Market Signal Briefing

Bitcoin’s struggle to reclaim the $90,000 range leaves the broader crypto market vulnerable, with altcoins suffering sharp liquidity-driven underperformance. Nov 24, 2025, 11:30 a.m.

Crypto market remains fearful (Unsplash/Modified by CoinDesk)

What to know: The Fear and Greed Index sits at 12/100, signaling "extreme fear." Altcoin liquidity remains thin, with shallow market depth in tokens like TON and DOT exacerbating volatility and forced selling.Bitcoin faces a critical test, with rejection below $95,000 potentially confirming a fourth lower high, while a drop toward $81,000 risks another broad market sell-off.Crypto majors bitcoin BTC$87,267.39, ether ETH$2,800.81, XRP$2.0612 and solana SOL$129.30 consolidated over the past 24 hours following a volatile week that saw the broader market fall to the lowest levels in months.

The market is still gripped by "extreme fear" with the Fear and Greed Index standing at 12/100, although it's worth noting that prolonged periods below 20/100 typically pave the way for a market bounce.

STORY CONTINUES BELOW

Altcoins continue to struggle with a lack of liquidity and lack of demand for speculative risk assets. The CoinDesk Memecoin Index (CDMEME) is down by 30% in the past month, underperforming CoinDesk 5 (CD5), which has lost 23%.

Bitcoin now faces a test in order to reverse the bear-market trend. A rejection anywhere up to $95,000 would indicate a fourth lower high, confirming a downtrend.

Derivatives positioningVolmex's BVIV, the 30-day options-based implied volatility index, has bounced back to nearly 60%, erasing an early decline to 57.55%. The rebound comes as the spot price faces renewed downside pressure, maintaining the inverse relationship seen through the recent market swoon. Rising demand for BTC puts on Deribit, coupled with declining trader interest in call overwriting, is responsible for the recent upswing in volatility indexes.Traders seem to be rolling long positions in puts to lower strike prices, as evident from the growing popularity of the $80,000 put, which now has over $2 billion in open interest. BTC and ETH call-put skews remain defensive or negative. Block flows over the past 24 hours have featured preference for strategies that benefit from a broad range play in spot prices, such as the BTC call condor. Put calendar spreads have dominated block flows in the past 24 hours. In the futures market, XRP, DOGE and HYPE have seen increases in open interest while BCH saw a 5% drop in open positions. Token talkBy Oliver Knight

The altcoin market showed weakness against bitcoin trading pairs over the past 24 hours as issues around a lack of liquidity persisted.Market depth, a measure of liquidity for particular trading pairs, remains low for tokens like TON$1.4870 and DOT$2.2695. At the time of writing, the 2% market depth on TON is between $500,00 and $800,000, which means it would take a trade of less than those figures to move the market by 2%.The depth is lower on DOT and even worse across several smaller altcoins, this means that when a market is volatile, moves become exaggerated due to positions forcibly closing amid liquidations or stop-loss triggers.CoinMarketCap's "Altcoin Season" indicator ticked down to 23/100 from last week's 30/100 to suggest that traders are opting to hold bitcoin or stablecoins as opposed to more speculative altcoin tokens.While sentiment remains fearful, from a technical perspective crypto tokens are in a "neutral" zone, exhibiting neither oversold nor overbought conditions.Where we go from here will depend on whether bitcoin BTC$87,267.39 can steer its way out of trouble with a move back into the $90,000 range, which would inspire confidence across the entire market.A drop back to last week's low of $81,000 could trigger another panicked sell-off, in which altcoins will fare worse due to their abject liquidity situation.More For You

Protocol Research: GoPlus Security

Nov 14, 2025

What to know:

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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Bitcoin Longs on Bitfinex Jump 40% in Three Months as Traders Double Down on Dip

12 minutes ago

Rising margin bitcoin longs show confidence despite bitcoins ongoing correction.

What to know:

Margin longs on Bitfinex are up 42% in three months while BTC is down 26%, indicating persistent accumulation despite significant market weakness.The position has reached the 70,000 BTC level three times since 2024 and each previous occurrence aligned with a major market bottom, adding weight to this latest build up.Read full story

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TL;DR:

Over 7 billion DOGE were moved by whales, increasing volatility concerns.
Exchange deposits and large single transfers signal potential sell-side pressure.
DOGE must hold $0.13 support as sentiment weakens amid whale-driven uncertainty.

Dogecoin’s market has entered a phase of heightened anxiety after large-scale whale activity intensified, raising pressing questions about liquidity, sentiment, and the asset’s short-term direction. With billions of DOGE moved in a matter of weeks, traders now face a landscape marked by uncertainty, suspicion, and rapid shifts in market positioning.

7 billion Dogecoin $DOGE sold or redistributed by whales over the past month! pic.twitter.com/IYojozfyRK

— Ali (@ali_charts) November 24, 2025

Analysts Monitor Whale Activity as DOGE Volatility Escalates
Over the past month, on-chain metrics recorded more than 7 billion DOGE moved by whale-sized addresses, signaling unusually aggressive repositioning. Analysts view this magnitude of transfers as a potential precursor to increased volatility, particularly if whales continue reallocating funds across exchanges or into cold storage.

A notable cluster of transactions involved a single wallet moving 1.5 billion DOGE, raising questions about the motive behind such consolidation. Market observers caution that concentrated movements of this scale can temporarily distort liquidity conditions, prompting traders to adopt more defensive strategies.

As these transfers accelerated, DOGE experienced heightened sell-side pressure near the $0.14 level, where price reactions suggested waning buyer confidence. Short-term market structure appears fragile, with analysts noting that bulls must hold support above $0.13 to avoid a deeper slide into corrective territory.

On-chain data also shows an uptick in DOGE being deposited onto major exchanges, interpreted by some as a sign of possible liquidation intent. While not always indicative of imminent selling, these patterns tend to coincide with increased volatility, especially when large holders shift tokens during market uncertainty.

Sentiment indicators reveal that retail confidence has weakened, mirroring past periods where whale-driven movements created ripple effects across the broader memecoin ecosystem. Analysts highlight that the psychological impact of whale actions often influences trader behavior as much as the transactions themselves.

Despite concerns, some bullish voices argue that heavy whale activity can precede accumulation phases, especially if tokens eventually migrate back to long-term storage. However, such scenarios remain speculative, and analysts warn that monitoring sustained activity levels will be essential to understanding DOGE’s near-term trajectory.

In brief
80% of Solana's circulating supply is held at a loss, raising the risk of a panic-selling cascade.
A drop below $124.40 could liquidate $239 million in SOL long positions.
Despite the pressure, spot Solana ETFs have attracted $719M in inflows since launch, with no outflows.
Solana, like other major altcoins, continues to buckle under pressure due to the sustained crypto market selloff.

Nearly 80% of Solana’s circulating supply is now in loss, according to a Sunday tweet from on-chain market intelligence platform Glassnode—underscoring “how top-heavy the market structure had become before the recent contraction,” the firm’s analysts noted.

“When most holders are at a loss, the biggest risk is a wave of panic selling,” Illia Otychenko, Lead Analyst at CEX.IO, told Decrypt. Investors looking to break even “may choose to exit if the price drops further,” he added, explaining that a “major liquidation zone” could drag the price down quickly.

Roughly $239 million worth of longs will be forced to close if Solana drops below $124.40, according to CoinGlass data.

Solana is down 0.3% over the past 24 hours and is currently trading at $129.24, according to CoinGecko data. On prediction market Myriad, owned by Decrypt’s parent company Dastan, users place just a 4% chance on Solana achieving a new all-time high by the end of the year.

“We view every large-scale liquidation event as a cleansing of the market structure, as it sets the stage for the next phase of accumulation,” Lawrence Samantha, CEO of crypto asset management platform NOBI, told Decrypt.

Solana-focused treasury companies are adding headwinds, exacerbating the already grim situation, preventing a recovery, Otyechnko noted, suggesting their average mNAV is heavily underwater at around 0.6. A further slide lower could “potentially pressurize them to sell assets to cover costs,” which would further “strengthen a bearish narrative and fuel more fear-driven decisions.”

The crypto market outlookDespite the sustained multi-week downtrend, the weekend bounce has improved the crypto market outlook. The upcoming macro events, including the end of quantitative tightening and the Fed’s interest rate decision slated for December 10, could be pivotal and trigger market volatility, potentially leading to a recovery, especially if the macro outlook resolves without hawkish comments.

“The current price is not a disaster warranting panic,” Samantha explained. “Always look at the institutional accumulation into Solana exchange-traded funds instead of the daily price action. It's always a sign of long-term value.”

Since their introduction roughly a month ago, not a single netflow for the spot Solana ETF has turned negative, according to SoSoValue data. These funds have attracted roughly $719 million in netflow, according to SoSoValue data.

“We are not selling; we are positioning,” the NOBI analyst explained, suggesting that the only legitimate reason to cut losses would be if there were a fundamental point of failure, which we do not foresee.”

When asked whether crypto or Bitcoin has bottomed, the NOBI analyst said that while “it is not the bottom, conditions are in place for it to warm up.” “To suggest that a bottom is forming, the outlook might get worse is an understatement; as for the market to reset and launch the next cycle.”

If broader market conditions stay weak or another wave of liquidations hits, the price could drop further. A real bottom usually comes when volatility cools down, leverage resets, and long-term buyers begin quietly accumulating again.

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Tesla's stock has surged higher in recent months off of robotaxi hype, but this development could have investors pumping the brakes.

Tesla (TSLA 1.10%) shares have been on a wild ride in 2025 with investors engaged in a tug of war of sorts, between bears and bulls. The bears base their position in reality, a reality where Tesla sales and profits are in decline and its vehicle lineup is aging. The bulls base their position in a potentially lucrative future based around artificial intelligence (AI), robotics, and robotaxis. Right now, the bulls are winning with Tesla stock up 28% over the past three months, but here's why investors might want to pump the brakes a bit.

Coming to a city near you
"Safe, routine, ready: Autonomous driving in new cities" are the words that should have Tesla investors pumping the brakes on the potentially lucrative future they envisioned for the electric vehicle (EV) maker. That's because direct competitor Waymo is shifting its expansion into a higher gear: "We've built a generalizable Driver, powered by Waymo's demonstrably safe AI, and an operational playbook to reliably achieve this milestone," said Tekedra Mawakana, Waymo's co-CEO, on the expansion, according to Electrek.

This week, Waymo announced fully autonomous driving in five new cities: Miami, Dallas, Houston, San Antonio, and Orlando. Operations started in Miami this week and will begin in the remaining four cities in the coming weeks, although it's important to note that doors for riders won't open until next year. This goes with Waymo's recent playbook to test for a few months before opening the app to the public.

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Playing catch up
It's also important for investors to grasp the lead that Waymo may have developed over the past few years. For instance, Tesla is currently testing its initial robotaxi operations in Austin, Texas, with roughly 30 robotaxis in operation and plans to expand the fleet to about 500 by the end of the year. Tesla is still using a safety monitor, which Waymo removed in 2020, but has plans to transition to fully driverless operation by the end of the year.

Tesla Cybercab. Image source: Tesla.

The five new cities that Waymo is entering will bring its total city count to 10 at a time when Tesla just announced it obtained a permit to operate a ride-hailing service in Arizona. It's definitely a step forward for Tesla, although additional permits will be required before the automaker can operate a full robotaxi service in the state. When Tesla enters the Phoenix, Arizona market next year, it will already trail Waymo's operations in the city, which boasts at least 400 autonomous vehicles. In fact, Waymo said it has already surpassed 10 million driverless trips served to riders across its U.S. operations.

Despite Tesla playing catch up to rival Waymo, Tesla investors have some reason to be optimistic. Tesla could very well develop a competitive advantage in scaling a robotaxi business thanks to access to a plethora of Tesla vehicles on the road and its production capacity. Furthermore, Tesla's strategic rollout could be more scalable as the company is relying on a camera-based system rather than LiDAR and radar, which competitors are using.

What it all means
Tesla shareholders also made it clear where they want CEO Elon Musk's focus. Musk's new compensation package, worth up to $1 trillion, was approved by 75% of voters but with milestones tied to future endeavors. Musk will still have to build cars for some of his rewards, have 1 million robotaxis in commercial operation, 1 million Optimus robots, and 10 million Full Self-Driving subscriptions. These goals suggest the company is pivoting its core business from automotive manufacturer to a more tech-centric company.

Tesla's best days may very well be ahead of it. It's already proven many naysayers wrong by making it this far, but it's important for investors to pump the brakes on robotaxi hype, because not only is Tesla playing catch up to Waymo; the future of robotaxis is more uncertain thanks to evolving regulations, lawsuits, and safety concerns. Investors need to understand what company they're investing in moving forward, given Tesla's lofty valuation and price-to-earnings (P/E) ratio approaching 300 times, and a market capitalization more than 10 times Ford and GM combined.

Bitcoin's performance has been disappointing this year, but if history is any guide, investors shouldn't give up quite yet.

This is the year that Bitcoin (BTC 0.39%) was supposed to double in value. It had every possible catalyst going for it, including the full support of a new pro-crypto administration. Yet, with less than 45 days to go in 2025, Bitcoin is actually down for the year.

Of even greater concern, Bitcoin has now fallen through both the $100,000 and $90,000 price levels, potentially setting up an even steeper decline. So, is Bitcoin still a buy, or is now the time to abandon ship?

If you're a short-term investor...
Gold is up 55% for the year and is outperforming Bitcoin, which is now down 6% for the year. If Bitcoin is indeed "digital gold," as many cryptocurrency investors claim, then it should closely track the price of physical gold. But it's not. One asset is going up in value, while the other is going down in value, so you can no longer make the argument that the price of Bitcoin is simply lagging the price of gold.

Image source: Getty Images.

Just about any argument that you could possibly make for Bitcoin right now, you can also make for gold. So, if you still buy into the logic of the "debasement trade" (in which investors swap out of fiat currencies and into precious metals), save yourself the heartache and misery of watching "digital gold" fall in price, and just buy gold. If you don't want to buy physical gold bars, then do what everyone else does: Buy gold ETFs.

If you're a long-term investor...
However, for long-term buy-and-hold investors, Bitcoin remains a buy. The historical track record of the world's most popular cryptocurrency is impossible to ignore. Bitcoin has only had three down years since 2010. In every other year, it has delivered double- and even triple-digit growth.

Remember, Bitcoin has always been a highly cyclical asset. It typically experiences four-year boom-and-bust cycles. Due to the impact of the Bitcoin halving, which occurs every four years, several years of price appreciation are typically followed by a year of significant decline. So, after Bitcoin soared by 157% in 2023 and 125% in 2024, it now appears to be headed for one of those challenging years.

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But I'm not worried quite yet. Long-time crypto investors understand the inherent volatility of Bitcoin and its tendency to produce "bust" years with alarming regularity. Whether or not you believe in the Bitcoin four-year cycle, you do have to admit that it's rather coincidental that the three major drawdowns of Bitcoin -- in 2014, 2018, and 2022 -- have all taken place exactly four years apart.

The good news is that JPMorgan Chase still believes Bitcoin can reach $170,000 within the next 12 months, based on the rapid pace of institutional adoption. Wall Street banks and top financial institutions are still embracing Bitcoin, and the White House has shown no signs of giving up on its Bitcoin ambitions. The plan is still to make the United States a "Bitcoin superpower."

The optimal holding period for Bitcoin is five years
At the end of the day, Bitcoin should still be on your investment radar. In eight of the past 10 years, it has been the top-performing asset in the world. It has routinely trounced the returns of gold, tech stocks, and just about any other asset class you can imagine.

However, here's the key point: You need to commit to holding Bitcoin for at least five years. According to Cathie Wood of Ark Invest, that's the minimum holding period required for Bitcoin, given its boom-and-bust behavior. If you don't hold for the full five years, you might get wiped out by Bitcoin's recurring drawdowns.

If you're not prepared to buy Bitcoin and hold it for five years, gold may be a better investment right now. However, if you can see the big picture and are willing to be a patient, long-term buy-and-hold investor, then Bitcoin still makes sense as a high-upside investment at this time.

Analysts like D-Wave, IonQ, and Rigetti. But one appears to be Wall Street's favorite right now.

How do you determine which stock is the best pick in a given market? Some investors turn to Wall Street analysts for their opinions. After all, these analysts are paid big bucks to thoroughly research the stocks they cover. And a lot of research is required in a complex field like quantum computing.

If you're considering investing in up-and-coming quantum computing stocks D-Wave Quantum (QBTS 0.49%), IonQ (IONQ +1.73%), or Rigetti Computing (RGTI +3.46%), it could be helpful to know what analysts think. Which of these stocks is Wall Street most bullish about?

Image source: Getty Images.

Rising quantum computing stars with different approaches
While D-Wave, IonQ, and Rigetti are rising stars in the development of quantum computers, each company is taking a distinct approach. Their technological strategies could ultimately determine which of them achieves tremendous success or flames out.

D-Wave uses quantum annealing in the development of its quantum computers. This method utilizes superconductors, which exhibit zero electrical resistance at extremely low temperatures. One major plus of D-Wave's quantum annealing technology is that it already markets useful quantum computers. The key downside, however, is that the technology is geared toward specific applications, such as optimization and search, rather than general-purpose computing.

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IonQ is the leader in developing quantum systems based on a trapped-ion architecture. This architecture involves trapping ions of a rare-earth metal called ytterbium. The company uses these trapped ions to create qubits, which are used to construct logical gates for executing algorithms. IonQ's trapped-ion approach requires less cooling than superconducting approaches. Its error correction rate is also superior to other methods.

Like D-Wave, Rigetti Computing employs superconductors to develop quantum computers. Instead of using quantum annealing, though, Rigetti creates superconducting qubits to construct logical gates. The company's Cepheus-1-36Q currently ranks as the world's largest multi-chip quantum computer.

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What Wall Street thinks about D-Wave, IonQ, and Rigetti?
After soaring earlier this year, shares of D-Wave Quantum, IonQ, and Rigetti Computing have plunged at least 50% below their peaks since last month. Despite their recent declines, Wall Street remains bullish about all three of these quantum computing stocks.

Six of the nine analysts surveyed by S&P Global (SPGI +0.54%) in November who cover IonQ rated the stock as either a "buy" or "strong buy." The other three analysts recommended holding the stock. The consensus 12-month price target for IonQ reflects a potential upside of 72%.

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Enthusiasm also runs high for Rigetti. Six of the seven analysts surveyed by S&P Global in November gave the stock a "buy" or better rating, with the sole outlier recommending holding shares. The average price target for Rigetti is 74% above the current share price.

However, Wall Street appears to be most bullish about D-Wave Quantum. Nine out of 10 analysts assigned "buy" or "strong buy" ratings to the stock. The consensus price target reflects a potential upside of 85%. There's one fly in the ointment, though: The lone contrarian analyst thinks D-Wave will underperform over the near term.

Other quantum computing stocks that Wall Street likes
Investors don't have to limit their horizons to only D-Wave Quantum, IonQ, and Rigetti Computing. There are plenty of other quantum computing stocks to consider. Wall Street likes several of them.

While only three analysts cover Quantum Computing Inc. (QUBT 0.68%), two of them are highly bullish about the stock, with one recommending holding it. The average 12-month price target for Quantum Computing Inc. is 130% above the current share price.

Investors who are skittish about buying shares of speculative quantum computing stocks that remain unprofitable might prefer Microsoft (MSFT 1.32%). The tech giant has developed a promising approach to building quantum computers using topological superconductors. It's also a Wall Street darling. All but one of the 58 analysts surveyed by S&P Global this month rated Microsoft as a "buy" or "strong buy." The consensus price target reflects a potential upside of roughly 31%.

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

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

Delivered 4,612 vehicles1 and achieved total revenue of $356 million in first nine months of 2025.Gross margin improved to 8% in the third quarter, reflecting healthier inventory dynamics and continued recovery in underlying profitability.Net loss narrowed by approximately 68% in the third quarter and 43% for the nine-month period ended September 30, 2025, on a YoY basis.Upcoming launch of new PHEV model reaffirming commitment to diversified energy strategy. NEW YORK, Nov. 24, 2025 (GLOBE NEWSWIRE) -- Lotus Technology Inc. (“Lotus Tech” or the “Company”), a leading global intelligent and luxury mobility provider, today announced its unaudited financial results for the third quarter and nine months ended September 30, 2025.

Operating Highlights of the First Nine Months of 2025

In the first nine months of 2025, the Company achieved total deliveries1 of 4,612 units, representing a transitional period characterized by the tariff impact, gradual destocking and the phased commencement of upgraded model deliveries.

Deliveries in the first nine months of 2025 were primarily contributed from China and Europe. Growth in China deliveries outpaced the premium auto segment2 in China, underscoring the competitive strength of the Company’s product portfolio in an increasingly competitive landscape.

Gross margin improved to 8% in the third quarter as a result of a favorable increase in the share of upgraded model in our total deliveries, reflecting healthier inventory dynamics and continued recovery in underlying profitability.

The Company also confirmed that a new PHEV model will be unveiled in the coming months, further expanding its electrification product roadmap and addressing consumer demand in diversified powertrain segments. The PHEV model is expected to feature 900V hybrid platform that provides a combined driving range of over 1,000km, as well as industry leading Dual Hyper Charging technology.

Deliveries1 by Model Type

 Jan-Sep 2025Jan-Sep 2024% Change (YoY)Lifestyle SUV and Sedan3,3144,044(18%)Sportscars1,2983,629(64%)Total4,6127,673(40%)
Deliveries1 by Region

 Jan-Sep 2025Jan-Sep 2024 UnitsRegion %UnitsRegion %Europe1,57334%2,68835%China2,13846%1,92525%North America70716%1,66522%Rest of the World1944%1,39518%Total4,612100%7,673100%
Following Geely’s and Etika’s exercise of their put options in April 2025 and June 2025, the Company is preparing for and steadily advancing the strategic acquisition of Lotus UK. The acquisition is expected to enable the Company to integrate the businesses under the Lotus brand and enhance operational efficiency. While closing is now expected to occur in 2026, the Company maintains active cooperation with Lotus UK and is methodically and prudently developing detailed integration plans to ensure a smooth transition and maximize synergies post-closing.

Financial Highlights of the First Nine Months of 2025

Total revenues were $356 million, a 46% YoY decrease.Gross margin was 8%, versus 9% for the same period of 2024.Operating loss was $357 million, narrowed by 40% YoY.Net loss was $378 million, narrowed by 43% YoY.Adjusted EBITDA (non-GAAP) was a $294 million, narrowed by 48% YoY. Key Financial Results
The table below summarizes key preliminary financial results for the nine months ended September 30, 2025.
(in millions of U.S. dollars, unaudited)

  Jan-Sep 2025Jan-Sep 2024% Change (YoY)Revenue356653(46%)Cost of revenue327594(45%)Gross profit2959(51%)Gross margin (%)8%9% Operating loss(357)(598)(40%)Net loss(378)(667)(43%)Adjusted net loss(A)(376)(633)(41%)Adjusted EBITDA(A)(294)(563)(48%) (A)  Non-GAAP measure. See “Non-GAAP Financial Measures” and “Appendix D – Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)” for details and a reconciliation of adjusted metrics to the nearest GAAP measure.

Recent Developments

Lotus at IAA Mobility 2025: On September 5, 2025, Lotus made an impressive appearance at IAA Mobility 2025. Lotus showcased its award-winning concept car Theory 1, hyper-SUV Eletre, hyper-GT Emeya and mid-engine sportscar Emira, bringing together the Company’s diverse portfolio to demonstrate the Company’s commitment to technology and innovation.Lotus GT Racing Series: On September 14, 2025, the third round of the 2025 Lotus GT Racing Series concluded successfully. This season has marked a breakthrough in international participation, bringing together 28 drivers and 9 teams from multiple countries and regions, forming a uniquely global racing lineup.London Design Festival: On September 15, 2025, Lotus held D.N.A. x DNA, an immersive exhibition at the Lotus Mayfair showroom as part of London Design Festival 2025, where Lotus served as the festival’s official automotive partner.Macau Grand Prix Victories: On November 16, 2025, the 72nd Macau Grand Prix came to a thrilling close. Drivers Lu Wenlong and Liu Kai Shun, piloting the Lotus Emira GT4, claimed the championship and third place respectively in the Greater Bay Area GT Cup (GT4), adding further glory to Lotus sports cars. CEO and CFO Comments

Mr. Qingfeng Feng, Chief Executive Officer, commented: "Despite a turbulent external environment, we continue to deliver on our global strategy with discipline and forward momentum. The upcoming PHEV marks an important milestone in our diversified energy strategy. Meanwhile, the put option transaction will be a core step toward unification of our Lotus brand and long-term value creation. Together, these efforts are expected to position us for greater efficiency and competitiveness in the global landscape. "

Dr. Daxue Wang, Chief Financial Officer, commented: "Our efforts in cost discipline and inventory optimization are reflected in the significantly narrowed loss for both the quarter and year-to-date. We remain focused on prudent resource allocation and margin enhancement, while also preparing for a more dynamic operating environment in the quarters ahead.”

Operating and Financial Results of the Third Quarter of 2025

Total revenues were $137 million, a 46% YoY decrease.Gross margin was 8%, versus 3% for the same period of 2024.Operating loss was $94 million, narrowed by 41% YoY.Net loss was $65 million, narrowed by 68% YoY.Adjusted EBITDA (non-GAAP) was a loss of $54 million, narrowed by 70% YoY. Deliveries1 by Model Type

 3Q 20253Q 2024% Change (YoY)Lifestyle SUV and Sedan1,3921,616(14%)Sportscars4071,153(65%)Total1,7992,769(35%)
Key Financial Results
The table below summarizes key preliminary financial results for the third quarter in 2025.
(in millions of U.S. dollars, unaudited)

  3Q 2025 3Q 2024 % Change (YoY) Revenue137255(46%)Cost of Revenue126247(49%)Gross profit11833%Gross margin (%)8%3% Operating loss(94)(160)(41%)Net loss(65)(206)(68%)Adjusted net loss(A)(65)(209)(69%)Adjusted EBITDA(A)(54)(182)(70%) (A) Non-GAAP measure. See “Non-GAAP Financial Measures” and “Appendix D – Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)” for details and a reconciliation of adjusted metrics to the nearest GAAP measure.

Conference Call
Lotus Tech management will host an earnings conference call at 7:00 AM U.S. Eastern Time on Monday, November 24, 2025 (13:00 Central European Time / 20:00 China Standard Time on the same day).

There will be a live audio webcast and replay available following completion of the call on the Company’s investor relations website at https://ir.group-lotus.com/.

For participants who wish to join the call, please complete online registration prior to the scheduled call start time using the link provided below. Upon registration, participants will receive a confirmation email with conference call access information, including dial-in numbers and a unique PIN. Participant online registration link: https://register-conf.media-server.com/register/BIa3e47dbbf2804a9e91809ef2acae7125

Note 1:   Including commissioned deliveries in US market.
The volume of delivery previously announced by the Company was based on the number of vehicles invoiced in the China market and the number of vehicles in relation to which revenue had been recognized for markets outside China, and included commissioned deliveries in the US market. Starting from the three months ended June 30, 2025, the presentation of delivery data has been unified and the volume of delivery reported represents the number of vehicles in relation to which revenue has been recognized for all markets and includes commissioned deliveries in the US market. Historical data presented in this press release has been adjusted to reflect this change.

Note 2: Based on market data of retail sales volume in Jan-Sep 2025 in Mainland China. Premium auto segment refers to passenger vehicles pricing over RMB 400,000.

About Lotus Technology Inc.
Lotus Technology Inc. has operations across the UK, the EU and China. The Company is dedicated to delivering luxury lifestyle battery electric vehicles, with a focus on world-class R&D in next-generation automobility technologies such as electrification, digitalisation and more. For more information about Lotus Technology Inc., please visit www.group-lotus.com.

Non-GAAP Financial Measures
The Company uses non-GAAP financial measures, including adjusted net loss and adjusted EBITDA in evaluating its operating results and for financial and operational decision-making purposes. Adjusted net loss represents net loss excluding share-based compensation expenses, and such adjustment has no impact on income tax. Lotus Tech defines adjusted EBITDA as net loss excluding interest income, interest expense, income tax expenses, depreciation of property, equipment and software, and share-based compensation expenses. The Company believes that non-GAAP financial measures help identify underlying trends in its business and enhance the overall understanding of the Company’s past performance and future prospects. The Company also believes that non-GAAP financial measures allow for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making.

Non-GAAP financial measures are not presented in accordance with U.S. GAAP and may be different from non-GAAP methods of accounting and reporting used by other companies. Non-GAAP financial measures have limitations as analytical tools and when assessing the Company’s operating performance, investors should not consider them in isolation, or as a substitute for financial information prepared in accordance with U.S. GAAP. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure. The Company mitigates these limitations by reconciling non-GAAP financial measures to the most comparable U.S. GAAP performance measures, all of which should be considered when evaluating the Company’s performance. For more information on non-GAAP financial measures, please see "Appendix D – Unaudited Reconciliation of GAAP and Non-GAAP Results (Adjusted net loss/Adjusted EBITDA)" set forth at the end of this press release.

Forward-Looking Statements
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential”, “forecast”, “plan”, “seek”, “future”, “propose” or “continue”, or the negatives of these terms or variations of them or similar terminology although not all forward-looking statements contain such terminology. Forward-looking statements involve inherent risks and uncertainties, including those identified under the heading “Risk Factors” in the Company’s filings with the U.S. Securities and Exchange Commission. All information provided in this press release is as of the date of this press release, and Lotus Tech undertakes no obligation to update any forward-looking statement, except as required under applicable law.

Contact Information
For investor inquiries
[email protected]

Appendix A

Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets

(All amounts in thousands)

  As of September 30, 2025 December 31, 2024  US$ US$ASSETS    Current assets    Cash 65,305 103,072Restricted cash 360,703 379,293Accounts receivable – third parties, net 47,077 117,076Accounts receivable – related parties, net 90,420 107,816Inventories 116,792 188,582Prepayments and other current assets – third parties, net 86,647 72,541Prepayments and other current assets – related parties, net 136,971 74,558     Total current assets 903,915 1,042,938     Non-current assets    Restricted cash 87,016 2,572Investment securities – related parties 2,116 2,221Securities pledged to an investor - 315,796Loan receivable from a related party 301,424 269,539Property, equipment and software, net 235,447 316,447Intangible assets 116,479 116,500Operating lease right-of-use assets 125,541 144,029Equity method investments 13,002 7,499Other non-current assets – third parties 72,499 67,009Other non-current assets – related parties 858 1,113     Total non-current assets 954,382 1,242,725     Total assets 1,858,297 2,285,663 Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (Con’d)

(All amounts in thousands)

  As of September 30, 2025 December 31, 2024  US$ US$LIABILITIES AND SHAREHOLDERS' DEFICIT    Current liabilities    Short term borrowings – third parties 490,962 602,949Short-term borrowings – related parties 629,167 199,570Accounts payable – third parties 72,682 61,752Accounts payable – related parties 428,397 410,433Contract liabilities – third parties 25,268 33,964Operating lease liabilities – third parties 13,552 14,094Accrued expenses and other current liabilities – third parties 283,271 389,791Accrued expenses and other current liabilities – related parties 186,943 214,760Share buyback forward liabilities - 117,059Put option liabilities - 309,115Convertible notes - related parties 124,959 113,910     Total current liabilities 2,255,201 2,467,397     Non-current liabilities    Long‑term borrowings 83,847 -Contract liabilities – third parties 7,295 8,683Operating lease liabilities – third parties 62,425 68,331Operating lease liabilities – related parties 3,528 10,729Warrant liabilities 1,034 3,340Exchangeable notes 132,007 102,999Convertible notes - third parties 81,439 74,246Convertible notes - related parties 76,358 -Deferred tax liabilities 1,425 -Deferred income 297,302 293,923Other non-current liabilities – third parties 117,395 114,770Other non-current liabilities – related parties 1,553 1,471     Total non-current liabilities 865,608 678,492     Total liabilities 3,120,809 3,145,889 Lotus Technology Inc.
Unaudited Condensed Consolidated Balance Sheets (con’d)

(All amounts in thousands)

  As of September 30, 2025 December 31, 2024  US$ US$SHAREHOLDERS’ DEFICIT    Ordinary shares 7  7 Additional paid-in capital 1,918,892  1,785,664 Treasury stock (141,575) - Accumulated other comprehensive income 40,063  55,165 Accumulated deficit (3,072,151) (2,693,698)     Total shareholders' deficit attributable to ordinary shareholders (1,254,764) (852,862)Noncontrolling interests (7,748) (7,364)Total shareholders' deficit (1,262,512) (860,226)     Total liabilities and shareholders' deficit 1,858,297  2,285,663      Appendix B

Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss

(All amounts in thousands, except for share and per share/ADS data)

  For the Nine Months Ended September 30,  2025  2024   US$ US$Revenues:    Sales of goods 330,392  624,249 Service revenues 25,366  28,574 Total revenues 355,758  652,823 Cost of revenues:    Cost of goods sold (307,283) (580,820)Cost of services (19,733) (12,888)Total cost of revenues (327,016) (593,708)Gross profit 28,742  59,115 Operating expenses:    Research and development expenses (129,806) (227,525)Selling and marketing expenses (116,664) (259,804)General and administrative expenses (92,667) (175,342)Government grants 4,951  5,811 Impairment of long-lived assets (51,646) - Total operating expenses (385,832) (656,860)Operating loss (357,090) (597,745)Interest expenses (41,039) (20,557)Interest income 20,574  15,276 Investment income, net 11,045  10,799 Foreign currency exchange gains, net 28,444  14,963 Changes in fair values of liabilities, excluding impact of instrument-specific credit risk (28,708) (88,062)Loss before income taxes and share of results of equity method investments (366,774) (665,326)Income tax expense (16,685) (1,155)Share of results of equity method investments 5,004  (39)Net loss (378,455) (666,520)Less: Net loss attributable to noncontrolling interests (2) (1,402)Net loss attributable to ordinary shareholders (378,453) (665,118)Accretion of redeemable convertible preferred shares -  (2,979)Net loss available to ordinary shareholders (378,453) (668,097)Loss per ordinary share1    —Basic and diluted (0.58) (1.05)Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share1    —Basic and diluted 655,416,645  636,737,124  1 Shares outstanding for all periods reflect the adjustment for recapitalization upon the consummation of merger transaction in February 2024.

Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss (cont’d)

(All amounts in thousands, except for share and per share/ADS data)

  For the Nine Months Ended September 30,  2025  2024   US$ US$Net loss (378,455) (666,520)     Other comprehensive (loss)/income:    Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes 3,994  230 Foreign currency translation adjustment, net of nil income taxes (19,096) 118      Total other comprehensive (loss)/income (15,102) 348      Total comprehensive loss (393,557) (666,172)Less: Total comprehensive loss attributable to noncontrolling interests (2) (1,402)Total comprehensive loss attributable to ordinary shareholders (393,555) (664,770)      Appendix C
Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss

(All amounts in thousands, except for share and per share/ADS data)

  For the Three Months Ended September 30,   2025   2024   US$ US$Revenues:    Sales of goods 132,907  241,356 Service revenues 4,525  13,352 Total revenues 137,432  254,708 Cost of revenues:    Cost of goods sold (122,398) (239,938)Cost of services (4,158) (6,567)Total cost of revenues (126,556) (246,505)Gross profit 10,876  8,203 Operating expenses:    Research and development expenses (37,501) (52,671)Selling and marketing expenses (37,669) (55,530)General and administrative expenses (29,311) (63,364)Government grants 85  3,323 Impairment of long-lived assets (142) - Total operating expenses (104,538) (168,242)Operating loss (93,662) (160,039)Interest expenses (7,398) (8,849)Interest income 7,417  6,618 Investment income, net 1,645  7,303 Foreign currency exchange gains (losses), net (12,081) 19,392 Changes in fair values of liabilities, excluding impact of instrument-specific credit risk 39,376  (69,495)Loss before income taxes and share of results of equity method investments (64,703) (205,070)Income tax expense (1,642) (800)Share of results of equity method investments 930  (398)Net loss (65,415) (206,268)Less: Net loss attributable to noncontrolling interests -  (469)Net loss attributable to ordinary shareholders (65,415) (205,799)Loss per ordinary share    —Basic and diluted (0.10) (0.30)Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share    —Basic and diluted 647,705,809  675,897,690  Lotus Technology Inc.
Unaudited Condensed Consolidated Statements of Comprehensive loss (con’d)

(All amounts in thousands, except for share and per share/ADS data)

  For the Three Months Ended September 30,   2025  2024   US$ US$Net loss (65,415) (206,268)     Other comprehensive (loss)/income:    Fair value changes of liabilities due to instrument-specific credit risk, net of nil income taxes (2,784) 631 Foreign currency translation adjustment, net of nil income taxes (14,455) (294)     Total other comprehensive (loss)/income (17,239) 337      Total comprehensive loss (82,654) (205,931)Less: Total comprehensive loss attributable to noncontrolling interests -  (469)Total comprehensive loss attributable to ordinary shareholders (82,654) (205,462) Appendix D
Lotus Technology Inc.
Unaudited Reconciliation of GAAP and Non-GAAP results (Adjusted net loss/Adjusted EBITDA)

(All amounts in thousands)

  For the Nine Months Ended September 30,  2025  2024   US$ US$Net loss (378,455) (666,520)Share-based compensation expenses  2,255  33,565 Adjusted net loss (376,200) (632,955)Net loss (378,455) (666,520)Interest expenses  41,039  20,557 Interest income  (20,574) (15,276)Income tax expense 16,685  1,155 Share-based compensation expenses  2,255  33,565 Depreciation  45,010  63,153 Adjusted EBITDA (294,040) (563,366)  For the Three Months Ended September 30, 2025  2024  US$ US$Net loss(65,415) (206,268)Share-based compensation expenses 40  (2,329)Adjusted net loss(65,375) (208,597)Net loss(65,415) (206,268)Interest expenses 7,398  8,849 Interest income (7,417) (6,618)Income tax expense 1,642  800 Share-based compensation expenses 40  (2,329)Depreciation 9,358  23,867 Adjusted EBITDA(54,394) (181,699)

, /PRNewswire/ -- Qudian Inc. ("Qudian" or "the Company" or "We") (NYSE: QD), a consumer-oriented technology company in China, today announced its unaudited financial results for the quarter ended September 30, 2025.

Third Quarter 2025 Financial Highlights:

Total revenues were RMB8.5 million (US$1.2 million), compared to RMB55.0 million for the same period of last year
Net income attributable to Qudian's shareholders was RMB409.9 million (US$57.6 million), compared to RMB131.9 million for the same period of last year; net income per diluted ADS was RMB2.47 (US$0.35) for the third quarter of 2025

We continued to execute our business transition, with the winding down of our last-mile delivery business to its final stage while maintaining a healthy balance sheet by pursuing efficient cash management. Moving forward, we remain focused on navigating market dynamics and capitalizing on new business in order to build long-term value for our shareholders.

Third Quarter Financial Results

Sales income and others decreased by 84.5% to RMB8.5 million (US$1.2 million) from RMB55.0 million for the third quarter of 2024, which was primarily due to the winding down of last-mile delivery business.

Total operating costs and expenses decreased by 2.3% to RMB119.1 million (US$16.7 million) from RMB122.0 million for the third quarter of 2024.

Cost of revenues decreased by 86.6% to RMB6.5 million (US$0.9 million) from RMB48.9 million for the third quarter of 2024, primarily due to the decrease in service cost related to last-mile delivery business with the winding down of the business.

General and administrative expenses increased by 41.1% to RMB82.7 million (US$11.6 million) from RMB58.6 million for the third quarter of 2024, primarily due to the increase in depreciation and property tax expenses following the completion of the construction of the Company's headquarters.

Research and development expenses decreased by 23.8% to RMB11.1 million (US$1.6 million) from RMB14.6 million for the third quarter of 2024, as a result of the decrease in staff head count, which led to a corresponding decrease in staff salaries.

Loss from operations was RMB110.6 million (US$15.5 million), compared to RMB67.0 million for the third quarter of 2024, mainly due to the winding down of the Company's businesses and the increase in depreciation and property tax expenses following the completion of the construction of the Company's headquarters.

Interest and investment income, net increased by 84.5% to RMB421.3 million (US$59.2 million) from RMB228.4 million for the third quarter of 2024, mainly attributable to the increase of income from investments in the third quarter of 2025.

Gain on derivative instrument increased by 144.4% to RMB73.9 million (US$10.4 million) from RMB30.2 million for the third quarter of 2024, mainly attributable to the increase in quoted price of the underlying equity securities relating to the derivative instruments we held.

Net income attributable to Qudian's shareholders was RMB409.9 million (US$57.6 million), compared to RMB131.9 million in the third quarter of 2024. Net income per diluted ADS was RMB2.47 (US$0.35).

Cash Flow

As of September 30, 2025, the Company had cash and cash equivalents of RMB7,010.6 million (US$948.8 million) and restricted cash of RMB1,518.7 million (US$213.3 million). Restricted cash mainly represents security deposits held in designated bank accounts for the guarantee of short-term borrowings. Such restricted cash is not available to fund the general liquidity needs of the Company.

For the third quarter of 2025, net cash provided by operating activities was RMB384.0 million (US$53.9 million), mainly attributable to proceeds from interest and investment income. Net cash provided by investing activities was RMB2,508.5 million (US$352.4 million), mainly attributable to the net proceeds from redemption of short-term investments. Net cash provided by financing activities was RMB837.8 million (US$117.7 million), mainly due to the proceeds from short-term borrowings and partially offset by the repurchase of ordinary shares.

Update on Share Repurchase

Our Board approved a share repurchase program in March 2024 to purchase up to US$300 million worth of Class A ordinary shares or ADSs in the next 36 months starting from June 13, 2024. From the launch of the share repurchase program on June 13, 2024 to November 18, 2025, the Company has in aggregate purchased 26.3 million ADSs in the open market for a total amount of approximately US$71.1 million (an average price of $2.7 per ADS) pursuant to the share repurchase program.

As of November 18, 2025, the Company had in aggregate purchased 180.6 million ADSs for a total amount of approximately US$765.3 million (an average price of $4.2 per ADS).

About Qudian Inc.

Qudian Inc. ("Qudian") is a consumer-oriented technology company. Qudian is exploring innovative business opportunities to satisfy consumers' demand by leveraging its technology capabilities.

For more information, please visit http://ir.qudian.com.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars ("US$") at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to US$ were made at the rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or US$ amounts referred could be converted into US$ or RMB, as the case may be, at any particular rate or at all.

Statement Regarding Preliminary Unaudited Financial Information

The unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the expectation of its collection efficiency and delinquency, contain forward-looking statements. Qudian may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Qudian's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Qudian's goal and strategies; Qudian's expansion plans; Qudian's future business development, financial condition and results of operations; Qudian's expectations regarding demand for, and market acceptance of, its products; Qudian's expectations regarding keeping and strengthening its relationships with customers, business partners and other parties it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Qudian's filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Qudian does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries, please contact:

In China:
Qudian Inc.
Tel: +86-592-596-8208
E-mail: [email protected]

QUDIAN INC.

Unaudited Condensed Consolidated Statements of Operations

Three months ended September 30,

(In thousands except for number

2024

2025

of shares and per-share data)

(Unaudited)

(Unaudited)

RMB

RMB

US$

Revenues:

Sales income and others

55,015

8,523

1,197

Total revenues

55,015

8,523

1,197

Operating cost and expenses:

Cost of revenues

(48,913)

(6,549)

(920)

Sales and marketing

(2,123)

(5,689)

(799)

General and administrative

(58,580)

(82,672)

(11,613)

Research and development

(14,576)

(11,102)

(1,559)

Reversal of/(Provision for) expected credit losses on
receivables and other assets

2,798

(180)

(25)

Impairment loss from other assets

(604)

(12,949)

(1,819)

Total operating cost and expenses

(121,998)

(119,141)

(16,735)

Loss from operations

(66,983)

(110,618)

(15,538)

Interest and investment income, net

228,420

421,344

59,186

Loss from equity method investments

(1,390)

(102)

(14)

Gain on derivative instruments

30,246

73,921

10,384

Foreign exchange loss, net

(7,898)

(5,216)

(733)

Other income

2,030

19,131

2,687

Other expenses

(13,809)

(228)

(32)

Net income before income taxes

170,616

398,232

55,940

Income tax expenses

(38,702)

11,671

1,639

Net income

131,914

409,903

57,579

Net income attributable to Qudian Inc.'s 
shareholders

131,914

409,903

57,579

Earning per share for Class A and Class B ordinary
shares:

Basic

0.73

2.55

0.36

Diluted

0.71

2.47

0.35

Earning per ADS (1 Class A ordinary share equals
1 ADSs):

Basic

0.73

2.55

0.36

Diluted

0.71

2.47

0.35

Weighted average number of Class A and Class B
ordinary shares outstanding:

Basic

180,111,125

160,998,923

160,998,923

Diluted

185,092,607

165,790,336

165,790,336

Other comprehensive loss:

Foreign currency translation adjustment

(60,991)

(18,697)

(2,626)

Total comprehensive income

70,923

391,206

54,953

Total comprehensive income attributable to
Qudian Inc.'s shareholders 

70,923

391,206

54,953

QUDIAN INC.

Unaudited Condensed Consolidated Balance Sheets

As of June 30,

As of September 30,

(In thousands except for number

2025

2025

of shares and per-share data)

(Unaudited)

(Unaudited)

RMB

RMB

US$

ASSETS:

 Current assets:

 Cash and cash equivalents

4,028,995

7,010,642

984,779

 Restricted cash and cash equivalents

782,251

1,518,707

213,331

 Time and structured deposit

1,758,770

1,439,721

202,236

 Derivative instruments-asset

38,793

3,792

533

 Short-term investments

2,850,688

1,366,240

191,915

 Accounts receivables

9,225

6,479

910

 Other current assets

925,915

290,235

40,769

 Total current assets

10,394,637

11,635,816

1,634,473

 Non-current assets:

 Right-of-use assets

101,715

98,743

13,870

 Investment in equity method investee

144,822

144,622

20,315

 Long-term investments

78,616

78,658

11,049

 Property and equipment, net

1,747,669

1,728,971

242,867

 Intangible assets

1,922

1,779

250

 Other non-current assets

280,115

263,647

37,034

 Total non-current assets

2,354,859

2,316,420

325,385

TOTAL ASSETS

12,749,496

13,952,236

1,959,858

QUDIAN INC.

Unaudited Condensed Consolidated Balance Sheets (Continued)

As of June 30,

As of September 30,

(In thousands except for number

2025

2025

of shares and per-share data)

(Unaudited)

(Unaudited)

RMB

RMB

US$

LIABILITIES AND SHAREHOLDERS' EQUITY 

 Current liabilities: 

 Short-term borrowings

720,000

1,576,000

221,379

 Short-term lease liabilities

7,352

6,733

946

 Accrued expenses and other current liabilities 

371,442

360,732

50,672

 Income tax payable 

39,383

53,164

7,468

 Total current liabilities 

1,138,177

1,996,629

280,465

 Non-current liabilities: 

 Deferred tax liabilities

27,427

-

-

 Long-term lease liabilities

5,126

3,870

544

 Total non-current liabilities 

32,553

3,870

544

 Total liabilities 

1,170,730

2,000,499

281,009

 Shareholders' equity: 

 Class A Ordinary shares 

132

132

18

 Class B Ordinary shares 

44

44

6

 Treasury shares 

(1,571,141)

(1,588,823)

(223,181)

 Additional paid-in capital 

4,025,209

4,024,656

565,340

Accumulated other comprehensive profit/(loss)

(7,464)

(26,161)

(3,675)

 Retained earnings 

9,131,986

9,541,889

1,340,341

Total equity

11,578,766

11,951,737

1,678,849

TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY 

12,749,496

13,952,236

1,959,858

SOURCE Qudian Inc.

Precious metals shares enjoyed a bright start to the week as traders grew more confident that the US Federal Reserve is edging closer to cutting interest rates.

Lower rates tend to weaken the dollar and reduce the “opportunity cost” of holding gold and silver, which do not pay interest.

When the prospect of a cut grows, bullion often rises and the shares of miners follow.

Endeavour Mining PLC (LSE:EDV, TSX:EDV, OTCQX:EDVMF) (up 3.6%) and Fresnillo PLC (LSE:FRES) (ahead 2.5%) were among those gaining ground as the gold price continued to firm.

Elsewhere, in the sector, BHP Group Ltd (LSE:BHP, ASX:BHP) confirmed it would not return with a second attempt to buy Anglo American PLC (LSE:AAL) after its initial approach was rejected, a decision that calmed nerves about an extended takeover battle and helped steady sentiment across the wider mining industry.

As the drama played out over the weekend, it left both BHP and Anglo little changed, though analysts raised a collective eyebrow over BHP’s flip-flopping strategy.

On a lively day for the diggers, investors pushed up Glencore PLC (LSE:GLEN), which climbed 1.8%, and copper miner Antofagasta PLC (LSE:ANTO), ahead by 1.6%.

Copper prices have been resilient thanks to expectations of stronger demand from electrification projects and data showing steadier global manufacturing activity.

The mix of rate optimism, firmer metals prices and easing takeover pressures gave the resources sector a broadly upbeat tone.

In this photo illustration the Nvidia logo is shown on a mobile phone against the illustration of a stock market graph illustration displayed on a computer screen Nvidia reported third-quarter revenue of $57 billion - up 62 per cent year-on-year - November 20, 2025. (Photo by Dominika Zarzycka/NurPhoto via Getty Images)

NurPhoto via Getty Images

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Nvidia (NASDAQ:NVDA) relies almost solely on a single foundry, TSMC, for its most cutting-edge and lucrative chips. These chips are mainly manufactured in Taiwan, a location highly susceptible to geopolitical issues.

What makes this so perilous?Nvidia is currently valued at $4.3 trillion – having briefly reached about $5 trillion earlier this year – yet the H100, H200, and Blackwell products all depend on TSMC’s cutting-edge facilities in Taiwan. The island accounts for over 90% of the world’s advanced chips, and 2025 has seen a surge in Chinese military exercises, pressure, and instability — intensifying that single point of failure.

Portfolio performance surpasses stock selection every time. Think about what the long-term results for your portfolio could be if you integrated 10% commodities, 10% gold, and 2% crypto with equities.

Let that resonate: the entire AI surge hinges on one location on the map.

Isn’t this an issue for everyone, not just Nvidia?Absolutely. AMD, Qualcomm, Broadcom, and nearly all fabless companies depend on the same supply networks, although Nvidia’s emphasis on top-tier chips makes it more reliant on Taiwan's advanced facilities compared to other players that are more diversified across older nodes, alternative foundries, and less packaging-focused products. In summary, this is the single point of failure for the entire Magnificent 7 AI expansion.

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How Dependent Is TSMC on Taiwan?Over 90% of TSMC’s wafer capacity remains in Taiwan. Taiwan accommodates over 20 fabs, including advanced facilities like Fab 18 in Tainan, which boasts a capacity of over 1 million wafers per month and uses state-of-the-art 5nm and 3nm processes. While the company is broadening its operations in the U.S., Japan, and Germany, its most advanced nodes – which Nvidia requires – are staying home. The inertia is significant, mainly due to the immense challenge of recreating such an advanced ecosystem outside Taiwan. TSMC has committed roughly $160 billion for U.S. fabs, but initiating advanced nodes on foreign land is a lengthy process. Yield, volume, engineering talent – none of these can scale instantly. Ironically, the U.S. CHIPS Act is actually predicted to increase near-term reliance because export limitations compel more cutting-edge operations to stay in Taiwan.

How Vulnerable Is Nvidia?

Nvidia acquires 100% of its top-tier GPUs from TSMC. There is no secondary source for 3-nm or 2-nm class production at scale until 2027, at the earliest. Additionally, the packaging story is just as concentrated. Chip-on-Wafer-on-Substrate, the sophisticated packaging that enables these GPUs, is predominantly situated in Taiwan as well. TSMC’s CoWoS (Chip-on-Wafer-on-Substrate) packaging is crucial for Nvidia’s premium AI chips, and the capacity for it is wholly based in Taiwan. It furnishes the performance and bandwidth these high-end GPUs require, which explains Nvidia’s heavy reliance on it. It’s concentration in its purest form.

Geopolitical Risk: Still UnderappreciatedTensions in the Taiwan Strait are at their highest in decades. The year 2025 has already experienced more frequent and extensive military exercises, heightened diplomatic pressure, and escalating cross-strait tensions. In a worst-case scenario, China wouldn’t necessarily require a full invasion – even a limited blockade could suspend TSMC exports overnight. A direct confrontation would immediately halt over 90% of the world’s leading-edge chip production, paralyzing global AI computing and crippling the entire technology supply chain.

If TSMC ceases operations for a while, who will fill the gap?Realistically, at the present time, there is no one that can replace TSMC. At best, a few competitors might handle slightly less advanced tasks.

Samsung is approximately two years behind in leading-edge logic technology and faces challenges with the yield consistency that Nvidia necessitates.Intel is still endeavoring to stabilize its latest nodes and is far from reaching TSMC’s N2 scale.China’s SMIC is restricted by sanctions to 7 nm technology without a CoWoS counterpart. Considering the Taiwan-China dynamics, Nvidia utilizing a mainland foundry is likely infeasible.Global supply of AI training chips would drop by over 80% overnight.There is no backup global system for advanced-node manufacturing.

Valuation Math: What Happens To Nvidia Stock In A Disruption?Nvidia shares trade at around 43x forward earnings, a ratio that presumes smooth, risk-free supply.

Here’s the calculation if disruptions occur:

Nvidia is projected to generate around $300 billion in revenue for the next fiscal year.A disruption lasting six months could reduce that revenue by half, bringing it to approximately $150 billion.With net margins near 50%, this would lead to a $75 billion decrease in earnings.The effect on valuation could be significantly more severe. Why? Because earnings don’t simply get slashed – the entire multiple compresses. A supply shock compels investors to reassess Nvidia as a company facing tangible geopolitical risks. A geopolitical premium could become a permanent aspect of semiconductor valuations.

If the World De-Risks, Who Gains?A global re-shoring trend would result in new beneficiaries.

Intel receives another opportunity because the world suddenly requires every viable fab available. Intel’s focus within the U.S. is a significant advantage.Samsung stands to gain from the urgency despite being behind.ASML, Applied Materials are key suppliers in chip fabrication and win regardless of location – any new fab necessitates tools.U.S., Japan, and Europe will become long-term winners due to supply-chain diversification.The Trefis High Quality (HQ) Portfolio, featuring a selection of 30 stocks, has a history of comfortably outperforming its benchmark, which includes all three – the S&P 500, S&P mid-cap, and Russell 2000 indices. What accounts for this? As a collective, HQ Portfolio stocks have generated superior returns with reduced risks compared to the benchmark index, presenting a less tumultuous experience, as demonstrated by HQ Portfolio performance metrics.

LONDON, UK / ACCESS Newswire / November 24, 2025 / Ecora (LSE:ECOR)(TSX:ECOR)(OTCQX:ECRAF) a critical minerals focused royalty company, notes the press release issued today by Rainbow Rare Earths Limited ("Rainbow") announcing that the inclusion of yttrium in the Phalaborwa project's SEG+ mixed rare earth product could add +US$30 million to the project's estimated EBITDA. Ecora holds a 0.85% Gross Revenue Royalty on the Phalaborwa project.

There was a time when stocks like this were safe bets, but now investors have a lot to consider before getting involved.

The greatest investors of all time don't always bat a thousand. Like the rest of us, they make mistakes. Even Warren Buffett made a few errors over the course of a multidecade career.

What sets Buffett apart isn't just a long-term track record, but his willingness to admit mistakes. In what may give investors pause about getting involved with this consumer-packaged goods stock, Buffett admits Berkshire Hathaway's (BRK.B +0.58%) (BRK.A +0.09%) involvement with Kraft Heinz (KHC +1.24%) has been an error.

Here's a quick history lesson in how the mistake unfolded. In 2013, Berkshire teamed up with 3G Capital, a Brazilian private equity firm, to buy Heinz for $23 billion. That deal was applauded, but the two companies got together two years later to merge Heinz with Kraft in a $40 billion transaction that Buffett admits was too costly. Over the past decade, shares of Kraft Heinz have lost roughly two-thirds of their value.

Image source: Getty Images.

Buffett doesn't like Kraft's value creation plan
Pivotal in Kraft's efforts to create value for shareholders and restoring their confidence is the previously announced spinoff of an entity that will be known as Global Taste Elevation Co. That will be the home of the company's faster-growing sauces and spreads and will include brands such as Kraft Mac & Cheese, Heinz, and Philadelphia.

That move could work out for investors, but they're also right to be skeptical. After all, Buffett, who's rarely critical of companies in which Berkshire holds stakes, publicly expressed disappointment in the spinoff plan. He expressed dismay that the plan to split into two companies wasn't put to a shareholder vote and noted Greg Abel, his successor, reached out to Kraft Heinz to convey Berkshire's feelings on the matter.

The hope is with the sauces/spreads division separated from the slower-growth entity to be known as North American Grocery Co., revenue growth, including contributions from international markets, will reach levels deemed satisfactory by investors.

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Still, with Buffett questioning the plan, retail investors may be right to apply their own levels of skepticism and wait for Kraft Heinz to shift to show-me instead of tell-me mode.

Consumer tastes need to be addressed
Against the backdrop of shifting consumer tastes, Kraft's profitability needs to be examined. A Purdue University survey out earlier this year indicates 30% of those polled view processed foods, which figure prominently in the North American Grocery Co. equation, as unhealthy.

There's also evidence suggesting that some shoppers view healthy eating as an aspirational, values-driven choice. Some of those consumers are even leveraging technology, including artificial intelligence (AI), to inform their shopping habits.

Call it aspirational or the technification of eating, but either way, those trends could lead shoppers to private labels and brands with more perceived cache than Lunchables and Oscar Mayer, which will be part of the North American Grocery Co. stable.

A lot needs to go right
Regarding the outlook for Kraft Heinz, one of my Foolish colleagues said it best last week, noting the company doesn't have the luxury of fixing just one problem. It has to address three: branding, execution, and profitability.

All those issues must be dealt with because investors have already extended Kraft Heinz latitude, particularly when considering organic sales and earnings before interest, taxes, depreciation, and amortization (EBITDA) are expected to decline this year.

A redemption story is possible, but at a time when Kraft Heinz is grappling with structural issues and the broader consumer staples sector is weak, investors looking for defensive value names with above-average dividend yields may want to take their dollars elsewhere rather than embracing a turnaround story that comes with $19.28 billion in long-term debt.

REYKJAVIK, ICELAND (November 25, 2025) — Alvotech (NASDAQ: ALVO), a global biotech company specializing in the development and manufacture of biosimilar medicines for patients worldwide, today announced that the European Commission (EC) has approved AVT03 as a biosimilar to Prolia® and Xgeva® (denosumab).

The European denosumab market is currently valued at approximately US$1.2 billion across all indications, based on originator sales in the last 12 months including the second quarter of 2025[1]. Denosumab is widely used to manage osteoporosis and to prevent skeletal related events in patients with certain cancers. A biosimilar option can help broaden access to these established treatments in Europe. 

AVT03 is approved in two presentations: as a biosimilar to Prolia® 60 mg/mL single use pre-filled syringe for the treatment of osteoporosis and bone loss; and as a biosimilar to Xgeva® 70 mg/mL single use vial for the prevention of skeletal related events in adults with advanced malignancies involving bone.

“We welcome the European Commission’s approval of AVT03, which demonstrates the continued strength of our end-to-end platform and our ability to deliver high quality biosimilars at scale. This milestone reflects not only the dedication and expertise of our teams, but also the strong partnerships we have built to bring affordable medicines to patients across Europe. Working together, we can help broaden access to essential osteoporosis and oncology supportive care treatments and strengthen the resilience of supply in key markets,” said Robert Wessman, Chairman and Chief Executive Officer of Alvotech.

The EC decision represents continued progress across Alvotech’s biosimilar portfolio and underscores the company’s role as a longer term partner to health systems across Europe.

In Europe, disabilities due to osteoporosis are greater than those caused by common cancers (with the exception of lung cancer) and comparable to those caused by  chronic noncommunicable diseases, such as rheumatoid arthritis, asthma and high blood pressure. Fragility fractures represent a significant economic burden, with incident and prior fragility fractures estimated at €57 billion in 2019[2].

Biosimilars play an important role in supporting sustainable healthcare budgets across Europe by offering cost-effective treatment options. 

In Europe, AVT03 will be commercialised in partnerships with STADA and Dr. Reddy’s, where each partner holds semi-exclusive rights in the EEA, Switzerland and the UK.  STADA will market AVT03 as Kefdensis®, biosimilar to Prolia® and as Zvogra®, biosimilar to Xgeva®. Dr. Reddy’s will market AVT03 as Acvybra®, biosimilar to Prolia® and as Xbonzy®, biosimilar to Xgeva®.

The European Commission’s approval of AVT03 as a biosimilar to Prolia and Xgeva was based on a totality of evidence that included comparative analytical, pharmacokinetic and pharmacodynamic data, and data from a confirmatory clinical study. The clinical data package included the PK similarity study AVT03-GL-P01[3] in healthy adult males (ClinicalTrials.gov identifier NCT05126784) and the comparative efficacy study AVT03-GL-C01[4] in post menopausal women with osteoporosis (ClinicalTrials.gov identifier NCT05395091) with Prolia used as the reference product in both clinical studies. The results of the clinical studies demonstrate equivalent pharmacokinetics and efficacy, and comparable safety and immunogenicity to the reference product and were reported in peer reviewed publications[3,4] . Analytical similarity studies also compared AVT03 with both Prolia and Xgeva.

About AVT03 (denosumab)
AVT03 is a human monoclonal antibody and a biosimilar to Prolia® (denosumab 60 mg/mL single use pre-filed syringe) and Xgeva® (denosumab 70 mg/mL single use vial), that has been approved for marketing in the EEA and Japan. Denosumab targets and binds with high affinity and specificity to the RANK ligand membrane protein, preventing the RANK ligand/RANK interaction from occurring, resulting in reduced osteoclast numbers and function, thereby decreasing bone resorption and cancer-induced bone destruction[5].

Use of trademarks
Prolia® and Xgeva® are registered trademarks of Amgen Inc. Kefdensis® and Zvogra® are registered trademarks of STADA Arzneimittel. Acvybra® and Xbonzy® are registered trademarks of Dr. Reddy’s Laboratories SA.

References
[1] IQVIA
[2] Osteoporosis in Europe: a compendium of country-specific reports | Archives of Osteoporosis
[3] Expert Opinion on Investigational Drugs Vol. 34, 2025 – Issue 6
[4] Expert Opinion on Biological Therapy, Vol. 25, 2025 – Issue 8
[5] Prolia product information, EMA

About Alvotech
Alvotech is a biotech company, founded by Robert Wessman, focused solely on the development and manufacture of biosimilar medicines for patients worldwide. Alvotech seeks to be a global leader in the biosimilar space by delivering high quality, cost-effective products, and services, enabled by a fully integrated approach and broad in-house capabilities. Two biosimilars, to Humira® (adalimumab) and Stelara® (ustekinumab), are already approved and marketed in multiple global markets. The current development pipeline includes nine disclosed biosimilar candidates aimed at treating autoimmune disorders, eye disorders, osteoporosis, respiratory disease, and cancer.

Alvotech has established a network of strategic commercial partnerships to provide global reach and leverage local expertise in markets that include the United States, Europe, Japan, China, and other Asian countries and large parts of South America, Africa and the Middle East. Alvotech’s commercial partners include Teva Pharmaceuticals, a US affiliate of Teva Pharmaceutical Industries Ltd. (US), STADA Arzneimittel AG (EU), Fuji Pharma Co., Ltd (Japan), Advanz Pharma (EEA, UK, Switzerland, Canada, Australia and New Zealand), Dr. Reddy’s (EEA, UK and US), Biogaran (FR), Cipla/Cipla Gulf/Cipla Med Pro (Australia, New Zealand, South Africa/Africa), JAMP Pharma Corporation (Canada), Yangtze River Pharmaceutical (Group) Co., Ltd. (China), DKSH (Taiwan, Hong Kong, Cambodia, Malaysia, Singapore, Indonesia, India, Bangladesh and Pakistan), YAS Holding LLC (Middle East and North Africa), Abdi Ibrahim (Turkey), Kamada Ltd. (Israel), Mega Labs, Stein, Libbs, Tuteur and Saval (Latin America) and Lotus Pharmaceuticals Co., Ltd. (Thailand, Vietnam, Philippines, and South Korea). Each commercial partnership covers a unique set of product(s) and territories. Except as specifically set forth therein, Alvotech disclaims responsibility for the content of periodic filings, disclosures and other reports made available by its partners. For more information, please visit https://www.alvotech.com. None of the information on the Alvotech website shall be deemed part of this press release.

Forward Looking Statements
Certain statements in this communication may be considered “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include, for example, Alvotech’s expectations regarding competitive advantages, business prospects and opportunities including pipeline product development, future plans and intentions, regulatory submissions, review and interactions, the potential approval and commercial launch of its product candidates, the timing of regulatory approval, market launches and financial projections. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by Alvotech and its management, are inherently uncertain and are inherently subject to risks, variability, and contingencies, many of which are beyond Alvotech’s control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to factors set forth in the sections entitled “Risk Factors” and “Cautionary Note Regarding Forward-Looking Statements” in documents that Alvotech may from time-to-time file or furnish with the SEC. There may be additional risks that Alvotech does not presently know or that Alvotech currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, assurance, prediction or definitive statement of a fact or probability. Alvotech does not undertake any duty to update these forward-looking statements or to inform the recipient of any matters of which any of them becomes aware of which may affect any matter referred to in this communication. Alvotech disclaims any and all liability for any loss or damage (whether foreseeable or not) suffered or incurred by any person or entity as a result of anything contained or omitted from this communication and such liability is expressly disclaimed.

CONTACT:

Investor Relations and Global Communication
Benedikt Stefansson, VP
[email protected]

FOR MORE INFORMATION
Please visit our investor portal, and our website or follow us on social media on LinkedIn, Facebook, Instagram and YouTube.

Favorable treatment off the balance sheet hinges on some convenient assumptions.

Rainbow Rare Earths Ltd (LSE:RBW, OTC:RBWRF) shares climbed 5% to 19.9p after the company said a sharp jump in European yttrium oxide prices is set to deliver a meaningful lift to the economics of its Phalaborwa project in South Africa.

The company noted that yttrium, now included in its SEG+ mixed rare-earth product, has seen extreme price moves this year.

Data from Argus Media shows prices surging from roughly $6 per kilogram in January to between $220 and $320 per kilogram after China tightened export controls in April 2025.

Yttrium is used in high-tech applications ranging from lasers to defence systems, making supply disruptions particularly sensitive.

George Bennett, the chief executive, said the spike “highlighted the fragility of global dependence on China for strategic minerals” and would benefit Phalaborwa’s economics because “there will be no extra cost to produce it as part of our proposed SEG+ product”.

Rainbow expects the project to generate around 213 tonnes of yttrium oxide annually. At the lower end of current prices, the increase could add about $30 million to yearly earnings before interest, tax, depreciation and amortisation.

3 key US reports arrive this week, tightening Bitcoin’s sensitivity to macro data.Retail sales, PPI, and jobless claims could shift December rate-cut expectations fast.Holiday timing may amplify BTC volatility as markets digest delayed economic signals.Bitcoin faces a pivotal week as three delayed US economic reports are set for release before Thanksgiving, potentially reshaping expectations for Federal Reserve policy and influencing crypto markets.

These economic indicators arrive at a crucial time for risk assets, with December rate cut probabilities near 70%. Bitcoin continues to show heightened sensitivity to macroeconomic shifts, making this week especially important for investors.

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Delayed US Economic Data Intensifies Market FocusThe 43-day US government shutdown created a backlog of economic indicators, compressing multiple high-impact releases.

US Economic Reports Before Thanksgiving. source: MarketWatchAccording to MarketWatch’s economic calendar, Tuesday, November 25 at 8:30 a.m. ET brings both September retail sales and the Producer Price Index (PPI), while Wednesday delivers initial jobless claims data.

This convergence matters because markets currently lack up-to-date consumer spending and inflation metrics. The prior retail sales report revealed a strong 0.6% monthly gain, while the Producer Price Index (PPI) fell 0.1% in August. Year over year, core PPI stood at 2.8%, offering a baseline for wholesale inflation trends.

Retail SalesFor September, retail sales consensus predicts a 0.3% month-over-month increase. Any miss below that mark could signal economic cooling, potentially spurring a dovish sentiment among the Federal Reserve policymakers.

For Bitcoin, weaker spending often aligns with rising speculation about rate cuts, which typically weakens the dollar and may support crypto prices.

Recent action highlights this pattern. Bitcoin hit seven-month lows after strong US jobs data reduced rate cut optimism, causing spot Bitcoin ETFs to see nearly $1 billion in outflows, the second largest on record. This episode shows how labor market strength can shape crypto positioning.

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PPI Data Sets the Stage for DecemberThe Producer Price Index release is crucial as it serves as the last significant inflation data before October’s Personal Consumption Expenditures report.

Markets have priced in about a 67.3% chance of a December Federal Reserve rate cut, but that outlook will shift with new data.

December Rate Cut Probabilities. SOurce: CME FedWatch SourceToolA higher-than-expected PPI, particularly in core measures excluding food and energy, could quickly shift expectations.

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If core wholesale inflation accelerates, traders may reduce December cut odds below 60%, strengthening the dollar and putting pressure on crypto.

September’s consensus calls for a 0.3% monthly PPI increase. Any number notably above that would challenge the view of moderating price pressures. On the other hand, a softer print would support expectations for continued monetary easing.

Initial Jobless Claims to Bring Holiday VolatilityWednesday’s initial jobless claims will give the latest labor market update before the Thanksgiving holiday. Analysts expect 225,000 new claims for the week ending November 22, a slight rise from 220,000 previously.

The latest jobless claims report shows a labor market that is still stable but gradually cooling. Seasonally adjusted initial claims fell by 8k to 220k (consensus was probably aorund 50k higher), and the 4 week average edged down to 224.25k. Layoffs remain low by historical… pic.twitter.com/SQu7KhtMGm

— Macro84 (@macro84) November 21, 2025
Any figure above 225,000 may suggest labor market weakness, one of the fastest triggers for Bitcoin rebounds as hopes for easing rise.

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Employment statistics remain a focus for the Federal Reserve, with Chair Jerome Powell emphasizing the need to maintain labor market health as the Fed controls inflation.

The reporting schedule also matters. Markets close Thursday for Thanksgiving and operate shortened hours Friday, which could amplify volatility if Wednesday’s data surprises.

Since Bitcoin trades around the clock, crypto markets could move strongly even as traditional markets close.

Other indicators add to the outlook. The US Empire State Manufacturing Survey surged to 18.7 this month, the highest in a year and well above the 6.0 forecast. This could hint at economic resilience, potentially complicating the narrative surrounding the rate cut.

[1/6] All eyes on Dec 1st. 👀 $BTC $ALCPB
➡️ release date of ISM data

The "US Empire State Manufacturing Survey" is a precursor to the ISM (the business cycle) and jumped to 18.7 this month; the highest in a year and much better than forcasts of 6.🧵⬇️

Source: @RealVision pic.twitter.com/it2Ltxzbx4

— ℏ &⚡️4freedom (@sound0ffreed0m) November 24, 2025
The collision of these data points makes this period crucial for crypto markets. Bitcoin’s correlation with Federal Reserve policy expectations has tightened in 2025, turning every major economic release into a potential trigger for price swings.

As markets absorb postponed September data and new November labor figures, the changing outlook is likely to drive crypto price action through the end of the year.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Bitcoin (BTC) heads into the November monthly close hanging by a thread below $90,000.

Bitcoin traders hope for a modest recovery and even a return above the $100,000 mark after a brutal sell-off.

BTC price action still has to contend with the aftermath of its latest “death cross” on daily timeframes.

New data suggests that speculators are absorbing coins distributed by long-term holders.

Thanksgiving week offers a brief yet data-rich period for risk assets.

Crypto market sentiment is on the rebound as stocks sink deep into “extreme fear.”

Is Bitcoin emerging from the wreckage?Following its latest local low of $80,500 last week, Bitcoin remains highly uncertain as the November monthly close approaches.

Data from Cointelegraph Markets Pro and TradingView shows the $88,000 mark currently acting as a price ceiling.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView
Traders are as split as ever, with long-term bearish predictions mixing with modest optimism.

“Bitcoin has reclaimed the 4H SMA-20 for the first time in 2 weeks,” trader BitBull noted in an X post Monday, referring to the 20-period simple moving average on the four-hour chart. 

“On the shorter timeframe, $BTC is looking good now. A weekly close above $92,000 will make a bullish case for a rally towards $105K-$110K.” BTC/USD four-hour chart with 20SMA. Source: Cointelegraph/TradingView
Further hope came from Daan Crypto Trades, who argued that the weekly structure was still “intact” despite a major support collapse.

$BTC It is clear by now that Bitcoin has fully lost its Bull Market Support Band.

This had roughly been supporting price all cycle, with a few smaller deviations below.

But this recent move down has made it so there's over a $20K+ gap to get back to the band.

At some point,… pic.twitter.com/dL15LFlMix

— Daan Crypto Trades (@DaanCrypto) November 23, 2025Crypto trader, analyst and entrepreneur Michaël van de Poppe, meanwhile, described Bitcoin’s latest three-day chart candle as “great.”

“These are usually created around bottoming formations of the markets, and as the current sentiment and indicators are more heavily overextended than FTX, I wouldn’t be surprised to see $BTC trading between $90-96K in the upcoming week,” he told X followers.

Van de Poppe referred to the crypto market’s reaction to the implosion of exchange FTX in late 2022, an event that led to the final phase of the last bear market.

BTC/USD three-day chart. Source: Michaël van de Poppe/XBTC price faces death cross dilemmaThe coming days will form a key test for Bitcoin market strength as the price emerges from a classic bear signal on daily timeframes.

The latest “death cross” on BTC/USD, formed when the 50-day simple moving average (SMA) crosses below the 200-day equivalent, hit on Nov. 15.

Its implications vary according to where Bitcoin is in its price cycle, but under current conditions, a major recovery is sorely needed to prevent a lengthy downtrend.

“Note that prior death crosses marked local lows in the market,” commentator Benjamin Cowen wrote in an X post on the topic last week. 

“Of course, when the cycle is over, the death cross rally fails. The time for Bitcoin to bounce if the cycle is not over would be starting within the next week.” BTC/USD one-day chart with 50, 200SMA. Source: Cointelegraph/TradingView
Cowen warned that if such a “bounce” failed to materialize, the 200-day SMA would be the target for a lower high, thus extinguishing hopes of a bull-market comeback.

“If no bounce occurs within 1 week, probably another dump before a larger rally back to the 200D SMA which would then mark a macro lower high,” he stressed.

The 200-day SMA currently sits at $110,130.

As Cointelegraph reported, price losing the 50-week exponential moving average (EMA) two weeks ago caused a stir, having not seen a weekly candle close below it since March 2023.

Updating X followers, trader and analyst Rekt Capital showed that the 50-week EMA now aligns with a macro trendline, potentially reinforcing its status as resistance.

“It just so happens that the 50-week EMA (purple) tends to be approximately confluent with the Macro Downtrend (black),” he wrote alongside a chart on Sunday.

“Turning the 50-week EMA into resistance (or even overextending briefly beyond it but failing to turn it into new support) while also rejecting from the Macro Downtrend would be a sign of weakness and confirmation of a Lower High.” BTC/USD one-month chart. Source: Rekt Capital/XSpeculators step inBitcoin price volatility has sparked drastic change among investor cohorts, with multimonth lows dividing responses.

New research from onchain analytics platform CryptoQuant this week suggests that the BTC supply is moving from long-term (LTHs) to short-term holders (STHs).

“Long-Term Holders are heavily distributing and selling, while Short-Term Holders are buying and accumulating,” contributor CryptoOnChain summarized in a “Quicktake” blog post.

The post examined the rolling 30-day position change among LTH and STH entities, defined as those hodling for over and under 155 days, respectively.

While “distribution” characterizes LTH investors, newcomers, traditionally considered more speculative in their trading habits, are absorbing their coins.

“This group, often driven by market excitement, is now ‘Accumulating’ at high prices,” CryptoOnChain continued, noting that the overall transfer has hit 63,000 BTC.

Bitcoin LTH/STH 30-day net position change (screenshot). Source: CryptoQuant
Cointelegraph previously reported on the panic among speculators caught off guard by the market drawdown.

The cohort’s spent output profit ratio (SOPR) — the proportion of coins moving onchain in profit or loss — reached 15-month lows near 0.927 over the weekend.

Bitcoin STH-SOPR. Source: CryptoQuant
Thanksgiving week brings back old dataThe coming US macro week may be shorter than usual due to Thanksgiving, but traders will have little time to rest.

The knock-on effect of the government shutdown means that a backlog of economic data is making its way to market — and each print can impact sentiment and asset performance.

The coming days will see September’s number in focus, with both the Producer Price Index (PPI) and Personal Consumption Expenditures (PCE) Index due out.

Q3 GDP and initial jobless claims add to the mix, meaning that by the time Thanksgiving begins, traders’ view of the economic outlook may have changed considerably.

“We have a short but busy week ahead,” trading resource The Kobeissi Letter commented on X.

Fed target rate probabilities for December FOMC meeting (screenshot). Source: CME Group
Earlier, Cointelegraph reported on waning expectations for further interest-rate cuts by the Federal Reserve this year. 

The latest odds from CME Group’s FedWatch Tool indicate that expectations of a 0.25% cut at the Fed’s December meeting are now around 70%.

In the latest edition of its regular analysis series, “The Market Mosaic,” trading resource Mosaic Asset Company noted that Fed officials had themselves flipped more hawkish on the outlook.

“The minutes of the Fed’s most recent rate-setting meeting also noted that ‘many participants’ suggested that it would be appropriate to ‘keep the target range unchanged for the rest of the year’ regarding the fed funds rate,” it observed.

Mosaic Asset nonetheless suggested that US stocks were “oversold” and thus potentially due a classic Santa rally into year end.

“Recent conditions across breadth are also favoring a rally, which comes as seasonality turns into a big tailwind during this holiday-shortened week,” it added. 

“There are already signs late last week that buying pressure is rising.” S&P 500 one-day chart with RSI data. Source: Cointelegraph/TradingView
Daily relative strength index (RSI) on the S&P 500 briefly slipped below 35 last week, marking its lowest reading since April.

Crypto leads in sentiment reboundThe crypto market sentiment is showing tentative signs of recovery as it surpasses rock-bottom readings in traditional markets.

The latest numbers from the Fear & Greed Index and Crypto Fear & Greed Index give crypto bulls potential for optimism.

After hitting its joint lowest levels for 2025 last week, the Crypto Fear & Greed Index has almost doubled, sitting at 19/100 on Monday. While still in “extreme fear” mode, the Index contrasts with stocks, which have helped produce a low of just 11/100 on its TradFi equivalent. 

Fear & Greed Index data (screenshot). Source: Feergreedmeter
This represents a change from before, when crypto sentiment led risk assets lower. Now, crypto’s uptrend may foreshadow a broader recovery in risk assets.

“Bitcoin's sentiment across social media has officially dipped to its lowest point since December 11, 2023,” research firm Santiment revealed Friday. 

“According to bullish vs. bearish comments on X, Reddit, Telegram, and others, retail is capitulating and panic selling at a significant level we haven't seen in 2 years.” Bitcoin sentiment data. Source: Santiment/X
At the same time, Kobeissi reiterated that a clear news or macro trigger had not accompanied the comedown in both crypto and stocks.

The correction, it argued, was “structural” in nature and more a result of leverage and liquidations.

“Leverage is amplifying shifts in investor sentiment,” an X thread on the topic read.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

10h05 ▪
5
min read ▪ by
Fenelon L.

Summarize this article with:

The crypto community is igniting after the announcement that Strategy and other cryptocurrency-holding companies could be excluded from major stock indices. A boycott movement is gaining momentum. Will JP Morgan be the next target of the Bitcoin revolution?

En bref

Strategy and other crypto cash companies risk exclusion from MSCI indices as early as January 2026.
Leading investors are publicly calling for a boycott of JP Morgan, accused of relaying this decision.
Michael Saylor defends his company, stating that it is “neither a fund nor a trust” but a structured finance company.
The exclusion could trigger massive automatic sales and cause cryptocurrency prices to plummet.

Tensions exploded Sunday when MSCI, the index company formerly known as Morgan Stanley Capital International, announced its intention to exclude companies holding more than 50% of their balance sheet in crypto. 

JP Morgan relayed this information in a research note, becoming the target of bitcoiners’ anger.

Reactions were quick. Grant Cardone, real estate investor and Bitcoin advocate, hit hard. “I just withdrew 20 million dollars from Chase and I am suing them for misconduct“, he declared on social networks. 

Max Keiser, another iconic figure in the ecosystem, made an even more direct call: “Take down JP Morgan and buy Strategy and BTC.“

The boycott movement is growing among a usually fragmented community. This time, the threat looms over Strategy, the world leader in institutional bitcoin holding with 649,870 BTC to its name.

The company joined the Nasdaq 100 in December 2024, allowing it to benefit from passive capital flows. Today, that position is threatened.

The stakes go far beyond Strategy’s case. MSCI index exclusion would force funds and asset managers to automatically sell their positions in these companies. A massive sell-off that could shake the entire crypto market. Analysts fear a domino effect on digital asset prices.

Michael Saylor Counterattacks Against New Rules
Strategy’s founder did not back down. On Friday, Michael Saylor published a sharp response on social media. “Strategy is neither a fund, nor a trust, nor a holding company“, he asserted. 

He went on to explain that his company “creates, structures, issues, and manages,” defining it as a “structured finance company backed by bitcoin.”

This distinction is not just a semantic quarrel. It strikes at the heart of the debate: should Strategy be treated as a passive investment vehicle or as a true operating company? 

For Saylor, the answer is clear. His business model relies on a strategic accumulation of Bitcoin, financed by issuing preferred shares that avoid dilution of historical shareholders.

The proposed MSCI change places these companies in a Catch-22. Either they reduce their crypto holdings below the 50% threshold to maintain eligibility for indices, or they lose access to institutional capital flows. 

Some, like Bitmine, Metaplanet, or Upexi, are already seeing their net asset value ratio fall below the critical level, compromising their fundraising ability.

Yet, Strategy seems to hold strong. Despite its stock halving since its peak at $474, the company has even accelerated its bitcoin purchases. In mid-November, it acquired 8,178 BTC for $835 million. Saylor states that his company is “designed to withstand an 80 to 90% drop and keep operating.”

A Turning Point for Institutional Bitcoin Adoption
This crisis reveals a fascinating paradox. On one hand, Strategy could join the S&P 500 as soon as December according to several analysts, with a 70% probability according to 10X Research. A historic first for a Bitcoin-focused company. 

On the other, index organizations seek to exclude these same companies from their traditional rankings.

Institutional finance is still hesitant. It wants to recognize Bitcoin as a legitimate asset but refuses to fully accept the companies that make it their core. JP Morgan itself is now exploring Bitcoin-backed credit. 

S&P Global Ratings has even assigned a “B-” rating to Strategy, a first for this type of company. These contradictory signals illustrate a chaotic transition to a new financial paradigm where Bitcoin is gradually finding its place, without traditional players yet knowing exactly how to regulate it.

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Fenelon L.

Passionné par le Bitcoin, j'aime explorer les méandres de la blockchain et des cryptos et je partage mes découvertes avec la communauté. Mon rêve est de vivre dans un monde où la vie privée et la liberté financière sont garanties pour tous, et je crois fermement que Bitcoin est l'outil qui peut rendre cela possible.

DISCLAIMER

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

TLDR

Bitcoin recovered after dropping near $82,000 on Friday, with analysts seeing reduced selling pressure and increased Federal Reserve rate cut expectations
Spot bitcoin ETFs recorded $1.22 billion in outflows last week, extending losses to four consecutive weeks
Bitcoin open interest fell by 1.3 million BTC in 30 days, the sharpest decline of this cycle
Federal Reserve rate cut probability for December rose from 30% to 70% in two days
Analysts expect Bitcoin to consolidate between $85,000 and $90,000 as the market structure remains fragile

Bitcoin moved higher over the weekend after reaching lows above $82,000 on Friday. The cryptocurrency fell to $80,600 on Coinbase, marking its lowest level since mid-April.

The decline represented a 36% correction from Bitcoin’s all-time high above $126,000 reached in early October. Bitcoin has dropped 20% over the past month alone.

Bitcoin Price on CoinGecko
Analysts from wealth manager Swissblock stated that Bitcoin has taken its first real step toward forming a bottom. The firm’s Risk-Off Signal dropped sharply, indicating that selling pressure has eased.

“The worst of the capitulation is likely behind us, for now,” Swissblock analysts wrote. They noted that this week is critical to see if selling pressure continues to fade.

The analysts warned that a second selling wave often occurs after an initial decline. This second wave is typically weaker than the first and holds above previous lows.

Federal Reserve Rate Cut Expectations Shift
Charles Edwards, founder of Capriole Fund, explained that tech stocks and crypto markets declined over the past two weeks due to changing rate cut expectations. The probability of a Federal Reserve rate cut in December initially fell to around 30% last week.

That probability has now returned to 70% according to Edwards. The CME Fed Watch Tool currently shows 69.3% odds of a 0.25 basis point cut at the December 10 meeting.

A lot of the reason the S&P500 dropped 200 points over the last 2 weeks is because of the market flip flopping on expectations for a rate cut. We started November at 90% odds for a cut in December, dropped to only 30% and are now back at 70% likelihood of a rate cut. As the…

— Charles Edwards (@caprioleio) November 24, 2025

Market research account Global Markets Investor noted that expectations changed drastically in just two days. Polymarket predictions flipped back toward a 70% chance of a rate cut.

Some analysts expect the Federal Reserve to announce liquidity expansion measures at the next meeting. Market analyst Sykodelic suggested the central bank must inject liquidity to avoid bankruptcy.

Interest rate cuts and increased liquidity typically benefit high-risk assets like cryptocurrencies. Previous periods of quantitative easing have been followed by major rallies.

Bitcoin ETF Outflows Continue
U.S. spot bitcoin exchange-traded funds recorded $1.22 billion in net outflows last week. This marked the fourth consecutive week of negative flows, bringing four-week cumulative outflows to $4.34 billion.

BlackRock’s IBIT experienced $1.09 billion in outflows for the week. This represented its second-largest weekly outflow on record, behind $1.17 billion logged in late February.

The ETF outflows coincided with the largest crypto market correction of this cycle. Vincent Liu, CIO at Kronos Research, expects Bitcoin to consolidate between $85,000 and $90,000.

Liu noted that liquidity remains shallow and stops are being picked off. Spot Ethereum ETFs saw $500.25 million in weekly net outflows, marking their third straight week of losses.

Open Interest Decline Signals Potential Bottom
Bitcoin open interest fell by approximately 1.3 million BTC over the past 30 days. Analyst Darkfost called this the sharpest 30-day drop of the current cycle.

The open interest decline currently equals $114 billion with Bitcoin trading at $87,500. Darkfost explained that falling prices continue to trigger liquidations, pushing traders to adjust their strategies.

Investors appear to be pausing futures trading to reduce risk exposure. The analyst stated that these cleansing phases are often essential to forming a solid bottom.

The last time Bitcoin open interest fell this quickly was during the 2022 bear market. Darkfost emphasized how this highlights the scale of the current cleanup.

Crypto analyst Michaël van de Poppe stated this week will be decisive for Bitcoin’s price. He said if Bitcoin can surge back and stay between $90,000 and $96,000, chances of a new all-time high increase substantially.

Bitcoin is currently trading at $87,348, up 1.2% over the past 24 hours.

Robert Doyle claims rising AI threats will force governments and institutions onto blockchain.He argues XRP could become a key asset, with ETF demand draining supply within two years.Doyle says the current bear market is temporary and driven by macroeconomic shifts.A crypto influencer has claimed governments and institutions will have no choice but to adopt XRP and other digital assets, arguing the shift is unavoidable as artificial intelligence threats escalate.

Robert Doyle outlined a sweeping vision for global blockchain adoption, warning that traditional systems can no longer protect critical data.

Sponsored

AI Threats Will Push Institutions to Blockchain, and RippleDoyle argues that every major institution will be forced onto blockchain networks. He says the move is not about preference but survival as AI-driven attacks evolve at exponential speed.

The influencer referenced a November 13, 2025, attack carried out entirely by autonomous AI agents — the first documented cyberattack with no human operator. The capability of these attacks doubles every six months, leaving centralized systems increasingly exposed.

According to Doyle, any centralized structure creates a single point of failure. He adds that about 80% of data leaks stem from internal misuse, illustrating how fragile legacy systems have become.

Blockchain as the Future of Critical DataSeveral analysts believe all sensitive data — from medical records to legal documents — must eventually move on-chain. There’s a strong argument that decentralization is the only way to achieve full security and long-term resilience.

Sponsored

Doyle also argues that the current Bitcoin cycle is delayed due to macroeconomic pressures. High interest rates and the extended maturity profile of US debt, he says, are pushing the next market peak into 2026.

He points to growing criticism of Bitcoin’s future, citing comments from Ray Dalio on privacy risks and potential quantum attacks. 

Most recently, VanEck has said it could shift away from Bitcoin if fundamentals weaken, while privacy coins like Zcash gain relevance in that debate.

Sponsored

XRP Positioned as the Biggest Winner in the Coming ShiftDoyle presented simulations suggesting XRP could become the main beneficiary of the transition. He claims XRP ETFs could capture up to half of Bitcoin ETF inflows, potentially draining all circulating XRP within two years.

BlackRock—the same $10 trillion giant behind Bitcoin and Ethereum ETFs—could be the trigger for $XRP’s biggest breakout yet.

​An ETF makes buying crypto as easy as buying a stock—no wallets, no passwords, just one click.

Bitcoin’s ETF hit $10B in inflows in under 3 months.… pic.twitter.com/UG8SZGPNn9

— Skipper | XRPL (@skipper_xrp) November 22, 2025
Indeed, OTC desks and private pools are already thinning out. If institutions ramp up demand and Ripple declines direct sales, Doyle believes they will be forced to buy XRP on open exchanges.

He adds that major issuers such as BlackRock, Vanguard, Fidelity, JP Morgan, and State Street have not yet filed for XRP ETFs. 

However, he highlights November 24, 2025, as a milestone, when spot XRP ETFs from Franklin Templeton and Grayscale go live.

Sponsored

Doyle calls this a turning point, insisting blockchain will anchor global data, finance, and trade. He invokes Charles Hoskinson’s claim that the world’s infrastructure will eventually be rewritten on blockchain.

Doyle summarises his position:

“The whole world will be forced to use XRP and other cryptocurrencies as we enter this new digital phase.”

He says the current bear market is only a temporary side effect of macroeconomic shifts.

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Your look at what's coming in the week starting Nov. 24.Updated Nov 24, 2025, 9:12 a.m. Published Nov 24, 2025, 9:12 a.m.

Bitcoin miner Cleanspark reports earnings this week. (Michal Bednarek/Shutterstock modified by CoinDesk)

What to know: You are reading Crypto Week Ahead: a comprehensive list of what's coming up in the world of cryptocurrencies and blockchain in the coming days, as well as the major macroeconomic events that will influence digital asset markets. For an updated daily email reminder of what's expected, click here to sign up for Crypto Daybook Americas. You won't want to start your day without it.

Grayscale's Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP) are set to debut later Monday, with the underlying tokens on course for their worst months since February, alongside the rest of the crypto market. The CoinDesk 20 Index (CD20) has lost 23% since the start of November.

ETF flows in the month reflect the underlying assets' performance. Spot bitcoin BTC$86,664.22 ETFs in the U.S. have posted net outflows of $3.55 billion since the beginning of the month. Any more might take the figure back above February's record $3.56 billion.

STORY CONTINUES BELOW

Bitcoin miner CleanSpark (CLSK) reports fiscal fourth-quarter earnings on Tuesday. Rival Riot Platforms (RIOT) posted unexpected profit and record revenue and Iren (IREN) reported record profit and revenue as it moves into artificial intelligence.

What to Watch

CryptoNov. 24: Monad’s public mainnet to start up with native token MON.Nov. 24: Two new spot crypto ETFs — Grayscale Dogecoin Trust ETF (GDOG) and Grayscale XRP Trust ETF (GXRP) — are expected to go live on NYSE Arca.Nov. 25: Digital asset treasury firm KR1 Plc to commence trading on the main market of the London Stock Exchange under ticker 0A9X, migrating from the Aquis Stock Exchange.Nov. 26: CTC-1, the first satellite constellation running the Spacecoin (SPACE) protocol, will launch from Vandenberg Space Force Base in California.MacroNov. 25, 7 a.m.: Mexico Sept. Retail Sales YoY (Prev. 2.4%), MoM (Prev. 0.6%).Nov. 25, 8:15 a.m.: ADP Employment Change Weekly (Prev. -2.5K).Nov. 25, 8:30 a.m.: U.S. Sept. PPI. Headline YoY Est. 2.7%, MoM Est. 0.3%. Core YoY (Prev. 2.8%), MoM (Prev. -0.1%).Nov. 25, 8:30 a.m.: U.S. Sept. Retail Sales YoY (Prev. 5%), MoM Est. 0.4%.Nov. 26, 8:30 a.m.: U.S. Sept. Durable Goods Orders MoM Est. 0.3%.Nov. 26, 8:30 a.m.: U.S. Initial Jobless Claims for week ended Nov. 22 (Prev. 220K), Continuing Jobless Claims for week ended Nov. 15 (Prev. 1974K).Nov. 28, 7 a.m.: Brazil Oct. Unemployment Rate (Prev. 5.6%).Nov. 28, 7 a.m.: Mexico Oct. Unemployment Rate (Prev. 3%).Nov. 28, 8:30 a.m.: Canada Q3 GDP Growth Rate. Annualized (Prev.-1.6%), QoQ (Prev. -0.4%).Earnings (Estimates based on FactSet data)Nov. 25: Cleanspark (CLSK), post-market.Token Events

Governance votes & callsMoonwell DAO is voting to remediate ~$5.25M in bad debt on its Base deployment by utilizing excess reserves (specifically USDC and cbBTC) and redirecting all future protocol revenue toward repayment, with priority given to the cbXRP and VIRTUAL markets. Voting ends Nov. 24.ZKsync DAO is voting to streamline token program proposals (TPPs) by reducing the voting delay from seven days to trhee days and the late quorum vote extension from seven days to two days. Voting ends Nov. 24.Aave DAO is voting on its November funding update, which seeks to consolidate treasury assets on Ethereum and acquire 8 million GHO from the market to fund operations, service providers and security audits. Voting ends Nov. 24.CoW DAO is voting to boost partner incentives by granting a share of Price Improvement, raising the revenue cap to 5%, and increasing the partner fee split to 75%. Voting ends Nov. 26.Arbitrum DAO is voting to reconfirm John Kennedy and Tim Chang for the 2026 AGV Council to preserve institutional knowledge. Voting ends Nov. 27.Lightchain.AI is voting on a proposal to potentially delay its mainnet launch by up to six months following the sudden departure of a key developer who allegedly left the consensus layer incomplete. Voting ends Nov. 27.The Graph Council is voting to implement a Rewards Eligibility Oracle (REO) that restricts indexing rewards to Indexers meeting minimum uptime and service quality standards to better align incentives with network performance. Voting ends Nov. 30.UnlocksNov. 24: Plasma XPL$0.1898 to unlock 4.74% of its circulating supply worth $17.81 million.Nov. 28: JUP$0.2351 to unlock 1.69% of its circulating supply worth $12.39 million.Nov. 29: HYPE$31.31 to unlock 2.68% of its circulating supply worth $318.92 million.Nov. 30: KMNO$0.05357 to unlock 5.65% of its circulating supply worth $10.59 million.Token LaunchesNov. 24: Monad (MON) token is being listed on various major exchanges including Kraken, Bitrue and others as the mainnet debuts.Nov. 24: SOLV$0.01622 launches on Solana in partnership with Jupiter.Nov. 30: Centrifuge’s token migration window closes.Conferences

Nov. 25-27: Finance Magnates London Summit 2025Nov. 26: Digital Securities and Digital Cash Summit FrankfurtNov. 26-28: Excellence in Digital Banking International Summit 2025 (Amsterdam)Nov. 27-28: The Digital Asset Conference III (London)More For You

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Top Stories

Bitcoin rallied over the weekend after sharp weekly losses, driven by thin market liquidity, CME futures gaps, and major geopolitical developments.

Summary

Bitcoin saw a weekend rebound despite a 23% quarterly decline, while altcoins like Hyperliquid and Zcash lost double digits.
Thin liquidity from closed Wall Street ETF trading amplifies weekend volatility and the “CME gap” effect.
Talks on Ukraine peace and looming US rate decisions influenced investor sentiment and global market moves.

Bitcoin experienced a weekend rally following a week of significant losses across cryptocurrency markets, according to market data. The digital asset had approached critical support levels earlier in the week, while numerous altcoins including Hyperliquid (HYPE) and Zcash (ZEC) recorded double-digit percentage losses over the seven-day period.

The weekend price increase follows a pattern observed over recent weeks, in which Bitcoin (BTC) has gained ground on Saturdays and Sundays before resuming declines during weekdays, according to chart analysis. Market observers have attributed this phenomenon to reduced liquidity during weekend trading periods.

Cryptocurrency markets brace for Bitcoin and alt-coin rally
Cryptocurrency markets experience dramatically lower trading volumes at weekends, when Bitcoin exchange-traded funds on Wall Street are closed and institutional investors are not actively trading. Research published by Advances in Consumer Research in August found that trading volumes tend to be 20% to 25% lower at weekends, “creating a thinner market environment where momentum-driven trades can exert greater price impact.”

The study determined that weekend momentum strategies “consistently outperform their weekday counterparts across all cryptocurrencies, with mean daily returns on weekends often doubling those on weekdays.” The effect appears more pronounced among digital assets with smaller market capitalizations, according to the research.

Bitcoin futures traded on the Chicago Mercantile Exchange close at the end of the working week. The price movements that occur during weekend trading create what market participants refer to as the “CME gap,” with prices frequently reverting to pre-weekend levels once futures markets reopen, according to market analysts.

Beyond trading volume factors, specific developments may have contributed to the weekend price movement. Ongoing negotiations to end the conflict in Ukraine have progressed, with talks taking place in Switzerland between delegates from the United States and Ukraine over the weekend. Former President Donald Trump has proposed a 28-point peace plan as part of diplomatic efforts.

Futures across the Dow Jones, S&P 500 and Nasdaq 100 all rose on Monday morning as investors assessed the diplomatic developments, according to market data. The Federal Reserve’s decision to leave open the possibility of an additional rate cut next month may have also influenced market sentiment.

Bitcoin faces near-term challenges in attempting to breach key resistance levels. The Thanksgiving holiday week in the United States will see Wall Street closed on Thursday and operating for only a half-day on Friday, resulting in reduced trading volumes similar to weekend conditions.

Bitcoin recorded its first weekly close in positive territory in four weeks, according to market data. However, the cryptocurrency remains down 23% for the current quarter, placing it on track for its worst year-end performance since 2018.

On-chain data shows short-term Bitcoin holders have capitulated, a pattern seen near previous local bottoms.

Bitcoin (BTC) is testing the $80,000 support level, a price point not seen in six months, following a steep 36% drop from its October all-time high.

This downturn has triggered a massive wave of capitulation from short-term investors, a potential sign that a local bottom is forming, even as long-term holders begin to distribute their BTC at a historic rate.

Market Sentiment and On-Chain Signals Point to a Crossroads
The mood across social media and on-chain data platforms is one of heightened caution. According to an analysis by Crypto Dan, investors who have held Bitcoin for less than 155 days have officially capitulated.

This group, often driven by emotion, has seen its sentiment flip from positive to negative, with the market watcher noting that similar behavior was observed at the lows of previous corrections within this bull cycle, suggesting a potential rebound is likely. However, he warned that if Bitcoin fails to hold the $80,000 level, the market could be in for a much more difficult period.

“If the current zone is a correction phase → this is the bottom,” he wrote, adding “If the current zone is a bear cycle → the end of the decline is still far away”

Adding to the narrative, data shared by another analyst, CryptoOnchain, revealed a historic transfer of wealth. Their metrics show a massive outflow of 63,000 BTC from long-term holder wallets, a classic sign of distribution near market tops.

At the same time, short-term holders are accumulating that supply, buying the dip at prices around $87,000. This dynamic is creating a fragile balance where, if new demand cannot absorb this selling pressure, it could lead to a deeper correction.

There were more bearish signals from GugaOnChain, who highlighted that a key on-chain metric, the Binary Coin Days Destroyed (CDD), triggered a sell signal on November 23.

You may also like:

Bitcoin Tests $88,000 as Fed Rate Cut Hopes Spark Recovery

Robert Kiyosaki Cashes Out Bitcoin: What’s Behind His Surprising Decision?

Bitcoin Loses $90K Support as On-Chain Data Hints at $70K Next

This, according to them, has happened four previous times in this cycle, and a price correction followed each instance. The current signal, with a CDD value of over 25 million, indicates a significant reactivation of old BTC, typically for the purpose of selling.

A Broader Look at Demand and Price Trajectory
The sell-off highlighted by CryptoDan is happening against a backdrop of fading institutional demand. As earlier reported by CryptoQuant, the growth in spot Bitcoin ETF holdings has slowed to one of its weakest paces since launch.

Furthermore, public companies that were once major buyers have seen their purchasing power evaporate, with Strategy reducing its annual acquisitions from 171,000 BTC to just 9,600 BTC.

Meanwhile, at the market, the flagship cryptocurrency managed to pull together a recovery to its current level of about $87,000 after hitting a low near $82,000 in the past week. Still, it remains down about 22% in the last 30 days and nearly 12% year-on-year.

The breach of the $90,000 support level, a key psychological barrier, has now shifted analyst focus toward the next major support zone between $70,000 and $73,000. This area is critical as it matches the average purchase price of major holders of the asset, who may step in to defend their positions.

Even prominent investors are adjusting their strategies. Author Robert Kiyosaki recently revealed that he sold $2.25 million worth of BTC at around $90,000, though he stated he remains bullish and plans to reinvest his profits.

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TLDR

Table of Contents

TLDRNYSE Dogecoin ETF Launch Moves Forward with Expected Market ActivityDogecoin Current Market Action RevealedDoes This Pattern and the NYSE Dogecoin ETF Launch Signal a Bull Takeover?Get 3 Free Stock Ebooks

The Dogecoin ETF launches on the NYSE after completing its conversion into an exchange-listed product.
Dogecoin traded between $0.1460 and $0.149 with a 1.98% daily gain and $1.48B in volume.
Intraday movement showed repeated swings as volatility shaped upward and downward shifts.
The long-term chart displayed three breakout phases from rising trendlines across multiple market cycles.
A recent retest near $0.14 mirrored earlier breakout setups that followed similar ascending base structures.

Dogecoin enters a busy trading stretch as the new GDOG fund begins activity on the New York Stock Exchange today. The exchange cleared the product last week, and Grayscale then confirmed that filings with the SEC matched the requirements. The launch arrives after steady preparation through November, and it marks another step in expanding regulated access to the token.

NYSE Dogecoin ETF Launch Moves Forward with Expected Market Activity
Grayscale opens trading for GDOG after it completed the conversion of its existing Dogecoin trust. The firm now uses the trust’s reserves to support the exchange-traded structure, which tracks Dogecoin’s market price during daily sessions. Bloomberg analyst Eric Balchunas reported the expected date earlier and shared NYSE approval documents before today’s listing.

Balchunas noted that similar products recently generated strong opening interest. He estimated that GDOG could reach about $11 million in first-day volume. He also stated that an XRP ETF, identified as GXRP, begins trading today. Additionally, he indicated that a Chainlink fund named GLNK may follow next week. The DOGE listing now adds another regulated option for traders, while related products advance toward separate launch windows.

Dogecoin Current Market Action Revealed
Following the confirmation about the upcoming Dogecoin ETF by NYSE today, Dogecoin has recorded changes in its price value. Tracking the ongoing price trend at the time of press, CoinMarketCap data reveals that Dogecoin is trading at $0.1460 after steady movement during the 24-hour period. The price now moves upward through the afternoon as buying activity increases across several intervals.

Source: CoinMarketCap
The Dogecoin price chart then shows brief pullbacks before another rise takes the value close to $0.149. The price trend displays repeated swings as intraday volatility shapes short bursts of momentum. The price then moves lower during the early morning hours before recovering again toward the $0.147 area. Trading volume reaches $1.48 billion during the same period, and the market cap records $22.19 billion. As of press, the market data shows a 1.98% gain over the 24-hour window as the chart tracks ongoing fluctuations across the session.

Does This Pattern and the NYSE Dogecoin ETF Launch Signal a Bull Takeover?
With the launch of the Dogecoin ETF by NYSE, the market is expected to react. However, this is not the only potential bullish move. According to an observation by Trader Tardigrade, the Dogecoin price chart shows monthly Dogecoin movements that form three breakout phases from rising trendlines. Each breakout occurs after the price maintains an upward structure and then accelerates strongly.

Source: X
The first breakout appears near 2017 when the price respects a rising base and then climbs higher. The second breakout emerges around 2020 as the price interacts with a similar trendline before expanding sharply. The third breakout develops after 2023 when the price touches ascending support and then breaks upward. The chart also presents a recent opportunity near $0.14 where price retests a rising base. This point aligns with earlier setups that show consistent technical behavior. The overall structure displays repeated accumulation, breakout, and expansion cycles.