toll free North America). For more details, visit https://thesisgold.com/investors/.

PFS Project Enhancements

A comprehensive review of the 2024 PEA was undertaken to identify and incorporate optimizations that would strengthen overall project economics as the study advanced to PFS-level engineering, cost estimating, and confidence.

The review identified mine sequencing as the primary opportunity to strengthen Project economics. Optimization work brought high-margin ore forward, increased mill throughput, and reshaped the production schedule to improve the IRR and shorten the payback period. This work highlighted the economic importance of Ranch ore, from the Ranch portion of the Project (the "Ranch Area"), the value of prioritizing higher-grade underground feed, and the benefits of a stockpiling approach. As a result, the Ranch Area was advanced to the first three years of production, and the underground cut-off grade was increased to 2.2 g/t AuEq* to maximize margins.

In addition to optimized mine-sequencing of the four pits in the Lawyers portion of the Project (the "Lawyers Area") as well as the eight Ranch Area pits, the larger pit shells at the Lawyers Area were subdivided into staged pushbacks to improve operational flexibility, bring additional ounces forward, and reduce strip ratios in the early years of the LOM. In parallel, the project incorporated a 9% increase to process plant throughput and a slight reduction in the open-pit cut-off grade over the LOM.

The PFS outlines a 15-year LOM processing 76 million tonnes, with average annual production of 266,000 AuEq** ounces in the first three years to support a rapid payback. Total life-of-mine production is 2.84 million AuEq** ounces.

The results of the PFS were compared to the 2024 PEA and are detailed in Table 1 below:

General

Unit

2025 PFS

2024 PEA

Change

After-Tax NPV (5%)

$M

2,370

1,277

+86 %

After-Tax IRR

%

54.4

35.2

+55 %

Payback Period

yrs

1.1

2.0

-45 %

Payable AuEq**

koz

2,837

3,025

-6 %

LOM

yrs

15.2

14

+7 %

 After-Tax NPV:Initial Capital

ratio

3.2:1

2.1:1

+52 %

AISC†/AuEq** oz

US$oz

1,185

1,013

+17 %

 Open Pit Stripping Ratio

W:O

4.6

5.0

-8 %

Table 1: Comparison of 2025 PFS to 2024 PEA Results

Project Upside

Opportunities to potentially further improve the project in the planned future Feasibility Study, include the following:

Pre-Concentration: Pre-concentration of Ranch Area ore to increase average grade and reduce haulage costs from Ranch Area to the process plant located at the Lawyers Area site. An initial assessment, conducted by ABH Engineering Inc. with test work performed by Tomra Mining in Germany, shows promising results for Ranch Ore Sorting.
Crown Pillar Recovery: The PFS did not include recovery of the crown pillar between the open pit and underground workings. With further study there is an opportunity to increase the mineable ore from underground without impacting the open pits.
Pit Geotechnical Optimization: Opportunities exist to steepen portions of the Ranch pits in key locations where ground conditions permit; additional drilling and improved rock-mass granularity will help refine and optimize these zones.
Construction and Commissioning Optimization: Additional opportunity exists to optimize the construction and commissioning phase, specifically evaluating alternative sources to borrow materials to reduce initial capital costs.
Mine Life Extension:

Inferred Mineral Resources from both Ranch and Lawyers are not captured within the PFS mine plan. Upgrading the classification of these Inferred ounces through additional drilling presents an opportunity to potentially expand the mineable materials.
Numerous early-stage and undrilled targets exist across the entirety of the Lawyers-Ranch tenure, and Thesis is focused on a comprehensive, systems-based approach to unlocking additional exploration potential in an emerging porphyry district.

PFS Overview

The PFS considers a conventional truck and shovel open pit mining ("OP") operation at the Lawyers Area, with common equipment sizing feeding a 13,700 (t/d), industry standard processing plant that includes crushing, grinding, flotation, leaching and a Merrill Crowe recovery circuit, to produce both precious metals concentrate and gold-silver doré bullion on site.

The PFS considers a crossover to underground mining ("U/G") using longhole stoping to feed up to 1,640 t/d from the Dukes Ridge and Cliff Creek deposits during operational years one to seven. The PFS includes contract mining at the Ranch Area, during the first three years of operations.

The PFS is based on an update of the Mineral Resource Estimate with an effective date of October 16, 2025, and the first Mineral Reserve Statement for the Project, with an effective date of October 27, 2025.

Ausenco was appointed as lead consultant in January 2025 to prepare the PFS in accordance with NI 43-101 standards. Ausenco was assisted by Mining Plus Canada Ltd. ("Mining Plus") for mining and Mineral Reserve, Knight Piésold Ltd. ("KP") for tailings management facility ("TMF"), waste rock storage facility ("WRSF") design, and site-wide water management, Equilibrium for open pit and underground geotechnical assessment, Frank Wright Consulting Inc. ("Frank Wright") for metallurgy, P&E Mining Consultants Inc. for Mineral Resource estimation, pHase Geochemistry Inc. for material characterization, and SLR Consulting Ltd. for environmental and permitting.  

PFS Parameters and Assumptions

The financial modeling for the PFS was completed by Ausenco and included the following parameters and assumptions:

Production

Unit

First 5-year Avg

LOM Total / Avg.

Mine Life

yrs

n/a

15

Total Processed Feed Tonnes

kt

25,168

76,156

Waste Mined

kt

119,746

341,960

OP Stripping Ratio

W:O

6.5

4.6

Head Grade - Au

g/t

1.25

0.97

Head Grade - Ag

g/t

35.76

28.1

Head Grade - AuEq*

g/t

1.68

1.31

Recovery Rate - Au

%

92.9

92.8

Recovery Rate - Ag

%

79.4

81.6

Total Payable Au

koz

924

2,198

Total Payable Ag

koz

21,460

52,940

Total Payable AuEq**

koz

1,183

2,837

Average Annual Production - Au

koz/yr

185

145

Average Annual Production - Ag

koz/yr

4,292

3,482

Average Annual Production - AuEq**

koz/yr

237

187

Table 2: Summary of PFS Production

General

Unit

LOM

Au Price

US$/oz

2,900

Ag Price

US$/oz

35.00

Exchange Rate

USD:CAD

1.35

Operating Costs

Unit

LOM Avg.

Mining

$/t Processed1

25.53

Processing

$/t Processed1

15.36

G&A

$/t Processed1

5.64

Total

$/t Processed1

46.53

AISC†

US$/AuEq** oz

1,185

Capital Cost

Unit

LOM Total

Initial Capital

$M

736.2

Sustaining Capital

$M

789.4

    including U/G Sustaining Capital of:

$M

227.3

Closure Capital

$M

71.8

Salvage Credit

$M

(56.3)

Total Capital

$M

1,541.1

Pre-Tax Financials

Unit

LOM

NPV (5%)

$M

3,730

IRR

%

73.5

Payback Period

Yrs

0.8

After-Tax Financials

Unit

LOM.

NPV (5%)

$M

2,370

IRR

%

54.4

Payback Period

Yrs

1.1

After-Tax NPV:Initial Capital

Ratio

3.2:1

Table 3: Summary of PFS Economic Results

1

Excluding pre-production operating costs and tonnes.

The annual production of total payable gold and silver is presented in Figure 1.

Sensitivity Analysis

A sensitivity analysis to metal prices was performed and the impacts on the Project's key economic indicators are summarized below:

Base Case

Spot1

Gold Price ($US)/oz

2,000

2,500

2,900

3,500

4,100

Silver Price ($US)/oz

24.00

28.00

35.00

43.00

51.00

Pre-Tax

NPV5% ($M)

1,429

2,608

3,730

5,295

6,861

IRR

34.9 %

55.8 %

73.5 %

96.3 %

117.4 %

After Tax

NPV5% ($M)

909

1,658

2,370

3,364

4,357

IRR

25.9 %

41.2 %

54.4 %

71.2 %

86.9 %

NPV5%: Initial Capex

1.2

2.3

3.2

4.6

5.9

Payback Years

2.5

1.7

1.1

0.8

0.6

Table 4: Metal Price Sensitivity Analysis

1

Assumed spot price as of November 24, 2025.

Mineral Resource Estimate

The PFS is based on the Mineral Resource Estimate prepared by P&E Mining Consultants Inc., and APEX Geoscience Ltd., with an effective date of October 16, 2025. It is summarized below (Table 5). Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

Mineral
Resource
Area

Cut-off
AuEq
(g/t)

Classification

Tonnes
(k)

Au
(g/t)

Ag
(g/t)

Cu
(%)

AuEq
(g/t)

Au
(koz)

Ag
(koz)

Cu
(kt)

AuEq
(koz)

Pit-Constrained Mineral Resource Estimate

Lawyers Area

0.25

Measured

50,674

0.91

31.9

0.00

1.31

1,482

51,920

0

2,131

Indicated

61,778

0.77

21.0

0.00

1.03

1,527

41,737

0

2,049

M&I

112,452

0.83

25.9

0.00

1.16

3,009

93,657

0

4,179

Inferred

8,583

0.59

16.3

0.00

0.80

164

4,509

0

220

Ranch Area

0.25

Measured

376

3.91

1.3

0.02

3.93

47

16

0

47

Indicated

3,502

1.77

10.1

0.06

1.90

200

1,137

2

214

M&I

3,878

1.98

9.3

0.06

2.10

247

1,153

2

261

Inferred

5,785

1.50

4.7

0.10

1.56

279

876

6

290

Total

0.25

Measured

51,049

0.93

31.6

0.00

1.33

1,529

51,936

0

2,178

Indicated

65,281

0.82

20.4

0.00

1.08

1,727

42,874

2

2,263

M&I

116,330

0.87

25.3

0.00

1.19

3,256

94,810

2

4,441

Inferred

14,369

0.96

11.7

0.04

1.10

443

5,385

6

510

Out-of-Pit Mineral Resource Estimate

Lawyers Area

1.20

Indicated

1,173

2.20

81.5

0.00

3.21

83

3,073

0

121

Inferred

1,334

1.72

51.7

0.00

2.36

74

2,216

0

101

Ranch Area

1.20

Indicated

26

1.89

6.6

0.09

1.98

2

5

0

2

Inferred

530

1.80

4.2

0.16

1.85

31

71

1

32

Total

1.20

Indicated

1,199

2.19

79.8

0.00

3.19

84

3,078

0

123

Inferred

1,863

1.74

38.2

0.05

2.22

104

2,286

1

133

Total Mineral Resource Estimate

All

Combined

Measured

51,049

0.93

31.6

0.00

1.33

1,529

51,936

0

2,178

Indicated

66,480

0.85

21.5

0.00

1.12

1,811

45,952

2

2,386

M&I

117,529

0.88

25.9

0.00

1.21

3,340

97,888

2

4,564

Inferred

16,232

1.05

14.7

0.04

1.23

547

7,671

7

643

Source: APEX (2025)

Notes:

1.

Mr. Eugene Puritch, P.Eng., FEC, CET, and Mr. Yungang Wu, M.Sc., P.Geo., of P&E Mining Consultants Inc., are independent Qualified Persons as defined by NI 43-101 and are responsible for the Mineral Resource Estimate, with an effective date of October 16, 2025.

2.

Mineral Resources are inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

3.

The estimate of Mineral Resources may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues.

4.

The Inferred Mineral Resource in this estimate has a lower level of confidence than that applied to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the majority of the Inferred Mineral Resource could potentially be upgraded to an Indicated Mineral Resource with continued exploration.

5.

The Mineral Resources were estimated in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions (2014) and Best Practices Guidelines (2019) prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.

6.

Historical mined areas were removed from the block-modelled Mineral Resources.

7.

The Lawyers Area includes the Cliff Creek (CC), Dukes Ridge (DR), Phoenix (PX), and Amethyst Gold Breccia (AGB) zones. The 2025 MRE includes updates to the CC, DR, and PX zones since the 2024 MRE. The AGB block model remains unchanged from the 2022 MRE but is restated with updated RPEEE constraints.

8.

The Ranch Area includes the Thesis II, Thesis III, Bingo, Barite Vein (BV), Bonanza-South, JK, Bonanza, and Ridge zones. The 2025 MRE updates all Ranch Area zones from the 2024 MRE.

9.

Economic assumptions include metal prices of US$2,500/oz Au, US$30/oz Ag, and US$8,800/tonne Cu; an exchange rate of 0.73 US$:CAD$; process recoveries of 93% Au for both Areas, 86% and 88% Ag for the Lawyers and Ranch areas, respectively, and 85% Cu for the Ranch Area; and processing and G&A costs of CAD$17/t and CAD$6/t, respectively. AuEq values are calculated using an Au-to-Ag ratio of 1:80. Cu is not included in the AuEq calculation.

10.

Pit-constrained Mineral Resources include blocks within an optimized pit shell derived using the economic assumptions described above, together with a mining cost of CAD$4.0/t for mineralized and waste material, and pit slopes of 52° and 48° for the Lawyers and the Ranch Areas, respectively.

11.

Out-of-pit Mineral Resource Estimates include blocks below the constraining pit shell that form continuous and potentially mineable shapes, derived using the economic assumptions described above together with a mining cost of CAD$90/t. These parameters result in an out-of-pit cut-off grade of 1.20 g/t AuEq. Mining shapes encapsulate material within domains with a minimum horizontal width of 2.0 m (perpendicular to strike) and target vertical and horizontal dimensions of approximately 10 m (H) by 20 m (L).

Mineral Reserve

The PFS is based on the Mineral Reserve Estimate prepared by Mining Plus and reported by Thesis Gold with an effective date of October 27, 2025. The Mineral Reserve Estimate is summarized in Table 6 below:

Category

Tonnes
(kt)

Au

 (g/t)

Ag

 (g/t)

AuEq

(g/t)7

Au (koz)

Ag (koz)

AuEq
(koz)

Open Pit

Proven

Lawyers Area

31,582

0.97

33.45

1.39

990

33,965

1,414

Ranch Area

365

3.66

1.11

3.67

43

13

43

Open Pit Subtotal: Proven

31,948

1.01

33.08

1.42

1,033

33,978

1,457

Probable

Lawyers Area

39,661

0.79

20.16

1.04

1,007

25,709

1,329

Ranch Area

2,134

1.65

11.69

1.80

113

802

123

Open Pit Subtotal: Probable

41,795

0.83

19.73

1.08

1,120

26,511

1,452

Underground

Proven

Lawyers Area

1,301

2.96

115.68

4.41

124

4,839

184

Underground Subtotal: Proven

1,301

2.96

115.68

4.41

124

4,839

184

Probable

Lawyers Area

1,112

3.08

95.55

4.28

110

3,416

153

Underground Subtotal: Probable

1,112

3.08

95.55

4.28

110

3,416

153

Total

Proven

33,249

1.08

36.31

1.54

1,156

38,817

1,642

Probable

42,907

0.89

21.69

1.16

1,231

29,927

1,605

Proven + Probable

76,156

0.97

28.08

1.33

2,387

68,743

3,246

Table 6: Summary of October 27, 2025, Mineral Reserve Estimate

Source: Mining Plus (2025)

Notes:

1.

Classification of Mineral Reserves is in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (May 2014) of NI 43-101.

2.

The independent and qualified person for the Mineral Reserve, as defined by NI 43-101, is Peter Lock, FAusIMM.

3.

The effective date is October 27, 2025.

4.

Open Pit Mineral Reserves are reported using an AuEq cut-off grade of 0.29 g/t AuEq for the Lawyers Area pits and a 0.37 g/t for the Ranch Area.

5.

Underground Mineral Reserves are reported using a cut-off grade of 2.20 g/t diluted AuEq to determine the mining extents. Lower grade gaps within the extents were infilled using stopes that met the incremental cut-off grade of 1.7 g/t diluted AuEq. A lower mill feed cut-off grade of 1.5 g/t diluted AuEq was applied to mineralized development.

6.

Processing costs used in the cut-off grade calculation were $C 15.77/t milled for Lawyers Area feed and $15.91/t milled for Ranch Area feed; the costs used for sustaining capital, G&A, and Ranch Area ore haul were $C 2.49/t milled, $C 5.23/t milled, and $C 5.80/t milled, respectively.

7.

AuEq =Au + Ag/80, where Au is the gold grade in g/t and Ag is the silver grade in g/t.

8.

Mineral Reserves are reported using long-term gold and silver prices of $US 2,000/oz and $US 24.50/oz, respectively, and a foreign exchange rate of 1CAD = 0.73USD.

9.

The gold processing recovery assumptions used were 92.9% for the Lawyers Area mill feed and 93.2% for the Ranch Area feed. The silver processing recovery assumptions used were 86.1% for Lawyers Area mill feed and 88.4% for Ranch Area mill feed.

10.

A minimum mining width of 2.5 m was used for all underground assets.

11.

Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.

Capital and Operating Costs

The PFS includes initial capital expenditures of $736.2 million, compared to $598.4 million in the 2024 PEA, a 23% increase. The increase reflects general cost inflation, a 9% increase in process plant throughput (from 12,600 t/d to 13,700 t/d), increased definition for facilities associated with water management, an increase in electrical design and equipment costs, and the mining of the Ranch Area accelerated to year one of operations. The total sustaining costs are estimated at $861.2 million, inclusive of contingency, estimated closure costs of $71.8 million, and estimated salvage credit of $56.3 million.

LOM operating costs for the Project are estimated to average $46.53 per tonne processed excluding pre-production operating costs and tonnes. The PFS is based on an owner-operated model for mining the Lawyers Area open pits, contractor mining for the Ranch Area open pits, and an owner-operated underground operation at the Lawyers Area. Mill feed distribution over the LOM is 3.2% of the ore processed from the Lawyers Area underground, 3.3% from the Ranch Area open pit via contractor, and the remaining 93.5% is from the Lawyers area owner-operated open pits.

The capital and operating cost estimate was developed in Canadian Dollars ($) in Q3 2025. The capital cost summary is presented in Table 7 and the operating cost summary is presented in Table 8.

Capital Costs

Pre-Production
($M)

Sustaining /

Closure
($M)

Total
($M)

Open Pit Mining

79.1

181.0

260.1

Underground Mining

0.7

227.3

228.0

Mineral Processing

246.1

0.0

246.1

Tailings and Waste Management

70.7

293.1

363.8

On-site Infrastructure

103.1

0.0

103.1

Off-site Infrastructure

1.9

45.1

47.0

Project Indirects

56.0

0.8

56.8

EPCM

53.6

0.0

53.6

Owner's Costs

20.1

0.0

20.1

Closure

0.0

71.8

71.8

Subtotal 1

631.2

819.2

1,450.3

Contingency

98.7

42.0

140.7

Subtotal 2

729.8

861.2

1,591.0

Capitalized Process OPEX

6.4

0.0

6.4

Salvage Credit

0.0

(56.3)

(56.3)

Total Capital Costs

736.2

804.9

1,541.1

*Numbers may not sum due to rounding

Table 7: Summary of Capital Costs

Operating Costs

$/t Mined^

Average Annual
$M^^

LOM $M

OP Mining – Lawyers

4.13

105.2

1,578.1

UG Mining – Lawyers

100.58

34.7

242.7

OP Mining – Ranch

4.65

36.9

110.7

Operating Costs

$/t Processed

Average Annual $M

LOM $M

Mining – Total

25.53

129.54

1931.4

Processing**

15.36

78.07

1,162.5

G&A

5.64

28.6

426.9

Total

46.53

236.1

3,520.8

*Numbers may not sum due to rounding

**Processing operating costs include waste management and infrastructure

^Open pit mining costs are presented as $/t mined, Underground mining costs are presented as $/t ore mined

^^Average annual mining costs reflect the costs allocated to an area divided by the years that area is in operation.

Table 8: Summary of Operating Costs (Excluding Pre-Production)

Mining

The PFS outlines a mining strategy that integrates conventional open pit truck-and-shovel operations with underground longhole stoping, supported by a stockpiling approach to maintain a maximum annual processing rate of 5.1 million tonnes per annum (Mtpa). Approximately 96.8% of the mill feed will be sourced from open pit mining, as most of the defined Mineral Reserves are located near-surface. In contrast, underground mining will target deeper, higher-grade zones at the Lawyers Area.

Over the LOM, the Project is expected to deliver 76.2 Mt of mill feed at an average grade of 1.33 g/t AuEq*, containing approximately 2.39 million ounces ("Moz") of gold and 68.74 Moz of silver. These estimates are based on cut-off grades of 0.29 g/t AuEq* for the Lawyers Area open pits and 0.37 g/t AuEq* for the Ranch Area open pits. The underground Mineral Reserve diluted cut-off grade of 2.2 g/t AuEq* was used to define the mining footprint. Additionally, an incremental cut-off grade of 1.5 g/t AuEq* was applied to development, while a cut-off grade of 1.7 g/t AuEq* was used for additional infill stopes.

Figure 2 presents the annual mill feed by ore source, along with the mined AuEq* grade.

Note: AuEq = Au + Ag/80

Open Pit Mining

Open pit mine design was guided by a series of optimized shells for each deposit. This mine design consists of four pits at the Lawyers Area and eight small pits at the Ranch Area, with a combined strip ratio of 4.6:1. Where operational widths allowed, these shells were subdivided into pushbacks to improve operational flexibility and optimize the production schedule. Approximately 73.7 Mt of open pit Mineral Reserve has been defined with grades of 0.91g/t Au and 25.51 g/t Ag, containing 2.15 Moz of gold and 60.49 Moz of silver.

The mining sequence prioritizes high-grade material in the schedule, while stockpiling lower-grade material to optimize feed grade. It also includes mining out select pits to establish development access for underground operations which enables, the delivery of higher-grade underground mill feed. The open pit operation is planned for 15 years, preceded by a two-year pre-production period. Average material movement, inclusive of stockpile reclaim, is estimated at 78.2 kt/d, with peak movement reaching 89.0 kt/d. This excludes pre-production material movement.

The open pit mining activities for the Lawyers Area will be undertaken by an owner-operated truck and shovel fleet with conventional drill, blast, load and haul operations. All mining activities at the Ranch Area will be undertaken by a mining contractor. Given the overall scale of operations and equipment requirements, a diesel-powered fleet has been selected.

Underground Mining

Underground mining in the Lawyers Area will take place at the Dukes Ridge and Cliff Creek (North and South) Deposits. The underground will utilize longhole stoping to achieve a production rate of 1,640 t/d. Stopes will be extracted in a retreat sequence and backfilled with unconsolidated waste rock and/or cemented rock fill. All waste from underground development will be used as backfill.

The mine will be developed using conventional underground equipment, including development jumbos, longhole drills, bolters, LHDs, and haul trucks. Mineralized material will be hauled to the surface and to a stockpile facility near the portal, where open pit equipment will transport stockpiled material to the crusher.

Approximately 2.4 Mt of underground Mineral Reserve have been defined with grades of 3.02 g/t Au and 106.40 g/t Ag, containing 234,000 oz of gold and 8.26 Moz of silver. Underground mine production will occur during the first seven years of the Project's 15-year mine life.

Processing

The metallurgical test program demonstrates the Project is well suited to a conventional treatment circuit that allows for flexibility to suit the blended feed characteristics of the mineralized material from the Lawyers and Ranch Areas. The PFS metallurgical test work program was completed at SGS Canada Inc.'s metallurgical lab in Burnaby, BC and the testing builds on previous test work. The test work shows that lower sulphide material responds well to cyanide leaching and that higher sulphide material has a poor leach response but can be readily recovered by flotation. The operating philosophy of Lawyers-Ranch will allow for production of a saleable flotation concentrate, while maintaining the ability to leach various process streams to produce doré at site. The flowsheet is designed to be flexible and operates to recover gold via gravity recovery, flotation, and leaching.

The proposed flowsheet has a primary grind to a product particle size 80% passing 140 microns feeding a differential flotation circuit. Gravity pretreatment is included prior to flotation. The flexible flotation circuit allows production of two types of flotation concentrates: one is a high-grade saleable concentrate, and the second is a lower grade scavenger concentrate that is reground before further processing via a more intensive concentrate leach. When processing Ranch ore as a blend, the high-grade concentrate is assumed to be saleable but when the mill feed switches to feeding ore just from the Lawyers Area deposits, the flowsheet has the option to maximize revenue by leaching the concentrate onsite to produce additional doré from the concentrate rather than selling the flotation product.

Project Infrastructure

The Project infrastructure is designed to support a mining and processing operation with a 13,700 t/d throughput, operating on a 24-hour per day, seven day per week basis. The overall site layout will include open pit mines, underground mines, a processing plant, tailings storage facility, waste rock storage facilities, and supporting infrastructure including an accommodation complex, administration office, mine dry, mine maintenance facility, assay lab, and bulk fuel storage.

Site access will be via the existing access road connecting the site to the Kemess mine. A new site access road will branch off the existing access road, providing a more direct route onto the project site. Power will be supplied by a new 69kV transmission line connecting a new 230:69kV step down substation which will tap into the existing 230kV line at Kemess. The Kemess line is subsequently connected to BC Hydro's Kennedy Siding Substation near Mackenzie BC. A 13.8 kV distribution system will be constructed to support site infrastructure.

The TMF is designed as a conventional thickened slurry tailings storage facility with a downstream embankment construction. Each mining site has a WRSF where material characterized as non-acid generating will be stored. Results from preliminary material characterization suggest potentially acid-generating volumes and onset timing can be managed through pit backfilling for long-term storage. Water treatment is included in the design to create a robust water management plan to handle a range of climatic conditions.

A regional site map is presented in Figure 5. The overall site layout showing the proposed location of the Lawyers Area on-site infrastructure is provided in Figure 6, and the Ranch Area site layout showing infrastructure is provided in Figure 7.

Permitting and Studies

Thesis holds the required permits and approvals to continue exploring the areas comprising the Project. Historical environmental studies were conducted prior to and during the operation of the Cheni Mine, with recent monitoring overseen by the BC Ministry of Energy, Mines and Low Carbon Innovation. In the past two years, Thesis has initiated additional environmental baseline studies to support ongoing exploration and prepare for an environmental assessment application. The Project, located on Crown land in British Columbia within the traditional lands of the Tsay Keh Dene Nation, Kwadacha Nation, Takla Nation, and Tahltan Territory, will require additional permits, including an Environmental Assessment Certificate (EAC) and a federal decision statement. The project plans to follow a concurrent environmental permitting and impact assessment process, in concert with federal and provincial regulators after the submission of an Initial Project Description. The region has Indigenous communities with strong land and resource use traditions. Thesis has secured agreements with Indigenous groups, including a trilateral Exploration Cooperation and Benefit Agreement (Tsay Keh Dene Nation, Kwadacha Nation, and Takla Nation) as well as an Exploration Agreement with the Tahltan Central Government. Thesis is committed to establishing forums for the benefit of communities that will facilitate on-going engagement, sharing project information, and exploring economic opportunities throughout the project lifecycle.

Project Update and Next Steps

With the PFS now complete, Thesis is advancing to a Feasibility Study ("FS") for the Project. FS data collection started during the 2025 field season where approximately 2,800 meters of drilling occurred with geotechnical data collected and installation of vibrating wire piezometers in three of the geotechnical holes. A portion of the FS metallurgical samples were selected from these geotechnical holes as a starting point for the FS level metallurgical program in conjunction with remaining samples from the PFS program. In 2025, the Company completed a broad geochemical sampling program, correlated with the preliminary PFS mine plan, incorporating both new and historical core, as part of the technical work supporting the FS.  Thesis intends to initiate an Environmental Assessment ("EA") process with the British Columbia Environmental Assessment Office and the Government of Canada's Impact Assessment Agency of Canada in December 2025 through the submission of an Initial Project Description.

The main focus of the 2026 field season will be to collect the remaining FS level data gaps for geotechnical and hydrogeological data as well as collection of additional FS metallurgical samples. Drilling will be planned to accomplish these multiple objectives, and multielement assays from the same holes when going through the ore body will continue to enhance the team's geological understanding of the project. Key aspects of the 2026 data collection include:

Geotechnical/Hydrogeological Site Investigation (FS Level) for:

Tailings Storage Facility (Lawyers)
Process Plant (Lawyers)
Camp Foundations and Mine Maintenance Facility Area (Lawyers)
Open Pits (Lawyers-Ranch)
Waste Rock Storage Facility (Lawyers-Ranch)
Metallurgical Sample Generation (Lawyers-Ranch)

Project-Scale Hydrogeology Site Investigation Program: to continue the monitoring well network to support the development of a site-wide water balance.
Mineral Processing and Recovery Testwork to validate processing methods and for optimization of FS flowsheet. A key component will be a geometallurgical study to investigate the variability of mineralized material to identify if there is a lower capital cost alternative to the robust and flexible flowsheet developed for the PFS.
Conduct Ore Sorting Testwork on the Ranch Area material to investigate the opportunity for the FS.
Complete Geochemical Characterization of Lawyers-Ranch waste and mineralization, including static and kinetic test work to inform the FS and the EA process.
Once the 2026 field season data collection is complete, Thesis will assess the remainder of the FS schedule and kickoff the engineering and cost estimation portion of the study.

Qualified Persons and NI 43-101 Technical Report

The 2025 PFS for the Lawyers-Ranch Project summarized in this news release was completed by Ausenco and will be incorporated in a NI 43-101 technical report that will be available under the Company's SEDAR+ profile at www.sedarpus.ca, and on the Company's website, within 45 days of this news release.

The affiliation for each of the independent Qualified Persons (as defined under NI 43-101) involved in preparing the 2025 PFS, upon which the technical report will be based, are as follows:

Kevin Murray, P.Eng., Ausenco Engineering Canada ULC
Eugene Puritch, P.Eng., FEC, CET, P&E Mining Consultants Inc.
Yungang Wu, M.Sc., P.Geo., P&E Mining Consultants Inc.
William Stone, M.Sc., Ph.D., P.Geo., P&E Mining Consultants Inc.
Jarita Barry, P.Geo., P&E Mining Consultants Inc.
Brian Ray, M.Sc., P.Geo., P&E Mining Consultants Inc.
Peter Lock, Beng (Mining), Mining Plus Canada Ltd.
Rita Tsai, P.Eng., Equilibrium Mining Inc.
Frank Wright, P.Eng., F. Wright Consulting Inc.
Mark Alban, P.Eng., Knight Piésold Ltd.
Stephan Theben, Dipl.-Ing., SME RM, SLR Consulting Ltd.
Andrea Samuels, P.Geo., pHase Geochemistry Inc.
Data Verification

The Qualified Persons responsible for the 2025 PFS and its related technical report have verified the data for which they are accountable, including the sampling, analytical, and test data underlying the information disclosed in this news release. Geological, mine engineering and metallurgical reviews included, among other things, reviewing drill data and core logs, review of geotechnical and hydrological studies, environmental and community factors, the development of the life of mine plan, capital and operating costs, transportation, taxation and royalties, and review of existing metallurgical test work. In the opinion of the Qualified Persons, the data, assumptions, and parameters used in the sections of the 2025 PFS that they are responsible for preparing are sufficiently reliable for those purposes. The technical report in respect of the 2025 PFS, when filed, will contain more detailed information concerning individual Qualified Persons responsibilities, associated quality assurance and quality control, and other data verification matters, and the key assumptions, parameters and methods used by the Company.

Qualified Person

The scientific and technical content of this news release has been reviewed and approved by Michael Dufresne, M.Sc, P.Geol., P.Geo., a non-independent Qualified Persons as defined by NI 43-101.

On behalf of the Board of Directors
Thesis Gold Inc.

"Ewan Webster"

Ewan Webster Ph.D., P.Geo.
President, CEO, and Director

About Thesis Gold Inc.

Thesis Gold Inc. is a resource development company focused on unlocking the potential of its 100%-owned Lawyers-Ranch Project, located in British Columbia's prolific Toodoggone Mining District. The Company recently completed a 2025 Pre-Feasibility Study, which outlines robust project economics, including a 54.4% after-tax IRR and an after-tax NPV5% of C$2.37 billion at US$2,900 and US$35.00 per ounce of gold and silver, respectively, demonstrating significant value-creation potential. Thesis Gold intends to initiate the Environmental Assessment Process in late 2025 and a Feasibility Study in 2026. Through these steps, the Company aims to further de-risk the Lawyers-Ranch Project and advance it toward becoming a leading global precious metals development opportunity.

For further information or investor relations inquiries, please contact:

Kettina Cordero
Vice President Investor Relations
Email: [email protected]
Tel: +1 672-910-0026

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Non-GAAP Measures

Certain financial measures referred to in this news release are not recognized measures under IFRS and are referred to as non-GAAP financial measures or ratios. These measures have no standardized measures under IFRS and may not be comparable to similar measures presented by other issuers. The definitions established and calculations provided by the Company are based on management's reasonable judgment and are consistently applied. These measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

The non-GAAP financial measures used in this news release are:

Total Operating Costs and Total Operating Costs per Tonne Processed

Operating Costs are reflective of the cash cost of production. Operating Costs include mining costs, processing costs, water and waste management costs, and on-site general and administrative costs. Total Operating Costs per tonne processed is calculated as total Operating Costs divided by total LOM tonnes processed, excluding pre-production Operating Costs and tonnes.

All-in Sustaining Cash Cost and AISC per AuEq Ounce

AISC is reflective of all of the cash costs that are required to produce an ounce of gold from operations. AISC includes Operating Costs, treatment and refining costs, royalties, sustaining capital, expansion capital, and closure costs, less salvage credits. AISC per AuEq ounce is calculated as dividing total AISC by the LOM payable AuEq ounces.

Cautionary Statement Regarding Forward-Looking Information

This press release contains "forward-looking information" including FOFI (as defined below) and financial outlook within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the development of Lawyers-Ranch in the PFS, mineralized material processing, highlights of the PFS including the pre and after tax IRR, annual production rates, a range of potential gold prices, the extension of the operation of the mine life to 15 years, information respecting a Maiden Mineral Reserve statement, after-tax payback, capital expenditures at the Project, optimization of engineering design through a Feasibility Study, outlines of processing and production potential, the potential for further Project improvements including pre-concertation, crown pillar recovery, pit geotechnical optimization, construction and commissioning optimization, waste management and closure optimization, and potential mine life extension through reprocessing material characterized as waste and upgrading the classification of inferred ounces through additional drilling, projected mining operations under the PFS, information respecting a Mineral Resource Estimate and Mineral Reserve Estimate, capital and operating costs under the PFS, location of potential mining at the Project, mine design, processing, project infrastructure including new site access, permitting and studies including an environmental permitting and impact assessment process, and advancement of a Feasibility Study including collection of additional data for the Feasibility Study. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are risks respecting  uncertainties inherent to the conclusions of economic evaluations and economic studies, changes the parameters of the Project, including budget and schedule, uncertainties with respect to actual results of current exploration activities, delays in the advancement of the Project, including with respect to drilling activities, equipment availability and/or issues, labour force shortages, fluctuations in metal and foreign exchange rates, limitation on insurance coverage, accidents, lack of available capital to the Company, failure to obtain necessary regulatory approvals as the project advances, labour disputes and other risks of the mining industry, the ability of the Company and stakeholders to realize the anticipated benefits of the Project, delays in obtaining governmental approvals or in the completion of development or construction activities, opposition by social and non-government organizations to mining projects, unanticipated title disputes, claims or litigation, cyber-attacks and other cybersecurity risks and changes to tax regimes in the jurisdictions relevant to the Company and other risks described in the Company's filings, including in the risk factors in the Company's most recent management's discussion and analysis, which are available on the Company's profile on SEDAR+ at www.sedarplus.ca.

The forward-looking information contained in this news release also includes financial outlooks and other forward-looking metrics relating to the Company and the Project, including references to financial and business prospects, future results of operations, performance and estimated NPV and IRR. Such information, which may be considered future oriented financial information (FOFI) or financial outlooks within the meaning of applicable Canadian securities laws, has been approved by management of the Company as of the date hereof. Such FOFI and financial outlooks are based on assumptions which management believes are reasonable as of the date hereof, having regard to the industry, business, financial conditions, plans and prospects of the Company, including the PFS. These projections are provided to describe the prospective performance of the Project and readers are cautioned such information may not be appropriate for other purposes. Such information is highly subjective and should not be relied on as necessarily indicative of future results and actual results may differ significantly from such projections. FOFI and financial outlook constitute forward-looking statements and are subject to the same assumptions, uncertainties, risk factors and qualifications above.

The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

*AuEq reported for the mined materials/mill feed in mineral resource estimate and mineral reserve estimates assumes a conversion of 80:1 for Ag to AuEq based on expected average expected recoveries of 93% Au and 86.1% Ag at US$2,000/oz Au and $24.50/oz Ag.
**AuEq production values are based on payable ounces as calculated by the financial model and have varying gold and silver recoveries by deposit at a US$2,900/oz Au and US$35/oz Ag.
AISC† costs consist of mining costs, processing costs, mine-level G&A, offsite charges, royalties, sustaining capital, expansion capital, and closure costs.

SOURCE Thesis Gold Inc.

December 01, 2025 6:00 AM EST | Source: Happy Belly Food Group Inc.
Toronto, Ontario--(Newsfile Corp. - December 1, 2025) - Happy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company"), a leader in acquiring and scaling emerging food brands is pleased to announce the grand opening of their newest Heal Wellness ("Heal") location in the Bridgeland neighbourhood of Calgary, Alberta. Located at 602 1st Ave NE, this new location is operated by one of our multi-unit franchisee partners and marks Heal's 6th location in the City of Calgary, 9th opened location overall in Alberta, and 12th in Western Canada. Heal Wellness is a quick-service restaurant ("QSR") brand specializing in fresh smoothie bowls, açaí bowls, and smoothies.

Happy Belly 1

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"Heal's continued expansion across Calgary reflects both the strength of the brand and the confidence of our multi-unit franchise partners in our scalable, asset-light growth model," said Sean Black, Chief Executive Officer of Happy Belly. "Bridgeland has emerged as one of Calgary's most vibrant, walkable inner-city communities, with strong foot traffic, excellent connectivity to downtown, and a mix of young professionals, families, students, and health-conscious consumers drawn to its independent retailers, restaurants, and proximity to the river pathway network and transit. Our new Heal Wellness location at 602 1st Ave NE is positioned to serve guests throughout the day-from morning commuters and office workers to afternoon families and evening visitors-seeking fresh, energizing smoothie bowls, açaí bowls, and smoothies that fit seamlessly into busy, active lifestyles. Opening our 6th Calgary location here, and our 9th in Alberta, is an important milestone as we build Heal into Western Canada's leading smoothie bowl and wellness QSR brand. The restaurant held its grand opening on November 29th and is now open and serving guests."

This opening further strengthens Heal Wellness' footprint in Alberta and across Western Canada and exemplifies Happy Belly's disciplined approach of pairing strong local operators with high-quality trade areas in growth markets. This multi-unit Calgary franchisee continues to build towards their 15-unit signed commitment and continues to expand their Heal portfolio underscoring the brand's attractive unit economics and the growing regional demand for wellness-focused QSR concepts.

Heal Wellness continues to accelerate its expansion across Canada and into the United States, solidifying its position as a leading smoothie bowl and wellness QSR brand. With 28 locations currently operating and over 168 in development, Heal contributes to a broader Happy Belly pipeline of 626 contractually committed retail franchise locations across its portfolio of emerging brands-including Heal Wellness, Rosie's Burgers, Yolks Breakfast, Via Cibo Italian Street Food, and others-at various stages of development, construction, and operation.

Happy Belly 2

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"We are just getting started", said Sean Black.

About Heal WellnessHeal Wellness was founded with a passion and mission to provide quick, fresh wellness foods that support a busy and active lifestyle. We currently offer a diverse range of smoothie bowls and smoothies. We take pride in meticulously selecting every superfood ingredient on our menu to fuel the body, including acai smoothie bowls, smoothies, and super-seed grain bowls. Our smoothie bowls are crafted with real fruit and enriched with superfoods like acai, pitaya, goji berries, chia seeds, and more.

FranchisingFor franchising inquiries please see www.happybellyfg.com/franchise-with-us/ or contact us at [email protected].

About Happy Belly Food GroupHappy Belly Food Group Inc. (CSE: HBFG) (OTCQB: HBFGF) ("Happy Belly" or the "Company") is a leader in acquiring and scaling emerging food brands across Canada.

Happy Belly Food Group

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Sean Black
Co-founder, Chief Executive Officer

Shawn Moniz
Co-founder, Chief Operating Officer

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management.

Cautionary Note Regarding Forward-Looking Statements

All statements in this press release, other than statements of historical fact, are "forward-looking information" with respect to the Company within the meaning of applicable securities laws. Forward-Looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur and include the future performance of Happy Belly and her subsidiaries. Forward-Looking statements are based on the opinions and estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. There are uncertainties inherent in forward-looking information, including factors beyond the Company's control. There are no assurances that the business plans for Happy Belly described in this news release will come into effect on the terms or time frame described herein. The Company undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company's Management's Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedarplus.ca.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276384

December 01, 2025 6:00 AM EST | Source: Geiger Energy Corporation
Key Highlights

Hook Project in Athabasca is planning a February 2026 drill program to the TT and TAB areas, which exhibit strong alteration and elevated radioactivity.

TT and TAB areas exhibit thick alteration zones with elevated radioactivity and pathfinder geochemistry, consistent with major Athabasca Basin uranium deposit corridors.

TT target: Up to 145 metres of clay alteration intersected across five holes; drilling will test below the alteration envelope along the same structural corridor as the ACKIO discovery.

TAB target: Up to 230 metres of fracturing and hydrothermal alteration with elevated radioactivity; drilling to test a broad gravity anomaly supported by anomalous lake sediment results.

Toronto, Ontario--(Newsfile Corp. - December 1, 2025) - Geiger Energy Corp. (TSXV: BEEP) (OTCQB: BSENF) ("Geiger") or the ("Company") is pleased to announce further plans to drill its Hook project ("Hook") February 2026 to test two clay alteration with elevated radioactivity systems (TT and TAB) intersected in 2024, in the Athabasca Basin of northern Saskatchewan (Figure 1). See Press Release dated November 3, 2025.

"Plans to test Hook's prospective alteration systems in February 2026 in the vicinity of the ACKIO discovery are underway. The TT and TAB areas have displayed radioactive and prospective alteration systems, similar in style to some of the larger Athabasca Basin deposit corridors. The project is fertile for additional mineralized systems and our winter exploration work will ensure continuous advancement of Geiger's portfolio," stated Rebecca Hunter, President and Chief Executive Officer of Geiger.

Hook Project, Athabasca Basin

Key areas have been identified that warrant current follow-up on the Hook Project (Figure 2). The main areas of interest include the TT and TAB areas. Targets will be prioritized based on results as the drilling program progresses.

TT area (~5.5 km SW of ACKIO): Drill intersections with clay alteration ranging from 30 to 145 metres in thickness in 5 drill holes, HK24-016, HK24-017, HK24-021, HK24-022 and HK24-023 (Figure 3). Three to five planned drill holes are designed to test below the clay alteration envelope to target the base of the alteration system. Alteration pathfinders suggest a potential redox interface at depth and that could be where the elevated radioactivity is sourced from. Along trend targets are also planned to determine the extent of the alteration system along strike. The target area is a coincident gravity and magnetic low along the same SSE-trending structural corridor that the ACKIO discovery falls along.

TAB area (~6 km NE of ACKIO): Drill intersections of strong fracturing and hydrothermal alteration between 130 and 230 m in thickness in 2 drill holes, HK24-009 and HK24-010 (Figure 4). Three to five drill holes are planned to test larger gravity anomaly. Elevated radioactivity and pathfinders are indicative of a larger system in the area. Highly anomalous radioactivity has been identified in lake sediments from nearby lakes suggesting there could be a local source to the elevated radioactivity (Figure 5). Similar to TT, the area is a gravity and magnetic low target.

The significant clay alteration systems share similarities with deposit areas in the Athabasca Basin (e.g. the Millennium Deposit), which hosts a significant clay alteration halo outboard of the main deposit area. The presence of these two distinct alteration systems at TT and TAB kilometres from the ACKIO discovery shows the project area is fertile for more uranium mineralization discoveries.

The Hook Project is a key asset for Geiger as it hosts significant uranium mineralization at ACKIO, and the TT and TAB areas have now displayed additional prospective hydrothermal systems. The overall objective of the 2026 drill program is to further test these systems at TT and TAB and determine if there is a another mineralized zone in the area. Finalization of the drill program will evolve in the coming weeks as we compile and review the historical data and recent drilling result with our technical team. For the 2026 program, all the drill and camp logistics as well as staffing are organized and will be ready for deployment in early February.

About Geiger

Geiger holds approximately 390,000 hectares of exploration ground in the Athabasca Basin of northern Saskatchewan, Canada, and an additional 95,519 hectares in Nunavut's Thelon Basin. The Company's exploration strategy is focused on discovering high-grade uranium deposits within these two prolific uranium districts.

Geiger's primary asset, the Aberdeen Project in the Thelon Basin, Nunavut, hosts the high-grade Tatiggaq and Qavvik uranium discoveries.

Tatiggaq is a basement-hosted prospect defined over a 300-metre strike length, comprising multiple steeply dipping, ENE-trending mineralized lenses situated between 80 and 180 metres depth. Notable drill intercepts include 2.25% U₃O₈ over 11.1 metres1, underscoring the high-grade potential of the system. The system is open for expansion over a 1.5 km strike length and a depth.

Qavvik is a similarly styled, basement-hosted prospect characterized by steeply dipping, mineralized ENE-trending lenses across a 100 x 100 metre area, extending from surface to approximately 400 metres depth. The system is open for expansion over a 500 metre area and at depth.

The Aberdeen Project contains over 50 high-priority exploration targets, many of which exhibit strong alteration and anomalous uranium from limited historical drilling - while several remain completely untested.

In the Athabasca Basin, Geiger is advancing its Hook Project, which hosts the ACKIO near-surface uranium prospect.

ACKIO is a basement hosted prospect that extends for more than 375 metres along strike and 150 metres in width. It consists of at least nine distinct uranium pods with mineralization beginning at depth of 28 metres and continuing to approximately 300 metres. The system remains open at depth and along strike to the north, south, and east, highlighting significant potential for expansion.

Significant massive clay alterations systems with elevated radioactivity are also present within the Hook Project that show promising mineralization potential outboard of the ACKIO discovery.

Figure 1: Geiger projects location map in the Athabasca Basin. ACKIO uranium prospect identified with yellow circle.

Figure 2: 2026 proposed drill target areas on the Hook Project.

Figure 3: TT Target area with historical drill holes and proposed holes.

Figure 4: TAB Target area with historical drill holes and proposed holes.

Figure 5: Preliminary compilation of elevated lake sediment geochemistry and boulders.

Qualified Person Statement

The technical information contained in this news release has been reviewed and approved by Rebecca Hunter, P.Geo, President & CEO of Geiger Energy Corp., a Qualified ‎Person, as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." ‎

For More Information

"Rebecca Hunter"

Geiger Energy Corp.
Rebecca Hunter, PhD. P. Geo.
CEO, President & Director
Email: [email protected]
Phone: 416-644-1567

Cautionary Statement

Certain information in this news release is considered forward-looking within the meaning of certain securities laws and is subject to important risks, uncertainties and assumptions. This forward-looking information includes, among other things, information with respect to Geiger's beliefs, plans, expectations, anticipations, estimates and intentions. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward-looking information in this news release describes Geiger's expectations as of the date of this news release.

The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from such forward-looking information include, among others, risks arising from general economic conditions; adverse industry events; inability to realize anticipated synergies; future legislative and regulatory developments; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; income tax and regulatory matters; the ability of Geiger to implement its business strategies; competition; currency and interest rate fluctuations and other risks. Readers are cautioned that the foregoing list is not exhaustive.

Geiger cautions that the foregoing list of material factors is not exhaustive. When relying on forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Geiger has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.

THE FORWARD-LOOKING INFORMATION CONTAINED IN THIS NEWS RELEASE REPRESENTS THE EXPECTATIONS OF GEIGER AS OF THE DATE OF THIS NEWS RELEASE AND, ACCORDINGLY, IS SUBJECT TO CHANGE AFTER SUCH DATE. READERS SHOULD NOT PLACE UNDUE IMPORTANCE ON FORWARD-LOOKING INFORMATION AND SHOULD NOT RELY UPON THIS INFORMATION AS OF ANY OTHER DATE. WHILE GEIGER MAY ELECT TO, IT DOES NOT UNDERTAKE TO UPDATE THIS INFORMATION AT ANY PARTICULAR TIME.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

________________________
1 Refer to Forum News Release dated September 12, 2023, titled "Forum intersects 2.25% over 11.1 metres on the Thelon Basin Uranium Project"

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276373

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, /PRNewswire/ -- We will release our fourth-quarter 2025 results on Wednesday, Jan. 28, 2026, and webcast a conference call to discuss results.

Key Takeaways:

AT&T will release its fourth-quarter 2025 results on Jan. 28
AT&T will webcast a conference call to discuss results

AT&T (NYSE:T) will release its fourth-quarter 2025 results before the New York Stock Exchange opens on Wednesday, Jan. 28, 2026. The company's earnings release and related materials will be available on the AT&T Investor Relations website.

At 8:30 a.m. ET the same day, AT&T will host a conference call to discuss the results. A live webcast of the call will also be available on the AT&T Investor Relations website, and the webcast replay and transcript will be available following the call.

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About AT&T
We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

© 2025 AT&T Intellectual Property. All rights reserved. AT&T and the Globe logo are registered trademarks of AT&T Intellectual Property.

SOURCE AT&T

Also from this source

B7H3 and PTK7 is co-expressed in multiple solid tumor types, including lung, colorectal, and head and neck cancers, at approximately 30%, 46%, and 27%, respectively
Deep and durable regressions observed with IDE034 monotherapy in multiple preclinical in-vivo models with B7H3 and PTK7 co-expression
Enhanced durability with IDE034 and IDE161 PARG inhibitor combination in preclinical in vivo models; targeting to share additional preclinical data supporting mechanistic rationale at a medical conference in H1 2026

, /PRNewswire/ -- IDEAYA Biosciences, Inc. (NASDAQ: IDYA), a precision medicine oncology company committed to the discovery and development of targeted therapeutics, announced the clearance of an investigational new drug (IND) application with the U.S. Food and Drug Administration (FDA) for the initiation of a Phase 1 clinical trial to evaluate IDE034, a potential first-in-class bispecific B7H3/PTK7 TOP1 antibody-drug conjugate (ADC).  IDEAYA expects to begin enrolling the study in Q1 2026, initially evaluating patients with solid tumors known to express B7H3 and PTK7, including lung, colorectal, head and neck and ovarian/gynecological cancers.  Based on the Human Protein Atlas database, B7H3/PTK7 has been reported to be co-expressed in lung, colorectal, and head and neck cancers at approximately 30%, 46% and 27%, respectively.

"IND clearance for IDE034 is an important step in expanding our potential first-in-class TOP1 ADC clinical pipeline into bispecific, precision-guided approaches," said Darrin M. Beaupre, M.D., Ph.D., Chief Medical Officer of IDEAYA Biosciences. "IDE034 has demonstrated robust antitumor activity and selective targeting of B7H3- and PTK7-expressing solid tumor models. The high prevalence of B7H3/PTK7 co-expression in solid tumors such as lung, colorectal, and head and neck cancers underscores its broad indication potential."

"We are excited to advance our differentiated clinical strategy with now three potentially first-in-class clinical-stage programs focused on enhancing the efficacy of TOP1 ADCs through the PARG DDR combination mechanism.  We believe this approach addresses a key unmet need by improving the durability of response to TOP1 payload-based ADC therapies.  We are targeting to share additional preclinical data to support the PARG and TOP1 ADC combination rationale at a major medical conference in H1 2026," said Yujiro S. Hata, President and Chief Executive Officer of IDEAYA Biosciences.

Preclinical studies have demonstrated strong anti-tumor activity in B7H3/PTK7-positive tumor models, including deep and durable tumor regressions with IDE034 monotherapy, supporting advancement into clinical development. This co-expression pattern supports the potential for broad monotherapy activity, while the TOP1 payload provides a strong mechanistic rationale for combining IDE034 with IDEAYA's PARG inhibitor, IDE161.  TOP1 inhibition induces replication stress and DNA damage, which can increase reliance on the PARG pathway; therefore, a IDE034 and IDE161 combination approach may enhance anti-tumor activity in patients with solid tumors that co-express B7H3 and PTK7, consistent with the results that were observed preclinically with this combination.

About IDEAYA Biosciences

IDEAYA is a precision medicine oncology company committed to the discovery, development, and commercialization of transformative therapies for cancer.  Our approach integrates expertise in small-molecule drug discovery, structural biology and bioinformatics with robust internal capabilities in identifying and validating translational biomarkers to develop tailored, potentially first-in-class targeted therapies aligned to the genetic drivers of disease.  We have built a deep pipeline of product candidates focused on synthetic lethality and antibody-drug conjugates, or ADCs, for molecularly defined solid tumor indications.  Our mission is to bring forth the next wave of precision oncology therapies that are more selective, more effective, and deeply personalized with the goal of altering the course of disease and improving clinical outcomes for patients with cancer.

Forward-Looking Statements

This press release contains forward-looking statements, including, but not limited to, statements related to: (i) the timing of the initiation of and enrollment of subjects for  the Phase 1 clinical trial to evaluate IDE034; (ii) the potential frequency of B7H3/PTK7 co-expressed in solid tumors types, including lung, colorectal, and head and neck cancers; (iii) the potential therapeutic benefit of IDE034 as monotherapy and in combination with IDE161, a PARG inhibitor; and (iv) the timing of a data presentation related to the  IDE034 and IDE161, PARG inhibitor, combination at a medical conference.  Preclinical study results are not necessarily predictive of future clinical trial results and/or approval.  Such forward-looking statements involve substantial risks and uncertainties that could cause IDEAYA's preclinical and clinical development programs, future results, performance or achievements to differ significantly from those expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the uncertainties inherent in the drug development process, including IDEAYA's programs' early stage of development, the process of designing and conducting preclinical and clinical trials, the regulatory approval processes, the timing of regulatory filings, the challenges associated with manufacturing drug products, IDEAYA's ability to successfully establish, protect and defend its intellectual property, and other matters that could affect the sufficiency of existing cash to fund operations. IDEAYA undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of IDEAYA in general, see IDEAYA's Annual Report on Form 10-K dated February 18, 2025 and any current and periodic reports filed with the U.S. Securities and Exchange Commission.

Investor and Media Contact
Joshua Bleharski, Ph.D.
Chief Financial Officer 
[email protected]

SOURCE IDEAYA Biosciences, Inc.

Financing co-led by NovaCapital, private high-net-worth individuals and members of Club Degli Investitori

December 01, 2025 06:00 ET

 | Source:

Juniper Biosciences

BRIDGEWATER, N.J., Dec. 01, 2025 (GLOBE NEWSWIRE) -- Juniper Biosciences LLC today announced the closing of an oversubscribed and upsized $40 million seed financing through its parent company, Juniper Radiopharma LLC, co-led by NovaCapital, several high-net-worth individuals, and members of the Club Degli Investitori.

“We are thrilled to have the support of a diverse investor base who believe strongly in the promise that radiopharmaceuticals offer to the future of patient care.” said Alex Agnoletto, CEO. “Our founding team brings deep expertise within global radiopharmaceutical development and manufacturing and is well positioned to advance our pipeline to address patient needs.”

About Juniper Biosciences

Juniper Biosciences is an innovative radiopharmaceutical drug development company led by Alex Agnoletto (CEO), Dr. Indranil Nandi (COO), and Dr. Kyle Hoffmann (Dir. Manufacturing). The Company’s pipeline is currently confidential and contains several assets in various stages of development.

“We’re truly excited about the transformative potential of Juniper Biosciences’ patient-centric product pipeline to drive meaningful progress in radiopharmaceutical imaging and therapy in coming years” said Dr. Indranil Nandi, COO.

Juniper’s leadership team:

Management Team:

Alex Agnoletto, CEO – Former CFO, Evergreen TheragnosticsDr. Indranil Nandi, P.h.D, COO – Former CSO, Jubilant RadiopharmaKyle Hoffmann, Pharm.D, Director of Manufacturing – Former VP, Site Head & RSO, Evergreen Theragnostics Board of Directors :

Alex Agnoletto – CEO of Juniper BiosciencesDr. Indranil Nandi, P.h.D – COO of Juniper BiosciencesDr. Serge Lyashchenko, PharmD – Associate Professor at MSKCC, former co-founder of Evergreen TheragnosticsSharon Roded – CEO of Marshall Isotopes, former board member of Evergreen Theragnostics, former country manager for AAAPietro Bubba Bello – VP, Manufacturing & Operations at BetaGlue Therapeutics & Former manufacturing site lead for AAA Please visit www.juniperbiosci.com for more information.

For further information please contact:

Alex Agnoletto, CEO

[email protected]

Tinlarebant is the first therapeutic candidate to demonstrate clinical efficacy in a global Phase 3 trial for Stargardt disease, achieving a statistically significant p-value of 0.0033Tinlarebant met the primary efficacy endpoint, demonstrating clinical benefit by significantly reducing the lesion growth rate by 36% compared to placebo, as measured by retinal imagingTinlarebant was well tolerated throughout the trial Stargardt disease impacts more than 50,000 patients in the U.S. Belite Bio plans to file an NDA with the US FDA in 1H 2026Company will host a conference call and webcast today at 8:00 a.m. ET SAN DIEGO, Dec. 01, 2025 (GLOBE NEWSWIRE) -- Belite Bio, Inc (NASDAQ: BLTE) (“Belite Bio” or the “Company”) today announced topline results from the global Phase 3 “DRAGON” trial of Tinlarebant, marking the first successful pivotal trial in patients with Stargardt disease type 1 (STGD1). STGD1 is an eye disease that leads to progressive vision loss, usually beginning in childhood or young adulthood, and currently has no approved treatment worldwide.

The Phase 3 DRAGON trial enrolled 104 patients with STGD1 and met its primary efficacy endpoint, demonstrating a statistically significant and clinically meaningful 36% reduction in the growth rate of retinal lesions, measured as definitely decreased autofluorescence (DDAF) by fundus autofluorescence imaging, compared with placebo. Statistical significance was reached when applying the pre-specified analysis (p-value = 0.0033). Considering the progressive nature typically seen in STGD1, a further post-hoc analysis providing a specific data correlation showed that the treatment effect remained consistent with a p-value < 0.0001.

Figure: DDAF (mm2) - Least Squares Mean Change from Baseline by Visit - Study Eye

“The final results from the DRAGON trial mark a historic breakthrough in Stargardt disease, paving the way for the first potential treatment for this devastating condition and bringing new hope to patients and families who have long faced a disease once considered untreatable,” said Dr. Tom Lin, Chairman and CEO of Belite Bio. “Not only was Tinlarebant shown to be efficacious in slowing retinal degeneration, but this is also the first time that an oral treatment was able to demonstrate a clinically meaningful outcome in retinal degenerative disease. With this data, we are advancing our regulatory interactions globally and moving closer to delivering the first approved treatment for people living with Stargardt disease. We extend our sincere gratitude to the patients, families, and investigators whose dedication made this achievement possible.”

“The significant lesion growth reduction observed in the DRAGON study, along with the favorable safety profile, provide important validation of our therapeutic approach and the mechanism of Tinlarebant. These results underscore the team’s commitment to addressing the unmet need in Stargardt disease and the potential to meaningfully improve the quality of life for those affected,” said Dr. Nathan Mata, Chief Scientific Officer at Belite Bio.

As expected, the overall change in visual acuity was minimal over the period of 24 months in both study groups​, consistent with natural history data. The safety profile remains consistent with what the Company previously reported, and Tinlarebant was well tolerated with only four treatment-related discontinuations. After the full analysis is complete, the Company plans to share additional data at upcoming medical meetings.

“Seeing well-controlled Phase 3 data that shows a marked slowing of lesion growth in Stargardt disease is deeply encouraging,” said Professor Michel Michaelides, M.D., FRCOphth, Consultant Ophthalmologist at Moorfields Eye Hospital, the leading investigator in the UK and a top enroller in the DRAGON trial. “Given the strength and consistency of these findings, we believe an approved treatment option is on the horizon for people living with this devastating condition.”

“It is remarkable to recognize that with the robust results of the DRAGON trial, we may soon have Tinlarebant as the first treatment ever for Stargardt disease,” noted Quan Dong Nguyen, MD, MSc, FAAO, FARVO, FASRS, Professor of Ophthalmology at the Byers Eye Institute at Stanford, and Professor of Medicine and Pediatrics at Stanford University School of Medicine. “It is only a matter of time before the observed reduction in lesion growth translates into measurable benefits in visual function. Previous studies have demonstrated that if left untreated, progressive lesion enlargement caused by Stargardt disease is expected to compromise visual acuity and visual field. Tinlarebant has demonstrated that it can significantly reduce lesion growth.”

“The DRAGON trial delivers the most compelling evidence to date that an oral therapy can alter the course of Stargardt disease,” said Dr. Hendrik Scholl, Chief Medical Officer of Belite Bio. “These results validate the scientific approach behind Tinlarebant’s development, demonstrating that reducing the accumulation of toxic byproducts in the retina can meaningfully slow disease progression. Tinlarebant produced a clear and statistically significant treatment effect on DDAF lesion growth rate, not only in the study eye, but both eyes. Furthermore, the effect was supported by a statistically significant benefit in the key secondary endpoint, again in both eyes. Safety and tolerability of Tinlarebant was very favorable in the DRAGON trial. Collectively, these data reinforce Tinlarebant’s potential to change the treatment landscape for Stargardt disease and set a new benchmark for future research in inherited retinal disorders.”

Regulatory Highlights

The Company plans to engage regulatory authorities to discuss potential next steps and to submit New Drug Applications for Tinlarebant in the first half of 2026. Tinlarebant has been granted Breakthrough Therapy, Fast Track, and Rare Pediatric Disease Designations in the U.S.; Orphan Drug Designation in the U.S., Europe, and Japan; and Pioneer Drug Designation in Japan for STGD1.

DRAGON Data Highlights

The DRAGON trial was a 24-month, randomized (2:1, active: placebo), double-masked, placebo-controlled, global, multi-center, pivotal Phase 3 trial in adolescent STGD1 patients.

Patient Demographics

104 patients (n=69 in tinlarebant arm and n=35 in placebo arm), ranging in age from 12-20 years, were enrolled in the DRAGON trial.All patients had been diagnosed with STGD1 with at least one mutation identified in the ABCA4 gene, an atrophic lesion size within three disc areas (7.62 mm2), and a best corrected visual acuity (BCVA) of 20/200 or better. Positive Efficacy Results

Tinlarebant achieved the primary efficacy endpoint demonstrating a statistically significant reduction in lesion growth rate of 35.7% versus placebo (p-value of 0.0033) as measured by retinal imaging, when applying an unstructured covariance matrix under the Mixed Model for Repeated Measures (MMRM). To account for the longitudinal nature of the collected data while maintaining model stability given the sample size in the DRAGON trial, a post-hoc analysis using an autoregressive covariance matrix under MMRM yielded a treatment effect size of 35.4% with a p-value of <0.0001.A statistically significant treatment effect was also observed in the fellow eye for the primary endpoint with 33.6% lesion growth reduction (p = 0.041).In addition, Tinlarebant slowed decreased autofluorescence (DAF) lesion growth, the key secondary endpoint calculated as the sum of DDAF and questionably decreased autofluorescence (QDAF), in the study eye by 33.7% (p = 0.027) and in the fellow eye by 32.7% (p = 0.017).The 5 mg daily dose achieved a reduction in RBP4 levels by a mean of approximately 80% relative to baseline.Retinal binding protein 4 (RPB4) levels returned to 84% of the baseline value at End of Study (one- to three-months following drug cessation). Recovery of RBP4 concentration correlated well with the decreased Tinlarebant exposure. Strong Safety Profile Consistent with Past Trials

Tinlarebant (5 mg orally, daily) was well tolerated in adolescent STGD1 patients.There were no drug or trial discontinuations due to non-ocular adverse events (AE). There were 4 drug discontinuations that were related to the treatment.Xanthopsia and delayed dark adaptation are the most common drug-related ocular AE. The majority of xanthopsia, delayed dark adaptation, and night vision impairment were mild, and most resolved during the trial.Headaches were the most commonly reported treatment-related non-ocular AE. About Tinlarebant (a/k/a LBS-008)
Tinlarebant is a novel oral therapy that is intended to reduce the accumulation of vitamin A-based toxins (known as bisretinoids) that cause retinal disease in STGD1 and also contribute to disease progression in geographic atrophy (GA), or advanced dry age-related macular degeneration (AMD). Bisretinoids are by-products of the visual cycle, which is dependent on the supply of vitamin A (retinol) to the eye. Tinlarebant works by reducing and maintaining levels of serum retinol binding protein 4 (RBP4), the sole carrier protein for retinol transport from the liver to the eye. By modulating the amount of retinol entering the eye, Tinlarebant reduces the formation of bisretinoids. Tinlarebant has been granted Breakthrough Therapy Designation, Fast Track Designation and Rare Pediatric Disease Designation in the U.S., Orphan Drug Designation in the U.S. Europe, and Japan, and Sakigake Designation in Japan for the treatment of STGD1.

About Belite Bio
Belite Bio is a clinical-stage drug development company focused on advancing novel therapeutics targeting degenerative retinal diseases that have significant unmet medical need, such as Stargardt disease type 1 (STGD1) and Geographic Atrophy (GA) in advanced dry age-related macular degeneration (AMD), in addition to specific metabolic diseases. Belite’s lead candidate, Tinlarebant, an oral therapy intended to reduce the accumulation of toxins in the eye, has completed a Phase 3 trial (DRAGON) in adolescent STGD1 subjects and is currently being evaluated in a Phase 2/3 trial (DRAGON II) in adolescent STGD1 subjects and a Phase 3 trial (PHOENIX) in subjects with GA. For more information, follow us on X, Instagram, LinkedIn, and Facebook or visit us at www.belitebio.com.

Important Cautions Regarding Forward Looking Statements
This press release contains forward-looking statements about future expectations and plans, as well as other statements regarding matters that are not historical facts. These statements include but are not limited to statements regarding the potential implications of clinical data for patients, and Belite Bio’s advancement of, and anticipated preclinical activities, clinical development, regulatory milestones, timing of regulatory filings, and commercialization of its product candidates, the ability of Tinlarebant to treat STGD1 and GA, and any other statements containing the words “expect”, “hope” and similar expressions. Actual results may differ materially from those indicated in the forward-looking statements as a result of various important factors, including but not limited to Belite Bio’s ability to demonstrate the safety and efficacy of its drug candidates; the clinical results for its drug candidates, which may not support further development or regulatory approval; the timing to complete any ancillary clinical trials and/or to receive the interim/final data of such clinical trials; the timing to communicate with and submit trial data to regulatory authorities in various jurisdictions for drug approval; the content and timing of decisions made by the relevant regulatory authorities regarding regulatory approval of Belite Bio’s drug candidates; timing for Belite Bio to share additional data at upcoming medical meetings; the potential efficacy of Tinlarebant to set a new benchmark for future research in inherited retinal disorders, as well as those risks more fully discussed in the “Risk Factors” section in Belite Bio’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements are based on information currently available to Belite Bio, and Belite Bio undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

Media and Investor Relations Contact:
Jennifer Wu /[email protected] 
Sophie Hunt /[email protected] 

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Tesla's new car sales in Spain fell 8.75% in November from the same month in 2024 to 1,523 vehicles, registration data released by industry group ANFAC showed on Monday.

TLDR

Bitcoin dropped nearly 5% to $86,950 on Sunday, triggering $539 million in liquidations across crypto markets
Over 180,000 traders were liquidated in 24 hours, with almost 90% being long positions in Bitcoin and Ethereum
Bitcoin recorded its worst November since 2018, dropping 17.49% for the month
The crash occurred without any obvious news catalyst, blamed on sudden selling volume and high leverage
Binance, Hyperliquid, and Bybit each saw over $160 million in liquidations during the sell-off

Bitcoin experienced a sharp decline on Sunday, falling nearly 5% in just three hours of trading. The asset dropped to $86,950 on Coinbase after spending most of the weekend trading around $91,500.

The sudden price movement caught traders off guard. The crash happened without any clear news catalyst driving the sell-off.

The decline came after Bitcoin closed its first green weekly candle in four weeks. The asset ended the previous week at $90,411 before Sunday’s downturn.

Trading firms noted that Friday nights and Sunday nights have frequently seen large crypto price movements throughout the year. This pattern has repeated itself multiple times in 2024.

Bitcoin Price on CoinGecko
Massive Liquidation Wave Hits Traders
The price crash triggered a wave of forced liquidations across major exchanges. Over 180,000 traders saw their positions liquidated in a 24-hour period.

Total liquidations reached $539 million according to CoinGlass data. Almost 90% of these liquidations were long positions, primarily in Bitcoin and Ethereum.

Binance, Hyperliquid, and Bybit each recorded more than $160 million in liquidations. The largest single liquidation was a $14.48 million ETH-USDC order on Binance.

Analysts attributed the flash crash to a sudden rush of selling volume. This selling created a domino effect that was amplified by the high number of leveraged positions in the market.

Liquidations occur when exchanges forcefully close a trader’s leveraged position due to insufficient margin. When a trader cannot meet margin requirements, the exchange automatically closes their position.

November Marks Worst Performance Since 2018
Bitcoin closed November down 17.49%, marking its worst month of 2025. This was also Bitcoin’s worst November performance since 2018.

In November 2018, Bitcoin fell 36.57% during a prolonged bear market. The current month’s decline represents the second-worst November in Bitcoin’s history.

This is actually a great start to the month.

1. We didn't get a Sunday pump
2. CME gap already closed
3. $400m in long liqs taken already

Downside liquidity swiped first, which is what we want to happen.

We now have almost $2bn in shorts between here and $92.5k. And $13bn in… pic.twitter.com/sR8uVNG57O

— Sykodelic 🔪 (@Sykodelic_) December 1, 2025

Ethereum also faced pressure during the sell-off. The asset dropped over 6% to around $2,815 during the same period.

Other major cryptocurrencies experienced similar declines. Solana, XRP, BNB, and Dogecoin dropped between 4% and 7%.

Traders pointed to thin liquidity and ongoing market uncertainty as factors contributing to the speed of the price movement. Weekend volumes tend to be lower, making markets more susceptible to rapid price swings.

Open interest across Bitcoin and Ethereum perpetual contracts declined after the liquidation event. This suggests that some of the leverage built up during October’s rally continues to unwind.

The market attempted a mild rebound late last week before Sunday’s forced liquidations pushed prices back to the lower end of November’s range.

Bitcoin (BTC) threatens a fresh crash as December begins with a snap 5% BTC price drawdown.

Bitcoin price volatility hits around the November monthly close, with BTC/USD falling to near $85,000.

Analysis blames a lack of market liquidity, while history warns that bearishness may continue in December.

Key US inflation data is due as markets preserve Fed rate-cut bets despite concerns over Japan.

The Coinbase Premium may have ended its brief trip into “green” territory thanks to the BTC price dip.

Stablecoin dry powder hits all-time highs relative to BTC reserves on Binance.

Bitcoin “dead cat bounce” fields $50,000 targetBitcoin price action went straight back to its pre-Thanksgiving range around the weekly and monthly close.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Data from Cointelegraph Markets Pro and TradingView confirms a classic “Bart Simpson” style chart pattern to start December.

Losses drove BTC/USD down to as low as $85,616 on Bitstamp before a modest bounce, while 24-hour liquidations stood at over $600 million at the time of writing, according to data from monitoring resource CoinGlass.

Total crypto liquidations (screenshot). Source: CoinGlass
Reacting, some popular market participants were unsurprisingly bearish about what was to come. Trader Roman described a return to $50,000 as “inevitable.”

— Roman (@Roman_Trading) December 1, 2025“Bitcoin needs to reclaim the $88,000-$89,000 level here; otherwise, it’ll drop towards the November low,” crypto investor and entrepreneur Ted Pillows warned in a post on X.

BTC/USD one-day chart. Source: Ted Pillows/X
Examining long-term BTC price action, veteran trader Peter Brandt has even revived the idea of sub-$40,000 levels.

Last week, Brandt warned that Bitcoin’s recovery above $90,000 could constitute a “dead cat bounce,” one which he now suspects may be over.

Not to bust anyone's banana, but the upper boundary of the lower green zone starts at sub $70s with lower boundary support in the mid $40s.
How soon before Saylor's Shipmates ask about the life-boats? $BTC pic.twitter.com/YLfjSDdw9H

— Peter Brandt (@PeterLBrandt) December 1, 2025Meanwhile, more optimistic forecasts focus on a range-bound BTC/USD slowly reclaiming lost support levels.

“Overall: This could form a $80k - $99k range,” trader CrypNuevo concluded in his latest X thread.

CrypNuevo identified various key levels to flip, including the 50-week exponential moving average (EMA) and 2025 yearly open.

“My major concern is that we’re currently below the 1W50EMA which is a strong bull/bear market indicator. Could it be a deviation? Yes. There is past history of such deviations,” he wrote. 

“Technically, I can't support the bullish case until price is back above it ($99.8k).” BTC/USD one-week chart with 50EMA. Source: Cointelegraph/TradingViewNo “fundamental decline” in cryptoBitcoin’s sudden dive just as the weekly and monthly candles closed concluded a grim month of downward volatility for bulls.

The latest data from CoinGlass confirmed that BTC/USD finished November down 17.7%, its worst performance since the 2018 bear market.

Q4 losses currently total 24.4%, placing Bitcoin on par with its decline from its previous highs of $20,000 seven years ago.

BTC/USD monthly returns (screenshot). Source: CoinGlass
As Cointelegraph reported, history suggests that a “red” November leads to copycat performance in the last month of the year. 

Commenting on the monthly close drama, trading resource The Kobeissi Letter pointed to system market weakness as a result of losses that had already locked in.

“As seen countless times this year, Friday night and Sunday night often come with LARGE crypto moves. Just now, we saw Bitcoin fall -$4,000 in a matter of minutes without ANY news at all,” it wrote in a dedicated X post on the topic.

“Why? Liquidity is thin.” BTC liquidation heatmap. Source: CoinGlass
Kobeissi nonetheless repeated its idea that crypto’s technical bear market — the result of a more than 20% drop from all-time highs — remains “structural.”

“We do NOT view this a fundamental decline,” it stressed.

CoinGlass’s liquidation heatmap showed fresh asks being added overhead on spot markets, with $85,000 acting as a nearby area of support at the time of writing.

Eyes on Japan as “hawkish” mood returnsThe Federal Reserve’s “preferred” inflation gauge is making a long-awaited comeback after months of delays caused by the US government shutdown.

The Personal Consumption Expenditures (PCE) index will give officials key insights into inflation trends at a key point in time; the Fed’s next interest-rate decision is less than two weeks away.

Markets remain upbeat on the outcome, with CME Group’s FedWatch Tool putting odds of a 0.25% cut at over 87% at the time of writing.

Fed target rate probability comparison for December FOMC meeting (screenshot). Source: CME Group
Jitters ahead of the weekly open, which saw US stock futures slip amid concerns over Japan’s financial stability, failed to dent the outlook.

“Japan’s 10Y Government Bond Yield surges to 1.84%, its highest level since April 2008,” The Kobeissi Letter wrote in an X post on the topic. 

“This chart is concerning to say the least.” Japan government bonds 10-year yield (screenshot). Source: The Kobeissi Letter/X
Reacting to the latest market moves, Arthur Hayes, former CEO of crypto exchange BitMEX, pinned the blame for downward volatility firmly on the Bank of Japan (BOJ).

“$BTC dumped cause BOJ put Dec rate hike in play. USDJPY 155-160 makes BOJ hawkish,” he explained.

A Japanese rate hike would stand out conspicuously against an environment in which central banks continue to relax financial conditions.

“Financial conditions have eased over the last 2 years from one of the most restrictive levels since 2001. The move has been similar to the one seen following the 2008 Financial Crisis,” Kobeissi summarized at the weekend. 

“This comes as over 90% of global central banks have either cut or kept rates unchanged over the last 12 months, the highest percentage since 2020-2021. World monetary policy has rarely ever been this loose.” Global financial conditions data. Source: The Kobeissi Letter/XCoinbase Premium recovery on the edgeAfter the Thanksgiving holiday, the focus will shift to the first US trading session as traders assess US market demand for Bitcoin priced below $90,000.

The move down could have significant implications for the Coinbase premium, the crypto industry’s yardstick for US demand, which has only just flipped positive.

As Cointelegraph reported, the premium reflects the difference in price between Coinbase’s BTC/USD and Binance BTC/USDT pairs. A positive premium implies heightened buying during US trading hours, with the opposite often seen as a sign of overall crypto market weakness.

Data from onchain analytics platform CryptoQuant shows that the premium spent almost all of November in negative territory, only exiting during Thanksgiving.

Commenting, CryptoQuant contributor Cas Abbe had a potential silver lining for Bitcoin bulls.

“Some good signs of bottom are emerging now,” he told X followers over the weekend. 

“Coinbase Bitcoin premium has been positive, despite BTC prices going down. This was one of the signs which started the reversal in April 2025.” Bitcoin Coinbase Premium Index. Source: CryptoQuant
Abbe referred to Bitcoin’s trip below $75,000 in Q2 this year, an event that has so far marked a long-term BTC price floor.

Continuing, popular X account Against Wall Street argued that premium signals in both directions take time to play out.

“Notice something: just because the index turned red, we didn’t crash in a single day. And when it flips green, we’re not going to moon in a single day either,” part of a recent X post read.

“This is about trend. It’s about momentum shifting. That’s what you need to pay attention to.” Binance BTC/USDT futures four-hour chart with Coinbase premium data. Source: Against Wall Street/XStablecoin “dry powder” hits recordAmid nerves over the future of the crypto bull market, stablecoin trends point to a fresh round of mass capital deployment waiting in the wings.

CryptoQuant figures tracking stablecoin reserves on the largest global exchange, Binance, confirmed a new record over the past week.

Binance’s ratio of stablecoins versus its BTC reserves has never been more skewed in favor of the former. 

“This freefall indicates an unprecedented accumulation of ‘buying power,’ contributor CryptoOnChain commented in a Quicktake blog post Monday.

“Currently, the volume of stablecoins parked on Binance (dry powder) relative to available Bitcoin is at its highest level in over 6 years.” Binance Bitcoin/stablecoin reserve ratio (screenshot). Source: CryptoQuant
The post referenced stablecoin liquidity as a method of quick capital deployment in the event of a market turnaround, implying enduring faith in such a move eventually taking place. 

“When the scale tips this heavily in favor of stablecoins, it means the market is ‘locked and loaded,’” CryptoOnChain concluded alongside a print of the stablecoin ratio.

“As the green bars on the chart suggest, history shows that hitting such lows often precedes powerful Bitcoin rallies, simply because the liquidity required to fuel a price surge is now fully available on the exchange.”This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.