Market Signal Briefing

RADNOR, Pa., Nov. 30, 2025 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP (www.ktmc.com) informs investors that an amended securities class action lawsuit has been filed against CarMax, Inc. (“CarMax”) (NYSE: KMX) which expands the class period to include those who purchased or otherwise acquired CarMax securities between June 20, 2025, and November 5, 2025, inclusive (the “Class Period”). The lead plaintiff deadline is January 2, 2026.

CONTACT KESSLER TOPAZ MELTZER & CHECK, LLP:

If you suffered CarMax losses, you may CLICK HERE or copy and paste the following link into your browser: https://www.ktmc.com/new-cases/carmax-inc?utm_source=Globe&mktm=PR

You can also contact attorney Jonathan Naji, Esq. by calling (484) 270-1453 or by email at [email protected].

DEFENDANTS’ ALLEGED MISCONDUCT:
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Defendants recklessly overstated CarMax’s growth prospects when, in reality, its earlier growth in the 2026 fiscal year was a temporary benefit from customers buying cars due to speculation regarding tariffs; and (2) as a result, Defendants’ positive statements about the company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times.

Please CLICK HERE to view our video or copy and paste this link into your browser: https://youtu.be/6jH2v28HBaU

THE LEAD PLAINTIFF PROCESS:
CarMax investors may, no later than January 2, 2026, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, LLP or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation.  The lead plaintiff is usually the investor or small group of investors who have the largest financial interest and who are also adequate and typical of the proposed class of investors. The lead plaintiff selects counsel to represent the lead plaintiff and the class and these attorneys, if approved by the court, are lead or class counsel. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.

Kessler Topaz Meltzer & Check, LLP encourages CarMax investors who have suffered significant losses to contact the firm directly to acquire more information.

CLICK HERE TO SIGN UP FOR THE CASE OR GO TO: https://www.ktmc.com/new-cases/carmax-inc?utm_source=Globe&mktm=PR

ABOUT KESSLER TOPAZ MELTZER & CHECK, LLP:     

Kessler Topaz Meltzer & Check, LLP prosecutes class actions in state and federal courts throughout the country and around the world. The firm has developed a global reputation for excellence and has recovered billions of dollars for victims of fraud and other corporate misconduct. All of our work is driven by a common goal: to protect investors, consumers, employees and others from fraud, abuse, misconduct and negligence by businesses and fiduciaries. The complaint in this action was not filed by Kessler Topaz Meltzer & Check, LLP. For more information about Kessler Topaz Meltzer & Check, LLP please visit www.ktmc.com.

CONTACT:

Kessler Topaz Meltzer & Check, LLP
Jonathan Naji, Esq.
(484) 270-1453
280 King of Prussia Road
Radnor, PA 19087
[email protected]

May be considered attorney advertising in certain jurisdictions. Past results do not guarantee future outcomes.

Bitcoin's price has shot up more than five-fold since late 2020.

Bitcoin (BTC +0.41%) has been taking a breather for the past several weeks, but don't let that take attention away from its long-term performance. In the past five years, the leading cryptocurrency has soared 409% (as of Nov. 26).

Investors might be inclined to take a chance on Bitcoin on the recent dip. But where will this digital asset be in 2030?

Image source: Getty Images.

Expect lower returns
Bitcoin has had a monster rise over the past decade. However, investors shouldn't extrapolate those gains going forward. The reasonable outlook is to expect lower returns, since the asset is maturing.

That being said, it wouldn't be surprising to see Bitcoin's price triple by the end of 2030. To do this, it would need to generate a robust compound annual rate of return of 25%. This would surely outperform the stock market by a wide margin.

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Bitcoin's scarcity is key
Bitcoin's best trait is that it has a hard supply cap of 21 million units. This scarcity makes it a compelling asset to own, particularly as fiat currencies constantly lose purchasing power over time.

The current regulatory backdrop works to Bitcoin's benefit as well, making it easier for companies to build related products and services and for investors to access the crypto.

Bitcoin currently trades at around $88,000. In five years, it's not out of reach for it to trade around the $270,000 mark, if the bull run continues. As always, keep your risk tolerance in mind.

Neil Patel has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

In the past week, Bitcoin's price experienced a substantial rebound, increasing by approximately $10,000. Having recently hit a multi-month low below $81,000, the cryptocurrency climbed to over $93,000 before settling near $91,000.

As November draws to a close, the crypto market is witnessing a notable shift in activity, particularly among Bitcoin whales—those investors holding large quantities of the cryptocurrency. These influential players are repositioning their holdings in anticipation of potential market shifts in December.

Sun, 30/11/2025 - 15:27

XRP recorded a strange one-hour print with $0 wiped from short liquidations, pushing traders to watch how XRP's price reacted inside the crucial $2.20 zone right after the hit.

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

XRP showed a really rare print today as the one-hour liquidation snapshot by CoinGlass came in at $128,430, and every cent of it hit the long side, while the short column stayed at a clean $0, sitting there like the market simply forgot to include it. The heat map around XRP is full of normal losses, yet it stands in the middle with a one-sided hit that immediately tells you how the market was positioned during that hour.

As always, it is all about the price action as XRP barely moved, stuck in that tight $2.19-$2.20 range, but the small pushes it did make were just enough to knock out overexposed longs who were trying to front-run a drop.

Source: CoinGlassShorts did not get touched because the chart never gave them a candle that could force a margin call. It was a slow sideways drift, the kind where the market trims only one side — the one where the most categorical investment decisions are being made because of boredom.

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Perfect zero for XRPBitcoin and Ethereum had liquidations on both sides across the day, even minor assets on the map printed at least something in their short column. XRP alone sits with a perfect imbalance: $128,430 versus $0, a clear sign that shorts stayed light and nobody wanted to press the downside in a zone that has been stubborn for almost two days.

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A split like this usually leads to a straight move, not a soft one. With longs already cleared out, a push above $2.23-$2.25 can accelerate fast and send XRP into the $2.30-$2.34 zone in a single leg, while a drop under $2.17 would open the path to $2.12-$2.14 almost immediately.

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The broader cryptocurrency market is attempting to recover after days of bearish price action. Bitcoin has climbed slightly back above the $90,000 level, while Ethereum is trading over $3,000 again, giving some relief after a sharp downturn.

Amid this slow recovery, Pi Network’s native token, Pi, remains stuck below its important price range. Pi is currently trading at $0.2461, supported by a market cap of around $2.05 billion. The token’s price is showing mild upward movement, but the strength behind the move appears limited.

Weak Volume Raises ConcernsDespite the slight rise, PI’s 24-hour trading volume has fallen sharply by more than 35% dropping to $23 million. The decline in volume shows that buyers are present but not confident enough to push the price higher with conviction.

For now, analysts say Pi needs to hold support between $0.243 and $0.244 to maintain any short-term bullish structure. If that range holds, Pi could continue nudging upward toward $0.250, and possibly $0.255 if fresh liquidity enters the market.

The token could attempt a larger recovery toward $0.30–$0.35. However, losing support around $0.27 could send Pi back toward the $0.20 zone, erasing recent gains.

Could Pi Be the Start of the Next Altcoin Season?One crypto commentator  on X (formerly Twitter) pointed to a bigger possibility: the idea that Pi Network might have the potential to kickstart the next major altcoin season.

1/ Can Pi Network trigger the next altseason?
Yes — structurally, it can.

2/ Alt seasons always begin with a new narrative.
Pi is the largest “new chain narrative” in years.

3/ Pi DEX = a massive embedded liquidity pool with millions of KYC users ready to trade on day one.

4/… pic.twitter.com/DLxs17qJSE

— coffeedosa π | PiSchool Founder (@coffeedosa) November 30, 2025 The commentator argued that new altseasons are usually triggered by strong new narratives — and Pi Network represents one of the largest “new chain narratives” the market has seen in years. With millions of KYC-verified users waiting on the sidelines, the upcoming Pi DEX launch is viewed as a significant catalyst.

Why Pi Network’s DEX Could Be a Major CatalystAccording to them, Pi’s decentralized exchange could become a massive liquidity hub the moment it goes live, thanks to its large built-in user base. When existing major blockchains like Bitcoin and Ethereum appear congested or temporarily stagnant, capital often rotates into fresh ecosystems with strong momentum or new technology.

Right now, the market fits that profile. Bitcoin and Ethereum are stabilizing rather than rallying, ETF approvals are facing delays, and Ethereum’s next upgrade still carries uncertainty — all conditions that could push traders to explore new opportunities.

A Perfect Storm for a New NarrativeThe argument is that if Pi launches its DEX at this exact moment, when market sentiment is seeking a new spark, it could become the trigger that sets off the next altcoin bull cycle.

Whether this scenario actually plays out depends on execution, market timing, and buying momentum. 

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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HyperLiquid's $89.2M HYPE unstake sparks debate, but whale accumulation hints at strategic liquidity management.

The Bitcoin price in December is now a key focus, given that the market ended November on a weak note. Bitcoin dropped more than 17% this month, breaking its usual November trend and raising questions about whether the recent $80,000 bounce was the real bottom.

December has a mixed history for Bitcoin, and early data for this year shows some caution in both spot flows and on-chain signals. This analysis examines three key areas: seasonal performance, ETF flows, and insights from on-chain and price charts regarding the upcoming month.

Bitcoin’s December History and What ETF Flows RevealDecember is not usually a very strong month for Bitcoin. The long-term average return is 8.42%, but the median return is only 1.69%. The last four years also show mixed results, with three negative Decembers.

November added more caution. Instead of repeating its strong seasonal pattern, Bitcoin finished the month more than 17% lower.

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BTC Price History: CryptoRankWant more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

ETF flows echo that caution. November closed with –$3.48 billion in net outflows across US spot ETFs. The last clear multi-month inflow streak happened between April and July.

Since then, flows have been inconsistent, and November confirmed that institutions remained defensive.

ETF Flows Need To Make A Green Sreak: SoSo ValueMEXC Chief Analyst Shawn Young told BeInCrypto that stronger and more consistent ETF demand is essential before a meaningful rebound can begin:

“The most evident indicators of Bitcoin’s next upside rally would be a resurgence in risk sentiment, improved liquidity conditions, and market depth… When Bitcoin spot ETFs begin to see multiple days of inflows of $200–$300 million, it may indicate that institutional allocators are rotating back into BTC and the next leg up is underway,” he mentioned.

Hunter Rogers, Co-Founder of TeraHash, added that the setup for December still looks muted even after November’s flush-out:

“I don’t expect a highly-volatile December — neither a major jump nor a major drop. A quieter month with a slow upward movement looks more realistic. If ETF flows calm down and volatility stays low, Bitcoin could put in a small positive surprise. But this still feels like a repair phase,” he said.

Together, the seasonal pattern and ETF flows show that December may stay cautious unless ETF demand turns sharply higher.

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On-Chain Metrics Still Show Weak ConvictionBitcoin’s on-chain data still does not match what a confirmed December bottom usually looks like. Two core signals tell the same story: whales are still sending coins to exchanges, and long-term holders remain in distribution mode.

The Exchange Whale Ratio — which measures how much of total inflows come from the top 10 large wallets — climbed from 0.32 earlier this month to 0.68 on November 27.

Even after easing to 0.53, it remains in a zone that historically reflects whales preparing to sell, not accumulate. Durable bottoms rarely form when this ratio stays elevated across several weeks.

Whales Keep Moving BTC To Exchanges: CryptoQuantThe Hodler Net Position Change, which tracks long-term investor behavior, also stays deep in the red. These wallets have been reducing their positions for more than six months. The last strong BTC rally began only after this metric turned green in late September — a milestone it has not achieved again yet.

Long-Term Investors Still Selling: GlassnodeUntil long-term holders stop sending coins back into circulation, sustained upside becomes harder to support.

Shawn believes that a true shift begins only when long-term sellers step aside:

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“The rally could begin when OG sellers stop transferring coins onto exchanges, whale accumulation turns positive again, and market depth starts to thicken across major venues,” he emphasized

Hunter Rogers echoed this view, linking any trend reversal to cleaner supply behavior from miners and long-term wallets:

“When long-term holders quietly move back into accumulation, it means supply pressure is fading,” he mentioned

So far, neither trend has flipped. Whales continue to send coins to exchanges, and long-term holders continue to distribute. Together, they signal that the Bitcoin price in December may attempt deeper retests before any strong recovery attempt.

Bitcoin Price In December: Key Risks And ConfirmationsThe Bitcoin price now sits at a point where even a small move can set the tone for December. The broader trend still leans bearish, and the chart structure confirms what the ETF and on-chain data already hint at.

BTC recently slipped below the lower band of a bear flag that has been building for weeks. This breakdown suggests a possible extension to $66,800, although the market may not reach that level immediately if liquidity remains stable.

For December, the first major line to watch is $80,400. That level acted as a rebound zone earlier this month, but it remains fragile.

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A clean close below $80,400 opens room for new lows, aligning with what Shawn Young believes is still “a plausible liquidity sweep” before any stronger recovery attempt.

Here is what he said in an exclusive bit, giving the market some hope as well:

“Bitcoin’s market setup suggests a wick-style liquidity sweep rather than a prolonged breakdown,” he believes

On the upside, the structure only flips if BTC reclaims $97,100 — the midpoint of the larger pole-and-flag setup. A daily close above that zone would erase the bear-flag breakdown and begin a move toward resistance near $101,600.

Hunter also pointed out that reclaiming higher trend levels only matters if volume rises along with it. As he put it:

“If Bitcoin holds above the breakout zone and volume improves, then the market can start treating that area as a durable floor,” he mentioned.

For December, that breakout zone sits between $93,900 and $97,100, which is where the chart, ETFs, and on-chain conditions need to switch from defensive to supportive.

Bitcoin Price Analysis: TradingViewUntil those confirmations arrive, the downside remains more pronounced than the upside. A deeper Bitcoin price retest stays in play if ETF outflows accelerate or if whales continue to send coins to exchanges.

For now, the Bitcoin price in December begins with the OG crypto sitting between two critical walls — $80,400 as the last defensive floor, and $97,137 as the ceiling that can reset momentum.

Tether, the issuer of the biggest stablecoin, landed under scrutiny after Arthur Hayes suggested that it may be sitting on a balance-sheet time bomb. In an X post, Hayes argued that Tether is effectively making a massive interest-rate bet.

Sun, 30/11/2025 - 13:38

XRP's on-chain activity is certainly there, which is a great sign when we consider the fact that funding rates are turning toward bulls.

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

One of the most intriguing on-chain moves of the last few weeks was recently reported by XRPScan: an abrupt 30% increase in daily payments, which pushed the network to more than 1,050,000 transactions in a single day. This raises the question of who is moving this much value and why, as it represents an increase of about 200,000 payments over the previous day.

Payments spikeFirst, it is important to recognize that this spike did not occur during a significant price breakout. On the daily chart, XRP is still stuck inside a clear descending channel, with lower highs and lower lows defining the trend. The price fluctuated between $2.19 and $2.22, signaling hesitancy rather than conviction. The moving averages, particularly the 50-, 100- and 200-day, continue to slope downward, confirming the broader bearish structure, and volume remains muted.

Source: XRPScanWhat does a sudden increase in payments mean when the price does not react? Large spikes in the number of payments on XRP Ledger have historically been driven by two kinds of activity: automated or institutional systems rebalancing liquidity routes, and bursts of retail-level activity tied to payment rails or bot systems testing throughput.

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The most recent spike appears more like institutional routing or automated activity than natural investor engagement, given the lack of market impact. Neither spot volume nor futures positioning has increased in parallel. Funding rates are somewhat bullish, but there has not been enough growth in open interest to suggest aggressive speculation.

From a market perspective, this matters because it shows that XRP’s underlying network continues to see real usage despite the price’s lack of direction. However, on its own, it does not signal a reversal. Until XRP can reclaim at least $2.33 and then break the downward trendline around $2.45, $2.50, the chart remains structurally bearish.

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Ethereum co-founder Vitalik Buterin has warned the Zcash community against adopting token-weighted governance, stating that such a shift could expose the network to long-term structural risks. His remarks come as Zcash stakeholders debate leadership continuity, committee independence, and the implications of a changing market environment.

A sharp market pullback has exposed which BTC-focused public companies can actually execute, and which were never built for volatility. Nov 30, 2025, 2:00 p.m.

Bitcoin digital asset treasury (DAT) companies have been making headlines in recent weeks, and often for the wrong reasons.

A sharp decline in crypto markets and over 40% slump (as of Nov. 27) in the share price of the world's largest corporate holder of bitcoin, Strategy (MSTR), this year, has led some to question the sustainability of these companies.

STORY CONTINUES BELOW

Strategy’s steep underperformance relative to bitcoin (down about 2% this year) in recent months may be due to looming index-inclusion risk rather than crypto-market dynamics, according to Wall Street bank JPMorgan. However, the downturn in the share price of MSTR and other bitcoin DATs still raises the question: Is the bitcoin digital asset treasury model broken?

Strategy shares underperformed BTC, falling more than 40% this year (TradingView)

According to Elliot Chun, managing partner at investment bank Architect Partners, it's the opposite.

"This is the most exciting period for BTC DATs yet because in real time, we are seeing and will see which DATs will be able to successfully maneuver and communicate through this first 'macro' price move lower," Chun said in an interview with CoinDesk.

"We are still so early, as an industry, we haven't even properly categorized the DAT category yet, so it's impossible to say if the model is broken," he added.

More than 700% returnChun breaks the bitcoin DAT landscape into four broad groups now unfolding in real time.

“Pure play" DATs which direct nearly all corporate resources toward maximizing a bitcoin-denominated outcome, often BTC per share. “Producing" DATs that actually generate bitcoin through operations like mining. “Hybrid" DATs that treat the crypto as a primary pillar but still run non-BTC initiatives, and “participating" DATs that simply hold the digital asset on their balance sheet and leverage it as a capital markets tool.

As these categories experiment publicly, failures are inevitable, but according to Chun, that’s standard for any emerging corporate or capital-markets model.

What all bitcoin DATs must ultimately solve, Chun notes, is revenue: how to generate yield or cash flow, whether denominated in BTC or otherwise. And not all will make it.

He expects that within five years, half of today’s pure play, producing and hybrid DATs will disappear through failure, delisting, mergers or acquisitions.

About 35% will survive without outperforming, 10% will beat major market indices like the S&P 500, and the top 5% could challenge the Magnificent Seven’s decade-long run, returning more than 700% between 2025 and 2034, Chun said.

Can these companies withstand a true downturn? It depends on how one defines 'severe.' If the recent pullback counts, Chun expects most DATs to make it through. The real test will be deeper macro stress, where operational clarity, treasury discipline and a credible plan will separate survivors from targets.

$1 million bitcoinSo what comes next for this industry? Just like any other industry that rises in breakneck speed during a bull run and starts to crumble during a downturn, it's consolidation.

The firms blending TradFi discipline with bitcoin-native understanding will craft messages that resonate with investors and position themselves to raise and deploy capital effectively. And those that can’t, will be acquired, often by other DATs, Chun said.

Over the longer term, he expects the strongest performers to become acquisition targets for the world’s largest public companies as the bitcoin price marches toward $1 million and corporate treasuries increasingly view BTC as a strategic, rather than speculative, asset.

Read more: Bitcoin’s $1T Rout Exposes Fragile Market Structure, Deutsche Bank Says

AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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Bitcoin ETFs Are Now BlackRock’s Top Revenue Source, Exec Says 


18 hours ago

The firm's US-listed spot bitcoin ETF IBIT, launched in January 2024, reached $70 billion in assets in record time and has generated hundreds of millions in fees.

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BlackRock's bitcoin ETFs have become the firm's top revenue source, with allocations nearing $100 billion, a surprise given the firm's 1,400+ ETFs and $13.4 trillion in assets under management.The US-listed spot bitcoin ETF IBIT, launched in January 2024, reached $70 billion in assets in 341 days and has generated an estimated $245 million in annual fees.IBIT now holds over 3% of bitcoin's total supply, and BlackRock's own Strategic Income Opportunities Portfolio has increased its stake in IBIT by 14%, betting on the ETF's continued growth.Read full story

Bitcoin's price held at $91,453, backed by a market capitalization of $1.82 trillion and a 24-hour trading volume of $39.43 billion. Within the last day, its price danced between $90,278 and $91,510, never straying far from its newfound groove.

Solana is well-positioned to drive the next iteration of the internet.

Crypto prices slumped in November. The fear and greed index has hovered between "fear" and "extreme fear" since the start of the month. The idea that any cryptocurrency could be about to break the internet may seem far fetched.

Image source: Getty Images.

But Web3 -- and the crypto ecosystems that underpin it -- could transform the internet as we know it. Web3 promises to shift the ownership of data to individuals rather than tech giants. If that next iteration of the internet comes, Solana's (SOL +1.31%) community, speed, and scalability mean it could play an important part.

Solana is building on its success
When Solana first launched, the crypto community was excited by its speed and low transaction costs. However, that enthusiasm was dampened by outages and technical difficulties. That's something the team has addressed: Solana hasn't had any incidents since February 2024, which builds credibility.

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As a smart-contract crypto, Solana was one of several potential rivals to Ethereum (ETH +1.46%). At that time, it wasn't clear which would come out on top. Today, Ethereum still dominates, but Solana is edging ahead. It is second only to Ethereum in terms of developers on its network and funds on its ecosystem, per Electric Capital and DefiLlama.

Applications like gaming, social media, and online payments will need to work as well as -- if not better than -- our existing internet to move on-chain. Here, Solana stands out again. Its blockchain is unusual in that it processes multiple transactions simultaneously.

Solana (and Web3) still have to deliver
Solana is well-placed to dominate if Web3 gains traction. However, Web3 has been around for over a decade, and we've yet to see a real shift in internet usage. That may happen with the growth of AI. The decentralized identities that are key to Web3 could solve some of AI's trust issues.

Even so, it isn't guaranteed. Cryptocurrencies are high-risk investments that should only make up a small percentage of your portfolio. Solana's technology has a lot of potential, but broad-scale mainstream adoption is not yet here.

Emma Newbery has positions in Ethereum and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, and Solana. The Motley Fool has a disclosure policy.

'We Wear Your Loathing With Pride': Tether's Downgrade at S&P Sparks Online BattleS&P Global last Wednesday slashed its rating on Tether's USDT stablecoin to its weakest score.Updated Nov 30, 2025, 2:46 p.m. Published Nov 30, 2025, 2:25 p.m.

So old and crusty are concerns that Tether is either not being upfront about the reserves backing its USDT stablecoin or faces imminent threat of being undercapitalized, that the crypto industry has developed its own two-word dismissive response: "Tether FUD."

Through soaring bull markets, the most brutal of bear markets, the comings and going of charlatans like Sam Bankman-Fried, Alex Mashinsky, and dozens of others, Tether's USDT has continued to grow and function as designed — pegged to the U.S. dollar and available for redemption at any time. Alongside, Tether has become one of the globe's most profitable companies, earning more than $10 billion through the first nine months of 2025, similar levels to those of Wall Street titans Goldman Sachs and Morgan Stanley.

STORY CONTINUES BELOW

The current bear market (and stop saying "zoom out," it's a bear market), though, has some in traditional finance sharpening their nails yet again.

During the sleepy session the day before Americans celebrated Thanksgiving, S&P Global slashed the rating on Tether's USDT from 4 to 5, the weakest level on its stablecoin stability scale (yes, the agency whose ratings shenanigans helped enable the global financial crisis has a stablecoin stability scale).

Behind the downgrade were usual concerns about the opacity of Tether's reporting combined with something somewhat new: bitcoin now compromises more than 5% of the reserves backing USDT — thus continued declines in BTC's price could lead to potential undercollateralization.

There's smoke. Any fire?"We wear your loathing with pride," said Tether CEO Paolo Ardoino, shortly after the S&P move. Taking note of the well-trodden previous failures of ratings agency models, Ardoino said, "the traditional finance propaganda machine is growing worried when any company tries to defy the force of gravity of the broken financial system ... Tether instead built the first overcapitalized company in the financial industry, with no toxic reserves."

Tether, he concluded, "is living proof that the traditional financial system is so broken that it's becoming feared by the emperors with no clothes."

Possibly attempting to be helpful or maybe just trying to flame, well-known angel investor Jason Calacanis took to X over the weekend to offer his advice.

"Tether has a lot left to clean up, but they're getting close," said Calacanis. He urged Tether to 1) sell all of its bitcoin, 2) own only U.S. treasuries, and 3) get not just one, but two audits done by American firms.

The Calacanis post drew a fast and fiery response from bitcoiners, with the general reaction being the absurdity of a stablecoin/bitcoin company swapping its relatively small holdings of BTC for government paper. Several drew attention to Calacanis' panicky request for a bailout of all bank deposits as Silicon Valley Bank was failing in March 2023, in part thanks to a plunge in value of U.S. Treasuries it was holding.

Fair enough. But even if Tether holds onto its bitcoin, what about a traditional audit? On that subject, Calacanis was later joined by popular financial blogger Quoth the Raven, a longtime gold bug who began coming around to bitcoin in 2024.

"I’ve been in this game long enough to know that when a company refuses to furnish a full, independent audit, it’s never because things are pristine and they just forgot to schedule one," wrote QTR. "I’ve found only ever one reason an outfit digs in its heels and won’t submit to an audit when everyone requests one. And it’s not a good reason."

"Markets have a long, bloody track record of chewing up the naïve," he continued. "[An audit is] the bare f---ing minimum anyone should demand from an entity issuing tens of billions in synthetic dollars that underpin entire markets."

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

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Why Gold Is Winning Over Bitcoin in 2025: Liquidity, Trade, and Trust

Nov 29, 2025

Despite ETF hype, central banks and asset allocators continue to choose gold over crypto for reserve and trade purposes.

What to know:

Gold has outperformed bitcoin since the launch of spot BTC ETFs, rising 58% as bitcoin fell 12%.Mark Connors says bitcoin remains “too young” for institutional trust, while gold continues to benefit from established infrastructure and trade use.Bitcoin’s recent slump reflects a global liquidity squeeze, not sentiment, with Connors pointing to U.S. Treasury spending delays as a key factor.Read full story

Bitcoin is ending November inside a zone that traders usually treat as routine support, but this time the entire monthly structure is tied to one number — $93,000, which is, according to the popular trader DonAlt, the level that remains the single line that decides whether BTC keeps the higher-time frame bull bias or slips into a deeper corrective leg that wipes out the clean structure built over the last several months.

Ripple's XRP, one of the most prominent cryptocurrencies, has had a tumultuous year, marked by significant price swings and major legal and market developments. As December approaches, a critical question arises: will XRP maintain its momentum, or is another downturn looming?

Stellar XLM continues to draw attention from long-term investors who view the project as one of the most practical blockchain networks for global financial services and international payments. As digital transactions become more embedded in everyday life, Stellar's ability to facilitate fast and low-cost cross-border transfers has strengthened its relevance across banks, fintech platforms and remittance businesses.

On paper, digital assets represent the apex of “decentralization.”

But does that really play out in practice? The October crash was a hard reset for crypto investors — billions were flushed out in liquidations, leaving HODLers deep underwater. The trigger? A “coordinated” whale exit.

In that light, the crash exposed how concentrated the market still is. Even so, “buy the fear” still works as a bottom signal. And as November wraps up, Bitcoin whales appear to be leaning back into that playbook.

Q4 shake-up: When macro meets Bitcoin whale pressure
To understand the current market, it helps to take a step back. 

We’re over halfway through Q4, and the October-November crashes are still leaving their mark. The TOTAL crypto market cap has dropped 20.7% to $3.06 trillion, marking the worst quarterly decline since Q2 2022.

At the same time, Bitcoin [BTC] sits 27% below its pre-crash $122k level, posting a -20% Q4 ROI, which makes this BTC’s worst quarterly bleed since 2018. But what exactly catalyzed this breakdown?

Source: Glassnode

Initially, a mix of macro factors sparked the sell-off. 

U.S.–China tariff tensions, MSCI controversy, MSTR scrutiny, the federal shutdown, and a Fed data blackout all crushed risk appetite, leaving retail investors panicked and triggering widespread deleveraging.

But this wasn’t just about macro.

Satoshi-era HODLers offloaded sizable positions, and both old and new whales also dumped.

Taken together, it unfolded like a coordinated whale exit, reducing the BTC supply held by LTHs by roughly 180,000 coins.

Bitcoin whales leverage futures to profit from fear
Historically, when retail panics, whales tend to step in. 

In the 2022 cycle, BTC dropped from about $66k to $42k, and wallets holding 100-10,000 BTC accumulated roughly 67,000 BTC, worth around $3.44 billion at the time. This was the textbook “buy the fear.”

Lately, though, the recent whale sell-off has tested crypto’s decentralization story, as a few large holders continue to sway market direction. The result? Strategic bets in futures markets, amplifying short-term volatility.

Source: Alphractal

Simply put, rather than buying the dip, some whales profited from the crash. Hypurrscan, for example, flagged a whale opening a 10x BTC short position worth $235 million just ten days after the sell-off.

A month later, another analyst flagged a similar move. 

As the chart above shows, Bitcoin whale vs. retail delta jumped in the green band, suggesting whales are either cutting long positions or tweaking shorts higher compared to retail.

Does this mean the bottom is still far off?

Buy the dip: How whales are shaping year-end trends
December is starting at a key inflection point. 

In the second half of 2025, BTC has hit three back-to-back all-time highs, yet the net difference across them is under 5%. This shows that buying pressure at the top is weak, keeping follow-through short.

Given this setup, Bitcoin whales leaning into shorts isn’t surprising. 

However, on-chain metrics for both BTC and Ripple [XRP] show a sharp jump in whale outflows, suggesting that renewed positioning could shape year-end momentum.

In turn, it points back to the “buy the fear” playbook.

Source: CryptoQuant

Notably, XRP whale outflows totaled 116 million XRP through November, lining up with its sideways action around the $2.20 band. Likewise, wallets holding over 1,000 BTC have shot higher.

Taken together (the strategic exits, the leverage flush, and renewed accumulation signals), the setup resembles a “healthy” reset, with Bitcoin whales likely targeting the $85k–$90k range as a strong entry zone.

Hence, with macro FUD fading, recent controversies cooling off, and the next FOMC meeting (with rising rate-cut odds) just 10 days away, December could open with fresh momentum among smart investors.

In this context, whale outflows look like a strategic rotation back into risk.

Final Thoughts

Bitcoin whale strategic exits and leverage flushes have reset market structure, creating the setup for accumulation.
Renewed whale outflows across BTC and XRP signal a shift back into risk, suggesting year-end momentum may turn as macro pressure fades.

The software giant already has a mountain of debt.

If you had asked me five years ago what could possibly threaten tech giants with massive cash flows and impenetrable economic moats, I would have struggled to come up with an answer. Today, the answer is clear: Debt-fueled overinvestment in AI infrastructure.

There's a gargantuan amount of planned AI data center capacity set to come online over the next few years. Microsoft, Amazon, Meta Platforms, and Alphabet have greatly ramped up their capital spending to capture AI computing demand, and governments around the world are hurling vast sums of capital into AI investments. It's the fear of missing out on an unprecedented scale.

Of all the tech giants jumping headfirst into the AI inferno, Oracle (ORCL 1.52%) is putting itself at the most risk if the AI boom goes sideways.

Image source: Getty Images.

Oracle already has loads of debt
Oracle has spent billions of dollars buying back its own stock over the past decade, a strategy largely funded by debt. Oracle had minimal debt in the early 2010s, but the company's debt load has exploded since then. As of Aug. 31, Oracle's total debt reached $91 billion, and the company had another $14 billion in operating lease liabilities on its balance sheet. In the most recent quarter alone, Oracle paid $923 million in interest payments, which ate up more than 20% of its operating income.

Oracle's AI infrastructure deals, most notably a reported $300 billion agreement with OpenAI, are going to require a massive amount of new debt on top of what Oracle already owes. The company issued $18 billion in bonds in September, including some that mature in 40 years. Analyst Dave Novosel at Gimme Credit called the long maturities "unusual" for a technology company, since the tech industry changes so rapidly.

Already, Oracle's free cash flow, defined as operating cash flow minus capital expenditures, has plunged into negative territory. As the company builds AI data centers to fulfill its deals with OpenAI and other customers, more debt will be needed to get those projects across the finish line.

One question to ask is whether these investments are worth it under the best-case scenario. Oracle has projected adjusted gross margins between 30% and 40% for its AI infrastructure business, which is well below the 40% to 60% range for cloud computing and even further below the sky-high margins typically associated with software, Oracle's core business. Oracle is investing heavily in a business that doesn't appear all that lucrative.

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What happens if OpenAI doesn't pay?
What's becoming clear from the quality of frontier large-language models coming from Alphabet, Anthropic, and others is that OpenAI doesn't seem to have a competitive advantage or any meaningful lead in the AI race. For OpenAI to require the massive AI computing capacity it has agreed to purchase from Oracle, the company must significantly increase the number of users and overall usage of its platform. That becomes a trickier task when there are plenty of comparable alternatives.

OpenAI will also need to raise a mountain of new capital, with one analyst estimating the company's funding needs through 2030 at $207 billion. A potential IPO down the road could raise a lot of cash, but there are two main risks. First, the lack of a competitive advantage, and second, the potential for the AI boom to go bust. If sentiment around AI shifts enough in the negative direction, OpenAI may be forced to scale back its ambitions.

For Oracle, any roadblock for OpenAI represents a potential disaster. Oracle is taking on mountains of debt to build AI data centers that are somewhat questionable in terms of profitability, even if everything goes according to plan. If OpenAI faces funding challenges, Oracle could be saddled with an oversupply of expensive AI infrastructure. As Oracle continues to pile on more debt to fund its AI infrastructure, the risks intensify.

Oracle's AI data center building spree is starting to look like an all-in, bet-the-company kind of endeavor. It might work out, but investors should be prepared for a potential catastrophe.

Timothy Green has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Alphabet, Meta Platforms, Microsoft, and Oracle. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

Alphabet is one of the top tech companies globally, but it's no longer a buy-and-forget type of stock.

Alphabet (GOOGL +0.06%) (GOOG 0.05%) is one of the most dominant companies in the world, powering everything from global search to mobile operating systems to the internet's underlying infrastructure. For long-term investors, it is one of the safest stocks on the market.

But even giants carry risks, and Alphabet's most significant challenges aren't short-term headwinds. They are structural, slow-building forces that could influence how the company performs over the next decade.

Here are the three most essential risks investors need to keep on their radar.

Image source: Getty Images.

1. A structural shift in how people search for information
For the first time in two decades, Alphabet's core business model faces a fundamental challenge. Generative artificial intelligence (AI) and intelligent agents are transforming how people retrieve information, and this shift has a direct impact on the company's economics.

On the main level, AI reduces the need for traditional search queries. Instead of typing into a search bar, users are increasingly asking AI systems to answer questions, summarize complex content, or perform tasks directly. This new business model differs significantly from the one Google Search uses for monetization.

The threat isn't an overnight collapse; it's a decade-long erosion of:

query volume
ad impressions
click-through behavior
and the value of the commercial intent that powers Google's margins.

Alphabet is innovating, but it must also protect its cash engine, making it highly vulnerable to its competitors like OpenAI and Perplexity. These newcomers can pursue AI-first interfaces without worrying about cannibalizing a huge ad business; Alphabet cannot. Every AI enhancement must strike a balance between enhancing user experience and protecting multibillion-dollar revenue streams.

This tension makes search transformation far riskier for Alphabet than it is for newer AI-native platforms.

In other words, how well it adapts to the change in search behavior will decide how much it can defend (and grow) its search business's profitability.

2. Regulatory pressure is intensifying
One of the most significant risks that the company faces is its own success, since it attracts the attention of parties who initially have little interest in it. Among these, the regulators are becoming a significant hurdle for its ongoing growth.

Particularly, Alphabet's significant dominance in areas such as search, Android, and handling huge amounts of data has become a target for regulators in various regions. If they force changes -- for example, banning default search agreements, requiring Android to let users select their search provider and browser during set-up, or breaking up ad-tech units -- the company could lose crucial advantages that have taken decades to build.

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This is a risk that will not go away -- arguably, it will intensify. Unlike earnings volatility, regulatory outcomes unfold gradually but permanently. They reshape the landscape over years, not quarters, which is precisely why long-term investors must track them closely.

3. Rising competition from AI-native and platform-scale rivals
For years, Alphabet was either a monopoly or a duopoly in many of its businesses. However, its competitive landscape is more complex today than ever before.

The biggest disruptors to watch are AI-native challengers. Start-ups like OpenAI and Perplexity don't carry legacy business models. They can design search alternatives, conversational engines, and agent-based workflows optimized for the future, not constrained by the past.

These companies chip away at user attention and shape new habits. Even a minor share erosion in search or information retrieval can meaningfully impact Alphabet's long-term growth.

And tech giants are aggressively seeking to fortify their core businesses while expanding into new ones -- some of which Alphabet is already operating in. For instance, Microsoft is embedding AI deeply into Windows, Office, and its cloud ecosystem, which will be a challenge to Alphabet's cloud business. Meta, leveraging its billions of global users, is pushing open-source AI models with worldwide reach and cost advantages.

Alphabet still holds enormous advantages in areas such as digital advertising and AI. But the competitive intensity has increased dramatically as all of its major competitors now have credible AI strategies.

In short, while competition may not dethrone Alphabet, it can slow growth, compress margins, and weaken long-term returns.

What does it mean for investors?
Alphabet isn't facing an existential crisis. It remains one of the strongest technology platforms of its time, with enormous reinvestment capacity and global reach.

However, long-term investors should recognize that shifts in search behavior, regulatory restructuring, and AI-driven competition represent meaningful, slow-moving risks that can shape the company's next decade.

Alphabet can still grow, but the path may be bumpier, more regulated, and more competitive.

Just weeks after its first earnings report as a public company sent its stock tumbling, Klarna NYSE: KLAR has made a decisive move into the cryptocurrency space, announcing the launch of its own stablecoin, KlarnaUSD. The timing of this announcement is critical.

SummaryAsure Software targets small businesses in the HCM market, aiming to attract clients from major competitors with affordable solutions.ASUR demonstrates strong revenue and margin growth, with projections for improved profitability as cost reductions are implemented, especially in sales and marketing.Despite persistent net losses, the company’s valuation appears attractive, and a return to profitability could drive significant upside potential.Risks include low market capitalization and sensitivity to economic cycles, but anticipated Fed rate cuts and operational improvements support a bullish outlook.Olivier Le Moal/iStock via Getty Images

Investment Thesis Asure Software (ASUR) is a tech company that offers software solutions for HCM (human capital management). It also includes a cloud service to unify all the working processes with employees and is focused

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

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

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

Disclaimer: I am not an investment advisor or professional. This article is my own personal opinion and is not meant to be a recommendation of the purchase or sale of stock. The investments and strategies discussed within this article are solely my personal opinions and commentary on the subject. This article has been written for research and educational purposes only. Anything written in this article does not take into account the reader’s particular investment objectives, financial situation, needs, or personal circumstances and is not intended to be specific to you. Investors should conduct their own research before investing to see if the companies discussed in this article fit into their portfolio parameters. Just because something may be an enticing investment for myself or someone else, it may not be the correct investment for you.

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.

SummaryU.S. equity markets staged a broad rally in the holiday-shortened week, while benchmark interest rates dipped to the cusp of multi-year lows, as investors leaned into December rate cut expectations.Reports that Kevin Hassett- a close Trump ally- has emerged as the frontrunner to succeed Fed Chair Powell in 2026 further sharpened expectations for a more explicitly dovish policy approach.The "Hasset trade" revived appetite for long-duration and rate-sensitive equity sectors, as investors priced in a lower terminal-rate environment and a steeper path of 2026 policy accommodation.Posting its strongest weekly gains since mid-May, the S&P 500 rallied 3.7%, closing within 1% of fresh all-time highs. The Small-Cap 600 jumped nearly 5%.Real estate equities - the most rate-sensitive market segment - posted solid gains as well this week, with particularly strong gains from the most beaten-down property sectors and individual names.Black Friday Sale 2025: Get 20% Off cmart7327/E+ via Getty Images

Real Estate Weekly Outlook U.S. equity markets staged a broad rally in the holiday-shortened week, while benchmark interest rates dipped to the cusp of multi-year lows, after a downbeat slate of economic data and a mixed early read

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

Hoya Capital Research & Index Innovations ("Hoya Capital") is an affiliate of Hoya Capital Real Estate, a registered investment advisory firm based in Rowayton, Connecticut, that provides investment advisory services to ETFs, individuals, and institutions. Hoya Capital Research & Index Innovations provides non-advisory services including market commentary, research, and index administration focused on publicly traded securities in the real estate industry. This published commentary is for informational and educational purposes only. Nothing on this site nor any commentary published by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. This commentary is impersonal and should not be considered a recommendation that any particular security, portfolio of securities, or investment strategy is suitable for any specific individual, nor should it be viewed as a solicitation or offer for any advisory service offered by Hoya Capital Real Estate. Please consult with your investment, tax, or legal adviser regarding your individual circumstances before investing. The views and opinions in all published commentary are as of the date of publication and are subject to change without notice. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Any market data quoted represents past performance, which is no guarantee of future results. There is no guarantee that any historical trend illustrated herein will be repeated in the future, and there is no way to predict precisely when such a trend will begin. There is no guarantee that any outlook made in this commentary will be realized. Readers should understand that investing involves risk, and loss of principal is possible. Investments in real estate companies and/or housing industry companies involve unique risks, as do investments in ETFs. The information presented does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. An investor cannot invest directly in an index, and index performance does not reflect the deduction of any fees, expenses, or taxes. Hoya Capital Real Estate and Hoya Capital Research & Index Innovations have no business relationship with any company discussed or mentioned and never receive compensation from any company discussed or mentioned. Hoya Capital Real Estate, its affiliates, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and in our published commentary. A complete list of holdings and additional important disclosures is available at www.HoyaCapital.com.

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

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