Market Signal Briefing

BlackRock CEO Larry Fink says sovereign wealth funds have been “buying the dip” in bitcoin, underscoring a notable rise in long-term institutional confidence even as the cryptocurrency experienced sharp price swings. Speaking at the New York Times DealBook Summit, Fink revealed that several sovereign wealth funds added to their bitcoin positions as the price dropped to $120,000, $100,000, and even into the $80,000 range. According to Fink, these state-backed investors are not seeking short-term gains — they are building strategic positions designed to be held for years.

While sovereign wealth fund interest in bitcoin is not entirely new — with entities like Abu Dhabi’s Mubadala Investment Company and Luxembourg’s national fund previously disclosing exposure through spot bitcoin ETFs — their willingness to accumulate during recent price declines signals a deeper shift in sentiment. Fink emphasized that these investments reflect a “purpose-driven” approach, aligning bitcoin with long-term hedging strategies rather than speculation.

The comments highlight how institutional adoption of bitcoin continues to evolve, especially among large global investors managing national reserves. Despite ongoing volatility, bitcoin’s appeal as a hedge against inflation, rising government debt, and currency debasement appears to be strengthening. Fink, once a vocal critic of the asset, has become one of its strongest advocates as demand accelerates.

Under his leadership, BlackRock launched the iShares Bitcoin Trust (IBIT), which quickly grew into one of the firm’s most profitable ETFs, attracting billions in inflows since early 2024. The success of IBIT and the increasing involvement of sovereign funds reinforce bitcoin’s expanding role within institutional portfolios.

Fink reiterated his belief that bitcoin holds a significant use case in today’s macroeconomic environment, framing it as a resilient store of value for long-term investors. As sovereign wealth funds continue to accumulate, their participation signals rising global confidence in bitcoin’s future and its potential to act as a safeguard against economic uncertainty.

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Bitwise Chief Investment Officer Matt Hougan is rejecting a growing claim that Strategy could be compelled to sell Bitcoin. He called the premise just flat wrong. His note argues that neither index changes nor market pressure creates a requirement to liquidate the firm’s BTC holdings.

Bitcoin Jitters as MSCI Weighs Strategy
A client note carried the title “No, Virginia, Strategy Is Not Going To Sell Its Bitcoin.”Hougan said two themes have dominated his inbox. Investors have focused on potential MSCI index removal and the idea that such a move could force Strategy to unwind its BTC position.

MSCI is considering excluding digital asset treasury companies from its investable indexes, with a decision due on January 15. JPMorgan recently estimated that a removal could trigger up to $2.8 billion of passive selling of Strategy stock. Hougan said he assigns a 75% chance that the company is removed.

Index changes, in Hougan’s view, often matter less than forecast. He pointed to Strategy’s addition to the Nasdaq-100 last year, which required funds to buy $2.1 billion of shares, yet the price barely moved. He added that the stock’s decline since Oct. 10 likely reflects market pricing in the removal risk and said he does not expect substantial swings either way.

Attention has also shifted to a “doom loop” scenario described by worried investors. That storyline begins with MSCI exclusion driving the stock lower. It then assumes the share price falls well below net asset value. 

He said a discount to net asset value does not force Bitcoin sales. The relevant constraints, he argued, are the company’s actual payment obligations rather than how the stock trades relative to BTC value.

Recent disclosures provided more detail on positioning and liquidity. On Monday, Strategy buys 130 BTC for about $11.7 million at an average price of $89,960 per BTC. Total holdings were reported at 650,000 BTC after the purchase.

BTC Liquidity Build Reduces Sell Pressure
Strategy also outlined how it plans to use that cash buffer. The firm said its current intention is to keep a reserve sufficient to fund at least twelve months of dividends. The company said it plans to grow the reserve over time, with a target of ultimately being able to weather 24 months or more.

Saylor outlined a trajectory that involves BTC sales without diminishing exposure in the long term. The firm can sell overvalued Bitcoin, pay out dividends and still increase its stash of the digital currency over time, he added. The framing was an effort to counteract negative narratives around payout liabilities.

Hougan said the near-term math still does not support liquidation fears. He said $1.4 billion in cash can cover commitments for about a year and a half. He added that the first debt maturity does not arrive until February 2027 .The totals about $1 billion, which he characterized as small relative to the firm’s roughly $60 billion Bitcoin holdings.

Legitimate concerns remain in the market, including slow progress on crypto market structure legislation. He also pointed to the health of smaller digital asset treasury companies. Strategy’s BTC position, he argued, should not be treated as a near-term forced-sale risk, regardless of the MSCI outcome.

On December 4, 2025, Ripple’s cryptocurrency, XRP, saw its price dip to $2.2245, marking a significant pullback from the week’s peak. The token remains approximately 42% below its highest value for the year, which reached $3.6680. This retreat in price occurs as Ripple announces the completion of a substantial acquisition, buying out GTreasury for $1 billion, a move aimed at strengthening its position in the financial technology sector.

Ripple’s acquisition of GTreasury, a company specializing in treasury management solutions, reflects the company’s strategic pivot to expand its services beyond blockchain payments. This move aligns with Ripple’s broader strategy to become a major player in the fintech industry, leveraging GTreasury’s software and expertise to enhance its offerings to corporate clients. The purchase, finalized this week, is expected to integrate GTreasury’s capabilities in cash and risk management with Ripple’s existing blockchain technology, potentially providing more comprehensive solutions for financial institutions.

Historically, XRP has been one of the leading cryptocurrencies, often fluctuating in response to market dynamics and regulatory news. However, its significant price volatility poses both opportunities and risks for investors. The current slowdown in XRP’s rally could be attributed to market participants reassessing the implications of the GTreasury acquisition. While the acquisition demonstrates Ripple’s commitment to growth and diversification, it also raises questions about the integration process and how quickly tangible benefits will be realized.

The cryptocurrency market, notorious for its volatility, often reacts strongly to strategic moves by major players. Ripple’s recent acquisition underscores its ambition to expand its market share and influence in the global financial system. By enhancing its product suite, Ripple aims to provide more robust and integrated solutions to its clients, potentially increasing its adoption by banks and financial institutions. The acquisition may also pave the way for Ripple to explore new markets and customer bases, particularly in regions where treasury management solutions are in high demand.

GTreasury, known for its strong presence in the treasury management space, brings a wealth of experience and technology to Ripple. This acquisition could allow Ripple to offer a wider range of financial services, including more sophisticated solutions for liquidity management and forecasting, a crucial need for many enterprises. With this deal, Ripple is poised to not only enhance its service offerings but also bolster its competitive edge against other fintech and blockchain companies.

Despite the potential benefits, integrating GTreasury’s systems with Ripple’s existing infrastructure presents challenges. The success of this merger will largely depend on how effectively Ripple can incorporate GTreasury’s technology into its own operations. Any delays or complications in this process could impact Ripple’s ability to deliver on its promises, potentially affecting investor confidence and, consequently, XRP’s market performance.

Ripple’s acquisition comes at a time when the fintech industry is undergoing rapid transformation, driven by technological advancements and changing consumer expectations. The global fintech market, valued at billions, is expected to continue growing as more businesses seek digital solutions for their financial needs. Ripple’s move to acquire GTreasury positions it to take advantage of this growth, offering innovative solutions that combine blockchain’s security and transparency with advanced treasury management tools.

Nevertheless, Ripple faces formidable competition from other fintech giants and blockchain startups. Companies like SWIFT, a well-established player in cross-border payments, and newer entrants like Stellar and Ethereum, continually innovate to capture market share. Ripple’s ability to differentiate its offerings through strategic acquisitions like GTreasury will be crucial in maintaining its competitiveness.

Regulatory developments also play a critical role in shaping the future of Ripple and XRP. The crypto industry is no stranger to regulatory scrutiny, and Ripple has previously faced legal challenges, notably with the U.S. Securities and Exchange Commission (SEC). These regulatory pressures could impact Ripple’s operational flexibility and influence investor sentiment, adding another layer of complexity to its strategic initiatives.

The integration of GTreasury could also prompt Ripple to reevaluate its business model, particularly regarding its reliance on XRP as a bridge currency for cross-border transactions. As Ripple expands its service offerings, it may seek to diversify its revenue streams, reducing potential risks associated with cryptocurrency market volatility. This shift could have long-term implications for XRP’s role within Ripple’s ecosystem and its value proposition to users.

In conclusion, while Ripple’s $1 billion acquisition of GTreasury represents a bold step towards expanding its influence in the fintech sector, the success of this move hinges on several factors. Effective integration, competitive differentiation, and regulatory navigation are critical to realizing the benefits of this acquisition. As Ripple continues to evolve, the implications of its strategic decisions will be keenly observed by investors and industry stakeholders. However, as the dust settles on this significant purchase, the immediate attention remains on how Ripple will leverage GTreasury’s expertise to enhance its market position and drive the adoption of its technologies.

As Ripple forges ahead with its ambitions, the cryptocurrency community and financial markets will closely monitor its progress. The true impact of the GTreasury acquisition on Ripple’s operations and XRP’s market dynamics will unfold over time, shaping the future trajectory of one of the most watched players in the blockchain space.

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Acquisition of the Manufacturing Assets and IP from FEA Materials is Expected to Position NioCorp to Produce Master Alloy as Defense and Commercial Market Demand Grows

Once its Elk Creek Critical Minerals Project is Fully Financed and Operational, NioCorp Will be Positioned to Operate a Vertically Integrated Domestic Scandium Mine-to-Markets Supply Chain

NioCorp Also is Examining the Feasibility of Integrating Down to the Production of Finished Aluminum-Scandium Alloy Parts via Casting, Forging and Machining for OEM Manufacturers in Defense and Commercial Markets

CENTENNIAL, CO / ACCESS Newswire / December 4, 2025 / NioCorp Developments Ltd. ("NioCorp" or the "Company") (NASDAQ:NB), a leading U.S. critical minerals developer, is pleased to announce that it has completed the purchase of the manufacturing assets and intellectual property ("IP") of Massachusetts-based FEA Materials LLC ("FEA"), which is expected to enable NioCorp to produce aluminum-scandium ("Al-Sc") master alloy in the U.S. as market demand grows. Once its Nebraska mine and processing facility are fully financed and operational, the acquisition positions NioCorp to establish America's first scandium supply chain that vertically integrates mining, scandium oxide production, and Al-Sc master alloy production for both defense and commercial manufacturers.

NioCorp Advanced Metals and Alloys LLC ("NAMA"), a newly formed subsidiary of NioCorp and its operating company Elk Creek Resources Corp. ("ECRC"), completed the all-cash $8.4 million purchase of FEA's assets and IP on December 4, 2025. FEA has been engaged in the commercial manufacturing of 2% - 4% Al-Sc master alloy via an innovative process that converts scandium oxide directly into Al-Sc master alloy, bypassing the interim step of first converting the oxide into metal before making Al-Sc master alloy.

NioCorp plans to begin mining scandium-containing ore and producing scandium oxide at its Elk Creek Critical Minerals Project in Nebraska as soon as possible, contingent upon final project financing and construction. In addition to scandium, NioCorp also intends to produce niobium and titanium products and, potentially, light and heavy rare earth oxides in Nebraska.

NioCorp is now examining the feasibility of extending its potential domestic scandium supply chain to include production of finished Al-Sc alloy (0.1% - 0.5% scandium content) for sale to Al-Sc powder manufacturers and to support the manufacturing of custom Al-Sc alloy parts that are cast, forged, and/or machined in the U.S.

"This strategic acquisition positions NioCorp to potentially build out America's first vertically integrated U.S. scandium supply chain from the mine to finished alloy parts for both defense and commercial manufacturers," said Mark A. Smith, CEO and Chairman of NioCorp.

"Our scandium alloying technology is the result of strong U.S. ingenuity and engineering and will be a key to helping grow scandium-based structural alloys in the years to come. NioCorp is the best group to pioneer this market with its vertically-integrated strategy," said Eugene Prahin, CEO of FEA Materials.

On August 5, 2025, it was announced that the Pentagon's Title III Program had agreed to provide ECRC with up to $10 million in funding to advance the Elk Creek Critical Minerals Project and to support the production of scandium oxide. (See this announcement). Following that award, ECRC entered into a collaboration with Lockheed Martin on the design, testing, and production of airworthy aluminum-scandium parts for advanced fighter jets and other aerospace platforms. (See this announcement). Finally, the Pentagon award also included funding to allow ECRC to demonstrate the ability to convert scandium oxide into high-purity scandium metal, used in advanced electronics applications for both defense and commercial applications.

"We are extremely grateful for the Pentagon's support in our effort to build out this supply chain, and we are now pleased to invest our own resources to leverage the Pentagon's investment and further build out this U.S. domestic supply chain," Mr. Smith said. "Working jointly with the Pentagon, NioCorp is committed to positioning America to better insulate our nation from years of scandium market and price manipulation by the People's Republic of China, which has held back the development of many scandium-based technologies that would greatly benefit our men and women in uniform."

Mr. Smith also praised Rio Tinto, through its Element 21 North subsidiary, for its production of scandium oxide and Al-Sc master alloy at its facility in Sorel-Tracy, Quebec. "Rio Tinto has served as a commercial pioneer in the development of a North American supply chain and deserves a lot of credit for making scandium available for several developing markets and applications of importance to the U.S."

Prospective U.S. Scandium Mine-to-Markets Supply Chain

The development of a complete U.S. domestic scandium mine-to-markets supply chain is likely to include the following components. NioCorp is examining the feasibility of operating across several portions of this prospective supply chain.

Qualified Persons:

Scott Honan, M.Sc., SME-RM, COO of NioCorp Developments Ltd., a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the technical information contained in this news release.

# # #

FOR MORE INFORMATION:

Jim Sims, Corporate Communications Officer, NioCorp Developments Ltd., (720) 334-7066, [email protected]

Alex Guthrie, Director, Investor Relations, NioCorp Developments Ltd., (647) 999-0527, [email protected]

@NioCorp $NB #Niobium #Scandium #rareearth #neodymium #dysprosium #terbium #ElkCreek

ABOUT NIOCORP

NioCorp is developing the Elk Creek Project that is expected to produce niobium, scandium, and titanium. The Company also is evaluating the potential to produce several rare earths from the Elk Creek Project. Niobium is used to produce specialty alloys as well as High Strength, Low Alloy steel, which is a lighter, stronger steel used in automotive, structural, and pipeline applications. Scandium is a specialty metal that can be combined with Aluminum to make alloys with increased strength and improved corrosion resistance. Scandium is also a critical component of advanced solid oxide fuel cells. Titanium is used in various lightweight alloys and is a key component of pigments used in paper, paint and plastics and is also used for aerospace applications, armor, and medical implants. Magnetic rare earths, such as neodymium, praseodymium, terbium, and dysprosium are critical to the making of neodymium-iron-boron magnets, which are used across a wide variety of defense and civilian applications.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of applicable Canadian securities laws (collectively "forward-looking statements"). Forward-looking statements may include, but are not limited to, statements that the acquisition of the manufacturing assets and IP of FEA is expected to enable NioCorp to produce Al-Sc master alloy in the U.S. as market demand grows; NioCorp's ability to establish America's first scandium supply chain that vertically integrates mining, scandium oxide production, and Al-Sc master alloy production for both defense and commercial manufacturers; the Company's plans to mine scandium-containing ore and produce scandium oxide at its Elk Creek Critical Minerals Project; NioCorp's ability to extend its potential domestic scandium supply chain to include production of finished Al-Sc alloy (0.1% - 0.5% scandium content) for sale to Al-Sc powder manufacturers and to support the manufacturing of custom Al-Sc alloy parts that are cast, forged, and/or machined in the U.S.; statements regarding the components of a complete U.S. domestic scandium mine-to-markets supply chain; NioCorp's ability to operate across several portions of this prospective supply chain; the Company's expectation and intention of producing niobium, scandium, and titanium, and the potential of producing rare earths, at the Elk Creek Project; and NioCorp's ability to secure sufficient project financing to complete construction of the Elk Creek Project and move it to commercial operation. Forward-looking statements are typically identified by words such as "plan," "believe," "expect," "anticipate," "intend," "outlook," "estimate," "forecast," "project," "continue," "could," "may," "might," "possible," "potential," "predict," "should," "would" and other similar words and expressions, but the absence of these words does not mean that a statement is not forward-looking.

The forward-looking statements are based on the current expectations of the management of NioCorp and are inherently subject to uncertainties and changes in circumstances and their potential effects and speak only as of the date of such statement. There can be no assurance that future developments will be those that have been anticipated. Forward-looking statements reflect material expectations and assumptions, including, without limitation, expectations and assumptions relating to: NioCorp's ability to receive sufficient project financing for the construction of the Elk Creek Project on acceptable terms, or at all; the future price of and demand for metals, including Al-Sc alloy; and the stability of the financial and capital markets. Such expectations and assumptions are inherently subject to uncertainties and contingencies regarding future events and, as such, are subject to change. Forward-looking statements involve a number of risks, uncertainties or other factors that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These risks and uncertainties include, but are not limited to, those discussed and identified in public filings made by NioCorp with the Securities and Exchange Commission and with the applicable Canadian securities regulatory authorities and the following: NioCorp's requirement of significant additional capital; NioCorp's ability to receive sufficient project financing for the construction of the Elk Creek Project on acceptable terms, or at all; NioCorp's ability to achieve the required milestones and receive the full $10.0 million in reimbursement under the Project Sub-Agreement with Advanced Technology International, an entity acting on behalf of the Defense Industrial Base Consortium under the authority of the U.S. Department of War; NioCorp's ability to receive a final commitment of financing from the Export-Import Bank of the United States or other debt financing or financial support on acceptable timelines, on acceptable terms, or at all; NioCorp's ability to access the full amount of the expected net proceeds under the standby equity purchase agreement (the "Yorkville Equity Facility Financing Agreement") with YA II PN, Ltd., an investment fund managed by Yorkville Advisors Global, LP; NioCorp's ability to continue to meet the listing standards of The Nasdaq Stock Market LLC; risks relating to NioCorp's common shares, including price volatility, lack of dividend payments and dilution or the perception of the likelihood of any of the foregoing; the extent to which NioCorp's level of indebtedness and/or the terms contained in agreements governing NioCorp's indebtedness, if any, the Yorkville Equity Facility Financing Agreement or other agreements may impair NioCorp's ability to obtain additional financing, on acceptable terms, or at all; covenants contained in agreements with NioCorp's secured creditors that may affect its assets; NioCorp's limited operating history; NioCorp's history of losses; the material weaknesses in NioCorp's internal control over financial reporting, NioCorp's efforts to remediate such material weaknesses and the timing of remediation; the possibility that NioCorp may qualify as a passive foreign investment company under the U.S. Internal Revenue Code of 1986, as amended (the "Code"); the potential that the business combination with GX Acquisition Corp. II and other related transactions could result in NioCorp becoming subject to materially adverse U.S. federal income tax consequences as a result of the application of Section 7874 and related sections of the Code; cost increases for NioCorp's exploration and, if warranted, development projects; a disruption in, or failure of, NioCorp's information technology systems, including those related to cybersecurity; equipment and supply shortages; variations in the market demand for, and prices of, niobium, scandium, titanium and rare earth products; current and future offtake agreements, joint ventures, and partnerships, including NioCorp's ability to negotiate extensions to existing agreements or to enter into new agreements, on favorable terms or at all; NioCorp's ability to attract qualified management; estimates of mineral resources and reserves; mineral exploration and production activities; feasibility study results; the results of metallurgical testing; the results of technological research; changes in demand for and price of commodities (such as fuel and electricity) and currencies; competition in the mining industry; changes or disruptions in the securities markets; legislative, political or economic developments, including changes in federal and/or state laws that may significantly affect the mining and scandium alloy industries; trade policies and tensions, including tariffs; inflationary pressures; the impacts of climate change, as well as actions taken or required by governments related to strengthening resilience in the face of potential impacts from climate change; the need to obtain permits and comply with laws and regulations and other regulatory requirements; the timing and reliability of sampling and assay data; the possibility that actual results of work may differ from projections/expectations or may not realize the perceived potential of NioCorp's projects; risks of accidents, equipment breakdowns, and labor disputes or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in development programs; operating or technical difficulties in connection with exploration, mining, development or scandium alloy production activities; management of the water balance at the Elk Creek Project site; land reclamation requirements related to the Elk Creek Project; the speculative nature of mineral exploration and development, including the risks of diminishing quantities of grades of reserves and resources; claims on the title to NioCorp's properties; [the infringement or loss of NioCorp's intellectual property rights;] potential future litigation; and NioCorp's lack of insurance covering all of NioCorp's operations.

Should one or more of these risks or uncertainties materialize or should any of the assumptions made by the management of NioCorp prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements.

All subsequent written and oral forward-looking statements concerning the matters addressed herein and attributable to NioCorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements contained or referred to herein. Except to the extent required by applicable law or regulation, NioCorp undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events.

SOURCE: NioCorp Developments Ltd.

COLUMBUS, Ga.--(BUSINESS WIRE)--Synovus announces quarterly dividends.

U.S.-based spot XRP exchange-traded funds are surging, recording 13 consecutive days of net inflows and nearing the $1 billion mark in less than a month.

Summary

XRP ETFs made a strong debut, following trends seen across other crypto ETFs.
Investors are seemingly curious about diversifying beyond established crypto leaders.
XRP ETFs appear poised to cross the $1 billion milestone imminently.

Since launching on Nov. 14, spot XRP ETFs have attracted steady investment, according to CoinDesk. These funds drew $50.27 million in net new capital on Wednesday alone.

That brings cumulative net inflows to $874.28 million, with a total trading volume of $31.53 million for the day, according to data from SoSo Value.

The ETF inflow streak positions XRP among the fastest-growing crypto-asset vehicles, highlighting growing liquidity and acceptance in traditional markets.

Why it matters
XRP’s strong debut follows trends seen across other crypto ETFs. Spot Solana ETFs have accumulated more than $600 million since their recent launch, despite occasional outflows.

Meanwhile, the far older spot Bitcoin and Ether ETFs continue to dominate, with BTC funds drawing nearly $58 billion and ETH vehicles $13 billion in total assets under management, according to Farside data.

The robust performance of XRP ETFs demonstrates that investors are willing to diversify beyond established crypto leaders, and may signal further interest in newer digital assets within traditional investment frameworks.

As inflows continue, XRP ETFs appear poised to cross the $1 billion milestone imminently, cementing their status as one of the fastest-growing crypto-asset instruments in U.S. markets.

Bitcoin critic Peter Schiff admitted blockchain improves gold's monetary properties while maintaining his crypto skepticism in debate with CZ.

Whales bought 4.73M LINK in 48 hours as the price rebounds and ETF inflows grow. Analysts eye $16 short-term, $100+ in the long run.

Chainlink (LINK) has seen a sharp rise in whale accumulation over the past two days. This increase in whale buying, paired with improving technical conditions and a new ETF listing, has shifted short-term sentiment around the asset.

Large Holders Accumulate as Price Recovers
Over a 48-hour window, wallets holding between 100,000 and 1 million LINK picked up roughly 4.73 million tokens, according to on-chain data shared by analyst Ali Martinez. The total balance of these wallets rose from about 155 million to 159.47 million LINK. This accumulation followed several weeks of flat or declining holdings through most of November.

4.73 million Chainlink $LINK bought by whales in 48 hours! pic.twitter.com/5Q5IDivpxh

— Ali (@ali_charts) December 3, 2025

During that same period, LINK’s price fell from over $16.50 to just above $12. The new round of whale buying appeared to coincide with a price rebound to around $15 at press time, showing a possible shift in short-term momentum.

Last month, large wallets offloaded over 31 million LINK, as CryptoPotato reported. The recent change in behavior suggests renewed positioning by long-term holders.

Meanwhile, recent exchange data shows LINK continues to move into self-custody. CryptoQuant reports that fewer than 130 million tokens remain on centralized platforms. This level is near the 44-month low set in early December and suggests lighter near-term selling pressure.

Adding to the recent momentum, the newly launched Grayscale Chainlink Trust (GLNK) began trading on NYSE Arca last week. The ETF, which was converted from a closed-end fund, recorded $37 million in inflows on launch day and an additional $3.84 million (on December 3). Current assets under management stand at approximately $67.55 million, according to SoSoValue.

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Selling Pressure Dominates Chainlink (LINK), But Here’s Why It Might Actually Be a Bullish Signal

Chainlink (LINK) Total Net Inflows 04.12. Source: SoSoValue
Technical Outlook Eyes Higher Levels
Analyst CryptoWZRD noted that LINK’s daily chart closed strong, with LINKBTC nearing a trendline breakout. Key levels to watch include resistance at $16 and support at $12.

“A breakout of this trendline will trigger very quick upside momentum,” he said.

On the intraday chart, LINK is trading near $15.20. A breakout could push the price toward $16.90, while rejection at that level may lead to sideways action. The next lower support is around $13.50.

In the broader trend, analyst CW shared a long-range chart showing LINK within a rising channel that has guided price movement for several years. LINK is currently sitting near the lower boundary of this channel, which has historically acted as support during previous cycles.

According to CW,

“In this cycle, LINK will reach the middle of the upper channel.”

That midline aligns with the $100 to $120 zone, based on the long-term trend.

Tags:

Build On Bitcoin (BOB), a Bitcoin Defi crypto token, delivered a dramatic surge today, printing what traders often call a “God candle” after rocketing more than 100% in a day. 

While the rally may seem compelling at first glance, a closer look at the token’s underlying fundamentals raises serious concerns that investors should not ignore.

Build On Bitcoin Presents ConcernsAcross social platforms, BOB is being labeled a major “red flag” due to structural risks in its token distribution. Data from Go Plus Security reveals that the top 10 holders control more than 93% of the entire BOB supply. Such extreme concentration is often associated with manipulation risks, where a small number of wallets can dictate market direction.

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Another critical issue is that 100% of BOB’s liquidity pool remains unlocked, exposing the project to potential rug-pull scenarios. When liquidity is not locked, malicious actors can drain the pool instantly, leaving retail traders with worthless tokens. These red flags align with common traits found in scam tokens, making BOB an asset that demands heavy scrutiny before entry.

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Build On Bitcoin Top 10 Holders. Source: Go PlusTechnically, BOB’s recent performance looks even more troubling. The Chaikin Money Flow (CMF) indicator shows consistent outflows for several days, signaling that capital is leaving the ecosystem despite the price spike. This divergence suggests the rally is driven mainly by hype and thin liquidity rather than genuine demand.

A 107% daily surge without supportive inflows typically points to speculative behavior that can reverse sharply. The absence of real buying pressure to sustain higher levels increases the probability of a steep correction. Momentum without capital support rarely lasts long in DeFi markets.

BOB CMF. Source: TradingViewBOB Price Dips SharplyBOB recently hit a new all-time high of $0.0294 during today’s surge before pulling back nearly 15%, highlighting volatility concerns. The token is holding above the $0.0238 support, but the likelihood of maintaining this level is low given the weak fundamentals and speculative nature of the rally.

If sentiment shifts and holders begin exiting, BOB could slide quickly toward $0.0195, with a deeper drop to $0.0146 possible as liquidity dries up. Such levels would erase much of the recent gains.

BOB Price Analysis. Source: TradingViewHowever, if fundamentals improve and real investor support emerges, BOB might attempt a rebound toward its $0.0294 ATH and potentially break above $0.0320. This would invalidate the bearish outlook.

Beyond institutionalizing crypto assets, 2025 has shaped up to be a bullish year for bringing blockchain use-cases into the mainstream. Think integration into the payments market or partnerships with financial firms.

No surprise that L1s are racing to grab adoption. Developer activity has jumped this year, too. On-chain metrics show total monthly active developers at 30,000, with a double-digit increase in full-time devs.

Among the top chains, Ethereum [ETH] leads with 3,778 full-time devs, while Solana [SOL] ranks second with 1,276. That said, with ETH’s Fusaka upgrade making headlines, SOL isn’t exactly standing still either.

Revolut partnership highlights Solana’s real-world use case
The payments market has been the hotspot for use-cases this year.

Take Ripple [XRP], for example. It’s been signing big partnerships with firms, promising near-instant transactions. With McKinsey projecting this sector to hit $3 trillion by 2029, these moves make perfect sense.

Consequently, more L1s are now jumping into the space, with DeFi becoming a meaningful revenue engine. Solana is no exception. Its recent partnership with Revolut has pushed it into the payments ecosystem.

Source: X

For context, Revolut is Europe’s leading neobank, with over 65 million users and 15 million crypto accounts. By integrating with Solana, Revolut users can now move crypto more cost-effectively across SOL rails.

From a strategic standpoint, this move highlights Solana’s “real” use case in banking, showing off its on-chain strengths: High throughput, low fees, high TPS, and larger block limits.

However, the timing is interesting too. It’s been less than 48 hours since Ethereum’s Fusaka upgrade went live. In this context, is the Solana–Revolut partnership really just a coincidence?

Solana widens its usage lead as Ethereum levels up
Ethereum upgrades have historically boosted its on-chain usability.

The post-Pectra rally showed up both in price action and on-chain activity. Notably, we’re seeing a similar response with Fusaka as well.

It’s still early for meaningful conclusions, but the pre-upgrade buildup is already visible.

On-chain data shows Ethereum’s 7-day moving average of transactions jumping by 180k in the final week of November. Solana, meanwhile, continues to hold its lead with 74 million non-vote transactions.

Source: The Block

In essence, even with two major back-to-back upgrades for Ethereum in 2025, Solana is still handling about 47× more daily transactions, underscoring its “relatively” stronger network fundamentals.

Seen in that light, the Solana–Revolut partnership feels like more than a coincidence. Instead, it reflects Solana’s growing credibility and the confidence major fintech players now place in its performance.

However, this divergence still isn’t showing up in price action. So does that make SOL undervalued compared to ETH? And with Ethereum’s Fusaka upgrade now live, is this gap only set to grow as we head into 2026?

2026 outlook: SOL’s fundamentals vs. ETH valuation
2025 has also brought a key valuation question back into the spotlight.

Solana and Ethereum sit right at the center of it. Both chains have strong use cases, solid on-chain fundamentals, and active communities. And yet, ETH still holds a clear valuation edge over SOL.

The SOL/ETH ratio makes this gap obvious. The pair is down around 20% this year, marking its weakest annual stretch since the 2022 bear market, when the ratio saw a staggering 80%+ pullback.

Source: TradingView (SOL/ETH)

Heading into 2026, this divergence looks set to take center stage.

As noted earlier, Solana’s recent string of bullish events (like ETF launches and key partnerships) is being driven by its strengthening fundamentals, showing a network that’s scaling faster than the market seems to realize.

That said, next year could finally see this gap start to close. 

With Solana’s Alpenglow upgrade set for Q1 2026, it might be the chain’s defining moment, kicking off a valuation cycle that better reflects its on-chain performance and growing adoption versus Ethereum.

Final Thoughts

Solana’s growing on-chain fundamentals and key partnerships (like Revolut) highlight its scaling potential.
The SOL/ETH divergence, coupled with the upcoming Alpenglow upgrade in Q1 2026, may mark a pivotal moment for Solana’s valuation.

Grayscale’s conversion of its legacy Chainlink trust into the GLNK exchange-traded product on Dec. 2 did more than simply add another ticker to the NYSE Arca board.

With roughly $13 million in day-one trading volume, $41 million in immediate inflows, and assets climbing to approximately $64 million within the first 48 hours, GLNK entered the market distinct from the speculative alt-coin listings that characterized much of the previous cycle.

Grayscale Chainlink ETF Daily Inflows Since Launch on Dec. 2 (Source: SoSo Value)Instead, it arrived as the first US financial product offering direct exposure to the Oracle infrastructure layer. This layer functions as the digital plumbing required to make blockchain networks usable for real-world finance.

However, beneath the strong headline flows a complex wager. By packaging a utility token into a regulated equity wrapper, Grayscale has forced institutional investors to confront a difficult question: Does the inevitable growth of tokenized finance actually necessitate an increase in the price of the LINK token?

GLNK is structured under NYSE Arca Rule 8.201-E as a physically backed commodity product, holding LINK as its sole asset. It debuted with a temporary 0% fee, which is a standard seeding mechanism for this year’s ETF launches, before a scheduled shift to 0.35% once the vehicle reaches early March or $1 billion in assets.

This aggressive pricing strategy, undercutting legacy trusts that often charged upward of 2 percent, positions the product to attract allocators who view blockchain not as a casino, but as a software upgrade for global markets.

The tokenization thesisGLNK’s launch came at a time when tokenization had transitioned from a back-end experiment to a boardroom priority.

A recent op-ed by BlackRock’s Larry Fink and Rob Goldstein in The Economist framed tokenized settlement as the inevitable next evolution in market infrastructure.

This aligns with forecasts from BCG and ADDX, which place the total value of tokenized private assets at nearly $16 trillion by 2030, and Citi’s revised base case, which projects up to $1.9 trillion in stablecoin circulation by the end of the decade.

In this macroeconomic backdrop, GLNK pitches itself less as a bet on a cryptocurrency and more as a picks-and-shovels play on the migration of financial data onto public networks.

Zach Pandl, Grayscale’s head of research, said:

“I believe Chainlink will make the tokenization vision a reality.”

Chainlink’s network, which reports securing over $100 billion in total value and maintains a dominant 70% market share in decentralized finance (DeFi), is the theoretical beneficiary of this migration.

ChainLink’s Total Transaction Enabled (Source: ChainLink)Major financial institutions are currently using Oracle blockchain’s Cross-Chain Interoperability Protocol (CCIP) to transfer value between private bank ledgers and public blockchains.

Yet a critical disconnect persists between the technology’s adoption and the token’s economics, as sophisticated allocators are wary of the “velocity problem.”

While banks may use Chainlink’s infrastructure for data attestation or proof-of-reserves, it is not guaranteed that these institutions will hold LINK on their balance sheets. If transaction fees are paid in fiat or if the token is acquired and immediately burned for service, the velocity of money could suppress price appreciation even as usage explodes.

Furthermore, the threat of private innovation looms. For context, JPMorgan’s Onyx and other proprietary bank chains may develop internal Oracle solutions that bypass public middleware entirely.

GLNK’s flows, therefore, are not just a measure of enthusiasm for crypto; they are a market-readable gauge of investor confidence that public, decentralized middleware will become the standard over private, walled gardens.

The mechanics of accessFor Registered Investment Advisors (RIAs) and multi-asset managers, participating in this infrastructure thesis has historically been operationally impossible.

Historically, these firms have stayed away from on-chain crypto interactions and private key management due to the complexities of the emerging industry.

GLNK effectively solves the access problem. With Coinbase Custody providing segregated, auditable cold storage and NYSE Arca providing daily liquidity, the product transforms an on-chain thesis into a broker-dealer compatible line item.

However, this convenience introduces a significant “cost of carry” that defines the product’s risk profile.

Unlike Ethereum or Solana, where the native asset generates yield through staking-based consensus, GLNK does not currently pass staking rewards through to investors.

In the native crypto market, LINK holders can stake their tokens to secure the network and earn a return, currently acting as a hedge against inflation. Inside the ETF wrapper, that yield is stripped away.

In a macroeconomic environment where the risk-free rate remains material, holding a non-yielding asset that charges a management fee (eventually 0.35%) creates a distinct drag on performance.

Investors are essentially paying a premium for regulatory safety. This dynamic mirrors the early days of gold ETFs, where investors accepted storage costs for the ease of access.

Still, it places a heavier burden on the underlying asset’s capital appreciation.

For GLNK to be a viable portfolio component, the appreciation of the LINK token must outpace not only the management fee but also the opportunity cost of holding yielding treasuries or staking-enabled crypto assets.

Moreover, the regulatory architecture underpinning GLNK may prove to be its most durable feature.

The use of NYSE Arca Rule 8.201-E, typically reserved for physically backed commodity ETPs, provides a level of consistency that market makers favor. It simplifies the creation and redemption process, allowing authorized participants to hedge their books efficiently and keep spreads tight.

This structure also clarifies the competitive landscape.

While other oracle networks like the Solana-based Pyth offer similar technological utility, they lack the regulated bridge that Chainlink has now established.

By clearing the regulatory hurdles first, Grayscale has created a moat. For an institutional allocator, the difference between “technologically superior” and “regulatorily accessible” is often the difference between passing and investing.

What does the future hold for GLNKDespite these structural headwinds, the early market response suggests a hunger for thematic diversification.

Industry stakeholders have described the initial trading volume as robust for a single-asset debut, specifically noting that on a market-cap-adjusted basis, GLNK outperformed several other 2025 alt-coin listings.

This contrasts with the subdued launch of the Dogecoin ETP, highlighting an emerging institutional preference: capital is flowing toward infrastructure linked to real economic integrations, rather than tokens driven primarily by retail sentiment or meme mechanics.

Considering this, CryptoSlate’s analysis, based on comparable thematic ETF launches, suggests a base-case scenario in which GLNK accumulates between $150 million and $300 million in assets under management (AUM) by mid-2026.

This projection assumes a “spillover rate” where a small fraction of capital allocated to Bitcoin and Ethereum products rotates into high-conviction infrastructure plays during quarterly rebalancing cycles.

ScenarioAUM Range (Mid-2026)Midpoint (USD Millions)Bear$75m – $125m$100 millionBase$150m – $300m$225 millionBull$400m – $600m$500 millionA bull case, potentially reaching $400 million to $600 million, relies on a successful narrative conversion. However, this would require tangible announcements from major financial institutions that move from CCIP pilots to full commercial production using the LINK token.

Conversely, a bear scenario of $75 million to $125 million remains plausible if the “private chain” thesis gains traction, or if diversified multi-asset crypto indices begin to absorb the demand for oracle exposure, rendering single-asset products less attractive.

Mentioned in this article

Nasdaq-listed TON token treasury firm AlphaTON Capital Corp (ticker ATON) has filed for $420.69 million shelf registration with the U.S. Securities and Exchange Commission, according to an announcement on Thursday.

The funding — an amount reminiscent of FTX’s infamous “meme round” — will help finance AlphaTON’s “ambitious expansion” of AI and high-performance computing infrastructure to power Telegram's Cocoon AI network and the firm’s M&A strategy targeting “revenue-producing companies within the Telegram ecosystem.”

According to the announcement, AlphaTON was previously constrained by the SEC’s “baby shelf rules,” designed to limit how much smaller public companies can sell "off the shelf" using a Form S-3 shelf registration statement, a popular means of funding used by digital asset treasuries (DAT).

"Exiting the SEC’s ‘baby-shelf’ limitations on raising capital marks an important milestone in AlphaTON Capital's transformation into a leading infrastructure provider for the next generation of decentralized AI," CEO Brittany Kaiser said. "Once effective, this shelf registration statement gives us the financing flexibility to move quickly and decisively on transformational opportunities.”

AlphaTON noted it has already identified several “high-potential acquisition targets,” including startups focused on payments, content distribution, and blockchain-enabled services within The Open Network ecosystem. The capital will also go towards building AlphaTON’s treasury of TON tokens and “other associated digital assets.”

Other DATs are also looking to expand their operations via infrastructure services and acquisitions as the appetite for public crypto holders appears to be cooling down. In November, as the treasury firm’s mNAV compressed, AlphaTON said it shifted most of its balance sheet into Toncoin and staking positions while exploring additional expansion opportunities.

For instance, the company amended its deal to acquire 60% of mobile gaming platform GAMEE for $15 million, with plans to acquire up to $4 million GMEE and Watcoin tokens on the open market. It also plans to launch a co-branded TON Mastercard in December through a partnership with PagoPay and ALT5 Sigma.

Cocoon, or Telegram's Confidential Compute Open Network, is a decentralized AI compute platform developed by Telegram and built on the TON blockchain. The network, which officially launched just days ago, pays users in Toncoin for renting out their GPUs to process user queries. AlphaTON announced on Monday that it has deployed a fleet of Nvidia B200 GPUs to Cocoon, "adding a new revenue stream to its business."

Community support
The Open Network is one of several community-led projects to spring up after Telegram officially abandoned development of its bespoke Layer 1 amid SEC legal pressure over Telegram’s $1.7 billion initial coin offering. The high-performance blockchain is designed for easy integration with the popular Telegram Messenger app. 

TON has emerged as one of the most popular blockchains for actual users and venture capital investors. The chain has become particularly popular for its “mini app” games, like "Notcoin" and "Hamster Kombat,” which allegedly found an audience of millions of users. 

Earlier this year, The Open Network Foundation, or TON Foundation, said a group of VCs, including Benchmark, CoinFund, Draper Associates, Sequoia Capital, and Skybridge, among other notable names, invested over $400 million in the Toncoin cryptocurrency. Coinbase Ventures is also reportedly a stakeholder in TON. 

Many of these investors participated in an extended Series A led by Ribbit Capital for The Open Platform, developer of the chain, bringing its total funding to $70 million. 

AlphaTON kicked off its TON treasury program in September after closing a $36.2 million private placement and securing a $35 million loan facility from BitGo Prime. The firm said it aimed to purchase approximately $100 million worth of TON tokens and invest in the mini app ecosystem. 

BitGo, Animoca Brands, Kraken, and SkyBridge are all advisors to AlphaTON.

At the height of TON’s popularity, the token cracked into the top 10 token market cap rankings at an all-time high price of $8.25. However, the token has since fallen nearly 80%, and is currently trading at $1.80, placing it at the 40th-largest token by market cap, according to The Block's Toncoin price page.

ATON closed Thursday up over 7.5% and is currently trading hands at $1.71. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

WATERLOO, ONTARIO / ACCESS Newswire / December 4, 2025 / BlackBerry Limited (NYSE:BB)(TSX:BB) will report results for the third quarter fiscal year 2026 at 5:30 p.m. ET on Thursday, December 18, 2025. The conference call can be accessed as a live webcast using the following link (here) or through the events section of the Company's investor webpage (BlackBerry.com/Investors) or by dialing toll free +1 (877) 883-0383 and entering Elite Entry Number 6312676.

A replay of the conference call will be available at approximately 8:30 p.m. ET on December 18, 2025, using the same webcast link (here) or by dialing toll free +1 (855) 669-9658 and entering Replay Access Code 5460109.

The following table gives target dates for quarterly earnings announcements for Q4 fiscal year 2026 and fiscal year 2027:

Q4 2026

Q1 2027

Q2 2027

Q3 2027

Q4 2027

Quarter start

Dec 1, 2025

Mar 1, 2026

June 1, 2026

Sept 1, 2026

Dec 1, 2026

Quarter end

Feb 28, 2026

May 31, 2026

Aug 31, 2026

Nov 30, 2026

Feb 28, 2027

Planned Earnings Date

Apr 9, 2026*

June 25, 2026*

Sept 24, 2026*

Dec 17, 2026*

Apr 8, 2027*

* The dates given are for planning purposes only and a press release confirming the earnings date will be issued approximately 2 weeks before.

About BlackBerry

BlackBerry (NYSE:BB)(TSX:BB) provides enterprises and governments the intelligent software and services that power the world around us. Based in Waterloo, Ontario, the company's high-performance foundational software enables major automakers and industrial giants alike to unlock transformative applications, drive new revenue streams and launch innovative business models, all without sacrificing safety, security, and reliability. With a deep heritage in Secure Communications, BlackBerry delivers operational resiliency with a comprehensive, highly secure, and extensively certified portfolio for mobile fortification, mission-critical communications, and critical events management.

For more information, visit BlackBerry.com and follow @BlackBerry.

###

Investor Contact:

BlackBerry Investor Relations
+1 (519) 888-7465
[email protected]

Media Contact:

BlackBerry Media Relations
+1 (519) 597-7273
[email protected]

SOURCE: BlackBerry

Q4: 2025-12-03 Earnings SummaryEPS of $1.53 misses by $0.46

 |

Revenue of

$308.11M

(-4.19% Y/Y)

beats by $713.74K

EQB Inc. (EQB:CA) Q4 2025 Earnings Call December 4, 2025 10:30 AM EST

Company Participants

Lemar Persaud - VP & Head of Investor Relations
Chadwick Westlake - CEO, President & Director
Anilisa Sainani - Senior VP & CFO
Marlene Lenarduzzi - Senior VP, Chief Risk Officer & Director
Darren Lorimer - Senior VP & Group Head of Commercial Banking

Conference Call Participants

John Aiken - Jefferies LLC, Research Division
Gabriel Dechaine - National Bank Financial, Inc., Research Division
Mehmed Rizvanovic - Scotiabank Global Banking and Markets, Research Division
Darko Mihelic - RBC Capital Markets, Research Division
Etienne Ricard - BMO Capital Markets Equity Research
Graham Ryding
Doug Young - Desjardins Securities Inc., Research Division
Stephen Boland - Raymond James Ltd., Research Division

Presentation

Operator

Good morning, and welcome to EQB's Earnings Call for the Fourth Quarter of 2025. This call is being recorded on Thursday, December 4, 2025. [Operator Instructions]

It is now my pleasure to turn the call over to Lemar Persaud, Vice President and Head of Investor Relations. Please go ahead.

Lemar Persaud
VP & Head of Investor Relations

Thank you, Ludy, and good morning, everyone. Your host for today's Q4 results call are Chadwick Westlake, President and CEO; and Anilisa Sainani, CFO; and Marlene Lenarduzzi, CRO. Also present for the Q&A session is Darren Lorimer, Group Head of Commercial Banking. After prepared remarks, we will open the lines for questions from our prequalified analysts.

Please note that while we are excited about the acquisition of PC Financial, today's call, including Q&A session, is intended to be focused on the Q4 and full year EQB results. For those on the phone lines only, we encourage you to also log into our webcast and view our quarterly results presentation, which will be referenced during our prepared remarks.

On Slide 2 of our presentation, you will find EQB's caution regarding

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, /PRNewswire/ -- Johnson Fistel, PLLP announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired Firefly Aerospace Inc. (NASDAQ: FLY) securities pursuant and/or traceable to the Company's Offering Documents issued in connection with its initial public offering ("IPO") on August 7, 2025, and/or between August 7, 2025 and September 29, 2025, inclusive (the "Class Period"). The lawsuit seeks to recover losses for investors under the federal securities laws.

What if I purchased Firefly Aerospace securities?
If you purchased Firefly Aerospace securities during the Class Period and suffered losses, you have until January 12, 2026 to seek appointment as lead plaintiff. Investors who suffered significant losses and would like to discuss their rights, or to determine whether they qualify to participate in any potential recovery, should visit: https://www.johnsonfistel.com/investigations/firefly-aerospace-fly/

You may also contact James Baker at (619) 814-4471 or [email protected], or Frank J. Johnson, Esq. at [email protected] to discuss your options privately.

What is this case about?
The Firefly Aerospace class action lawsuit alleges that throughout the Class Period, defendants made false and misleading statements regarding the Company's business and prospects. Specifically, the complaint alleges that Firefly exaggerated demand for its Spacecraft Solutions division and misled investors about the commercial potential of its Alpha rocket. As a result, the Company's public statements were false and materially misleading throughout the Class Period.

About Johnson Fistel, PLLP:

Johnson Fistel, PLLP is a nationally recognized shareholder-rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in securities class actions and shareholder-derivative litigation, including international investors trading on U.S. exchanges. In 2024, the firm was ranked among the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services, recovering approximately $90.7 million for investors in cases where it served as lead or co-lead counsel.

Attorney Advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Johnson Fistel, PLLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content.

Contact:
Johnson Fistel, PLLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations or Frank J. Johnson, Esq., (619) 814-4471
[email protected] or [email protected]

SOURCE Johnson Fistel, PLLP

Key Takeaways
A discount retailer got a boost on Thursday, Dec. 4, 2025, as bargain-seeking shoppers bolstered its quarterly results, while a semiconductor stock retreated from its recent highs.Dollar General stock surged after the retailer topped quarterly sales and profit forecasts.
Shares of Intel pulled back following reports the company would retain its networking and communications unit.

Shares of a dollar-store chain took off after its latest quarterly report revealed its offerings are attracting cost-conscious consumers across income groups. Meanwhile, an American chipmaker came under pressure after reports that it's not looking to sell its networking business.

Major U.S. equities indexes finished Thursday's session mixed and little changed ahead of key inflation data due for release Friday morning, which could sway the Federal Reserve's upcoming decision on interest rates. The S&P 500 ticked 0.1% higher, and the Nasdaq rose 0.2%, while the Dow slid 0.1%. See here for more daily markets coverage from Investopedia. 

Dollar General (DG) shares surged 14% to log the S&P 500's top performance Thursday, after the discount retailer beat quarterly earnings estimates and lifted its full-year forecast. The company said it saw strong demand from consumers across income categories as shoppers search for value.

Shares of GE Vernova (GEV) advanced close to 5% after Barclays lifted its price target on the stock. Analysts pointed to strong demand for the energy technology company's gas and electrification equipment, bolstered by the buildout of data centers and electric vehicle charging infrastructure.

Meta Platforms (META) stock added 3.4% following reports the Facebook, Instagram, and WhatsApp parent is considering major cuts to its metaverse business. Meta's budget for the unit, which is focused on creating a virtual 3D universe where users can interact via avatars, could be reduced by as much 30% and will likely include layoffs, Bloomberg reported.

Intel (INTC) shares dropped nearly 8%, losing the most of any S&P 500 stock Thursday, after reports indicated the chipmaker plans to hold onto its networking and communications unit following a strategic review. The company reportedly considered selling or spinning off the unit earlier this year as part of a plan to exit noncore businesses. With the downturn Thursday, Intel stock gave back some of the recent gains posted amid speculation about possible new business from Apple (AAPL).

Shares of Kroger (KR) slid 4.6% after the supermarket chain reported lower-than-expected revenue for the third quarter. Although adjusted earnings per share surpassed consensus estimates, the company reported a net loss, reflecting the impact of a $2.6 billion impairment charge related to the closure of three automated delivery fulfillment facilities.

Executives from Marriott International (MAR) indicated that the hotel operator's revenue per available room could come in at the lower end of previous forecasts. The company pointed to softness in U.S. markets as a factor behind the more subdued outlook, which came just a few weeks after Marriott reduced its forecast for net room growth following the termination of its licensing agreement with short-term rental firm Sonder, which filed for bankruptcy in November. Marriott shares fell 3.5% Thursday.

Do you have a news tip for Investopedia reporters? Please email us at

[email protected]

, /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, PLLP has launched an investigation into whether the board members of Semrush Holdings, Inc. (NYSE: SEMR) breached their fiduciary duties in connection with the proposed sale of the company to Adobe, Inc. (NASDAQ: ADBE).

If you own Semrush shares and believe this proposed transaction undervalues your investment, please consider joining our investigation. To participate or learn more, you can click or copy and paste the following link:
https://www.johnsonfistel.com/investigations/semrush-holdings-inc/

Shareholders seeking more information may also contact lead analyst Jim Baker ([email protected], 619-814-4471). If emailing, please include a phone number.

Background

On November 19, 2025, Semrush announced that it had entered into a definitive merger agreement with Adobe. Under the terms of the agreement, Semrush shareholders will receive $12.00 per share in cash for each share of common stock owned.
The proposed $12.00 per-share acquisition price is below Semrush's 52-week high of $18.74. It is noted that a Wall Street analyst has set a $21 per-share target.

About Johnson Fistel, PLLP | Top Law Firm – Securities Fraud & Investor Rights
Johnson Fistel, PLLP is a nationally recognized shareholder-rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits and also assists foreign investors who purchased shares on U.S. exchanges. Stay informed about stock-drop news and learn how Johnson Fistel can help you recover losses by visiting www.johnsonfistel.com.

Achievements
In 2024, Johnson Fistel was ranked among the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services. This recognition reflects the firm's effectiveness in advocating for investors, having recovered approximately $90,725,000 for aggrieved clients in cases where it served as lead or co-lead counsel. This marks the eighth time the firm has been recognized as a top plaintiffs' securities law firm in the United States, based on the total dollar value of final recoveries.

Attorney advertising.
Past results do not guarantee future outcomes.
Services may be performed by attorneys in any of our offices.
Johnson Fistel, PLLP has paid for the dissemination of this promotional communication, and Frank J. Johnson is the attorney responsible for its content.

Contact
Johnson Fistel, PLLP
501 W. Broadway, Suite 800
San Diego, CA 92101
James Baker, Investor Relations – or – Frank J. Johnson, Esq.
(619) 814-4471 | [email protected] | [email protected]

SOURCE Johnson Fistel, PLLP

December 04, 2025 5:17 PM EST | Source: Carolina Rush Corporation
Toronto, Ontario--(Newsfile Corp. - December 4, 2025) - Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) ("Carolina Rush" or the "Company") announces that, further to its press releases of November 3, 2025 and November 27, 2025, it has completed a non-brokered private placement offering (the "Offering") through the issuance of 31,799,360 units (each, a "Unit") in the capital of the Company at a price of C$0.11 per Unit for gross proceeds of $3,497,929.66.

Each Unit was comprised of one common share (a "Common Share") in the capital of the Company and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each Warrant entitles the holder thereof to purchase one Common Share at a price of C$0.16 for a period of two years following the date of issuance.

Gross proceeds raised from the Offering will be used for general working capital purposes. All securities issued in connection with the Offering are subject to a hold period of four months plus a day from the date of issuance and the resale rules of applicable securities legislation.

In connection with the Offering, the Company paid certain eligible finders cash commissions in the aggregate of $7,821 and issued 71,100 broker warrants (each, a "Broker Warrant"). Each Broker Warrant entitles the holder thereof to acquire one Common Share at a price of $0.16 per Common Share for a period of two (2) years from the date of issuance.

The Offering constituted a related party transaction within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") as an insider of the Company acquired 3,845,454 Units pursuant to the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(b) and 5.7(1)(a) of MI 61-101, as the Company is not listed on a specified market and the fair market value of the participation in the Offering by the insider does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the of the Offering, which the Company deems reasonable in the circumstances in order to complete the Offering in an expeditious manner.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Carolina Rush
Carolina Rush Corporation (TSXV: RUSH) (OTCQB: PUCCF) is a Southeastern U.S.-focused exploration company advancing the Brewer Gold-Copper Project in South Carolina, which is now under an Earn-In Option Agreement with OceanaGold Corporation. Brewer is a large, underexplored system with demonstrated near-surface Au-Cu epithermal mineralization and potential for deeper porphyry-style mineralization. Brewer is located 13 km from OceanaGold's producing Haile Gold Mine, which has 2025 production guidance of 170,000-200,000 ounces of gold (source: www.oceanagold.com).

For further information, please contact:
Layton Croft, President and CEO
or
Jeanny So, Corporate Communications Manager
E: [email protected]
T: +1.647.202.0994

For additional information, please visit our website at http://www.TheCarolinaRush.com/ and our X feed: https://twitter.com/TheCarolinaRush.

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.

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. This news release contains forward-looking information pertaining to the Company's 2025 Maiden MRE; that the mineral resource remains open at depth, the potential for future MRE growth from deeper drilling, and/or future exploration. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedarplus.ca. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Not for Distribution to U.S. News Wire Services or for Dissemination in the United States

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/276988

December 04, 2025 17:20 ET

 | Source:

Xenon Pharmaceuticals Inc.

VANCOUVER, British Columbia and BOSTON, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Xenon Pharmaceuticals Inc. (Nasdaq: XENE), a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need, today announced equity inducement grants to five new non-officer employees consisting of an aggregate of 39,250 share options. All of the foregoing share options were approved by the Compensation Committee of the Company’s Board of Directors with an effective date of December 4, 2025 and were granted as inducements material to the employees entering into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The share options have an exercise price of $44.61 per common share, which is equal to the closing price per share of Xenon’s common shares on the grant date of December 4, 2025. The share option grants vest over four years, with 25% vesting on the one-year anniversary of the respective employee’s start date and 1/36th of the remaining options vesting monthly thereafter on the last day of each month, subject to such option recipient’s continued service relationship with the Company. Each option has a 10-year term and is subject to the terms and conditions of the share option agreement and the terms of the Company’s Amended and Restated 2025 Inducement Equity Incentive Plan.

About Xenon Pharmaceuticals Inc.
Xenon Pharmaceuticals (Nasdaq: XENE) is a neuroscience-focused biopharmaceutical company dedicated to drug discovery, clinical development, and commercialization of life-changing therapeutics for patients in need. Xenon’s lead molecule, azetukalner, is a novel, potent, selective KV7 potassium channel opener in Phase 3 clinical trials for the treatment of epilepsy, major depressive disorder (MDD) and bipolar depression (BPD). Xenon is also advancing an early-stage portfolio of multiple promising potassium and sodium channel modulators, including KV7 and NaV1.7 programs in Phase 1 development for the potential treatment of pain. Xenon has offices in Vancouver, British Columbia, and Boston, Massachusetts. For more information, visit www.xenon-pharma.com and follow us on LinkedIn and X.

Xenon and the Xenon logo are registered trademarks or trademarks of Xenon Pharmaceuticals Inc. in the US, Canada, and elsewhere. All other trademarks belong to their respective owner.

Contact:
Colleen Alabiso
Senior Vice President, Corporate Affairs
(617) 671-9238
Media: [email protected]
Investors: [email protected]

, /PRNewswire/ -- Shareholder rights law firm Johnson Fistel, PLLP is investigating whether Ardent Health, Inc. (NYSE: ARDT) or certain of its officers and directors violated federal securities laws by making false or misleading statements and/or failing to disclose material information to investors.

Background of the Investigation

On November 12, 2025, Ardent issued a press release announcing its financial results for the third quarter of 2025. In connection with that release, the Company disclosed that it recorded a $43 million reduction in revenue due to a change in accounting estimates regarding the collectability of accounts receivable. Ardent also revealed a $54 million increase to its professional liability reserves related to claims arising in New Mexico. Following these disclosures, the trading price of the Company's common stock declined significantly during pre-market trading on November 13, 2025.

What if I purchased Ardent securities?

If you purchased ARDT securities and suffered losses, join our investigation now:
https://www.johnsonfistel.com/investigations/ardent-health/

For more information, contact Jim Baker at [email protected] or (619) 814-4471. There is no cost or obligation to you.

About Johnson Fistel, PLLP | Top Law Firm, Securities Fraud, Investors Rights

Johnson Fistel, PLLP is a nationally recognized shareholder rights law firm with offices in California, New York, Georgia, Idaho, and Colorado. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. We also extend our services to foreign investors who purchased on U.S. exchanges. For more information, please visit http://www.johnsonfistel.com.

Achievements

In 2024, Johnson Fistel was honored to be ranked among the Top 10 Plaintiff Law Firms by ISS Securities Class Action Services. The firm recovered approximately $90,725,000 for investors in cases where it served as lead or co-lead counsel. This marks the eighth time the firm has been recognized among the top securities law firms in the United States.

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Contact:
Johnson Fistel, PLLP
501 W. Broadway, Suite 800, San Diego, CA 92101
James Baker, Investor Relations (619) 814-4471
[email protected]

SOURCE Johnson Fistel, PLLP

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses In Bitdeer To Contact Him Directly To Discuss Their Options

If you purchased or acquired securities in Bitdeer between June 6, 2024 and November 10, 2025 and would like to discuss your legal rights, call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

[You may also click here for additional information]

NEW YORK, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Bitdeer Technologies Group (“Bitdeer” or the “Company”) (NASDAQ: BTDR) and reminds investors of the February 2, 2026 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The firm has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.

As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that the true state of Bitdeer’s SEALMINER A4 project. Specifically, Defendants failed to disclose that the SEAL04 chip projected to have a chip-level energy efficiency of 5 J/TH would be ready for use in the A4 rigs with an expected mass production to begin in the second quarter 2025.

On November 10, 2025, Bitdeer issued a press release reporting its unaudited financial results for the third quarter of 2025. Among other items, Bitdeer reported earnings per share of -$1.28, significantly missing the consensus estimate of -$0.22. Bitdeer also disclosed that "development of [its] next-generation Seal 04 [ASIC chip] is significantly delayed."

On this news, Bitdeer's stock price fell $2.63 per share, or 14.9%, to close at $15.02 per share on November 11, 2025.

Then, on November 12, 2025, Bitdeer issues a press release "reporting a fire incident at its under-construction facility in Massillon, Ohio." According to the press release, "[t]he fire incident occurred on the afternoon of November 11" and "2 of the 26 buildings currently under construction sustained fire damage."

On this news, Bitdeer's stock price fell another $2.83 per share, or 20.3%, to close at $11.11 per share on November 13, 2025.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.

Faruqi & Faruqi, LLP also encourages anyone with information regarding Bitdeer’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the Bitdeer Technologies class action, go to www.faruqilaw.com/BTDR or call Faruqi & Faruqi partner Josh Wilson directly at 877-247-4292 or 212-983-9330 (Ext. 1310).

Follow us for updates on LinkedIn, on X, or on Facebook.

Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.

A photo accompanying this announcement is available at: https://www.globenewswire.com/NewsRoom/AttachmentNg/2fceea32-072d-4e7c-b9fd-7ceadbf788ad

Clover Health Investments, Corp. (CLOV) Citi Annual Global Healthcare Conference 2025 December 4, 2025 11:15 AM EST

Company Participants

Peter Kuipers - Chief Financial Officer

Conference Call Participants

Daniel Grosslight - Citigroup Inc. Exchange Research

Presentation

Daniel Grosslight
Citigroup Inc. Exchange Research

Good afternoon or good morning, everyone. Thank you for joining the Clover Health presentation here at the Citi Global Healthcare Conference. My name is Daniel Grosslight. I'm the health care technology and distribution analyst here at Citi, and I'm pleased to welcome Peter Kuipers, the CFO of Clover Health, today. Peter is going to give a brief presentation, and then we're going to open it up for some Q&A. Thanks.

Peter Kuipers
Chief Financial Officer

Thanks, Daniel. Great to be here. So what is Clover? We are a health care insurance plan. We do have a differentiated vision and approach to improving health care for seniors in Medicare Advantage. So we are deploying technology so that physicians can earlier diagnose chronic diseases, earlier treat chronic diseases, drive better quality of care, better health outcomes, and also at total lower cost of care.

If you look at our total business, we are enabling physicians to perform at the top of the license using our software platform. Our software platform is powered by AI. We have developed this technology roughly over the last decade using large data sets, starting with machine learning, and now the last couple of years, also powered by AI. We have dozens of patents regarding our proprietary technology, powering our clinical platform. The market in Medicare Advantage is large. It's an over $500 billion market annually, with over 35 million seniors in Medicare Advantage today.

We are focusing on the PPO side of Medicare Advantage close to 100% of our members are in our PPO plans

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NEW YORK, Dec. 04, 2025 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, reminds investors that class actions have been commenced on behalf of stockholders of Jayud Global Logistics Ltd. (NASDAQ:JYD) and StubHub Holdings, Inc. (NYSE:STUB). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Jayud Global Logistics Ltd. (NASDAQ:JYD)

Class Period: April 21, 2023, and April 30, 2025Lead Plaintiff Deadline: January 19, 2026The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and the true nature of the trading activity in its securities. Specifically, the Complaint alleges that Defendants failed to disclose to investors: (1) that Jayud was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals; (2) that insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; (3) that Jayud’s public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis. For more information on the Jayud class action go to: https://bespc.com/cases/JYD StubHub Holdings, Inc. (NYSE:STUB)

Common Stock pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s September 2025 initial public offering (“IPO” or the “Offering”)Lead Plaintiff Deadline: January 23, 2025The complaint filed in this class action alleges that Registration Statement was materially false and/or misleading, and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) the Company was experiencing changes in the timing of payments to vendors; (2) those changes had a significant adverse impact on free cash flow, including trailing 12 months (“TTM”) free cash flow; (3) as a result, the Company’s free cash flow reports were materially misleading; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.For more information on the StubHub class action go to: https://bespc.com/cases/STUB About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California. The firm represents individual and institutional investors in securities,
derivative, and commercial litigation as well as individuals in consumer protection and data privacy litigation. The firm has a nationwide practice and routinely handles cases in both federal and state courts. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.

Follow us for updates on LinkedIn, X, and Facebook, and keep up with other news by following Brandon Walker, Esq. on LinkedIn and X.

Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
[email protected]
www.bespc.com

In brief
The manifesto, which did not mention a token, argues AI won’t reach human-level intelligence.
The PLOI token quickly surged before losing some of its initial gains.
Seven months ago, Jeffy Yu staged his death with a fake video, a newspaper obituary, and accompanying blog post.
Jeffy Yu, the creator of the once beloved AI musician Zerebro who faked his death earlier this year, has released an artificial intelligence-written manifesto—and a new Solana meme coin to accompany the document. 

Physical Limits of Intelligence (PLOI) quickly surged to a $5.4 million market cap before retracing to a recent $1.1 million market cap. The top trader, known as PainCrypt0, realized profits of over $26,800 from a $2,634 investment, according to DEX Screener.

The manifesto, which did not mention a token, argues AI won’t reach human-level intelligence, but rather that AI and humans will slowly converge biologically, chemically, and surgically in a new form of humanity.

Yu told Decrypt that the plans for the project are “stealth” and that they plan to build “an institution.” He added that “the fact that AI produced” the manifest bolsters the arguments made within it.

The manifesto and PLOI come seven months after Yu staged his death with a fake video of him shooting himself in the head, a San Francisco Chronicle obituary, and an accompanying blog post. The article explained that Yu had created a crypto token, Legacoin (short for legacy coin), which would serve as a “final art piece.”

The token soared to a market cap of over $105 million before crashing as the obituary was removed. The local coroner’s office told Decrypt that no one had died, and the San Francisco Standard found Yu alive at his dad’s house.

For that reason, some traders remain apprehensive of Yu’s new project. When Decrypt asked Yu about these concerns, the creator said, “Write what you’re gonna write.”

Other market participants have goodwill for Yu’s crypto ventures. Zerebro was a much-loved and successful AI musician with a crypto token attached to the project. Its token surged to a peak market cap of $784.42 million in January, as Zerebro’s music got heads bopping and the AI character shitposted on X.

In the month following its all-time high, the ZEREBRO token crashed 92% to $59.62 million, according to DEX Screener. The token’s price had fallen to $42 million before Yu faked his death in early May, and social media for the AI musician disappeared. Now it has a market cap of just $36 million.

Generally Intelligent NewsletterA weekly AI journey narrated by Gen, a generative AI model.

TL;DR

Bitcoin ETFs recorded five consecutive days of net inflows totaling $58 million, following $3.48 billion in outflows during November.
BTC reached an intraday high of $93,965, its highest level since November 17, driven by comments from the SEC regarding an innovation exemption.
Vanguard now allows trading of crypto-focused ETFs and mutual funds, expanding regulated access to millions of investors and supporting the market recovery.

Bitcoin exchange-traded funds posted five consecutive days of net inflows, adding $58 million on Tuesday after accumulating $3.48 billion in outflows during November, its second-worst month on record.

The positive flow occurred as Bitcoin traded above the ETF flow-weighted cost basis of $89,600, indicating that the average investor was no longer sitting on unrealized losses. The recovery follows a period of heavy selling that pushed the cryptocurrency to mid-$80,000 levels earlier in the week, while other crypto ETFs showed weaker performance. Spot Ethereum ETFs recorded $9.9 million in outflows, and Solana funds saw $13.5 million in net redemptions. At the time of writing, Bitcoin was trading around $91,000.

Analysts note that ETF outflows were not the main driver of Bitcoin’s recent decline. Eric Balchunas from Bloomberg criticized the simplistic link often made between ETF withdrawals and price drops, highlighting that broader factors such as leverage unwinds, macroeconomic uncertainty, and pressure on digital-asset treasuries better explain the sell-off, which erased over $1 trillion in crypto market value since October.

Factors Behind Bitcoin’s Recovery
Bitcoin reached intraday levels of $93,965, its highest since November 17, partially driven by comments from SEC Chair Paul Atkins regarding a new regulatory framework that would include an “innovation exemption” to provide greater flexibility to digital-asset firms in issuance, custody, and trading. The measure was interpreted as a step toward increased regulatory clarity.

Institutional adoption received an additional boost after Vanguard decided to allow its clients to trade crypto-focused ETFs and mutual funds, expanding regulated access to millions of investors in the United States. The announcement coincided with expectations of a Federal Reserve rate cut, a weaker dollar, and an increase in risk appetite, factors that strengthened Bitcoin’s position.

Despite the rebound, the market continues to show signs of volatility. The streak of inflows suggests that BTC could end the year on a positive note if institutional interest persists, regulatory expectations solidify, and macroeconomic pressure moderates