Market Signal Briefing

Ethereum is entering a pivotal phase as its network processes record transaction loads, even while net supply turns modestly inflationary again. At the same time, traders highlight a repeating wave pattern with a fresh “discount zone” on the chart, framing the current pullback as a potential launchpad for the next major move.

Ethereum Network Sets New TPS Record as Layer 2s Lead ActivityThe Ethereum ecosystem has set a new record for daily average transactions per second, according to data cited by ChainCatcher from growthepie. Over the past 7 days, average daily TPS reached 364.52, while peak throughput hit 24,192 TPS, underscoring how much activity is now flowing through the network’s broader stack.

Ethereum Daily TPS Chart. Source: Joseph Young/growthepie.com

At the same time, Layer 2 solutions accounted for about 95.35 percent of total TPS, highlighting their growing role in handling user demand and scaling workloads off the main chain. In addition, the Perp DEX Lighter contributed a significant share of this traffic, further reinforcing the shift of trading and derivatives activity toward Ethereum’s Layer 2 market.

Ethereum Supply Turns Net Positive Over the Past WeekEthereum’s supply has ticked higher over the last seven days, with net issuance rising by 18,019 ETH, according to data from Ultrasound.money. The increase lifts the total supply to 121,234,582 ETH and reflects an annualized growth rate of about 0.776 percent.

At the same time, the figures show Ethereum running in a mildly inflationary mode after recent stretches of low on-chain fees and slower burn activity. The move contrasts with earlier periods when strong demand pushed more ETH to be burned than issued, briefly turning the asset deflationary.

Ethereum Chart Highlights Repeating Wave StructureMeanwhile, Ethereum’s chart shows a recurring three-wave pattern that the analyst labels as ignition, correction and expansion. The structure appears across several points on the multi-year timeline, with each cycle forming inside a broad ascending channel. The latest swing sits in the second phase, where price has pulled back from recent highs and moved toward the analyst’s marked discount zone.

Ethereum Discount Zone Wave Structure. Source: Merlijn The Trader/X

At the same time, the chart places the current movement within the lower half of the channel, where previous retracements also stabilized before turning higher. The outlined support area between the mid-$2,000 region and the trendline reflects the zone where earlier corrections slowed, creating a base for the next major wave. This visual alignment underlines how the trader interprets the pullback as part of the same recurring structure rather than a break in trend.

Furthermore, the projection on the right side of the chart maps a potential third wave that follows the prior pattern’s rhythm. While the dotted path illustrates an illustrative trajectory, the chart’s main point is the repetition of this three-stage wave sequence across 2022, 2023 and 2025. The recurring formations and consistent reaction zones form the basis for the trader’s interpretation of the ongoing movement as another correction inside a broader rising channel.

Sunrise simplifies token access, letting solana users trade MON directly while enhancing cross-chain liquidity and governance participation.

Key Takeaways

Monad's MON token is now available on Solana through the Sunrise platform.
Sunrise is a new cross-chain gateway from Wormhole Labs enabling easy asset transfers between blockchains.

Monad’s MON token today launched on Solana through Wormhole Labs’ newly introduced Sunrise platform, a cross-chain gateway that enables seamless asset transfers between blockchains.

The launch provides Solana users immediate access to the governance token of Monad, a blockchain project focused on high-throughput execution and scalability for decentralized applications.

Sunrise serves as a liquidity gateway built on Wormhole technology, acting as the primary route for bringing external tokens like MON to Solana with integrated visibility and trading capabilities. The platform positions itself as Solana’s day-one listing platform, facilitating instant markets for new tokens.

The rollout precedes Monad’s mainnet token launch, allowing Solana users to access and trade MON without complex bridging processes. The integration enables native trading pairs and streamlined bridging for MON holders across the two blockchain networks.

Disclaimer

BONK ($BONK) is currently trading at $0.000009051, resting at a historically strong support zone. This level has acted as a springboard for previous rallies and is now pivotal. Traders and investors are asking: will BONK bounce or break below and trigger further downside?

Bitcoin Capital’s BONK ETP listing on the SIX Swiss Exchange brings a major regulated gateway. The ETP is physically backed, giving investors exposure to BONK without handling wallets or private keys. Institutional-grade custody ensures transparency and daily reporting of token holdings, net asset value, and cash positions.

This launch positions BONK alongside traditional financial assets, offering predictable liquidity through market makers and tight spreads. Could this regulated environment attract a new wave of investors?

Source: X

How the BONK ETP WorksIssuer: Bitcoin Capital AG

Ticker: BONK

Backing: 100% BONK

Leverage: None

Management Fee: 1.5%

Issue Date: November 27, 2025

The ETP avoids derivatives or synthetic exposure, tracking BONK’s market performance directly. Daily transparency and Swiss regulatory oversight make it a unique offering for memecoin investors who previously hesitated to enter the crypto space.

Institutional and Corporate Interest RisingSeveral firms have demonstrated growing BONK interest:

Sharps Technology converted part of its 2 million SOL into BonkSOL.

Tuttle Capital filed a Bonk Income Blast ETF with the SEC.

Bonk Holdings Inc. bought $32 million worth of BONK, controlling nearly 3% of the total supply.

The combination of corporate acquisitions and regulated products signals increasing legitimacy. Could this signal the start of a broader institutional adoption trend for BONK?

Technical Outlook: Key Support and Resistance ZonesBONK’s price is testing the crucial $0.00000800–$0.00000950 zone. Historical behavior shows:

Above $0.00000950: Likely rebound and potential rally toward prior highs.

Below $0.00000800: Bearish continuation may follow, triggering deeper price corrections.

Technical patterns suggest a critical decision point. Will buyers defend this zone? Will previous bounce patterns repeat?

Source:X

Highlights:Prior support led to strong rallies.

Current trading at the decision zone signals potential volatility.

The next few days will reveal if bulls or bears dominate.

Market ImplicationsThe BONK ETP marks a shift for memecoins. It provides a bridge between community-driven tokens and regulated financial markets. The growing interest from institutions and asset managers demonstrates that even speculative tokens can gain serious exposure through compliant channels.

This launch could increase market confidence, attract additional liquidity, and stabilize BONK price. On the other hand, failure to hold support may trigger panic selling.

BONK Price Prediction TableMonthPredicted Price (USDT)CommentNovember 2025$0.000009051Decision zone, watch $0.00000800–$0.00000950December 2025$0.00001200Potential rebound if support holdsWill BONK reclaim previous highs, or is the memecoin set for a deeper consolidation? That depends on how the market reacts to the current decisional level and the ETP listings.

Community Sentiment and Speculative DynamicsBONK’s retail community remains active, driving social media discussions and on-chain activity. Memecoin enthusiasts often create short-term spikes, and BONK has historically reacted to hype with sudden rallies. Could this ETP listing amplify community-driven momentum? 

If social sentiment aligns with institutional adoption, BONK might see a compounded effect, where retail excitement and regulated inflows converge. Traders should ask themselves: are we witnessing the start of a broader bullish cycle, or just another temporary pump? Monitoring both technical levels and community chatter will be crucial in the coming weeks.

XRP swaggered into the crypto spotlight today, trading at prices between $2.195 and $2.216, marking a sharp 6.7% uptick. With a market capitalization of $132 billion, it's comfortably lounging in fourth place today, just beneath tether ( USDT). Over the past 24 hours, XRP has danced within a price band of $2.03 to $2.

NPM supply-chain attack has infected 490 packages tied to ENS, Zapier, AsyncAPI and others, has harvested developer credentials via the Shai-Hulud malware, has raised concerns over unmonitored package ecosystems after an earlier $50 million crypto theft, and has exposed API keys and CI/CD secrets.

The viral claims suggesting that XRP has no connection to payments are quickly falling apart under a basic review of official documentation. As misinformation spreads across social platforms, the publicly available documentation continues to reinforce the asset’s real, payment-centric utility, contradicting the narrative gaining traction online.

How Documentation Debunks The XRP Role Speculation
In an X post, a researcher known as SMQKE has revealed that the narrative claim that XRP is just a cryptocurrency with no connection to traditional finance payments is sharply contradicted by the documentation that defines the asset. A surface-level review has already shown just how inaccurate that statement is.

According to SMQKE, unlike many cryptocurrencies built purely for decentralized experimentation, XRP was designed to operate within the existing traditional finance system. The report highlights that XRP was intended to enhance international money transfers by serving as a neutral bridge between currencies and providing liquidity. Furthermore, the documentation also shows that XRP is a digital asset engineered specifically to address long-standing inefficiencies in the traditional payment system.

Documentation on XRP’s real purpose | Source: Chart from SMQKE on X
The conversation around RippleNet isn’t about experiments. Crypto analyst Xfinancebull highlighted that more than 300 banks are not testing RippleNet; they are partnering with it. Brad Garlinghouse isn’t speaking in vague possibilities; instead, he is forecasting where XRP could capture up to 14% of current SWIFT volume by 2030, which is an estimated $21 trillion in annual value moving across the XRP Ledger infrastructure.

His focus is not on the chart price movements. It’s about how global financial plumbing is being re-engineered in real-time. The idea centers on a system where banks could settle cross-border transactions instantly 24/7, with lower operational fees, all powered by XRP. 

From this perspective, the transformation is being built. While the retail traders often react to every red candle, the institutions are entering partnerships and signing integrations. “You don’t buy XRP for today. You buy it for the financial world that is coming,” Xfinancebull noted.

Major Capital Shifts From Observing To Building
A recent move from Ripple has shifted conversations entirely. XFBAcademy has pointed out that banks didn’t raise $500 million to reshape the future of money, but Ripple did. Moves like this indicate exactly why the long-term outlook around XRP will continue to build strength. Meanwhile, real utility is finally being funded at the highest institutional levels.

XFBAcademy explains that when names like Fortress, Citadel, Pantera, Brevan Howard, and Galaxy participate simultaneously, it’s not speculation, but a signal where infrastructure is heading. This raise isn’t fueled by speculative propaganda. Instead, it is tied to RLUSD, institutional rails, and the treasuries moving into on-chain. 

This kind of capital doesn’t chase existing narratives but actively builds new ones. The expert frames moments like these as the real turning points. These are the junctures when the smartest money transitions from observation to funding the new plumbing of global finance.

XRP trading at $2.05 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Getty Images, chart from Tradingview.com

Cipher Mining Inc. (NASDAQ:CIFR) and CleanSpark Inc. (NASDAQ:CLSK) were upgraded on Monday after JPMorgan refreshed its Bitcoin (CRYPTO: BTC) miner outlook and trimmed price targets for several legacy operators.

JPMorgan Highlights Growing HPC ShiftJPMorgan analysts Reginald Smith and Charles Pearce said miners are entering a "higher-conviction" phase of high-power compute transitions as more than 600 megawatts of long-term AI-related deals were signed since late September. 

The bank expects miners to announce roughly 1.7 gigawatts of additional critical-IT capacity by late 2026 — equal to about 35% of their approved power footprint.

Their report emphasized the sector's ability to convert power assets into long-duration HPC revenue as a defining advantage over traditional mining models. 

Cipher Upgraded To Overweight After Major HPC WinsCipher Mining was raised to Overweight from Neutral, with its December 2026 price target lifted to $18 from $12. 

The analysts pointed to Cipher's recent 410-megawatt HPC contracts and a share-price pullback of about 45% from recent highs, calling the level an attractive entry point.

The bank expects Cipher to secure about 480 megawatts of critical-IT capacity by 2026, representing roughly 64% of its approved footprint. 

JPMorgan said long-duration sites planned for 2028–2029 could support higher valuations if the company executes a full HPC transition.

CleanSpark Wins Upgrade On New Texas ExpansionCleanSpark was also upgraded to Overweight, with JPMorgan reiterating its $14 price target. 

The analysts assigned roughly 200 megawatts of critical-IT potential to the company's new 285-megawatt Texas site.

They valued that capacity at about $13 million per megawatt, reflecting the stronger revenue profile of high-density IT loads.

CleanSpark has become a prominent beneficiary of the HPC migration theme, with several large-scale operators shifting portions of their power toward cloud-compute contracts.

IREN Target Raised, But Rating Stays UnderweightJPMorgan boosted its price target for IREN Limited (NASDAQ:IREN) to $39 from $28 following the company's $9.7 billion Microsoft cloud-capacity deal disclosed earlier this month. 

The analysts now model 660 megawatts of contracted critical-IT load by 2026, equal to about 250,000 GPUs and roughly $6 billion in annualized cloud-services revenue.

Despite the higher target, the rating remained Underweight, with the bank arguing that the stock already reflects much of its expected HPC expansion. 

IREN traded around $48.16 up 13.8% on Monday morning.

MARA And Riot Targets Cut Amid Dilution And Bitcoin Price PressureJPMorgan cut its price target for MARA Holdings Inc. (NASDAQ:MARA) to $13 from $20 due to pressure from falling bitcoin prices and a rising network hashrate.

The firm also pointed to MARA's larger fully diluted share count driven by ATM issuance and convertible notes.

The valuation of MARA's mining business was reduced from roughly $2.5 billion to $1.3 billion.

The bank also lowered its target for Riot Platforms Inc. (NASDAQ:RIOT) to $17 from $19. 

Analysts expect Riot's Corsicana site to include a 600-megawatt colocation deal, representing roughly one-third of its approved power capacity.

They also reduced the valuation of Riot's mining business to about $1 billion, reflecting a more conservative outlook.

CleanSpark Technical Levels Resolve At Long-Term Trendline

CLSK Price Action (Source: TradingView)

CLSK trades near $11.15, up about 14.6% on Monday, after rebounding from its long-term ascending trendline.

The structure has served as reliable support for more than a year, and today's move confirms firm buyer interest at that level.

Price remains under the 20-, 50-, 100- and 200-day EMAs clustered between $12.42 and $14.32. 

A sustained close above this zone is needed to reverse short-term momentum. 

Immediate resistance sits at $12.4, followed by $14 to $15. 

Losing the trendline may expose the $10 support area.

Cipher Lifts Off Rising Trendline With Momentum Shift

CIFR Price Forecast (Source: TradingView)

CIFR trades near $16.77, up about 18.6%, after bouncing from its rising trendline near $14. 

The recovery keeps the sequence of higher lows intact and reinforces the broader bullish staircase.

Price has reclaimed the 20-day EMA at $15.89, with the 50-day EMA near $16.91 as the next key level. 

A breakout above that area may open a run toward the upper Bollinger Band near $24.62. Support remains in the $14 to $15 band.

Read Next:

XRP Gets Yet Another Spot ETF, But One Chart Pattern Flashes Danger
Image: Shutterstock

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Brevan Howard's subsidiary Nova Digital co-led Berachain's $69 million Series B funding round at a $1.5 billion valuation.

In brief
Bitcoin and crypto-related stocks fell last week.
Analysts at JPMorgan cut the price target for top Bitcoin miner MARA.
But researchers at Compass Point upgraded the stock.
Two investment banks are split over how top American Bitcoin miner MARA Holdings will perform, with JPMorgan slashing its most recent price target but Compass Point analysts upgrading its rating in separate notes on Monday. 

The JPMorgan analysts cut their December 26 price target for the top Nasdaq-listed miner from $20 to $13, noting that the dramatic fall of Bitcoin's price had reduced the value of the company’s massive BTC holdings, while Compass Point highlighted the company’s solid fundamentals.   

The differing views came as Bitcoin miners have been hard-hit in recent weeks, along with other crypto-focused stocks that have been stung by a dramatic downturn in crypto markets. MARA shares, inched up over $10 per share Monday morning, but have nosedived by about 43% over the past month, according to Yahoo Finance data. 

Bitcoin was recently trading at $88,417, up 1.6% over the past 24 hours but down by nearly 5% over the past seven days, according to crypto markets data provider CoinGecko. The largest digital asset by market value is down nearly 30% since hitting an all-time high of $126,088 in early October. 

Miami-based MARA is the second largest publicly traded crypto treasury, with 53,250 BTC worth $4.6 billion at today's prices. 

But Compass Point researchers said in a Monday note that the firm's foundation was more important—and they updated MARA's rating while maintaining a $30 price target. 

"We upgrade MARA to Buy from Neutral as we believe the sell-off related to Bitcoin's retrace has overshot fundamentals," the analysts wrote. 

"On a Bitcoin mining basis alone, we view MARA as undervalued as the company continues to grow and leverage partnerships and cheaper power," they continued, adding that the firm's "nascent AI business" being "pure upside." 

"We view MARA as a differentiated stock in the AI sector for investors with concerns over capex cycles and long-term viability," the analysts said. 

JP Morgan analysts were bullish on other miners, though, giving Cipher a price target of $18 from $12 and CleanSpark an "overweight" rating. They also raised IREN's target to $39 from $28. CleanSpark shares have plummeted about 35% over the past month, while Cipher and IREN are off more than 20%. 

In a Myriad prediction market, two in three respondents expect Bitcoin to rise to $100,000 with the remaining believing its next big move will be down to $69,000. Myriad is a unit of Dastan, the parent of an editorially independent Decrypt.

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Pump.fun, the Solana-based memecoin launchpad, has come under intense scrutiny following a recent revelation of the transfer of more than $436 million in USDC to the Kraken cryptocurrency exchange. The movement, occurring since mid-October, has fueled speculation about potential cash-outs amid a wider slowdown in memecoin trading and a recent market downturn.

Journalist

Posted: November 24, 2025

Key Takeaways
When did Monad’s mainnet launch?
Monad launched on 24 November with immediate listings on some exchanges.

What’s MON’s circulating supply at launch?
Just 10.83 billion MON tokens entered circulation at launch. This is only 10.8% of the 100 billion total supply, contributing to sharp intraday price swings.

Monad’s mainnet launched on 24 November with immediate listings on Coinbase, Bybit, Upbit, and Bithumb, marking one of the largest Layer-1 debuts of 2025. 

The launch follows a massive public sale that raised $269 million from 85,820 buyers.

The token began trading around the public sale price of $0.025, but early volatility pushed it toward the $0.024 region as opening-session liquidity deepened.

Monad public sale drew 144% oversubscription
Coinbase hosted the Monad public sale between 17-22 November, attracting demand that exceeded supply by 144%. 

The oversubscription reflected intense investor interest and brought more than $188 million in fresh capital into the ecosystem.

Each token sold for $0.025, with an initial 10.83 billion MON unlocking at launch—just 10.8% of the 100 billion total supply. 

The low circulating float relative to full supply contributed to sharp intraday swings as early participants and new buyers interacted with exchange liquidity.

Price discovery shows volatility in first trading hour
Price data from the first hour showed MON briefly spiking above $0.03 before sellers stepped in. 

A rapid drop carried the token toward $0.023, followed by a partial recovery as volume climbed into the close.

Source: CoinMarketCap

By late afternoon, MON traded around $0.024-$0.025, stabilizing just under its public sale valuation. Rising volume suggests ongoing price discovery as different markets, particularly Korea’s Upbit and Bithumb, add liquidity.

MON staking goes live
Monad staking officially launched today alongside the mainnet. This enables MON holders to secure the network and earn rewards through its high-performance Proof-of-Stake system. 

With an initial APR of around 15–16%, users can stake directly with validators or delegate for yields.

Question marks remain
The mainnet launch positions Monad as a high-performance Layer 1 contender, focusing on parallel execution, low-latency state transitions, and Ethereum-compatible development.

However, the large fully diluted valuation implied by its 100 billion supply, paired with early concerns about insider concentration, creates near-term uncertainty around price sustainability.

Ripple Labs is set to release 1 billion XRP from escrow on December 1, continuing its long-running scheduled monthly unlocks designed to manage liquidity and support ecosystem activity.

The upcoming release will follow the standard structure seen in previous months, with the tokens typically unlocked in three tranches spread across Ripple-controlled escrow accounts.

This system, introduced in 2017 when the company placed 55 billion XRP into escrow, was created to provide supply predictability and increase transparency around the token’s circulation.

Although the 1 billion XRP figure often captures market attention, past unlocks have shown that only a portion of these tokens ultimately reaches the circulating supply.

Ripple frequently returns a significant share to escrow after meeting operational needs, a pattern that has helped limit sustained sell-side pressure.

Impact on XRP price 
At the same time, market participants will be watching on-chain activity once the December unlock begins. Key indicators include whether large amounts of XRP are transferred to exchanges or whether the majority is quickly relocked. 

In many past instances, the net increase in circulating supply has been far smaller than the headline release amount.

While the scheduled unlock is routine, it arrives at a time when overall crypto sentiment remains sensitive to liquidity shifts. Indeed, the final unlock of 2025 comes at a period when XRP has struggled with volatility, with the asset recently plunging below the $2 zone in line with broader cryptocurrency market sentiment.

The asset has also failed to capitalize on Ripple-specific developments such as the launch of the first spot XRP exchange-traded fund (ETF) in the United States. Although past unlocks have not triggered sharp movements, the XRP community will be hoping the next release maintains stability as the token clings to a fragile support zone at $2 amid long-term efforts to reclaim $2.5, with a record high above $3 still in sight.

XRP price analysis 
By press time, XRP was trading at $2.11, having gained about 1.5% in the past 24 hours, while on the weekly timeline, the asset has plunged nearly 5%.

XRP seven-day price chart. Source: Finbold
Overall, XRP’s current price sits below both its 50-day simple moving average (SMA) of $2.44 and its 200-day SMA of $2.65, signaling a short-term bearish trend as the asset trades well under these key levels, with the 50-day SMA itself dipping toward the longer-term average in a potential consolidation phase.

The 14-day Relative Strength Index (RSI) at 39.08 remains neutral, neither oversold nor overbought, suggesting limited immediate momentum for a reversal but room for downside pressure if it drifts lower amid the prevailing SMA downtrend.

Featured image via Shutterstock

Journalist

Posted: November 24, 2025

Key Takeaways 
How much did Bitcoin’s drop affect Satoshi Nakamoto?
BTC’s fall cut Satoshi’s holdings from $137B to $95B, reflecting over $43B in unrealized losses.

What’s the potential impact? 
Per Peter Schiff, the ongoing losses could limit crypto donors’ influence in the midterm elections

The anonymous creator of the Bitcoin network, popularly known as Satoshi Nakamoto, has recorded about $43 billion in paper losses following the Q4 drawdown. 

Satoshi Nakamoto still holds 1.096 million Bitcoin [BTC], which has remained unchanged for several years. At the October peak of $126k, the holdings were valued near $137 billion, placing the entity among the world’s top ten richest individuals.

However, with BTC price declining by over 30% to $86k, Nakamoto’s holdings value contracted to $95 billion- An over $43 billion loss in paper value in just a few weeks. 

Source: Arkham

At the current valuation, Satoshi Nakamoto would be ranked the 18th-wealthiest “person” in the world, just above Mukesh Ambani ($92.5 billion) but below Michael Dell ($97 billion). 

A year of extreme wealth creation
Despite the current headwinds and correction, BTC still remained up +400% when measured from cycle lows of $16k back during the crypto winter of 2022. 

According to Henley & Partners’ report, as of the market prices on the 30th of June (BTC at $110k at that time), there were 241k crypto millionaires, most driven by the BTC surge. 

In fact, out of this band, over half or 145K millionaires, attributed their status to BTC. The number of BTC-based millionaires increased by 70% year-over-year. 

Approximately 17 people became billionaires and 254 centi-millionaires solely by holding BTC. However, if they hadn’t cashed out, the current drawdown had slashed their wealth by 30% or more. 

Source: Henley & Partners

In fact, with such massive wealth, some players become even more active to push pro-Bitcoin and crypto policies.

Wealth and political influence collide
Players like the Winklevoss twins, Founders of Gemini exchange, doubled down to support pro-crypto lawmakers ahead of the U.S midterm elections.

However, long-time BTC critic Peter Schiff warned that if the correction extends, crypto donors’ losses could cap their influence in Congress. 

“Once political support is gone, the bubble will deflate even faster.”

Source: X

That said, Glassnode noted that the key levels to watch were the True Market Mean ($81.3k) and Realized Price ($56k). 

It remains to be seen whether the macro front will allow for a sustainable recovery of risk assets, including crypto.  

Source: Glassnode

TL;DR

The total Bitcoin Open Interest has fallen to levels not seen since April 2025, signaling a massive deleveraging of the market.
The market is dominated by “Extreme Fear,” with the Fear & Greed Index stalled at 19 points.
The Coinbase premium has disappeared, suggesting an exit of U.S. retail interest.

The Bitcoin derivatives market is experiencing a sharp cool-down, with BTC Open Interest (OI) plummeting to its lowest level since April 2025. This market drama follows a series of massive liquidations that ultimately wiped out long positions accumulated over the past three months. Consequently, traders are operating with extreme caution.

The deceleration in derivatives trading is the direct result of the dismantling of these leveraged positions. Currently, the Open Interest has been reduced to a total of $30 billion across traditional exchanges, plus an additional $11 billion on the CME.

This figure stands in stark contrast to the peaks recorded before the October 10th liquidation, when the CME, the main barometer for U.S. institutional interest, held over $18 billion, and Binance surpassed $16 billion.

The Disappearance of Retail Interest and Extreme Fear
The difference in the futures exit is evident. Markets that were previously “hot” lost their interest faster, though Binance still retains the dominant position in terms of total volume. This low activity aligns with a period of Extreme Fear in the market.

According to the Bitcoin Fear & Greed Index, the metric has slightly risen to 19 points from a recent low of 11, but the persistent caution translates into a lower probability of traders assuming new long positions.

The exit of long positions suggests that BTC has lost its long-term bullish conviction. Many positions were not only liquidated, but others were voluntarily closed as funding rates turned negative. In fact, a large part of the BTC Open Interest at the six-month low has been rebuilt through short positions accumulating around the $88,000 level.

Bitcoin’s price is currently trading at $86,764.94, establishing a new relatively stable range, trapped between $80,000 and $90,000. Meanwhile, the Coinbase premium, which indicates U.S. retail interest, has vanished. Analysts note that the persistent weakness in the derivatives market is a sign that institutional and retail traders are awaiting a clearer directional move, either a long-term collapse or a renewal of the bullish rally.

In brief
BitMine Immersion Technologies acquired 69,822 Ethereum last week.
The company’s stock price has fallen 43% over the past month.
The firm now owns 3% of Ethereum’s circulating supply.
BitMine Immersion Technologies added $195 million worth of Ethereum to its stockpile last week, as its stock price fell to a four-month low, according to a Monday press release.

Although the value of BitMine’s Ethereum holdings have recently plunged, the company said that it now owns 3% of the assets total supply, equating to 3.63 million Ethereum. The company’s reserves were valued at $10.1 billion, based on current prices.

BitMine’s shares jumped 10% on Monday to $28. However, after falling as low as $24.33 last week, the company’s stock price remained down 43% over the past month, according to Yahoo Finance. Several crypto-Buying firms, including Strategy, have faced similar declines.

The amount of Ethereum that BitMine owns increased 1.9% from the prior week, with its acquisition of 69,822 Ethereum being its second smallest purchase of the year. At times, the company has added as much as 373,000 Ethereum to its stockpile.

The purchase may be small, but it still comes at a bold time, according to CoinShares Head of Research James Butterfill, who told Decrypt that crypto-buying firms are facing elevated scrutiny as their market caps teeter toward the value of their digital assets.

“It’s quite a bold move, given the sentiment toward [crypto treasury firms] at the moment,” he said. “It does suggest that they are seeking strategic moments, from a price perspective.”

BitMine didn’t explain in the press release how its latest purchase was funded, but it did report an increase in unencumbered cash to $800 million from $607 million. The company still held 192 Bitcoin, in addition to a $38 million stake in crypto treasury firm tied to Worldcoin.

Decrypt has reached out to BitMine for comment.

The company highlighted efforts to establish a network of Ethereum validators, reiterating that the infrastructure is scheduled to be deployed early next year.

In a statement, BitMine Chairman and Fundstrat co-founder Tom Lee acknowledged a “continued decline in crypto prices,” attributing the route to a historic wave of liquidations that saw $19 billion worth of leveraged crypto trades forcibly closed.

Last week, Ethereum’s price fell to a four-month low of $2,680, according to crypto data provider CoinGecko. After recovering some losses this weekend, Ethereum’s price recently hovered around $2,859, showing a 2.2% increase over the past day. In a Myriad prediction market, just 32% of respondents believe Ethereum will jump to $4,000 in its next big move, a trendline underscoring recent pessimism about the asset. Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt. 

Lee said that Ethereum’s price, although beaten, may not fall much further.

“A few weeks ago, we noted the likely downside for ETH prices would be around $2,500 and current ETH prices are basically there,” he said. “This implies asymmetric risk/reward as the downside is 5% to 7%, while the upside is the supercycle ahead for Ethereum."

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Bitcoin has faced renewed scrutiny as on-chain analysts warn that advances in quantum computing could expose long-dormant wallets and older address formats, while researchers, governments, ETF issuers, and developers debate how quickly the network must adopt post-quantum protections.

With XRPZ debuting on NYSE Arca, Franklin becomes the latest financial heavyweight betting on crypto’s future in global payments. Nov 24, 2025, 5:24 p.m.

Franklin Templeton launched its XRP exchange-traded fund (ETF), the Franklin XRP Trust (XRPZ), on NYSE Arca Monday, giving investors regulated access to the XRP token. The move places one of Wall Street’s oldest institutions into the growing field of XRP fund issuers, which already includes Bitwise, Grayscale and Canary Capital.

The launch expands Franklin’s crypto lineup. It now manages ETFs tied to bitcoin (EZBC), ether (EZET), XRP (XRPZ), and its diversified digital asset fund (EZPZ), offering traditional investors exposure to a broader range of crypto assets without requiring self-custody.

STORY CONTINUES BELOW

David Mann, Head of ETF Product and Capital Markets at Franklin Templeton, said in a statement Monday that XRP plays a "foundational role in global settlement infrastructure.”

The rollout marks a significant turn in XRP’s fortunes. Just five years ago, the token faced mass delistings from major exchanges after the U.S. Securities and Exchange Commission (SEC) sued Ripple in late 2020. The agency alleged Ripple had sold XRP as an unregistered security since 2013. That lawsuit finally settled in August 2025, when Ripple agreed to pay the SEC a $125 million settlement without admitting wrongdoing.

Since then, interest in XRP has rebounded, particularly as regulators have begun to outline clearer rules for digital assets. Franklin Templeton’s ETF is part of a broader trend of institutional players entering the crypto space through regulated investment vehicles.

“Blockchain innovation is driving fast-growing businesses, and digital asset tokens like XRP serve as powerful incentive mechanisms that help bootstrap decentralized networks and align stakeholder interests,” said Roger Bayston, head of digital assets at Franklin Templeton. “Within a diversified digital portfolio, we view XRP as a foundational building block. XRPZ provides regulated custody, daily transparency and liquidity without the operational complexity of holding the token directly.”

The ETF structure lets institutional and retail investors gain XRP exposure through brokerage accounts, with daily pricing and SEC oversight. Grayscale's XRP ETF also launched Monday.

Crypto asset manager Bitwise launched its XRP ETF last week and saw roughly $118,000,000 in inflows, Bitwise CEO Hunter Horsley said.

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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RL;DR

A new proposal aims to double Solana’s annual staking reward reduction.
The goal is to limit sell pressure from new token creation.
Opponents warn it could harm validator profitability and network decentralization.

A Solana developer proposed accelerating the decline in staking rewards to limit the number of new tokens entering circulation. The proposal, published on Github on November 21, calls for doubling the programmed annual reduction from 15% to 30%. If applied, the measure would prevent the creation of nearly $3 billion in new SOL tokens.

“High token inflation increases sell pressure, as some stakers view rewards as ordinary income and need to sell part of them to cover taxes,” said Lostintime101, a pseudonymous Solana technical writer and researcher at Helius, in the proposal.

Solana pays staking rewards to users who lock up their tokens to help process transactions on the network. The rewards are scheduled to decline until they reach a terminal rate of 1.5%. At present, the network distributes around 6% annually in newly issued tokens, compared with roughly 3% on Ethereum.

The effort is not new
In March, Solana validators voted on a plan to reduce staking rewards by nearly 66%, which at the time represented around $3.5 billion in new tokens each year. More than 61% voted in favor, but the proposal fell short of the required 66.67% threshold.

“Previous discussions on modifying the inflation schedule became heated and divisive. With this proposal, we aim to avoid repeating those missteps and promote a more focused governance process,” noted Lostintime101.

The network continues to face pressure to balance user fees with incentives for operators who maintain the blockchain and secure transactions. Solana is not alone: Ethereum, Celestia, and Near have also examined ways to reduce token inflation this year.

Opponents warn that cutting rewards could weaken network decentralization, as some validators may become unprofitable, disconnect their nodes, or operate at a loss. “As staking rewards fall, a subset of validators may find it difficult to remain economically sustainable, potentially affecting validator diversity,” added Lostintime101.

Solana’s validator count has dropped from around 2,500 in early 2023 to fewer than 900 today, a 64% decline. The proposal seeks to establish a balanced framework that limits token inflation while maintaining network security and economic viability for participants.

Binance Coin’s price remains in a technical bear market after falling nearly 40% from its year-to-date high.

Summary

Binance Coin price has plunged by 40% from the year-to-date high.
The coin is about to form a death cross pattern on the daily chart.
Nansen data shows that the number of transactions has plunged.

Binance Coin (BNB) traded at $847 on Monday, a few points above its lowest level this month. This crash has brought its market cap from nearly $190 billion to $116 billion today. 

The BNB price has plunged amid the ongoing crypto market crash that has affected Bitcoin (BTC) and most altcoins. It also happened amid deteriorating fundamentals in its network. 

Data compiled by Nansen shows that the number of transactions on the BSC Chain has plunged by 63% in the last 30 days to 486 million. This is its worst 30-day drop in months. 

The number of active addresses in the BSC Chain has dropped by 2.9% in the last 30 days to 36.5 million. Most importantly, the network’s fee collection dropped by 72% to $19.2 million. 

BSC’s activity is a sharp contrast to that of other chains in the crypto industry. Base’s transactions jumped by 108% in the last 30 days to 397 million, while Polygon and Avalanche soared by 80% and 54% to 135 million and 62 million, respectively. 

More data shows that, while the amount of stablecoins in the BSC Chain rose to $14.2 billion, the adjusted transaction volume dropped by 34% in the last 30 days to $204.2 billion. 

Binance Coin price technical analysis
BNB price chart | Source: crypto.news
The daily chart shows that the BNB price has remained under pressure in the past few months. It has plunged from the all-time high of $1,377 to the current $850. 

The coin is hovering at the 61.8% Fibonacci Retracement level. Worse, it is about to form the risky death cross pattern, which happens when the 50-day and 200-day Weighted Moving Averages cross each other.

In this case, the 50-day WMA is at $982, while the 200-day WMA is at $930. Also, the coin has dropped below the Supertrend and the Ichimoku cloud indicators. 

Therefore, the most likely BNB price forecast is bearish, with the next key target being at $695, the 78.6% retracement level. This target is about 18.2% below the current level. 

Rising regulated crypto demand accelerates as Grayscale launches new XRP and dogecoin ETFs on NYSE Arca, expanding mainstream access and signaling strengthening momentum for digital assets.

XRP (CRYPTO: XRP) is tightening into its biggest technical squeeze in months, just as Grayscale's new ETF makes its debut on Monday.

Institutional Demand Builds As XRP ETF Wave AcceleratesGrayscale has introduced its Grayscale XRP Trust ETF on NYSE Arca under the ticker GXRP, converting the vehicle from a private placement first introduced in September 2024. 

The company said the ETF is intended to provide "straightforward exposure" to XRP, the fourth-largest cryptocurrency by market capitalization.

Krista Lynch, senior vice president of ETF Capital Markets at Grayscale, said the launch broadens access to the growing XRP ecosystem. 

The debut follows similar XRP ETF rollouts by Canary Capital and REX Shares, joining a wave of new offerings tied to digital assets.

Legal Overhang Clears After SEC Case EndsXRP's regulatory narrative shifted this year after Ripple and the U.S. Securities and Exchange Commission dropped remaining appeals in their long-running court battle. 

A previous ruling found that Ripple's programmatic sales on exchanges did not violate securities laws but that certain direct institutional sales did.

Under the second Trump administration, the SEC adopted a changed posture toward cryptocurrency, including dropping investigations, hosting industry roundtables, and advancing "Project Crypto" to update digital asset rules. 

The shift has accelerated ETF approvals and conversions across the sector, including several Grayscale products tied to Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), Dogecoin (CRYPTO: DOGE), and Solana (CRYPTO: SOL).

XRP Price Tightens Inside Descending Triangle

Price Prediction for XRP as of November 24th (Source: TradingView)

XRP trades near $2.09, up about 2% on Monday. 

Price remains trapped inside a large descending triangle that has guided price action since August. 

Sellers continue to defend the down-sloping trendline, while buyers have repeatedly stepped in near a rising support base around $1.9.

The 20-, 50- and 100-day EMAs at $2.19, $2.38 and $2.53 form a stacked resistance cluster that has capped every rebound over the past month. 

The Supertrend indicator also stays red, reflecting persistent downside bias. Until XRP closes above the Supertrend level, the trend has not changed. 

Every rally inside a red Supertrend zone is considered a short-lived bounce rather than a real shift in direction.

XRP Netflows (Source: Coinglass)

Coinglass data shows $22.96 million in net outflows on November 24, extending months of negative spot flows. 

When this pattern holds for weeks, it usually means confidence is weakening and buyers are unwilling to commit during rallies.

Breakdown Risk At $1.9, Resistance Test At $2.19The base of the triangle near $1.9 remains the key level for investors. 

A clean break below this support would confirm a new leg lower toward $1.7 and potentially $1.5. 

For buyers to regain momentum, XRP must first reclaim $2.19 and then close above the descending trendline near $2.4.

Until those conditions are met, chart structure continues to favor sellers despite short-term bounces.

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NEW YORK, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Lowey Dannenberg P.C., a preeminent law firm in obtaining redress for consumers and investors, announces the filing of a class action lawsuit against Baxter International, Inc. (“Baxter” or the “Company”) (NYSE: BAX) for violations of the federal securities laws on behalf of investors who purchased or acquired Baxter securities between February 23, 2022 and July 30, 2025, inclusive (the “Class Period”).

LexinFintech Holdings Ltd. (LX) Q3 2025 Earnings Call November 24, 2025 6:00 AM EST

Company Participants

Will Tan
Jay Xiao - Chairman & CEO
Zhanwen Qiao - Chief Risk Officer & Director
Xigui Zheng - CFO & Director

Conference Call Participants

Xiaoxiong Ye - UBS Investment Bank, Research Division
Judy Zhang - Citigroup Inc., Research Division

Presentation

Operator

Good day, and thank you for standing by. Welcome to the Lexin Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Please be advised, today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Will Tan. Please go ahead.

Will Tan

Thank you, operator. Hello, everyone. Welcome to our third quarter 2025 earnings conference call. Our results were released earlier today and are currently available on our IR website.

Today, you will hear from our Chairman and CEO, Mr. Jay Wenjie Xiao, who will provide an update on our overall performance and strategies of our business. Our CRO, Mr. Arvin Zhanwen Qiao, will then provide more details on our risk management initiatives and updates. Lastly, our CFO, Mr. James Zheng, will discuss our financial performance.

Before we continue, I would like to refer you to our safe harbor statement in our earnings press release, which also applies today's call as we will be making forward-looking statements. Last, please note that all figures are presented in renminbi terms, and all comparisons are made on a quarter-over-quarter basis, unless otherwise stated.

Please kindly note, Jay and Arvin will give their whole remarks in Chinese first, then the English version will be delivered by Jay's and Arvin's AI-based voices.

With that, I'm now pleased to turn over the call to Mr. Jay Wenjie Xiao, Chairman and CEO of Lexin. Please.

Jay Xiao
Chairman & CEO

[Interpreted] Hi, everyone. Thanks for joining

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Key Takeaways Quanta's Electric segment grew 17.9% in Q3 2025, with demand from utilities, data centers and renewables.PWR's backlog reached $39.2B, supported by grid modernization, electrification and high-load customer needs.Fluor raised guidance as LNG, mining, energy transition and government work strengthened performance.
The engineering and construction landscape within the energy-infrastructure sector is undergoing a meaningful shift as utilities, data-center operators and industrial customers rush to expand capacity, modernize grids and secure reliable power solutions. At the center of this transformation are two major U.S.-listed contractors, Quanta Services, Inc. (PWR - Free Report) and Fluor Corporation (FLR - Free Report) , both deeply embedded in power generation, transmission, utilities work and large-scale EPC services. Their strategic roles in supporting electrification, the rise of energy-intensive technologies and the build-out of modern infrastructure make the comparison particularly relevant now.

Yet while they operate in overlapping markets, each company is navigating the current cycle in its own way. One is leaning into a platform built around execution certainty, craft labor and integrated solutions for utility and technology customers. The other is reshaping itself through a more asset-light approach, sharpening its focus on reimbursable work and pursuing opportunities across mining, LNG, power, government services and global EPC programs. With both positioned to benefit from long-term infrastructure demand, the question becomes which firm stands out at this moment.

Let us dive deep and closely compare the fundamentals of Quanta and Fluor to determine which one may offer more upside now.

The Case for Quanta StockPWR is gaining momentum across its core end markets, supported by investment in electric infrastructure, renewable energy and rising demand from large load customers. The Electric segment remained the primary contributor, accounting for 80.9% of total revenues in the third quarter of 2025. Segment revenues reached $6.17 billion, marking 17.9% year-over-year growth. Grid modernization efforts, rising needs from data center and industrial customers and steady activity in renewable energy and battery storage work helped drive this strong performance as early-stage projects moved toward full construction.

Solid demand trends were also reflected in the company’s record backlog. PWR closed the third quarter of 2025 with $39.2 billion in backlog, up from $33.96 billion a year ago, reinforcing durable visibility across utility, renewable and technology-driven markets. Remaining performance obligations expanded as well, supported by increased activity in the Electric segment and sustained customer investment tied to manufacturing, electrification and higher load requirements. This strong foundation enabled the company to lift its full-year revenues and free cash flow outlook while maintaining a healthy pipeline of multi-year projects.

However, some near-term challenges remain, particularly within large generation and EPC-style programs that carry greater execution complexity. The company also experienced timing variability in certain pipeline-related work, which can create quarter-to-quarter fluctuations. These factors introduce manageable pockets of uncertainty but do not change the broader strength of the company’s demand environment.

Looking ahead, PWR expects ongoing strength across its utility, renewable and technology customer base as electricity needs continue to rise. Expanding power requirements from data centers, manufacturing, electrification and other high-load applications are likely to support incremental investment in transmission, substation, generation and related infrastructure. With growing adoption of its total solutions platform and increasing visibility from multi-year programs extending into 2026, the company appears well-positioned to benefit from long-term infrastructure and energy-transition trends.

The Case for Fluor StockThis Texas-based engineering, procurement, construction and maintenance services provider is capitalizing on healthy activity across its key end markets, supported by strong execution in Energy Solutions, continued progress in Mission Solutions and improving trends within Urban Solutions. The company pointed to solid momentum in LNG, energy transition initiatives, mining and emerging demand tied to power and data centers. This broad activity base helped reinforce stable performance across its global portfolio.

Stronger-than-expected performance across multiple segments and disciplined project execution prompted the company to raise its full-year guidance, owing to improved visibility on reimbursable work and better-than-planned contributions from LNG, mining and government programs. At the end of the third quarter of 2025, total backlog stood at $28.2 billion, with 82% consisting of reimbursable projects, reflecting a healthier, lower-risk mix that supports more predictable performance. These factors collectively strengthened confidence in the company’s near-term outlook.

However, certain challenges remain, particularly related to legacy fixed-price projects that still require careful management. Some international markets continue to face a slower contracting environment and project timing within Urban Solutions is influenced by customer decision cycles. While these issues create pockets of uncertainty, the company emphasized that they remain contained and manageable within its wider portfolio.

Looking ahead, the company expects constructive conditions across LNG, clean energy, mining, mission-critical government work and emerging opportunities tied to electrification and power demand. As customers advance capital spending related to energy security, industrial expansion and long-term infrastructure needs, the company sees a strengthening pipeline of engineering and EPC opportunities. With an improving backlog mix and expanding end-market visibility, the company appears well-positioned for continued growth in the years ahead.

Stock Performance & ValuationAs witnessed from the chart below, in the past six months, Quanta’s share price performance stands above Fluor’s and the Zacks Engineering - R and D Services industry.

Image Source: Zacks Investment Research

Considering valuation, Quanta is currently trading at a premium compared with Fluor on a forward 12-month price-to-earnings (P/E) ratio basis.

Image Source: Zacks Investment Research

Comparing EPS Estimate Trends of PWR & FLRThe Zacks Consensus Estimate for PWR’s 2025 and 2026 earnings estimates implies year-over-year improvements of 17.8% and 16.7%, respectively. Its 2025 EPS estimate has decreased over the past 30 days, while the same has increased for 2026.

PWR’s EPS Trend
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for FLR’s 2025 EPS indicates a 7.7% year-over-year decline, while the 2026 estimate indicates an increase of 4.5%. The 2025 and 2026 EPS estimates have increased over the past 30 days.

FLR’s EPS Trend
Image Source: Zacks Investment Research

ConclusionBoth Quanta and Fluor carry a Zacks Rank #3 (Hold), with each supported by different fundamental drivers. Fluor has benefited from improving execution, a stronger mix of reimbursable work and better visibility across LNG, mining and government programs, though legacy fixed-price projects and timing variability in certain end markets remain areas to watch.

Quanta offers steadier long-cycle exposure tied to utility infrastructure, grid modernization and rising power needs from data centers and large load customers. Its record backlog provides solid multi-year visibility, even as large generation and EPC-style programs introduce their own execution complexities.

Investors may prefer to monitor how upcoming awards, project timing and end-market trends unfold for both companies, as these factors will play a key role in shaping their trajectories over the next few quarters.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Stanley Druckenmiller has been one of the most successful investors, a billionaire with a long record of high returns in global macro investing.