Market Signal Briefing

With the federal government having finally ended its shutdown last week, this week we can get back to the business of examining economic reports. Chief of these is expected to be the U.S. Employment Report due Thursday morning. Where we last left off, an average of only +29K new jobs created over the past four months was making the Fed nervous about an unraveling labor market, which helped them decide to cut interest rates even as inflation metrics were ticking back up.

Compare this to the previous four-month average +122K and the +209K in the four months before that. The Unemployment Rate reached +4.3% in our last print, the highest since October 2021 (when unemployment was still falling precipitously; we had been as high as +14.9% at the Covid peak in April of 2020. New data on non-farm payrolls will be a welcome sight, whether or not the situation improves. Either way, we’ll no longer be flying blind.

Despite President Trump’s recent claim that the U.S. has “virtually no inflation,” last Friday he reversed tariff policy on food staple imports. These include beef, coffee and bananas, from countries like Guatemala, Ecuador and Argentina. Overall, more than 200 household items will be exempted from tariff policies, and just in time for Americans to prep their Thanksgiving dinner festivities.

Empire State Growth Highest in a Year: 18.7The Empire State Manufacturing Index for November came in more than 3x higher than expected to 18.7 this morning, following 10.7 the previous month and the highest since November of last year. It’s also the fourth positive manufacturing print for the state of New York in the last five months. New orders and shipments were both up, while input and selling prices pulled back to still-elevated levels.

From March through June, Empire State manufacturing reported sub-zero tallies, so this reversal is welcome news indeed. That said, optimism among manufacturers in New York going forward has come down somewhat in this latest survey, to 19.1 from 30.3 last time around.

Earnings Update Ahead of the BellCalendar Q3 earnings season is winding down this week, and the reason we know this is because NVIDIA ((NVDA - Free Report) is reporting earnings this week, on Wednesday after the bell. Expectations are still enormous from the $4.6 trillion-dollar market cap chipmaker: +53.1% on earnings growth and +55.7% on revenues. It has beaten earnings estimates in three of the last four quarters by an average of +3.56%. NVIDIA currently carries a Zacks Rank #2 (Buy).

This is also a big earnings week for retailers. These include Home Depot ((HD - Free Report) on Tuesday, Target ((TGT - Free Report) and The TJX Companies ((TJX - Free Report) Wednesday and Walmart ((WMT - Free Report) on Thursday. All of these companies are presently Zacks Rank #3 (Hold)-rated firms going into their earnings prints.

Vancouver, British Columbia, Nov. 17, 2025 (GLOBE NEWSWIRE) -- Vancouver, British Columbia - November 17, 2025 - -

Retreat Spa at Hyatt Regency Vancouver, a full-service spa located on West Georgia Street inside the Hyatt Regency Hotel, has announced continued recognition through consistently high-scoring guest reviews. With a near five-star rating on Google, the spa has earned praise for combining clinical expertise with a calm, welcoming environment.

Guests consistently highlight the professionalism of Registered Massage Therapists, the visible results of facials, and the thoughtful touches that make each service memorable. The spa's commitment to detail has fostered a reputation built on trust and repeat visits.

"Reviews are more than feedback for us," said Christine and Charmaine, Co-owners of Retreat Spa at Hyatt Regency Vancouver. "They reflect the value of the experience our guests receive. From the moment they walk in, our goal is to ensure care that blends results and comfort. Seeing this acknowledged so strongly by our clients is both humbling and motivating."

Registered Massage Therapy remains one of the most frequently reviewed services. Guests note relief from posture strain, athletic recovery, and stress-related tension, praising the combination of therapeutic techniques with a relaxing setting. This dual approach has attracted professionals managing busy schedules, locals prioritizing self-care, and travellers seeking restoration.

Facial treatments are another area of strong recognition. Using advanced Swiss skincare and ethically sourced plant-based products, aestheticians tailor services for hydration, brightness, and anti-aging needs. Reviews often highlight visible improvements in skin health as well as the calming nature of the sessions.

Guests also recognize the spa's wide service menu, including manicures, pedicures, waxing, body treatments, and Head Spa rituals. Each treatment is performed with attention to hygiene, product quality, and personalization, reinforcing their reputation as a destination for both convenience and excellence.

Testimonials describe the atmosphere as "immaculate," "welcoming," and "calm." Many guests recount milestone visits, such as birthdays or anniversaries, where staff added thoughtful touches to enhance the occasion. Couples frequently mention memorable shared experiences, with one review describing a first couples massage as "gifted, professional, and welcoming."

This consistent feedback has strengthened their position as one of Vancouver's most trusted spas. The emphasis on licensed professionals, ethical products, and a central downtown location continues to attract both new and returning guests.

Christine and Charmaine emphasized the importance of guest trust. "Every review represents someone's time, investment, and well-being. It reminds us of the responsibility we hold to provide care that is safe, effective, and meaningful. Our team takes pride in creating experiences that people want to share with others."

The spa's affiliation with the Hyatt Regency contributes to its credibility. While independently operated, it benefits from the hotel's international reputation for service, ensuring guests receive professionalism alongside a boutique level of attention.

Many visitors also note the convenience of its location in the heart of downtown, making it easy to fit restorative care into busy routines. With accessible booking options and extended hours, the spa continues to welcome professionals, residents, and travellers seeking meaningful downtime. This combination of reliability and comfort keeps reviews steadily rising.

Retreat Spa at Hyatt Regency Vancouver is a full-service spa offering Registered Massage Therapy, facials, manicures, pedicures, waxing, body treatments, and Head Spa rituals. All treatments are performed by licensed professionals using premium Swiss Line skincare and plant-based products.

For more information about Retreat Spa at Hyatt Regency Vancouver, please visit their official website.

###

For more information about Retreat Spa at Hyatt Regency Vancouver , contact the company here:

Retreat Spa at Hyatt Regency Vancouver
Ian Cruickshank
1-866-998-7328
[email protected]

November 17, 2025 12:30 PM EST | Source: Faruqi & Faruqi LLP
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses in WPP to Contact Him Directly to Discuss Their Options

If you purchased or acquired securities in WPP between February 27, 2025 and July 8, 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, New York--(Newsfile Corp. - November 17, 2025) - Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against WPP plc ("WPP" or the "Company") (NYSE: WPP) and reminds investors of the December 8, 2025 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 material information concerning WPP's expected revenue for the fiscal year 2025. Defendants' statements included, among other things, confidence in the Company's continued efforts to revitalize and simplify its media division to obtain new wins and retain clientele, repeated claims that the "ramp-up of new wins" and ongoing sales to existing clients would offset lost clientele, and a continued emphasis on the Company's self-proclaimed "cautious" guidance that purportedly accounted for "broad macro uncertainty." Defendants provided these overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of WPP's media arm; notably, that it was not truly equipped to handle the ongoing macroeconomic challenges while competing effectively and had instead begun to lose significant market share to its competitors. Such statements absent these material facts caused Plaintiff and other shareholders to purchase WPP's securities at artificially inflated prices.

On July 9, 2025, WPP published a trading update for the first half of 2025, alerting investors that the company had allegedly "seen a deterioration in performance as Q2 has progressed." The Company attributed its misfortune to both "continued macro uncertainty weighing on client spend and weaker net new business than originally anticipated," at least in part due to "some distraction to the business" as a result of the continued restructuring of WPP Media a.k.a. GroupM.

Investors and analysts reacted immediately to WPP's revelation. The price of WPP's common stock declined dramatically. From a closing market price of $35.82 per share on July 8, 2025, WPP's stock price fell to $29.34 per share on July 9, 2025, a decline of about 18.1% in the span of just a single day.

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 WPP's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

To learn more about the WPP class action, go to www.faruqilaw.com/WPP 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/274819

Because artificial intelligence (AI) demand is growing so rapidly, and data centers are such power-hungry operations, the one thing that will slow AI's rapid ascent is energy supply.

NEE stock climbs as strong earnings, rising clean-energy demand and major investment plans bolster its long-term outlook.

The Zacks Real Estate Operations industry continues to encounter headwinds stemming from geopolitical instability, macroeconomic uncertainties and shifts in policy. Additionally, clients remain focused on cost management and are delaying their decision-making with respect to property purchases and leases, particularly within certain asset classes.

Despite these challenges, the increasing reliance on outsourced real estate services and other emerging trends is expected to create growth opportunities for the industry players. Additionally, strategic investments in technology are helping companies strengthen their competitive edge. Companies like CBRE Group, Inc. (CBRE - Free Report) , Jones Lang LaSalle (JLL - Free Report) and Newmark Group, Inc. (NMRK - Free Report) are set to benefit from these favorable trends.

About the Industry
The Zacks Real Estate Operations industry comprises companies that provide leasing, property management, investment management, valuation, development services, facility management, project management, transaction and consulting services, among others. However, real estate investment trusts, or REITs, are excluded from this group. Economic trends and government policies impact the real estate market (both global and regional), which determines the industry’s performance. Economic activity, employment growth, office-based employment, interest-rate levels, costs and availability of credit, tax and regulatory policies and the geopolitical environment are the major factors shaping the real estate market’s fate. Also, pandemic-induced public health challenges and geopolitical issues have affected property sales and the leasing lines of businesses.

What's Shaping the Real Estate Operations Industry's Future?
Geopolitical Instability Set to Impact the Industry: Geopolitical instability and macroeconomic uncertainties are expected to remain key factors impacting the industry's performance in the upcoming period. Conflicts across several regions have disrupted global trade flows, strained supply chains, and contributed to persistent inflationary pressures. These developments have also influenced the United States to change its economic policies. Within the United States, changes in governmental policies heightened the degree of uncertainty and as a result, 2025 emerged as a year of considerable disruption. Companies operating in the United States with global supply chains and diverse workforces are likely to face increasingly complex challenges involving trade compliance, immigration policy and cross-border relations. Moreover, clients are likely to continue to adopt a cautious approach amid macroeconomic uncertainty. As a result, investors’ desire for greater price discovery will continue to cause a delay in the closing timeline for transactions.

Demand Across Certain Real Estate Categories Hurt: The pandemic brought substantial changes in how several categories of commercial real estate are used. Although companies are encouraging employees to return to the office, the transition is gradual and is deterring tenants from making long-term commitments. Thus, pre-pandemic office occupancy levels are expected to remain out of reach in the near to intermediate future. Ongoing market volatility and geopolitical uncertainties have prompted customers to tighten cost controls and postpone their decision-making with respect to leasing. Consequently, demand for industrial real estate remains subdued, and this trend is expected to continue in the near term. Moreover, the convenience of online shopping continues to attract customers. As a result, this is likely to reduce market share for physical retail stores and impact retail REITs.

Outsourcing in the Real Estate Market to Gain Further Momentum: Occupiers of real estate, comprising corporations, public sector entities, healthcare organizations, and those in finance, industrial sectors, life sciences, and technology, are more frequently opting to outsource their real estate needs. They are placing their confidence in third-party real estate experts to achieve improved execution and efficiency. Organizations are progressively seeking strategic guidance to reimagine their workplaces and practices to enhance their culture, attract talent and boost performance. These developments are creating opportunities for participants in the real estate operations industry. Key players in the industry are taking advantage of this shift, leading to the acquisition of new clients and the expansion of existing ones. Moreover, within this industry, companies continue to prioritize investments in technology as it enhances efficiency, provides superior client services and contributes to market share expansion.

Zacks Industry Rank Indicates Bleak Prospects
The Zacks Real Estate Operations industry is housed within the broader Zacks Finance sector. It carries a Zacks Industry Rank #170, which places it in the bottom 30% of 243 Zacks industries.

The group’s Zacks Industry Rank, which is the average of the Zacks Rank of all the member stocks, indicates bleak near-term prospects. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than two to one.

The industry’s positioning in the bottom 50% of the Zacks-ranked industries is a result of the downward earnings per share outlook for the constituent companies in aggregate. Looking at the aggregate earnings per share estimate revisions, it appears that of late, analysts are losing confidence in this group’s growth potential. Since November 2024, the industry’s earnings per share estimates for 2025 and 2026 have moved down 2.4% and 5.7%, respectively.

However, before we present a few stocks that you may want to consider for your portfolio, let’s take a look at the industry’s recent stock-market performance and valuation picture.

Industry Outperforms the Sector, Underperforms the S&P 500
The Zacks Real Estate Operations industry has outperformed the broader Zacks Finance sector over the past year. However, it underperformed the S&P 500 composite.

The industry has advanced 13.2% during this period compared with the S&P 500’s return of 16.3% and the broader Finance sector’s growth of 10.2%.

One-Year Price Performance

Industry's Current Valuation
On the basis of the forward 12-month price-to-earnings, which is a commonly used multiple for valuing Real Estate Operations stocks, we see that the industry is currently trading at 15.71X compared with the S&P 500’s forward 12-month price-to-earnings (P/E) of 23.20X. The industry is trading below the Finance sector’s forward 12-month P/E of 17.02X. This is shown in the chart below.

Forward 12-Month Price-To-Earnings Ratio

Over the last five years, the industry has traded as high as 22.07X and as low as 10.33X, with a median of 15.77X.

3 Real Estate - Operation Stocks to Consider
Newmark Group, Inc.: Headquartered in New York City, Newmark is a leading commercial real estate services company with a growing global footprint. The company advises and provides services to large institutional investors, global corporations and other owners and occupiers of commercial real estate.

Through continued investments in talent and technology, Newmark is well-positioned to deliver stable performance and capture future growth opportunities. The company stands to benefit from its presence in the large and highly fragmented market, increasing institutional investor demand for commercial real estate and the ongoing shift toward outsourcing of commercial real estate services.

Newmark Group currently carries a Zacks Rank #2 (Buy). The Zacks Consensus Estimate for its 2025 earnings per share (EPS) is pegged at $1.59, suggesting an increase of 23.3% year over year. Its shares have increased 41.7% in the past six months. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Jones Lang LaSalle Incorporated: Headquartered in Chicago, Jones Lang LaSalle offers commercial real estate and investment management services. The company’s diverse range of products and service offerings, along with its strategic investments, gives it a strong footing.

Also, its superior client services and strategic investment in technology and innovation are expected to boost market share and win relationships. JLL remains focused on maintaining balance sheet strength with sufficient liquidity to ensure operational flexibility.

Jones Lang LaSalle has a Zacks Rank of #2 at present. The Zacks Consensus Estimate for 2025 EPS stands at $17.12, indicating an increase of 22.2% year over year. The company’s shares have gained 30.7% in the past six months.

CBRE Group: Headquartered in Dallas, TX, CBRE Group is a commercial real estate services and investment firm. The company provides a comprehensive suite of services to tenants, owners, lenders and investors across office, retail, industrial, multi-family, and other commercial real estate sectors, operating in all major metropolitan markets worldwide.

In recent years, the company has strategically shifted toward a more balanced and resilient business model, leveraging its diversified service offerings to drive sustainable growth. The company’s outsourcing business continues to perform strongly, supported by a robust pipeline that positions it well for future expansion opportunities.

CBRE Group currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for its 2025 EPS is pegged at $6.28, suggesting 23.1% growth year over year. CBRE shares have increased 17.8% over the past six months.

SCHMID's update on positive developments in the market leading to a positive outlook for 2026, while 2025 & 2024 remain transition years below expectations

In brief
Strategy unveiled its largest Bitcoin purchase in over four months
Michael Saylor recently said the company’s Bitcoin-buying activity is accelerating
The company was valued at a discount to its Bitcoin holdings.
Strategy unveiled its largest Bitcoin purchase in over four months on Monday, spending $835 million on the asset as its price fell, according to a press release.

The Tysons Corner, Virginia-based firm now owns nearly 650,000 Bitcoin, which was worth around $61 billion. Bitcoin recently changed hands around $94,000, representing an 11% decline over the past week, according to crypto data provider CoinGecko.

Strategy’s latest Bitcoin purchase was boosted by the debut of its euro-denominated preferred share, which trades in Luxembourg under the ticker symbol STRE. The company gained roughly $700 in net proceeds from the offering, Strategy said in the press release.

Meanwhile, Strategy sold $136 million worth of preferred shares, which receive dividend payments. This year, Strategy has created four different types of preferred shares, as a way to augment its Bitcoin-buying activity with additional sources of funding.

Strategy shares fell 1.5% on Monday to just below $197, according to Yahoo Finance. As Bitcoin’s price has retreated from all-time highs, Strategy’s stock price has dropped 31% over the past month.

Last week, Strategy co-founder and Executive Chairman Michael Saylor said the company’s Bitcoin-buying activity was accelerating as the asset’s price hovered near a six-month low, while pushing away rumors that the firm was liquidating parts of its namesake stockpile.

“We bought bitcoin every day this week,” Saylor said on X on Friday.

The company has historically issued common stock to fund its Bitcoin purchases, but that method has become a less lucrative way to accumulate the asset, as the value of Strategy’s shares has approached the value of its Bitcoin holdings.

On Monday, Strategy continued to trade at a discount to its Bitcoin holdings, with a market cap of about $56.7 billion resulting in a so-called multiple-to-net asset value of 0.93x. Strategy is one of several Bitcoin-buying firms that has seen premiums evaporate in recent weeks.

The selloff in Strategy shares stems from investor concerns over dilution, crypto research firm 10x said on X on Sunday. This summer, Strategy tried to adapt its stance on issuing common shares to convey discipline, but the policy was modified to give Strategy greater flexibility.

Although onlookers have intensified scrutiny of Strategy’s business model, as its stock price has flipped negative on the year, some analysts think fears of a debt-fueled spiral are likely overblown, including TD Cowen analyst Lance Vitanza.

Strategy has issued billions of dollars in debt to fund its Bitcoin purchases, but none of those bonds begin maturing until 2028, he noted to Decrypt last week. Along those lines, he said it is “highly unlikely” that Strategy will be forced to sell Bitcoin to meet associated obligations.

What’s more, the company’s preferred shareholders aren’t legally entitled to dividend payments, meaning there is no credit default risk associated with the product, Vitanza noted. A dividend burden of $735 million per year also appears manageable, he added.

In a Myriad prediction market, 60% of respondents expect Bitcoin's next move to $85,000 instead of $115,000, a reversal of trendlines from last week that reflects the growing pessimism about crypto markets. Myriad is a unit of Dastan, the parent company of an editorially independent Decrypt.

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Republic Technologies, formerly known as Beyond Medical Technologies before transitioning into blockchain infrastructure, has secured a $100 million convertible note facility to expand its Ether holdings — a move the company said will enable it to grow its ETH treasury with minimal shareholder dilution due to favorable financing terms.

The financing comes with unusual terms for a crypto-related company: a 0% interest rate, no ongoing interest payments and no requirement to post additional collateral if the price of Ether (ETH) falls, the company announced Monday.

These features mean Republic does not have to spend cash servicing the debt and cannot default for failing to make interest payments — a common issue for highly leveraged digital-asset companies.

Republic said that most of the funds will be allocated toward purchasing ETH and expanding its Ethereum validator infrastructure, which generates small but steady rewards for contributing to the network’s security.

Source: Republic TechnologiesRepublic compared its deal with recent raises by other Ether-focused companies. BitMine Immersion (BMNR), for example, raised $365 million but attached 200% warrant coverage, which could significantly dilute existing shareholders if those warrants are exercised.

Dilution occurs when new shares are issued, reducing the ownership percentage of existing shareholders.

By contrast, Republic’s financing includes 50% warrant coverage priced at the market rate, which is still dilutive, but far lower than many comparable deals in the digital-asset industry.

Relate: ARK Invest resumes crypto buying spree, adds BitMine and Bullish shares

ETH treasury accumulation continues amid price volatilityRepublic is part of a growing group of publicly traded companies building large Ether treasuries, a trend that mirrors Michael Saylor’s Bitcoin (BTC) accumulation strategy. According to data from CoinGecko, 18 public companies collectively hold about 5.45 million ETH, valued at roughly $17.3 billion.

The value of these holdings has swung widely alongside ETH’s price volatility. On Monday, ETH was valued at around $3,100, down sharply from its all-time high of around $ 4,900 reached in May.

BitMine, the largest treasury company, announced on Monday that it has increased its ETH holdings and now controls 2.9% of the token’s supply. The company aims to raise its holdings to 5%.

ETH treasury rankings before BitMine’s latest acquisition. Source: CoinGeckoBitMine’s chairman, Tom Lee, said he does not “believe crypto prices have peaked for this cycle,” adding that major catalysts such as favorable regulation and the growth of tokenization will continue to drive the industry forward.

VSOL ETF launches by VanEck, giving investors SOL exposure and staking rewards, with zero sponsor fees until $1B assets.

Izabela Anna2 min read

17 November 2025, 04:06 PM

Edited 17 November 2025, 04:06 PM

VanEck introduced a new Solana investment product as interest in onchain assets grows across global markets. The product, called the VanEck Solana ETF (VSOL), enters the market amid rising institutional interest in digital asset infrastructure. Besides offering price exposure to SOL, the ETF includes access to staking rewards generated through the Solana network. 

Zero Fees Aim to Attract Early AUMAccording to the press release, VanEck will waive VSOL sponsor fees for the first $1 billion in assets until February 17, 2026. The company also confirmed that its third-party staking provider will waive service fees over the same period. 

Consequently, early allocations will operate with no fund-level cost until the threshold or end date. Moreover, any assets above $1 billion before that cutoff will incur a 0.30% sponsor fee. After February 17, 2026, VSOL will apply the standard 0.30% fee across the entire fund.

Kyle DaCruz, Director of Digital Assets Product at VanEck, said the firm is “excited to be launching VSOL” and aims to expand access through “thoughtful, investor-focused products.” His comments signal a strategy centered on cost efficiency and regulatory clarity as competition intensifies within the digital asset ETF landscape.

Solana’s Network Strength Supports the ETF ThesisThe ETF arrives as Solana continues to rank among the busiest blockchains globally. The network processes tens of millions of daily transactions across DeFi, gaming, NFTs, and tokenized assets. 

Additionally, its Proof of History system, paired with Proof of Stake consensus, enables low fees and rapid confirmation times. Validators stake SOL to secure the network and earn rewards, which VSOL incorporates into its structure.

Hence, the ETF attempts to translate Solana’s technical strengths into a regulated investment format designed for traditional market participants.

VanEck Expands Its Digital Asset LineupVSOL joins a broader family of VanEck digital asset products. The company already offers spot Bitcoin and Ethereum ETFs, along with thematic funds like DAPP and NODE. 

Moreover, VanEck manages more than $5.2 billion in digital asset-related products worldwide. The firm also operates 29 crypto exchange-traded products in Europe, reflecting its long-standing push toward regulated crypto access.

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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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ADAPT aims to build the continent’s most advanced digital public infrastructure for trade, integrating technology to make cross-border commerce faster, more efficient, and more transparent.
This marks a pivotal moment in Africa’s economic development, offering opportunities for businesses, governments, and tech innovators to engage in the continent’s booming trade ecosystem.

How ADAPT Will Transform Trade
ADAPT is more than just a technology platform. By streamlining customs and logistics processes, it has the potential to double intra-African trade by 2035. Currently, African nations face slow and fragmented border procedures, which increase costs and reduce competitiveness. ADAPT addresses these challenges by creating a unified, digital trade network that allows for real-time tracking, automated documentation, and faster clearance times. Estimates suggest the platform could reduce border clearance times by more than 50%, making goods move more quickly across countries and saving valuable time for businesses.

Africa is the future of global trade 🌍

Led by @AfCFTA, in partnership with @IOTA, @WEF & @InstituteGC, ADAPT is building a public digital infrastructure connecting Africa with seamless cross-border trade, instant payments & secure digital identities.

One network. All of Africa. pic.twitter.com/1XoLYtISYX

— IOTA (@iota) November 17, 2025

The economic potential is significant. ADAPT is projected to unlock over $70 billion in additional trade value and generate $23.6 billion in annual economic gains. These figures highlight how a single digital infrastructure can reshape trade flows, stimulate economic activity, and encourage private sector investment. For example, Nigerian exporters of agricultural products could move goods to neighboring countries more efficiently, increasing sales and profits while cutting waste from delays at the border.

Today in Johannesburg, @AfCFTA launched ADAPT – a landmark initiative to build the world’s most advanced digital public infrastructure for trade with the potential to:

🌍 Double intra-African trade by 2035

🤝 Unlock more than $70 billion in additional trade value

📈 Generate… pic.twitter.com/D3AvcLholN

— Tony Blair Institute for Global Change (@InstituteGC) November 17, 2025

The launch of ADAPT aligns with a broader global trend: governments and trade organizations increasingly rely on digital infrastructure to boost commerce. In Asia and Europe, similar platforms have enabled countries to simplify cross-border payments and documentation, reducing friction and driving growth. By embracing digital solutions, Africa positions itself to compete more effectively in global markets while supporting regional integration.

Excited to see the vision of public digital trade infrastructure growing across Africa! ADAPT reflects the same technology & principles that drive our work, and is led by @AfCFTA with TWIN Foundation members @WEF, @IOTA & @InstituteGC. This could unlock billions in value 🦾 https://t.co/vIRHRef6wC

— TWIN Foundation (@TWINGlobalOrg) November 17, 2025

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10 minutes ago

After weeks of reporting Bitcoin purchases hovering around 400 to 500 BTC, Michael Saylor’s company announced a massive crypto investment on Monday.

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The company behind the largest Bitcoin treasury announced it had returned to buying large amounts of the cryptocurrency following a $835 million purchase.

In a Monday filing with the US Securities and Exchange Commission, Michael Saylor’s Strategy reported acquiring 8,178 Bitcoin (BTC) for about $835 million. The purchase represented a significant increase compared to the company’s BTC investments in October and earlier in November, which it reported to be about 400-500 coins per week.

Source: StrategyThe acquisition came amid significant volatility in the price of Bitcoin. According to data from Nansen, BTC price fell by about 11% in the previous seven days, reaching $94,191 at time of publication. 

Strategy remains the company with the most extensive Bitcoin treasury at 649,870 BTC, following its initial strategy of consistently buying the cryptocurrency, which began in August 2020. BitMine Immersion Technologies holds the most Ether (ETH), and Forward Industries has the biggest position on Solana (SOL).

Despite the Bitcoin price flash crash last week, Saylor, Strategy’s executive chair, said in an interview and on social media that the company continued to acquire the cryptocurrency. The share price of the company’s MSTR stock on Nasdaq has also declined, falling more than 16% in the previous five days to $197.03 at the time of publication.

Strategy chair to debate gold bug?Over the weekend, gold investor and outspoken Bitcoin critic Peter Schiff challenged Saylor to a debate on stage at Binance Blockchain Week in Dubai in December. Schiff said Strategy’s “entire business model [was] a fraud.”

At the time of publication, Saylor did not appear to have publicly responded to the challenge.

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Following the longest government shutdown in US history, markets still have not recovered well. While gold has outperformed (+1.79% over the past week) and the S&P 500 and Nasdaq 100 are only slightly down (-0.21% and -0.57%, respectively), BTC has seen significant downside, with -10.32% over the past seven days.

Altcoins have similarly not fared well. The only sectors which have outperformed BTC are RWA and no-revenue indices. No-revenue tokens have outperformed slightly due to XRP holding up better than BTC (down only -6.36% over the past week), and RWA tokens have been held up by OUSG (+0.73%) and HASH (-3.44%) this past week.

In terms of worst performers, we’ve seen the crypto-miner, Solana Eco, and Modular indices bear the brunt of the pain. Notably, within Solana Eco, MPLX is down -42.36% over the past week (due to an exploit/incident during the PSG1 launch), and JTO is down -26.81% (possibly due to the announcement of Harmonic as a competitor).

Charts for The Week

Hyperliquid continues to lead in terms of application revenue, making $17.1 million over the past week, followed by Pump.fun, which made $9.6 million. Despite Pump.fun having a lower multiple based on these revenue figures, the token has held up worse than HYPE. The PUMP/HYPE pair is down 23.4% over the past week.

In terms of chain revenue, Solana has held up surprisingly well, despite the continued downturn in memecoin activity (apart from pump.fun). Over the past two months, Solana revenue market share has shrunk from 21% of all chains to 12%. Despite this, the chain still has higher revenue compared to Ethereum, but now sits behind Hyperliquid and Tron. 

MSTR outstanding mNAV has fallen to 0.9. Earlier today, Saylor announced that MSTR bought 8,178 BTC for ~$835.6 million at ~$102,171 per BTC. Although Saylor is unlikely to sell, NAV less than 1 makes issuance increasingly difficult, leading to fewer buys and potentially lower mNAV.

In the most recent Upbit 10 listings, the median listing-day price jump was 70%, with an average of 115%, compared to roughly 40% on Binance for non-meme listings — reflecting South Korea’s highly active retail investor base, where enthusiasm for new assets often drives short-term price spikes (read more).

Loopscale deposits have grown by about 28% over the past 90 days to $93 million, with active loans growing at a similar rate to $34 million. For comparison, both Kamino deposits and outstanding loans have experienced negative growth over the same period (read more).

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HBAR Breaks Key Support as Bearish Sentiment Overpowers DeFi MomentumTechnical breakdown accelerated as selling pressure peaked during final hours of trading session.Updated Nov 17, 2025, 4:30 p.m. Published Nov 17, 2025, 4:30 p.m.

HBAR fell sharply on Tuesday, sliding 2.5% from $0.1518 to $0.1480 after breaking below a key support level that triggered a wave of fresh selling. The move followed a spike in trading activity late on Nov. 16, when 168.9 million tokens changed hands — a 94% jump above average — signaling heavy institutional distribution.

Short-term charts show the decline accelerating, with HBAR dropping another 2.2% to $0.1472 as volume surged 180% above normal. A series of lower highs carved out a clear descending channel, reinforcing the bearish technical picture traders used to time short setups.

STORY CONTINUES BELOW

The sell-off came despite renewed optimism around Hedera’s planned Wrapped Bitcoin integration, which aims to expand the network’s DeFi capabilities heading into 2025. For now, however, technicals remain in control, and support at $0.1457 has become the crucial level for bulls attempting to stabilize price action.

HBAR/USD (TradingView)

Key Technical Levels Signal Consolidation Breakdown for HBARSupport/Resistance Analysis:

Primary support established at $0.1457 following volume surge rejection.Resistance remained intact near $0.1488 after sharp rejection on elevated volume.Descending channel pattern confirmed with lower highs sequence.Volume Analysis:

Peak volume of 168.9M tokens (94% above 24-hour SMA) marked key reversal point.60-minute selling pressure peaked at 6.2M tokens during steepest decline phase.Distribution pattern confirmed by 180% volume surge during breakdown.Chart Patterns:

Range-bound consolidation between $0.1460-$0.1530 broken to downside.Descending channel formation with sequential lower highs established.Institutional distribution pattern extending broader consolidation breakdown.Targets & Risk Management:

Next major support target: $0.1457 (established volume-based level).Risk management level: $0.1465 (recent steep decline low).Upside resistance: $0.1488 (proven rejection zone on elevated volume).Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

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

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Bitcoin Accumulation Amid Market Weakness? Sharp Rise in 1K BTC Holders Suggests So

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Rising whale activity hints at strategic positioning during bitcoin’s downturn.

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The count of entities holding at least 1,000 BTC has risen to 1,436 over the past week as bitcoin has plunged to multi-month lows.This is a reversal in trend from most of 2025, which saw net selling from larger holders.Read full story

In brief
BlackRock’s IBIT logged a record $463 million one-day outflow on November 14.
Global crypto ETPs saw $2 billion in weekly outflows, the largest since February.
U.S. funds drove 97% of redemptions, while Germany posted modest inflows.
Crypto exchange-traded products were hit with their heaviest withdrawals since February last week, with global outflows reaching $2 billion as investors retreated on rising macroeconomic uncertainty.

The exodus was punctuated by a record single-day withdrawal from BlackRock’s flagship Bitcoin ETF, IBIT, which saw $463.1 million leave the fund on November 14, per data from Farside Investors.

The wave of redemptions pushed Bitcoin and Ethereum ETPs sharply lower, driving down assets under management across digital asset products.

Nicolai Sondergaard, research analyst at Nansen, said the mechanics behind the flows are straightforward. “The market is going down lately and as such, it is expected that ETFs see outflows as people want to take their money out of the market,” he told Decrypt.

He added that flows are likely to remain tied to macroeconomic direction. “Depending on where the market is going, which would likely depend on broader macro factors and policies, ETF flows will continue to go out or come back if markets turn for the better.”

Three weeks of outflowsThe scale of the ETF market puts last week’s turbulence into context. Digital asset ETPs, which peaked at $264 billion in early October, have now slid to $191 billion in assets under management, a 27% decline, according to Coinshares’ weekly report. Last week marked the third consecutive week of outflows, bringing the three-week total to $3.2 billion.

The combination of hawkish monetary-policy expectations, crypto-native whale selling, and a broader risk-off shift has pushed global investors to de-risk, with Bitcoin and Ethereum ETPs bearing the brunt. At the same time, demand has rotated toward multi-asset and short-Bitcoin strategies as traders brace for continued volatility.

The U.S. accounted for 97% of global outflows, about $1.97 billion, as American funds saw the sharpest investor retreat. Switzerland followed distantly with $39.9 million in redemptions, while Hong Kong posted $12.3 million in outflows.

Germany stood out however, attracting $13.2 million in inflows as investors there treated price weakness as a buying opportunity.

Laurent Benayoun, CEO of Acheron Trading, told Decrypt that ETF flows will hinge heavily on broader economic data and policy decisions going forward. “Subsequent outflows depend on the confluence of negative macro factors,” he said, such as poor employment data or a hawkish Fed stance, as well as continued downward price movements.

Conversely, positive news on tariffs, crypto US regulatory framework, treasury reserves and rate cuts could translate to “equally positive market sentiment,” Benayoun added, leading to “a price reversal rather than materializing a real market downturn.”

Johnny Garcia, head of institutional growth at VeChain and a former Vanguard staffer, emphasized that ETF flows should not be mistaken for a precise market-timing signal. “ETFs have diverse sets of users and therefore the drivers behind flow are equally diverse—portfolio rebalancing, hedging, rotations, arbitrage,” he said. The depth and liquidity of ETP markets, he added, make them a natural venue for expressing short-term and long-term views alike.

Garcia also cautioned against reading too much into near-term flows. “Opining on short-term ETF flows, while fun, borders on speculation,” he said. He noted that in the U.S. alone, the three largest spot crypto ETPs have brought in over $100 billion in flows in under two years, attracting not only retail investors but also prop-trading firms and long-horizon allocators such as university endowments.

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Arthur Hayes has said Bitcoin's drop from record highs has tracked a decline in his USD Liquidity Index, with ETF basis trades and DAT flows having masked underlying stress, and has suggested future stimulus decisions by the Trump administration could steer the next phase.

FIRO price breakout from a flag pattern sets a clean technical target near $8.49.Rising CMF and strong Bull-Bear Power show big-wallet inflows supporting the move.A close above $6.01 and $8.18 keeps the $10.35 upside target in play, while $3.00–$2.49 remain invalidation levels.The FIRO price has surged almost 60% in the past 24 hours and is now up more than 300% over the past month. The move has outpaced even Zcash, one of the strongest privacy coins this cycle. FIRO, previously known as Zcoin, is clearly riding the renewed momentum in the privacy coin space.

The key question now is whether this rally still has fuel left — and whether FIRO can realistically revisit the $10+ zone.

Sponsored

Flag Breakout Sets the Tone for FIRO’s RallyFIRO recently broke out of a flag pattern, a classic bullish continuation structure that forms when price pauses after a sharp run-up.

The pole formed between October 31 and November 10, followed by a tight consolidation from November 10–15. FIRO then broke out on November 15, completing the pattern.

FIRO Breakout: TradingViewWant more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Based on the pole projection, the technical target sits near $8.49, assuming broader market conditions remain supportive. With privacy coins catching strong flows across the board, FIRO has a realistic shot at reaching this extension.

Sponsored

Big Money Flows and Bull-Bear Power Add Strength to the MoveThe breakout has strong backing from volume-based indicators. FIRO’s Chaikin Money Flow (CMF) — an indicator that
measures buying vs selling pressure weighted by volume — has been rising through the consolidation. CMF held steady even as the FIRO price was consolidating, indicating that big wallets were quietly accumulating during the dip.

Rising Inflows: TradingViewThe CMF ascending trendline breakout is still pending. A clean move above the upper CMF trendline would confirm a new wave of inflows and support FIRO’s next leg toward the projected target. However, until the CMF breakout happens, the FIRO price action remains prone to pullbacks.

The Bull-Bear Power indicator also confirms strength. This indicator measures the gap between buying pressure and selling pressure. On FIRO’s chart, Bull-Bear Power has surged to bullish levels higher than those seen during the original pole, validating the force behind this breakout.

Sponsored

Bulls Control The FIRO Price: TradingViewBoth indicators support the idea that the FIRO price rally might have more room to run.

FIRO Price Levels That Matter NextThe FIRO price now faces two major hurdles.

Sponsored

The first resistance sits at $6.01. A daily close above this level strengthens the momentum case.
The next major resistance sits at $8.18, just below the pole-derived target.
Crossing both levels keeps the $8.49 projection in play.

FIRO Price Analysis: TradingViewIf FIRO clears $8.49 (the pole projection), the next psychological and technical target becomes $10.35, marking the return of the double-digit zone.

On the downside, a move below $3.00 weakens the structure, and falling under $2.49 breaks it completely. These are the invalidation levels for the current rally. That could happen only if a FIRO price pullback runs deeper, led by big money exiting and not breaking the trendline that we mentioned earlier.

Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

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Ethereum’s price continues to witness heightened volatility due to the bearish conditions of the broader cryptocurrency market, causing the altcoin’s value to drop to the $3,000 mark, a level not seen in months. While ETH’s price has fallen sharply, the network’s real economy has displayed significant growth faster than ETH’s market value.

ETH Market Slow, But Real Economy Is Expanding
The growth of Ethereum’s on-chain economy is significantly faster than the movement of its native asset price. Overall, the Ethereum network has quietly entered a phase of significant real-world growth, as evidenced by soaring transaction revenues, surging stablecoin settlement volumes, and an accelerating ecosystem of decentralized apps.

This growing disparity between price and real economy was shared by Milk Road, a market expert on the social media platform X (formerly Twitter). According to the market expert, the real economy of the underlying network has experienced a 3x growth faster than the price of ETH.

Data shared by Milk Road shows that the supply of stablecoins available on the Ethereum blockchain is up by 65.5x. Such a substantial growth implies that money only moves where activity is taking place, which is the clearest signal of actual demand in the broader crypto sector.

A widening gap between ETH’s stablecoin supply and fully diluted market cap | Source: Chart from Milk Road on X
Meanwhile, Milk Road highlighted that ETH’s fully diluted market cap has increased by 21.6x over the same period. The discrepancy between Ethereum’s core economic activity and its market value raises the possibility that investors are underestimating the network’s actual strength, which might lead to a realignment.

What this means is that the blockchain’s economic engine scaled far beyond its valuation for nearly 5 years. However, the expert noted that the difference between the supply of stablecoins and the completely diluted market cap won’t remain this large indefinitely if price ultimately catches up to activity, as it always does.

Fundamentals Remain Strong Amid Ethereum’s Weak Sentiment
Ethereum is still showcasing on-chain strength, hitting new milestones even in the ongoing market volatility. Leon Waidmann, the head of research at On-chain Foundation, disclosed that while prices are down, the blockchain-powered dollar economy recently reached a new all-time high.

For the first time ever, the overall value of all stablecoins that are secured on-chain pushed past $300 billion. Meanwhile, ETH layer 1 singlehandedly accumulates over $170 billion of the total supply, reflecting its growing adoption and rising dominance. Overall, sentiment around ETH, particularly towards its price action, may be weak, but its fundamentals remain robust.

In another X post, Waidmann stated that crypto players continue to declare that ETH is dead, while the blockchain keeps acting in the opposite direction. The network’s block space usage has been climbing nearly nonstop for the past 10 years. 

Presently, the blockspace consumption has hit a new all-time high in 2025. According to Waidmann, this is beyond mere hype; it is driven by real economic activity settling on a global trust layer like Ethereum, as evidenced by the continuous growth of its fundamentals.

ETH trading at $3,200 on the 1D chart | Source: ETHUSDT on Tradingview.com
Featured image from Pxfuel, chart from Tradingview.com

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BitMine Immersion Acquires $173M in Ether as Tom Lee Suggests Reason Behind Crypto WeaknessThe Bitmine chairman said a wounded market maker could be scaling back operations, tightening crypto liquidity and weighing on digital asset prices. Nov 17, 2025, 3:05 p.m.

BitMine Immersion Technologies (BMNR), the digital asset treasury firm focused on Ethereum, said on Monday it acquired over 54,000 ether ETH$3,204.60 last week worth around $173 million at current prices.

The firm now holds nearly 3.6 million ETH, closing in on 3% of the outstanding supply of the token, alongside a small bitcoin stash and equity in Worldcoin-focused treasury firm Eightco (ORBS). It also raised its cash holdings to $607 million, up from $398 million last week.

STORY CONTINUES BELOW

BMNR shares slipped 2.6% on Monday to their weakest level since August.

BitMine chairman and Fundstrat co-founder Thomas Lee attributed the current weakness in crypto prices to a sharp drop in liquidity, possibly caused by a wounded market maker pulling back operations following the October 10 crash.

"When a market maker has a 'hole' on their balance sheet, they are seeking to raise capital and are reducing their liquidity functions in the market, Lee said, likening the situation to a kind of "quantitative tightening" (QT) for crypto assets. "In 2022, this QT effect lasted for 6-8 weeks," he said.

Despite the current downturn, BitMine does not believe crypto has reached a cycle peak yet, Lee said. In his November note to shareholders, he argued that structural drivers could push the cycle’s top into 2026 or later. He also pointed to asset tokenization such as stocks, bonds and real estate on the Ethereum blockchain as a key trend to watch, calling it "a major unlock" for the financial system.

Read more: Tom Lee Says Ether Is Entering a Bitcoin-Like 'Supercycle'; Critics Push Back

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

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As crypto markets have tumbled, it’s been a reflective week in Ethereum land. On Thursday, Vitalik Buterin and co-authors Yoav Weiss and Marissa Posner dropped The Trustless Manifesto — a sweeping, almost poetic call to arms for developers to recommit to the network’s founding ethos: Build systems that rely on math and consensus, not on people or platforms.

The document reads like a philosophical companion to Justin Drake’s Lean Ethereum proposal, which turned one year old this week. A newly active X account, @leanEthereum, has popped up to mark the milestone — and the overlap in timing doesn’t feel accidental. With DevConnect kicking off Monday in Buenos Aires, the pair of ideas together set the tone for a week that’s as much about vision as it is about innovation.

‘Trustlessness is the thing itself’
At its core, the manifesto argues that Ethereum’s success has also made it fragile. As infrastructure and apps scale, the community risks outsourcing too much — RPC endpoints, rollup sequencing, even “self-custody” — to a shrinking circle of trusted intermediaries. Each convenience, it warns, brings the network closer to dependence.

“The only defense is trustless design,” the authors write. “Without it, everything else — efficiency, UX, scalability — is decoration on a fragile core.”

The text lays out three “laws” of trustless design — no critical secrets, no indispensable intermediaries and no unverifiable outcomes — and ends with a pledge: “We refuse to call a system ‘permissionless’ when only the privileged can participate.”

The drift toward dependence
One of the manifesto’s most striking metaphors compares Ethereum’s current trajectory to that of email — once an open, decentralized protocol that anyone could run themselves. Today, spam filters, blocklists and trust-based reputation systems have made it practically impossible for ordinary users to host their own mail servers, the manifesto reads. 

“Email became effectively centralized — not because the protocol was closed, but because practical trustlessness was lost,” the authors write.

It’s a cautionary tale for Ethereum’s access layer. If node operation, transaction relaying or cross-chain messaging ends up dependent on a handful of privileged service providers, the network could become as “permissionless” as Gmail: still functional, but fundamentally gatekept. The manifesto’s plea is simple — don’t let that happen.

“Every shortcut that assumes trust eventually costs freedom.”

If that strikes a chord, a smart contract is now live on mainnet for those who want to “sign” the manifesto — literally staking their names to the principle that decentralization is worth the friction.

From ‘Lean Ethereum’ to the endgame
If The Trustless Manifesto is a moral compass, Lean Ethereum is the architectural blueprint it points toward. Drake’s vision, described as Ethereum’s “endgame” or “final form,” imagines a network stripped down to its purest minimal core — fewer dependencies, simpler consensus, and stronger guarantees that anyone can run a node without institutional backing.

The Lean Ethereum account opened with a video teaser of sorts, sketching a picture of where Ethereum might be heading next: lighter, smaller, but more robust.

Loading Tweet..

A related research proposal getting attention this week is the Ethereum Interop Layer (EIL), posted Nov. 13 on Ethereum Research.

EIL aims to make L2s feel like one chain without new trust assumptions: Users sign once via ERC-4337, wallets bundle a Merkle-rooted set of cross-L2 calls, and a CrossChainPaymaster coordinates “XLP” liquidity providers who front gas and funds with an L1-anchored dispute process to slash misbehavior. Instead of relying on intent solvers and opaque relayers, EIL leans on atomic, optimistic swaps and onchain vouchers to keep censorship resistance and verifiability intact — the manifesto’s “no indispensable intermediaries” rendered as working plumbing.

A fitting prelude to DevConnect
For all the talk of rollup scaling and AI agents, the conversation heading into DevConnect feels unusually introspective. Vitalik’s timing suggests a deliberate recalibration, reminding attendees that Ethereum’s biggest challenges are not only technical, but cultural.

Developers (and this newsletter writer) gathering in Buenos Aires may be debating zk cryptography and DeFi security, but beneath it all lies the same question the manifesto asks outright: What does it mean to trust less in 2025?

As the week begins, Ethereum stands ready to prove that growth doesn’t have to mean compromise. Or, as manifesto’s closing line opines:

“The designs will change. The principles will not.”

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