Market Signal Briefing

Nxera Pharma Co., Ltd. (OTCPK:SOLTF) Discusses R&D Restructuring, Pipeline Prioritization, and Focus on Obesity and Metabolism November 18, 2025 3:00 AM EST

Company Participants

Hironoshin Nomura - Executive Officer & CFO
Chris Cargill - Representative Executive Officer, President, CEO & Director
Toshihiro Maeda - President of Nxera Pharma Japan & COO
Patrik Foerch

Conference Call Participants

Hidemaru Yamaguchi - Citigroup Inc., Research Division
Hiroshi Wada - SMBC Nikko Securities Inc., Research Division
Dion Stéfan Büchner - Pathology Associates Co., Ltd.
Kazuaki Hashiguchi - Daiwa Securities Co. Ltd., Research Division

Presentation

Hironoshin Nomura
Executive Officer & CFO

[Interpreted] [Operator Instructions] We'd like to start the presentation with Chris. We'd like to cover the business highlight, followed by Maeda to give the highlights of the Japanese business, and Patrik will give the U.K. pipelines. And I will be talk about the third quarter financial results.

Please turn to Page 5 of the presentation. Chris, over to you.

Chris Cargill
Representative Executive Officer, President, CEO & Director

Excellent. Good afternoon. Thank you, Nomura-san. My name is Chris Cargill, CEO of Nxera Pharma. Thank you for joining our 2025 R&D Day. Let me start by welcoming our new Chief Scientific Officer, Dr. Patrik Foerch. Patrik is an accomplished R&D leader with over 2 decades of experience across immunology, oncology and neuroscience. He has deep expertise in working in both pharma and venture capital-backed biotech companies and in supporting the development of AI-driven drug discovery platforms. Patrik brings a very sharp execution-oriented focus to our R&D business. We're very excited to have Patrik on board to drive delivery of the research pipeline to support near-term value creation.

Please turn to Slide 6. So yesterday, we announced a focused restructuring to enhance our path to profitability and to increase the returns across the portfolio. So we have completed a review of the pipeline and

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November 18, 2025 7:29 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 18, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of DexCom, Inc. (NASDAQ: DXCM) between July 26, 2024 and September 17, 2025, both dates inclusive (the "Class Period") of the important December 29, 2025 lead plaintiff deadline.

SO WHAT: If you purchased DexCom securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. If you wish to serve as lead plaintiff, you must move the Court no later than December 29, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm has achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and/or misleading statements and/or failed to disclose that: (1) DexCom had made material design changes to the G6 and G7 continuous glucose monitoring ("CGM") systems that were unauthorized by the U.S. Food and Drug Administration (the "FDA"); (2) the foregoing design changes rendered the G6 and G7 less reliable than their prior iterations, presenting a material health risk to users relying on those devices for accurate glucose readings; (3) accordingly, defendants' purported enhancements to the G7, as well as the device's reliability, accuracy, and functionality, were overstated; (4) Defendants downplayed the true scope and severity of the issues and health risks posed by adulterated G7 devices; (5) all the foregoing subjected DexCom to an increased risk of heightened regulatory scrutiny and enforcement action, as well as significant legal, reputational, and financial harm; and (6) as a result, defendants' public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the DexCom class action, go to https://rosenlegal.com/submit-form/?case_id=28133 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/275003

Strong Year-Over-Year Growth and Advancement of Development Initiatives in Q3 2025

, /PRNewswire/ - Luca Mining Corp. ("Luca" or the "Company") (TSXV: LUCA) (OTCQX: LUCMF) (Frankfurt: Z68) is pleased to report operational and financial results for the three and nine months ended September 30, 2025. Q3 has delivered substantial production and revenue growth from the prior-year period. Luca has generated positive net free cash flow before working capital of $5.3 million in the first 9 months of 2025, even as the Company has invested heavily in development and exploration to position both mines for stronger production and profitability going forward. Sustaining capital in the quarter was elevated and metals recoveries were temporarily lower due to mine sequencing and commissioning activities; however, these investments have led to improvements in mine efficiency and expected increases in recoveries.  As the Company moves into 2026, increased grades, higher recoveries and continued cash generation from operations are expected.

Table 1 (CNW Group/Luca Mining Corp.)

Table 2 (CNW Group/Luca Mining Corp.)

Table 3 (CNW Group/Luca Mining Corp.)

Table 4 (CNW Group/Luca Mining Corp.)

Table 5 (CNW Group/Luca Mining Corp.)

Third Quarter 2025 Highlights

Safety: continued emphasis on safe, disciplined operations with strengthened housekeeping and visible leadership engagement across both sites.
Throughput increased: consolidated tonnes milled of 250,807 (+66% vs. prior year), supported by increased plant availability at both mines which has resulted in higher metal output:

Gold increased 51%, Silver increased 97%, Zinc increased 78%, Lead increased 81%, Copper increased 43% over Q3 2024.

Profitability indicators: Adjusted EBITDA of $4.3 million for the quarter and positive year-to-date adjusted net earnings of $12.8 million, a reflection of greater operational performance.
Revenue momentum: Revenues of $35.0 million (+94% vs. prior year), supported by higher sales volumes and increased realized precious-metal prices (gold +28%, silver +18%).
Campo Morado performance: production in Q3 improved year-over-year (+75% ZnEq pounds(a)) on higher grades, notably zinc (+30%) and silver (+27%) and increased volumes (+43% tonnes milled per day). Cash costs decreased to $1.09 per payable ZnEq pound(a) (-14% vs. prior year) with AISC of $1.43/lb slightly increased (+8%) from the same quarter in the prior period, reflecting increased sustaining capital development and the commencement of a significant exploration program at the mine (all of the Company's exploration expenditures are included in AISC).
Tahuehueto ramp-up: 77,548 tonnes milled, setting a record of 969 tonnes milled per day in the quarter (+187% vs. prior year), with AuEq production up 74% year-over-year. As a result of increased volumes, direct cost per tonne reduced to $149 (-22%). Lower grades in the quarter, as well as increased capital development and exploration, resulted in an increase in AISC (+35%) year-over-year. Increased grades and the benefit of this capital development are expected to decrease AISC at Tahuehueto in the subsequent periods.
Investment for reliability: sustaining capital investment of $8.7 million in the quarter ($19.0 million YTD) to accelerate underground development and exploration drilling, positioning both mines for improved grades and operating flexibility.
The Company made significant progress in exploration, with multiple high-grade intercepts at both operations.
Repaid $2.5 million in debt.

"Q3 was a transformational quarter of operational investment and performance for Luca Mining," stated Dan Barnholden, CEO of Luca Mining. "Both of our operating mines delivered substantial year-over-year production growth, are operating at throughput levels above budget, and our increased development investment is positioning us for higher grades, stronger recoveries, and improved cash flow as we enter 2026. While sustaining capital, including exploration, was elevated this quarter, this spending was strategic and front-loaded to enhance long-term asset performance. Even with the increased investment we have made in our mines and in exploration, so far in 2025 our operations have generated $5.3 million in net free cash flow net of corporate expenses. Given the strong exploration results received to date, we are excited to have committed to a major three-year, US$25 million exploration program, introduced in our recent news release dated November 12, 2025, which we believe has the potential to unlock considerable new gold resources at both Campo Morado and Tahuehueto."

(a)

Beginning in Q3 2025, Luca refined its production and cost reporting to better reflect each mine's distinct profile. Campo Morado results are now presented on a zinc-equivalent (ZnEq) basis, while Tahuehueto continues to report on a gold-equivalent (AuEq) basis. Further details are provided in the Company's MD&A on page 6.

1.

See Reconciliation of earnings before interest, taxes, depreciation, and amortization in the MD&A

2.

See "Non-IFRS Financial Measures" in the MD&A .

3.

Based on provisional sales before final price adjustments, treatment, and refining charges

4.

Mine operating cash flow before taxes is calculated by adding back royalties, changes in inventory and depreciation and depletion to mine operating earnings. See Reconciliation to IFRS in the MD&A

5.

Net free cash flow before working is operating cash flow before working capital changes, less capital expenditures. See in the MD&A

6.

Information presented herein for the three and nine months ended September 30, 2024, has been restated to reflect the impact of the reclassification of the Amended Streaming Agreement from deferred revenue to a derivative financial liability. See Note 2 of the condensed consolidated interim financial statements

Production

Campo Morado (Guerrero, Mexico)

Campo Morado delivered another quarter of solid production and improved cost performance. The mine processed 173,260 tonnes of mineralized material, representing a 42% increase over the same quarter in 2024. This resulted in total production of approximately 30.2 million zinc-equivalent pounds, a 75% year-over-year increase, reflecting higher throughput (+43% tonnes milled per day) and improved plant reliability, as well as on higher grades: zinc (+30%), copper (+3%), gold (+11%), and silver (+27%).

Cash operating costs averaged $1.09 per payable ZnEq pound (-14%), while all-in sustaining costs were $1.43 per pound (+8%), reflecting both increased production volumes and grades and increased sustaining capital development and the commencement of a significant exploration program at the mine. All of the Company's exploration expenditures are included in AISC.

Ongoing initiatives to improve blending control and metallurgical performance have continued to stabilize recoveries and enhance concentrate quality. Zinc-circuit recoveries have been stabilized through targeted ore-blend controls and optimized reagent operating adjustments and the commissioning of a fourth Zn-cleaning flotation stage. In parallel, development activities supported the opening of new production areas and further optimization of mine sequencing.

High grade precious metals drill results were returned from the Reforma deposit at Campo Morado in the quarter, including 37.2 metres grading 5.87 g/t gold, 367.50 g/t silver, 0.53% copper, 5.54% zinc and 2.57% lead, released on August 27, 2025. Exploration drilling also returned multiple high-grade intercepts adjacent to existing workings, reinforcing confidence in the resource potential and the opportunity for near-mine expansion.

Tahuehueto (Durango, Mexico)

At Tahuehueto, production continued to ramp up steadily through the quarter. The mine processed 77,548 tonnes of ore, setting a record of 969 tonnes per day milled in the quarter (+187% vs. prior year), as plant availability improved and mining activities expanded into new zones. Total gold-equivalent production reached 5,579 ounces, an increase of 74% year-over-year, reflecting the growing contribution of both gold and silver output as the mine progresses toward nameplate capacity.

Direct mining cost per tonne improved 22% year-over-year to $149, supported by better equipment utilization and increased ore volumes. Lower grades in the quarter, as well as increased capital development and exploration, resulted in an increase in AISC (+35%) year-over-year.  While average gold grades were lower year-over-year due to mine sequencing, new stopes developed during the quarter are expected to provide higher-grade feed in Q4 and into 2026.

The Company also advanced installation of a new copper-lead separation circuit, a key process improvement designed to enhance metal recoveries and overall concentrate quality. This system will allow Tahuehueto to produce separate copper and lead concentrates for the first time, rather than a combined bulk concentrate. The separation is expected to improve payabilities, reduce impurities, and create greater marketing flexibility with multiple potential offtake partners. Mechanical installation was substantially completed during the quarter, and industrial trials are scheduled to begin in late-Q4 2025, with full integration into regular production anticipated early in 2026.

Exploration drilling at Tahuehueto continued to return strong results in the second quarter, including 14.0 metres grading 6.68 g/t gold from the Santiago deposit, released on September 8, 2025. Located one kilometre from current mine workings, Santiago has never been mined and is open along strike.

Outlook

Based on mine sequencing and year-to-date performance, Luca has revised its 2025 production and capital expenditure guidance to reflect year-to-date production and development schedules at both operations. Consolidated gold and zinc production and payable metal are tracking below the pace implied by the original full-year guidance, primarily due to sequencing through lower-grade zones, metallurgical recoveries, and the timing of new stope access. This is somewhat offset by consolidated copper, silver and lead production and payable metal tracking within or above original guidance ranges.

Going forward, both Tahuehueto and Campo Morado are expected to enter higher-grade areas which, combined with the strong milling rates observed at both mines, is expected to drive increased production, improved recoveries, and lower unit costs through year-end.

2025 Production Guidance

Consolidated

Campo Morado

Tahuehueto

2025 Budgeted Capital Expenditures and Exploration  

Luca has updated its 2025 capital program to $29.4 million (from $27.4 million), a reflection of accelerated underground development, plant reliability upgrades, and targeted optimization projects at both operations, as well as an increased exploration program at Campo Morado. Year-to-date spending totaled $20.3 million (74% of original guidance).

Free Cash Flow

The Company initially anticipated generating between $30 million and $40 million(1) in Net Free Cash Flow before working capital adjustments for the year. However, following additional capital investments to accelerate mine development and infrastructure upgrades, together with lower-than-expected gold and zinc output during the second and third quarters of 2025 as mining progressed through lower-grade areas, full-year Net Free Cash Flow is now expected to be between $5 million and $10 million.

Qualified Person
The technical information contained in this news release has been reviewed and approved by Mr. Paul D. Gray, P.Geo., Vice-President Exploration at Luca Mining.  Mr. Gray is a Qualified Person for the Company as defined by National Instrument 43-101.

About Luca Mining Corp.
Luca Mining Corp. (TSX-V: LUCA, OTCQX: LUCMF, Frankfurt: Z68) is a Canadian mining company with two wholly owned mines located in the prolific Sierra Madre mineralized belt in Mexico. These mines produce gold, copper, zinc, silver, and lead and generate strong cash flow.  Both mines have considerable development and resource upside as well as district scale exploration potential.

The Company's Campo Morado Mine hosts VMS-style, polymetallic mineralization within a large land package comprising 121 square kilometres.  It is an underground operation, producing zinc, copper, gold, silver and lead. The mine is located in Guerrero State.

The Tahuehueto Mine is a large property of over 100 square kilometres in Durango State. The project hosts epithermal gold and silver vein-style mineralization. Tahuehueto is a newly constructed underground mining operation producing primarily gold and silver. The Company has successfully commissioned its mill and is now in commercial production.

On Behalf of the Board of Directors
(signed) "Dan Barnholden"

Dan Barnholden, Chief Executive Officer

For more information, please visit: www.lucamining.com

Cautionary Note Regarding Forward-Looking Statements

Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, estimated production guidelines for 2025 and other possible events, conditions or performance that are based on assumptions about the proposed exploration program and its anticipated results; the timing and costs of future activities on the Company's properties, such as production rates and increases and sustaining capital expenditures; success of exploration, development, and metres to be drilled in exploration on the Tahuehueto Mine site and the Campo Morado Mine site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans","expects","scheduled","estimates", "forecasts", "intends"," anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the Company will be able to raise additional capital as necessary; the current exploration, development, environmental and other objectives concerning the Tahuehueto Mine can be achieved; that consistent and sustainable mill feed at Campo Morado Mine will be achieved; the continuity of the price of gold and other metals and economic and political conditions. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on Forward-Looking Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

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

SOURCE Luca Mining Corp.

November 18, 2025 7:36 PM EST | Source: The Rosen Law Firm PA
New York, New York--(Newsfile Corp. - November 18, 2025) - WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of common stock of Inspire Medical Systems, Inc. (NYSE: INSP) between August 6, 2024 and August 4, 2025, both dates inclusive (the "Class Period"), of the important January 5, 2026 lead plaintiff deadline.

SO WHAT: If you purchased Inspire Medical common stock during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Inspire Medical class action, go to https://rosenlegal.com/submit-form/?case_id=21452 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than January 5, 2026. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually handle securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved, at that time, the largest ever securities class action settlement against a Chinese Company. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants misrepresented and failed to disclose key facts about Inspire V, a sleep apnea device, including the actual market demand for the device and whether Inspire Medical had taken the steps necessary to launch it. Defendants issued a series of materially false and misleading statements that led investors to believe that demand for Inspire V was strong and that Inspire Medical had taken the necessary steps for a successful launch. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Inspire Medical class action, go to https://rosenlegal.com/submit-form/?case_id=21452 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm, on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm/.

Attorney Advertising. Prior results do not guarantee a similar outcome.

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

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274993

World Liberty Financial has come under scrutiny as Elizabeth Warren and Jack Reed have urged U.S. officials to probe claims that the Trump-linked crypto firm has sold tokens to buyers tied to money-laundering platforms and North Korean and Russian actors.

Dave Portnoy, the founder of Barstool Sports, has bought the crypto dip with over $2 million. Portnoy said that he purchased $1 million worth of XRP, $400k worth of Ethereum (ETH), and $750k worth of Bitcoin (BTC) on Monday, November 17, 2025.

“Last night I bought $2,000,000 in crypto. When there’s blood in the streets, I’m like a Great White Shark,” Portnoy said.

Is Crypto Ready for an End-of-Year Bull Run?Santiment vouches for a crypto market rebound amid the capitulation of retail investorsAccording to Santiment, the crypto market is nearing its bottom and on the verge of a bullish rebound. Santiment pointed out that retail traders – focused on Bitcoin, XRP, and Ethereum – have been capitulating.

Source: Santiment

In the past, Santiment has noted that the capitulation of retail traders has been a sign of potential crypto market recovery.

Dead-cat rebound traits: Bitcoin and altcoins signal potential midterm weaknessBTC vs Gold Bitcoin has continued to correct against gold in the recent past. Amid the anticipated capital rotation from gold to Bitcoin, market analyst Kevin Wadsworth, noted that the Bitcoin price against gold must rebound in the coming weeks to avoid losing its 8-year support line.

Source: X

The Altcoins are still trapped in a mid-term correction amid the spot ETF bonanza The wider altcoin market has yet to form a bullish reversal pattern amid the ongoing listings of spot crypto ETFs in the United States. For the XRP price, crypto analyst Ali Martinez believes it may drop as far as $1.9 before rebounding towards its all-time highs.

Source: X

Bigger Picture The crypt market has underperformed other major global commodities due to macro backdrop uncertainties. The wider crypto market suffered low fresh capital inflow from whale investors during the longest United States government shutdown, which recently ended. 

With the recent bilateral agreement between China and the United States, among other major economies, global economic activities are expected to surge. Furthermore, the global money supply has been increasing and will accelerate once the Fed’s Quantitative Easing (QE) starts early next month.

As such, market traders are anticipating a fresh crypto bull market in the coming few months, akin to the crypto summer of 2017.

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

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

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TLDR

Table of Contents

TLDRUSDG0 Expands Across Multiple Chains with LayerZero’s OFT StandardPaxos Reinforces its Leadership in Stablecoin MarketGet 3 Free Stock Ebooks

Paxos has launched USDG0, an omnichain extension of its regulated USDG stablecoin.
USDG0 uses LayerZero’s OFT standard to move seamlessly across multiple blockchains.
The stablecoin expands liquidity to platforms like Hyperliquid, Plume, and Aptos.
USDG0 eliminates the need for separate wrapped versions of USDG on different chains.
The launch enhances yield-aligned trading and supports new lending markets on Hyperliquid.

Paxos Labs has introduced USDG0, an omnichain version of its regulated USDG stablecoin. USDG0 brings fully-backed dollar liquidity to platforms like Hyperliquid, Plume, and Aptos. The integration leverages LayerZero’s OFT standard to move USDG0 across different blockchains while maintaining its regulatory protections and backing.

USDG0 Expands Across Multiple Chains with LayerZero’s OFT Standard
USDG0 allows USDG, a stablecoin governed by the Global Dollar Network, to extend beyond Ethereum and Solana. The use of LayerZero’s OFT standard ensures USDG0 remains a native asset on each supported chain. Paxos Labs emphasized that this structure eliminates the need for separate wrapped versions of USDG.

On platforms like Hyperliquid, USDG0 enhances yield-aligned trading and fosters new lending markets. Meanwhile, on Plume and Aptos, it powers modular DeFi solutions and tokenized yields. These applications will benefit from USDG0’s ability to transfer value between chains without relying on traditional bridges.

Paxos Reinforces its Leadership in Stablecoin Market
Paxos has processed over $180 billion in tokenization activity under regulatory oversight since 2018. The company issues three regulated stablecoins: USDP, PayPal’s PYUSD, and USDG. The launch of USDG0 further solidifies Paxos’ position in the growing stablecoin market.

Regulatory clarity in the United States, under the GENIUS Act, and in Europe, through MiCA, has supported stablecoin growth. As of now, the stablecoin market cap stands at $303.44 billion, reflecting significant expansion. USDG0’s arrival reflects the increasing demand for regulated, interoperable stablecoins in the decentralized finance ecosystem.

flash news

NIGHT Token Launch Announced by Cardano, ADA Price Reaction in Focus

Cardano announced that the NIGHT token will launch on December 8, 2025, with trading support on exchanges. The launch marks the transition of Midnight, the

Stablecoins

Obex Secures $37M to Launch Accelerator for RWA-Backed Stablecoins

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Polygon News

Revolut Partners With Polygon to Enable Stablecoin Payments and Remittances

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Companies

Gate Exchange Outpaces Rivals in October Growth Performance

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Companies

Global Banking Giant HSBC Introduces Tokenized Deposits Across US and UAE

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Shiba Inu News

Shiba Inu Burn Rate Soars 1,090% as 17.2M SHIB Removed During Market Downturn

TL;DR Shiba Inu’s network burned 17,290,166 tokens in 24 hours, a jump that pushes the daily rate up more than 1,090%. The community removed 227,892,499

Cardano (ADA) is once again under heavy market pressure after a series of whale-driven shocks and broken support levels sent the asset spiraling toward multi-month lows.

Trading around $0.46–$0.49, ADA has slipped beneath several key zones that protected the price structure throughout 2024 and early 2025. Analysts now warn that the sell-off could deepen toward the $0.43 – $0.30 range if downward momentum continues.

ADA's price trends to the downside on the daily chart. Source: ADAUSD on Tradingview
ADA Slides as Whale Loss and Support Break Intensify Selling Pressure
Much of the latest volatility stems from a dramatic whale incident. A dormant wallet holding 14.45 million ADA, inactive for five years, executed a swap into USDA, a pool so thin that the wallet absorbed devastating slippage.

The whale walked away with only $847,000, realizing a staggering $6.2 million loss. The market’s response was immediate, confidence cracked, liquidity thinned, and sellers accelerated their exit.

On-chain data shows broader whale activity amplifying the impact. More than 440 million ADA has been offloaded by large holders over the last month, further weakening the structure.

ADA’s breakdown below $0.52, a level untouched since 2024, confirmed a bearish market regime dominated by lower highs, lower lows, and widening volatility bands.

Technical Outlook Points Toward $0.43… or Even $0.30
Traders monitoring ADA’s trajectory highlight a crucial zone at $0.43, a technical target that aligns with the expanding bearish momentum reflected in indicators such as the MACD, RSI, and Bollinger Bands.

The MACD’s deepening bearish crossover signals intensifying sell pressure, while the RSI hovering near oversold territory around 37 suggests weakness without confirming a recovery.

Market analysts like Ali Martinez and Mr. Brownstone warn that failure to reclaim broken levels could expose ADA to a broader decline. Martinez identifies $0.30 as a long-term structural support, a cycle reset area that historically attracts accumulation during deep corrections.

Analysts note that while capitulation metrics such as MVRV point to undervaluation, they do not eliminate the risk of further downside before any recovery materializes.

Midnight’s NIGHT Token Launch Could Shift Sentiment, but Uncertainty Remains
Even as ADA struggles, Cardano’s broader ecosystem is gearing up for a major milestone: the launch of Midnight’s NIGHT token on December 8, 2025. Midnight introduces privacy-focused smart contracts with selective disclosure, aiming to balance confidentiality with regulatory compliance.

Analysts believe the NIGHT rollout could eventually inject positive momentum if adoption accelerates. Still, traders caution that ADA’s immediate outlook remains tied to technical fragility, liquidity challenges, and overall market sentiment.

For now, ADA sits on a razor’s edge, stabilizing near support, but vulnerable to a deeper drop toward $0.43 and potentially $0.30 if sellers keep control.

Cover image from ChatGPT, ADAUSD chart from Tradingview

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

The Ethereum price has plummeted below the critical $3,000 level as the broader cryptocurrency market experiences an intense sell-off, triggering renewed uncertainty among traders.

ETH is currently trading around $3,067, marking a 23% decline over the past month and signaling one of its steepest corrections of 2025.

Long-Term Holders Accumulate, But Pressure Mounts
Despite the sharp correction, on-chain data shows long-term Ethereum holders are doubling down. According to CryptoQuant, Ethereum is trading roughly 8% above the Accumulation Addresses Realized Price, a metric that tracks the cost basis of seasoned holders.

These investors have added 17 million ETH in 2025, increasing their total holdings from 10 million to over 27 million coins, suggesting deep conviction even as markets wobble.

However, the selling pressure across exchanges remains intense. More than 164,000 traders were liquidated in 24 hours, with total liquidations nearing $900 million.

Ethereum price also entered a major liquidation zone between $2,900 and $3,000, amplifying volatility. Outflows from Ethereum ETFs also surged, with over $728 million withdrawn in a week, further weakening sentiment.

Adding to market anxiety, high-profile crypto figure Arthur Hayes reportedly offloaded 1,480 ETH, sparking speculation that influential traders may be bracing for a deeper downside.

ETH's price trends to the downside on the daily chart. Source: ETHUSD on Tradingview
Ethereum Price Technical Levels Signal Caution
From a technical perspective, the Ethereum price structure remains fragile. The asset is trading below the 100-hourly SMA and struggling to reclaim the 50-week moving average, which now acts as resistance. A bearish trend line has formed near $3,150, with additional hurdles at $3,260 and $3,350.

On the downside, immediate support lies at $2,950, followed by a stronger floor at $2,880. A break below this region could open the path toward $2,750 or even $2,680 levels, which analysts warn could trigger broader market contagion.

Is a Recovery Still Possible?
Even amid the chaos, some analysts remain optimistic. Fundstrat’s Tom Lee insists ETH may be bottoming, projecting a potential rally toward $7,000 within 45 days, fueled by the upcoming Fusaka network upgrade, booming stablecoin activity, and growing institutional interest.

For now, the Ethereum price remains caught between strong long-term accumulation and escalating short-term selling pressure. Whether bulls reclaim the $3,150 resistance, or bears push ETH toward fresh lows, will likely hinge on macroeconomic data and Bitcoin’s next major move.

Cover image from ChatGPT, ETHUSD chart from Tradingview

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For years, quantum computing has served as cryptocurrency’s favorite doomsday scenario, a distant but existential threat that periodically resurfaces whenever a lab announces a qubit milestone.

The narrative follows a predictable arc where researchers achieve some incremental breakthrough, social media erupts with “Bitcoin is dead” predictions, and the news cycle moves on.

But Adam Back’s November 15 remarks on X cut through that noise with something the discourse desperately lacks: a timeline grounded in physics rather than panic.

Back, the Blockstream CEO, whose Hashcash proof-of-work system predates Bitcoin itself, responded to a question about accelerating quantum research with a blunt assessment.

Bitcoin faces “probably not” any vulnerability to a cryptographically relevant quantum computer for roughly 20 to 40 years.

More importantly, he stressed that Bitcoin doesn’t have to wait passively for that day.

NIST has already standardized quantum-secure signature schemes, such as SLH-DSA, and Bitcoin can adopt these tools through soft-fork upgrades long before any quantum machine poses a genuine threat.

His comment reframes quantum risk from an unsolvable catastrophe into a solvable engineering problem with a multi-decade runway.

That distinction matters because Bitcoin’s actual vulnerability isn’t where most people think, as the threat doesn’t come from SHA-256, the hash function that secures the mining process. It comes from ECDSA and Schnorr signatures on the secp256k1 elliptic curve, the cryptography that proves ownership.

A quantum computer running Shor’s algorithm could solve the discrete logarithm problem on secp256k1, deriving a private key from a public key and invalidating the entire ownership model.

In pure mathematics, Shor’s algorithm renders elliptic curve cryptography obsolete.

The engineering gap between theory and realityBut mathematics and engineering exist in different universes. Breaking a 256-bit elliptic curve requires somewhere between 1,600 and 2,500 logical, error-corrected qubits.

Each logical qubit demands thousands of physical qubits to maintain coherence and correct errors.

One analysis, based on the work of Martin Roetteler and three other researchers, calculates that breaking a 256-bit EC key within the narrow time window relevant to a Bitcoin transaction would require approximately 317 million physical qubits under realistic error rates.

It is essential to consider where quantum hardware actually stands. Caltech’s neutral-atom system operates around 6,100 physical qubits, but these are noisy and lack error correction.

More mature gate-based systems from Quantinuum and IBM operate in the tens to low hundreds of logical-quality qubits.

The gap between current capability and cryptographic relevance spans several orders of magnitude, not a small incremental step, but a chasm that requires fundamental breakthroughs in qubit quality, error correction, and scalability.

NIST’s own post-quantum cryptography explainer states this plainly: no cryptographically relevant quantum computer exists today, and expert estimates for its arrival vary so widely that some specialists think “less than 10 years” remains a possibility. In contrast, others place it firmly past 2040.

The median view clusters around the mid-to-late 2030s, making Back’s 20-to-40-year window conservative rather than reckless.

The migration roadmap already existsBack’s “Bitcoin can add over time” comment points toward concrete proposals already circulating among developers.

BIP-360, titled “Pay to Quantum Resistant Hash,” defines new output types where spending conditions include both classical signatures and post-quantum signatures.

A single UTXO becomes spendable under either scheme, allowing for a gradual migration rather than a hard cutoff.

Jameson Lopp and other developers have built on BIP-360 with a multi-year migration plan. First, add PQ-capable address types via soft fork. Then gradually encourage or subsidize moving coins from vulnerable outputs into PQ-protected ones, reserving some block space each block specifically for these “rescue” moves.

Academic work dating back to 2017 has already recommended similar transitions. A 2025 preprint from Robert Campbell proposes hybrid post-quantum signatures, where transactions carry both ECDSA and PQ signatures during an extended transition period.

The user-side picture reveals why this matters. Roughly 25% of all Bitcoin, between four and six million BTC, sits in address types where public keys are already exposed on-chain.

Early pay-to-public-key outputs from Bitcoin’s first years, reused P2PKH addresses, and some Taproot outputs all fall into this category. These coins become immediate targets once Shor on secp256k1 becomes practical.

Modern best practice already provides substantial protection. Users who employ fresh P2PKH, SegWit, or Taproot addresses without reusing them benefit from a critical timing advantage.

For these outputs, the public key remains hidden behind a hash until the first spend, compressing the attacker’s window to run Shor within the mempool confirmation period, measured in minutes rather than years.

The migration job isn’t starting from scratch, it’s building upon existing good practices and transitioning legacy coins into safer structures.

The post-quantum toolbox is readyBack’s mention of SLH-DSA wasn’t casual name-dropping. In August 2024, NIST finalized the first wave of post-quantum standards: FIPS 203 ML-KEM for key encapsulation, FIPS 204 ML-DSA for lattice-based digital signatures, and FIPS 205 SLH-DSA for stateless hash-based digital signatures.

NIST also standardized XMSS and LMS as stateful hash-based schemes, with the lattice-based Falcon scheme in the pipeline.

Bitcoin developers now have a menu of NIST-approved algorithms, along with reference implementations and libraries.

Bitcoin-focused implementations already support BIP-360, indicating that the post-quantum toolbox exists and continues to mature.

The protocol doesn’t need to invent brand-new mathematics, it can adopt established standards that have undergone years of cryptanalysis.

That doesn’t mean implementation comes without challenges. A 2025 paper examining SLH-DSA found susceptibility to Rowhammer-style fault attacks, emphasizing that while security rests on ordinary hash functions, implementations still require hardening.

Post-quantum signatures also consume more resources than their classical counterparts, raising questions about transaction sizes and the economics of fees.

But these represent engineering problems with known parameters, not unsolved mathematical mysteries.

Why 2025 isn’t about quantumBlackRock’s iShares Bitcoin Trust (IBIT) amended its prospectus in May 2025 to include extensive disclosures about quantum computing risk, warning that a sufficiently advanced quantum computer could compromise Bitcoin’s cryptography.

Analysts immediately recognized this as standard risk-factor disclosure, boilerplate language alongside generic technology and regulatory risks, rather than a signal that BlackRock expects imminent quantum attacks.

The near-term threat is investor sentiment, rather than the technology of quantum computing itself.

A 2025 SSRN study found that news related to quantum computing triggers some rotation into explicitly quantum-resistant coins. Still, conventional cryptocurrencies exhibit only modest negative returns and volume spikes around such news, rather than structural repricing.

When examining what actually drove Bitcoin’s movement throughout 2024 and 2025, going through ETF flows, macroeconomic data, regulation, and liquidity cycles, quantum computing rarely appears as a proximate cause.

CPI prints, ETF outflow days, and regulatory shocks drive price action, while quantum computing generates headlines.

Even articles sounding the loudest alarms about “25% of Bitcoin at risk” frame the threat as years away while emphasizing the need to start upgrading now.

The framing consistently lands on “governance and engineering problem” rather than “sell immediately.”

Stakes are about defaults, not deadlinesBitcoin’s quantum story isn’t really about whether a cryptographically relevant quantum computer arrives in 2035 or 2045. It’s about whether the protocol’s governance can coordinate upgrades before that date becomes relevant.

Every serious analysis converges on the same conclusion that the time to prepare is now, precisely because migration takes a decade, not because the threat is imminent.

The question that will determine Bitcoin’s quantum resilience is whether developers can build consensus around BIP-360 or similar proposals, whether the community can incentivize migration of legacy coins without fracturing, and whether communication can stay grounded enough to prevent panic from outrunning physics.

In 2025, quantum computing poses a governance challenge that necessitates a 10- to 20-year roadmap, rather than a catalyst that will dictate this cycle’s price action.

Physics advances slowly, and a roadmap is visible.

Bitcoin’s role is to adopt PQ-ready tools well before the hardware arrives, and to do so without the governance gridlock that can turn a solvable problem into a self-inflicted crisis.

Mentioned in this article

SUI drops 70% to $1.66 amid forced selling. Analysts eye $1–$1.70 zone as potential accumulation area while network activity stays strong.

TLDR

Strategy’s Bitcoin holdings remain profitable despite Bitcoin’s recent price drop below $92,000.
The company’s average purchase price for Bitcoin is significantly lower than the current market price, providing a cushion against volatility.
Despite market fluctuations, Strategy continues to accumulate Bitcoin and dismisses the idea of selling during market stress.
The CryptoQuant uPnL chart shows that Strategy’s holdings have remained in profit even after past market crashes.
Prediction markets are pricing in a further Bitcoin price decline, but Strategy’s Bitcoin strategy remains unchanged.

Bitcoin’s recent drop below $92,000 has raised concerns about the sustainability of Michael Saylor’s BTC holdings under the Strategy. Despite the price decline, a CryptoQuant chart shows that the Strategy’s holdings remain in profit, even after multiple market crashes. The company has maintained an aggressive Bitcoin accumulation strategy, dismissing volatility as a temporary concern. However, recent developments are testing investor confidence.

Strategy’s Bitcoin Holdings Remain Profitable Despite Market Decline
CryptoQuant’s unrealized profit and loss (uPnL) chart, which tracks Strategy’s Bitcoin position since 2020, paints a positive picture. Despite Bitcoin’s recent price drop of over 13% in the past week, Strategy’s holdings still show substantial unrealized gains. The chart shows persistent green bars, indicating that the company’s Bitcoin bet remains profitable even through multiple market dips.

During past crashes, such as in 2021 and 2022, there were brief periods of unrealized losses, marked by red zones on the chart. However, these losses were short-lived and quickly reversed. “The company’s average purchase price for Bitcoin is well below the current market price, giving them a significant cushion against volatility,” said an industry analyst.

Even with the ongoing sell-off, Strategy continues to hold and accumulate Bitcoin. Michael Saylor has made it clear that his company will not sell its Bitcoin holdings, despite market fluctuations. “Bitcoin is an exponential treasury asset,” Saylor stated. He believes that, in the long run, Bitcoin will outperform other assets, including gold.

Bitcoin’s Decline Raises Concerns Over Sell-Off Risks
Bitcoin has fallen by more than 16% over the past six months, and recent price action is testing investors’ resolve. The current market downturn has heightened fears among traders. Recent events, including the movement of Bitcoin from the Mt. Gox wallet to Kraken, have sparked rumors of further sell-offs, adding to market uncertainty.

The sell-off has contributed to increased volatility and growing concerns about Strategy’s balance sheet. While the company’s BTC holdings are still in profit, the broader market remains under pressure. Prediction markets are now pricing in the possibility of Bitcoin dropping below $80,000, with odds increasing to 38%.

Investors pulled millions from XRP-linked exchange-traded products last week as uncertainty gripped the broader crypto market, but how does this fare for an XRP price prediction?According to CoinShares, total outflows from crypto ETPs reached $2 billion, marking the largest weekly exit since February, with XRP products taking a significant hit.

Journalist

Posted: November 19, 2025

Key Takeaways
How much did Balancer recover after the exploit?
Coordinated whitehat operations and emergency DAO actions protected or recovered $45.7M of the $121.1M stolen; a 38% mitigation rate.

What caused the BAL token crash?
BAL dropped 23.81% following the 3 November exploit, falling from around $1.00 to $0.7487 despite significant fund recovery efforts.

Balancer published a comprehensive post-mortem today, detailing how coordinated emergency responses protected or recovered $45.7 million following a $121.1 million exploit on 3 November. 

However,  BAL token holders remain underwater, with the token trading 24% below pre-exploit levels despite the recovery success.

The DeFi protocol’s crisis management showcased what works in blockchain security. Within minutes of detection at 7:46 UTC, whitehat rescuers operating under the SEAL Safe Harbor Agreement began front-running attackers across multiple chains.

StakeWise pulls off fastest recovery
StakeWise DAO executed the largest single recovery operation just 90 minutes after the initial exploit. Using their multisig governance, they retrieved 5,041 osETH [worth approximately $19 million] and 13,496 osGNO [worth $1.9 million].

The recovery represented 73.5% of stolen osETH and 100% of stolen osGNO. StakeWise is managing distribution directly to affected users through their own governance process.

SEAL Safe Harbor whitehats recovered an additional $4.6 million across Ethereum, Polygon, Base, and Arbitrum. Bitfinding alone front-ran attackers on Ethereum Mainnet for $964,000 in various staked ETH tokens.

Emergency pauses on vulnerable V6 Composable Stable Pools protected another $19.3 million in liquidity. Major liquidity providers, including Crypto.com and Ether.fi, withdrew funds safely after the pause.

Market remains skeptical despite Balancer recovery success
BAL currently trades at $0.7487, down 23.81% from pre-exploit levels around $1.00. The token briefly bounced 5.51% today but remains deeply oversold, with an RSI of 35.64.

The sustained price decline suggests investors focus on the $75.4 million still controlled by attackers rather than the $45.7 million recovered. Balancer committed to pursuing recovery through law enforcement coordination and legal channels, but these efforts take time.

The protocol plans to return recovered funds on a pool-by-pool basis through governance proposals. LPs will need to actively claim recovered funds rather than receiving automatic distributions.

Balancer also accelerated its transition away from vulnerable V2 architecture. The team disabled all gauges associated with the affected pools and disabled CSPv6 factory contracts to prevent the creation of new vulnerable pools. 

V3 remains completely unaffected due to its security-first architectural design.

Ripple developer J. Ayo Akinyele has sparked fresh discussion around how XRP could evolve as adoption expands, particularly with the idea of introducing staking to the XRP Ledger (XRPL). His commentary comes at a time when XRP is gaining renewed institutional attention, highlighted by Canary’s launch of the first XRP ETF, and as the asset continues to scale across global payment and liquidity markets.

Akinyele noted that XRP has always been designed for speed, efficiency, and moving value across borders. With the network now supporting payments, tokenized assets, and real-time liquidity, he believes it is natural for the community to explore future participation models. Unlike many blockchains that rely on staking to incentivize validators, the XRPL uses a unique Proof of Association model that prioritizes trust, consistent performance, and sustainable governance. XRP does not use staking, nor does it offer rewards—transaction fees are burned rather than redistributed, contributing to the system’s efficiency.

Because of this distinct architecture, Akinyele stressed that any consideration of staking would require thoughtful evaluation. A potential model would need a transparent rewards source and fair distribution. He suggested that new programmability features being developed by Ripple—especially around tokenization and stablecoins—could introduce fees that flow into a reward pool, though he clarified that this exploration does not imply changes to XRPL’s current design.

Akinyele also pointed out that yield opportunities already exist outside the ledger through exchanges and DeFi platforms like Flare and Doppler Finance, which offer yield-bearing products tied to XRP or wrapped XRP. These examples show that innovation can grow without altering XRPL’s core principles. He emphasized that the real value of discussing staking lies in understanding how future features could integrate with the dependable, trust-centered foundation that makes XRP stable and widely trusted.

Overall, Akinyele’s insights highlight XRP’s cautious, responsible approach to growth—one that balances new possibilities with the resilience and reliability that define the XRPL.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Aave has introduced a mobile savings application that mimics banking interfaces to offer users stablecoin access in ways that standard savings accounts typically can’t.

Summary

Aave’s new mobile app enables users to convert euros and dollars into stablecoins that generate interest.
The app offers stablecoin yields that outperform traditional savings accounts and U.S. Treasury bills.
By leveraging Apple’s iOS platform, Aave aims to offer up to $1 million in user balance protection.

The line between DeFi and TradFi gets blurry
According to the decentralized finance protocol, the new app functions on Apple’s iOS platform. It also removes previous obstacles that prevented DeFi users from accessing the system, including the clunky process of calculating fees and entering blockchain addresses manually.

Users can fund their accounts through euro and dollar deposits or by linking their debit cards while the system transforms their funds into stablecoins that generate interest.

The protocol uses blockchain technology, which provides public auditability of its ledger, while traditional banking systems hide liquidity data from public view. And Aave Labs obtained Virtual Asset Service Provider status under Europe’s Markets in Crypto-Assets (MiCA) framework to operate as a regulated entity.

The application gains authorized access to SEPA banking for euro and dollar transactions through its Virtual Asset Service Provider status. The application safeguards user balances up to $1 million which exceeds the $250,000 protection offered by Federal Deposit Insurance Corporation for U.S. bank accounts.

The protection system operates through the protocol rather than relying on government backing. The stablecoin annual percentage yields offered by Aave have consistently outperformed U.S. Treasury bill returns, according to the company, because they are derived from on-chain borrowing rather than central bank rate decisions.

The application launch comes as major central banks, including the Federal Reserve and the European Central Bank, plan to reduce interest rates.

The Apple App Store enables Aave to leverage the same payment infrastructure that supports more established players like PayPal, Cash App and Nubank.

DeFi limits
The adoption of DeFi protocols remains limited because users face difficulties with complex interfaces and expensive transactions as well as security threats or system failures.

The DeFi sector mainly attracts advanced users who are willing to take on risk for better investment opportunities.

The application uses account abstraction to execute blockchain operations automatically, without requiring users to handle the technical details of asset transfers between different blockchain networks.

Aave’s app comes at a time when stablecoin issuance is growing at a rapid pace, especially in the U.S.

Since the GENIUS Act, the volume of dollar-pegged digital tokens has surged by over 48%, climbing past $300 billion. U.S. dollar-denominated stablecoins such as USDT and USDC are also increasingly being used for cross-border payments and trading activity, and hold the largest market share globally. The two largest stablecoins by market cap, Tether (USDT) and USD Coin (USDC), are both pegged to the U.S. dollar and dominate the stablecoin sector.

Bitwise’s Solana Staking ETF (BSOL) pulled in $56 million in volume on its launch day, while Canary Capital’s spot XRP ETF (XRPC) posted $58 million, the highest two volumes for any ETF launched in 2025.

Yet, SOL traded near $205 one day before the ETF launch and slumped to $165 within a week, a 20% drop during what K33’s Vetle Lunde called “a clear success” in terms of flows. As of press time, SOL traded around $140.

XRP slipped 7% within 48 hours surrounding its ETF debut, dropping from the region between $2.40 and $2.50 toward the low $2.20. Both coins are now at multi-month lows, while their ETF wrappers continue to log positive net creations.

The paradox isn’t actually paradoxical. These ETFs were launched exactly as designed into a particularly challenging part of the cycle, which consisted of heavy profit-taking, macro risk-off sentiment, and capital reshuffling within the crypto space, rather than fresh money arriving from outside.

Record ETF prints and red spot charts can coexist because they measure different things.

Volume doesn’t equal net buyingThe “record volume” headlines for BSOL and XRPC describe the number of ETF shares that changed hands, not the amount of new capital that entered the underlying coins.

Those numbers capture secondary trading between early buyers, fast money, and market-makers. They include rebalancing out of other crypto exposures into the new wrapper.

They contain short-term arbitrage where traders buy the ETF and hedge by selling futures or spot SOL/XRP, which can actually pressure prices downward.

Net inflows, which involve the creation of new ETF shares that require actual coin purchases, were strong but relatively small compared to the market size.

CoinShares data indicate that Solana products generated approximately $421 million in one week, with further inflows exceeding $100 million in subsequent weeks.

Despite registering $245 million in inflows on its debut day, the Canary fund was part of the XRP funds group, which saw $15.5 million in outflows last week, suggesting a U-turn in inflows.

The bottom line is: against tokens with market caps in the tens of billions and heavy existing derivatives open interest, those flows don’t move the needle immediately.

The ETF plumbing explains the lag. Canary’s S-1 makes clear that the trust holds XRP directly and creates or redeems shares in 10,000-share “baskets.”

Authorized participants can deliver cash or XRP to create baskets, with the trust sourcing coins via approved venues.

Most launch-day excitement remains in the secondary market, as ETF shares can change hands throughout the day without triggering any creation or redemption at the trust level.

Where creations do occur, they’re often hedged. APs and market-makers routinely buy ETF shares and sell futures or spot to manage risk.

In a risk-off environment, that hedge leg contributes to downward pressure on the underlying coin even as the ETF itself grows.

Launching into a drawdownThese ETFs didn’t arrive in a vacuum. Since mid-October, Bitcoin has given back most of its 2025 gains, falling about 22% from its early-October peak near $126,000 to below $93,000.

Spot Bitcoin ETFs simultaneously flipped from record inflows to heavy redemptions.

Solana and XRP funds are the bright spots in that dataset. Solana especially has “bucked the trend” with back-to-back weeks of inflows, before registering $8.3 million in outflows last week.

These altcoin ETFs are swimming upstream against broad de-risking in everything from BTC ETFs to tech stocks.

Record launches in a structurally hostile macro window produce exactly this outcome: strong relative performance for the new products, weak absolute performance for the underlying assets.

The flows data reveal something else: capital going into altcoin ETFs is rotating from elsewhere in the crypto stack rather than arriving as fresh fiat.

Following the Oct. 10 liquidation event, digital asset ETPs experienced $513 million in total outflows. However, Solana and XRP funds still attracted $156 million and $73.9 million, respectively.

Altcoin ETFs are gaining market share within crypto ETPs, while the overall ETP market is shrinking. For spot prices, that redistributes existing risk across tickers rather than injecting new demand.
The expectations tax

Both SOL and XRP experienced significant run-ups in the lead-up to their ETF listings. Trading data shows SOL climbing from local lows around $177 to approximately $203-205 in the week leading up to the Oct. 28 ETF debut, fueled by aggressive bullish positioning and headlines targeting upside scenarios of over $ 400.

Once BSOL actually launched, that pre-positioning flipped. Profit-taking, stretched valuations, and weakening risk appetite drove SOL’s 20% drop from $205 to $165 despite the ETF’s second-strongest-ever inflow week.

XRP showed the same pattern compressed into a tighter timeframe. The SEC’s generic listing rule in September flagged Solana and XRP as likely first beneficiaries.

XRP rallied on each incremental step toward listing, from Nasdaq’s certification to the final 8-A filing. By the time XRPC opened, Binance News described the intraday move as a “classic sell-the-news” reaction.

The ETF is structurally bullish, but much of that bullishness is already priced in ahead of time. Launch day is when early longs finally have a big, liquid venue to sell into. The product succeeds by its own metrics while the trade that anticipated it gets unwound.

Wrapper innovation doesn’t repeal the cycleThe day-one paradox resolves into a few clean threads. These are real products with real demand. BSOL and XRPC genuinely set 2025 records on first-day metrics and generated hundreds of millions in creations, even as the broader ETP universe bled capital.

They arrived late in the cycle, not early. The launches followed a year of aggressive price appreciation and optimism for ETFs.

By the time tickers went live, SOL and XRP were already crowded trades, with investors using the ETF window to de-risk and lock in gains.

The macro tide is flowing out. Bitcoin’s drawdown from $126,000 to sub-$100,000, the $2.3 billion outflows in ETFs, and rising rate-cut uncertainty mean even good micro stories can’t overpower the higher-beta nature of altcoins.

Mechanics mute the short-term effect. Day-one ETF “volume” is a noisy mix of seeding, intraday churn, and hedged arbitrage.

Net creations have been strong but too small, and too offset by selling elsewhere in crypto, to dictate price in the first few weeks.

The forward-looking question is whether this paradox resolves if ETF inflows continue to compound while Bitcoin and Ethereum stabilize.

Does sustained institutional wrapper demand eventually pull spot prices higher? Or does the market treat these as new vehicles for existing capital to rotate through?

The answer depends on whether fresh fiat arrives or whether crypto remains stuck in internal reshuffling mode.

The day-one paradox isn’t a failure of the ETF trade, but rather a reminder that wrapper innovation doesn’t repeal the cycle. It just gives the cycle a new set of tickers to express itself through.

Mentioned in this article

Posted In: US, Crypto, ETF

On November 18, 2025, the Filecoin ecosystem unveiled its latest advancement, the Filecoin Onchain Cloud, a decentralized cloud platform designed to offer verifiable storage, rapid data retrieval, and onchain programmable payment systems. This new platform has already attracted early adopters and integrations from notable entities such as the ERC-8004 community, Ethereum Name Service (ENS), KYVE, and several others.

TLDR

Table of Contents

TLDRWorldcoin Rises as Intuit Joins OpenAIPolymarket Incentive Program Drives New WLD DemandGet 3 Free Stock Ebooks

Worldcoin increased by 3 percent on September 12 following Eightco Holdings’ major asset disclosure.
Eightco Holdings now controls over 10 percent of Worldcoin’s circulating supply with 272 million WLD.
The company also holds 11,068 ETH and over 58 million dollars in liquid assets.
Worldcoin introduced Infinity by ORBS which is a proof-of-human system designed for enterprise identity verification.
OpenAI partnered with Intuit in a multiyear deal worth over 100 million dollars to enhance products like TurboTax.

Worldcoin (WLD) rose 3% on September 12 following Eightco Holdings’ latest disclosure. The enterprise infrastructure firm confirmed control of over 10% of WLD’s circulating supply. The token traded at $0.69 during the price increase.

Eightco reported holding 272 million WLD in its digital asset treasury. The firm also owns 11,068 ETH and $58.2 million in cash. These holdings solidify one of the project’s largest treasury commitments.

According to Eightco’s statement, “We are committed to supporting blockchain-based identity innovation at global scale.” The company emphasized long-term involvement. Eightco’s strategic positioning adds weight to the token’s recent market recovery.

Eightco aligned its move with Worldcoin’s push into biometric verification. Worldcoin has launched Infinity by ORBS for large-scale enterprise identity verification. This aims to boost adoption across multiple business sectors.

Infinity by ORBS acts as a proof-of-human authentication system. It supports secure, scalable digital identity checks. Worldcoin expects enterprise uptake to accelerate following Eightco’s support.

WLD’s market activity responded positively. The token reclaimed support from a multi-week falling wedge pattern. Buyers regained momentum during early November trading.

The 12-hour chart shows resistance near $0.74 based on Bollinger Bands. Relative Strength Index stands at 40.16, suggesting room for growth. A breakout above $0.75 may trigger gains beyond $1.10.

Failure to clear mid-band resistance may reverse recent gains. A drop below $0.62 would end the bullish setup. Traders watch these levels for direction.

Worldcoin Rises as Intuit Joins OpenAI
Worldcoin’s parent firm OpenAI confirmed a major deal with fintech firm Intuit. The collaboration focuses on product integration using OpenAI’s models. Intuit will invest over $100 million in the multiyear effort.

Products like TurboTax will benefit from the AI expansion. TurboTax has over 100 million users globally. Nearly 40 million users are based in the United States.

Intuit’s shares rose 2.6% during pre-market trading on September 12. This followed the public confirmation of the partnership. WLD’s price rose alongside the announcement.

The partnership may create demand for related digital infrastructure. This supports Worldcoin’s global identity ambitions. Both firms aim to expand digital service access.

Polymarket Incentive Program Drives New WLD Demand
In October, Worldcoin entered a partnership with Polymarket. The deal offered new users a 10% WLD deposit incentive. This initiative targeted expansion of Worldcoin’s user base.

Polymarket supports blockchain-based prediction markets. It introduced the promotion to align with Worldcoin’s identity goals. This also helped build community trust.

The incentive was limited to new Worldcoin participants. It aimed to drive transaction volume and user activity. The partnership increased awareness of the project’s mission.

Worldcoin’s collaboration with Polymarket followed Eightco’s treasury news. Together, both moves supported stronger market visibility. These efforts positioned Worldcoin for broader adoption momentum.

Worldcoin currently trades close to $0.69. Resistance remains at $0.74 with technical signs supporting a further move. Traders monitor for a breakout above $0.75.

SGX Derivatives announces exchange‑cleared bitcoin and ethereum perpetual futures launching November 24, 2025. SGX Derivatives announced on November 17, 2025 in Singapore that it will launch bitcoin and ethereum perpetual futures on November 24, 2025, offering continuous, no‑expiry contracts within an exchange‑cleared, regulated framework for institutional, accredited, and expert investors.

In brief
Arthur Hayes claims that Bitcoin is being negatively impacted by lower U.S. dollar liquidity.
The market analyst argued that Bitcoin has been propped up this year by hedge funds performing “basis trades” with Bitcoin ETFs, such as BlackRock’s IBIT.
He feels that Bitcoin could fall further before booming—if the US government increases the money supply.
Arthur Hayes, a seasoned market analyst and former CEO of crypto exchange BitMEX, has chalked up Bitcoin's recent price plunge to reduced dollar liquidity, instead of factors like government support or institutional investors no longer “being long on Bitcoin.”

“Bitcoin is the free-market weathervane of global fiat liquidity,” he wrote Monday. “It trades on the expectation of future fiat supply.”

Bitcoin dropped below $90,000 on Tuesday morning, hitting a seven-month low—one day after erasing all of its 2025 gains. Hayes believes that BTC hitting the low $90,000s while the S&P 500 and Nasdaq 100 stock indexes near all-time highs means that a “credit event is brewing.” 

Hayes argues that if stocks have a “10% to 20%” correction and interest rates stay near 5%, then the U.S. government will move to print more dollars. He thinks this liquidity boost could mean Bitcoin will “zoom” towards a price of $200,000 to $250,000 by year’s end “if the broader risk markets implode, and the Fed and Treasury accelerate their money printing capers.”

Hayes noted that Bitcoin had previously risen since April, despite USD liquidity falling by his own combination of metrics. The Trump-pardoned crypto founder believes this is due to institutional buy-ins propping it up with high ETF inflows, as well as “liquidity-positive rhetoric from the Trump administration.”

ETFs have been hit with historic outflows in recent months. Last week, BlackRock’s market-leading Bitcoin Trust ETF (IBIT) logged a record $463 million one-day outflow on November 14, while crypto funds internationally collectively saw $2 billion in weekly outflows.

Hayes links this decline to how five of the largest holders of BlackRock’s IBIT US, the world’s largest Bitcoin ETF, are hedge funds and investment firms like Goldman Sachs and Jane Street that use it as part of something known as a “basis trade.”

In this type of trade, traders take a position in one asset and the opposite position in a related futures contract—for example, buying a Bitcoin ETF and shorting a Bitcoin future. Traders then make a profit when the difference between the asset and futures prices narrows.

“The largest holders of the biggest ETF by assets-under-management (AUM) (BlackRock’s IBIT US) use the ETF as part of a basis trade; they are not long Bitcoin,” said Hayes. “They short a CME-listed Bitcoin futures contract vs. buying the ETF to earn the spread between the two.”

He added: “This is capital-efficient because their broker usually allows them to post the ETF as collateral against their short futures position.”

Basis trades are a huge part of the financial services industry. JPMorgan estimated in April that there was $400 billion locked in that type of trade.

As Bitcoin is recently in decline, the “basis” of these trades is lower, meaning fewer ETF inflows as they look less profitable. Hayes argues that retail investors are misinterpreting the behavior of these institutional investors, whose actions don’t represent faith in Bitcoin’s future price as much as the viability of this specific type of trade.

“Now retail believes these same investors don’t like Bitcoin, creating a negative feedback loop that influences them to sell, which decreases the basis, finally causing more institutional investors to sell the ETF,” he said.

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Key takeaways:

Solana's rebound from its weekly support at $130 signals a potential price recovery to $250.

An increase in open interest and spot demand signals the return of buyers into the market.

Institutional demand for SOL rises with $390 million in cumulative ETF inflows, driven by investors’ excitement for future Solana ETF launches.

Solana (SOL) weekly chart suggests that SOL price may have formed a bottom near $130, a setup that could help SOL price recover toward $250 in the weeks ahead. 

SOL’s market structure hints at a return to $250SOL’s price action since Nov. 11 has led to the appearance of a V-shaped recovery pattern on the four-hour chart. This follows a sharp drop that saw SOL price fall 25% from a high of $173.

Bulls bought the dip following this drop, resulting in a sharp recovery to the current levels. The relative strength index (RSI) has increased to 50 from 28 since Nov. 13, indicating increasing upward momentum.

SOL/USD four-hour chart. Source: Cointelegraph/TradingViewZooming out, the weekly chart reveals strong support for the SOL/USD pair at $130, as shown below. 

Previous rebounds from this level have triggered massive price rallies: a 108% increase to $265 from $127 between September 2024 and November 2024, and a 98% rally to $250 from $130 between June 2025 and September 2025. 

If the same scenario plays out, SOL could extend today’s recovery to $250, representing an 80% increase from the current levels. 

SOL/USD weekly chart. Source: Cointelegraph/TradingViewIt is important to note that the RSI recently reached oversold conditions in lower time frames, levels that have historically preceded significant price reversals.

As Cointelegraph reported, SOL price may rise toward the $180-$200 range if the 20-day EMA at $160 is reclaimed at support. 

Spot and futures buyers are backCoinGlass data shows Solana’s futures open interest (OI) has increased by 5% over the last 24 hours to $7.3 billion. Similarly, perpetual funding rates (eight-hour) turned positive to 0.0059% from -0.0001% in tandem with the jump in OI.  

Increasing OI and rising funding rates signal the return of demand in SOL’s futures market, setting the stage for a sharp reversal (short squeeze) if longs are overcrowded and a catalyst emerges. 

Meanwhile, net taker volume has flipped positive, indicating that more buyers are stepping in at lower levels. Spot CVD is rising, highlighting that the recovery is both spot-driven and futures-driven, often taken as a healthy setup.

SOL price, Net taker volume and aggregated CVD spot and futures. Source: Cointelegraph/TradingViewInvestors increase exposure to Solana ETFsSpot Solana exchange-traded funds (ETFs) continued to attract investor interest, recording their 15th straight day of inflows, underscoring institutional demand for the network’s native asset.

US-based SOL ETFs added $8.26 million on Monday, bringing cumulative inflows to $390 million and total net assets to over $513 million, per SoSoValue data.

Spot Solana ETF flows data. Source: SoSoValueVanEck’s Solana ETF launched on Monday, and many more ETFs are expected to go live over the next week, adding to SOL’s tailwinds.

Additional data from Nansen shows strengthening network metrics, including an 18% increase in daily active addresses and a 9.1% rise in daily transactions over the last 30 days.

30-day performance of major blockchains. Source: NansenAs Cointelegraph reported, Solana’s strong onchain metrics and DApps revenue dominance hint at long-term strength, backing SOL’s upside.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

Journalist

Posted: November 19, 2025

Samyukhtha L KM is a Financial Journalist and Market Analyst at AMBCrypto whose work is defined by one central question: Is the latest trend in blockchain hype, or history in the making?
Her expertise is built on a strong academic foundation, with a Master’s in Journalism and Mass Communication from Amity University and a Bachelor’s in Commerce from the University of Madras. This dual qualification equips her with a unique skill set: the financial acumen to dissect market mechanics and the journalistic rigor to investigate and communicate complex subjects with clarity.
Samyukhtha specializes in analyzing the socio-economic impact of blockchain adoption and assessing the viability of new market narratives. This includes a focus on high-velocity, community-driven assets such as memecoins, where she evaluates sentiment and fundamentals. She is dedicated to providing readers with insightful, well-researched commentary that looks beyond immediate market moves to understand the long-term implications of decentralized technology.

Dormant Libra-linked wallets reactivate, moving millions in USDC into Solana as legal cases and insider concerns intensify.

Izabela Anna2 min read

18 November 2025, 10:02 PM

Fresh movement across wallets tied to the failed Libra meme token has renewed concerns about insider control and on-chain oversight. The renewed activity began shortly after Solana fell below $130, drawing immediate attention from analysts who monitor dormant insider addresses. 

The transfers involved large amounts of USDC, and the funds moved into Solana during the recent market dip. The pattern added another layer to an already complex case that spans blockchain networks, legal disputes, and political fallout.

Dormant Wallets Reactivate and Accumulate SolanaTwo wallets identified by Nansen as Libra Deployer and 61yKS increased their activity after months of silence. Both addresses used large USDC balances to buy Solana at an average price of $135. 

Moreover, the Libra Deployer wallet initially controlled more than $13 million in USDC, while the 61yKS wallet held around $44 million. Their combined activity resulted in an accumulation of 456,401 SOL.

Additionally, one wallet removed liquidity from decentralized pools and directed the stablecoins into Solana and wrapped Solana. This address carried a long history tied to the rise and collapse of the Libra token. 

The same wallet also handled earlier liquidity exits that caused major losses during the crash. These patterns raised concerns because ongoing hearings and asset recovery efforts remain active across multiple jurisdictions.

Whale Activity Expands During Solana’s DipLarge holders outside the Libra circle also grew more active. One whale absorbed more than $17 million in Solana during the correction. 

Another moved $16.2 million in tokens to cold storage. Hence, broader market behavior suggested renewed confidence in Solana’s long-term strength despite short-term volatility.

Traders now track two possible levels. A drop below $130 could trigger long liquidations. A move above $145 could pressure short positions and force a squeeze.

Authorities continue to examine the flow of funds connected to Libra and its creator, Hayden Davis. A US judge froze $57.6 million in USDC in May, yet the freeze was later lifted. Consequently, analysts said wallet activity increased soon after.

Argentina’s federal court also escalated its efforts. Officials froze more than $507,000 in assets after tracing transactions linked to Davis and regional operators. Investigators tracked funds across several blockchains, including Arbitrum, Avalanche, and Solana, as part of a wider inquiry into potential coordinated transfers.

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Izabela Anna

Izabela Anna is a knowledgeable freelance journalist, who boasts over five years of experience covering the cryptocurrency market. Her tenure has seen her navigate through the ebbs and flows of multiple market cycles, giving her a deep understanding within. Her journalistic focus lies in dissecting price action dynamics, scrutinizing the on-chain landscape, and providing insights from a technical perspective, making her a trusted voice in the realm of cryptocurrency reporting.

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