Market Signal Briefing

On November 13, the newly launched Canary XRP Exchange-Traded Fund (ETF) made a significant impact on the crypto market by recording $59 million in trading volume on its first day. This achievement matches the highest debut for a crypto ETF this year, showcasing the strong institutional interest in digital assets tied to Ripple’s XRP token. The ETF managed to trade 2.26 million shares, experiencing an 11% intraday price swing, which highlights the high level of investor engagement and market volatility.

The launch of the XRP ETF is not only a milestone for the fund itself but also a reflection of the growing acceptance of cryptocurrencies in traditional financial markets. ETFs have long been a favorite among investors for their ability to offer exposure to a wide array of assets without needing to directly own the underlying asset. The introduction of such financial instruments into the crypto sphere is seen as a bridge between traditional finance and emerging digital currencies, potentially attracting more conservative investors who might otherwise be hesitant to invest directly in cryptocurrencies.

Ripple’s XRP has been a subject of much attention over the years, especially given its legal battles in the United States. Despite these challenges, the cryptocurrency has managed to maintain a robust position within the market. The XRP ETF’s successful launch could be indicative of investors gaining confidence in XRP’s long-term viability, despite regulatory uncertainties. This sentiment is further bolstered by recent legal developments, where Ripple secured partial victories in its prolonged lawsuit with the U.S. Securities and Exchange Commission (SEC), setting a precedent that may benefit other cryptocurrencies facing similar scrutiny.

Globally, the appetite for crypto ETFs has been steadily increasing. For instance, regions like Europe and Canada have already embraced crypto ETFs, with a variety of products available to investors. The U.S., however, has been relatively slow to approve such instruments, partly due to regulatory concerns. The success of the XRP ETF may encourage U.S. regulators to consider more flexible approaches to crypto-related financial products, potentially paving the way for a broader acceptance across major markets.

Yet, the journey of crypto ETFs is not without risks. Market volatility remains a significant challenge. The 11% intraday volatility seen with the XRP ETF’s launch is a stark reminder of the unpredictable nature of crypto assets. Investors should be prepared for rapid price changes that could lead to substantial gains or losses. Moreover, the regulatory environment continues to pose a risk. Any adverse rulings or changes in regulations could impact the ETF’s performance and the broader crypto market.

In comparison, traditional ETFs typically experience less volatility and are generally considered safer investments. However, they do not offer the same potential for high returns that the burgeoning crypto market can provide. Investors, therefore, must weigh the risk-reward balance when considering crypto ETFs like the one based on XRP.

Despite these risks, the launch of the XRP ETF marks an important development in the maturation of the cryptocurrency market. It signifies a growing comfort among institutional investors with digital assets and suggests a potential shift in how these investors allocate funds. As more crypto products become available, we may see an influx of institutional capital into the market, leading to increased liquidity and potential price stabilization.

The timing of the XRP ETF’s launch is also noteworthy. It comes at a time when global economic conditions are uncertain, with traditional markets experiencing fluctuations due to geopolitical tensions and other macroeconomic factors. In such climates, some investors are turning to alternative assets like cryptocurrencies to diversify their portfolios and hedge against inflation or currency devaluation.

Historically, the introduction of ETFs in any sector has been transformative, often leading to increased investor participation and wider market acceptance. The crypto sector is no different. The launch of various crypto ETFs in recent years has been pivotal in bringing digital currencies into the mainstream. These financial products offer a regulated and relatively safer way for traditional investors to engage with cryptocurrencies without the complexities of digital wallets and exchanges.

A significant counterpoint to the optimism surrounding crypto ETFs is the potential impact on smaller investors. As institutional money pours into these funds, there is a risk that the market could become more dominated by large players, potentially squeezing out smaller investors or leading to increased manipulation. This concern is not unfounded, as seen in traditional markets where large hedge funds and institutional investors often have outsized influence.

Moreover, the success of the XRP ETF could spur a rush of new crypto ETF launches, leading to a crowded market. While competition can drive innovation and better products for investors, it can also lead to confusion and potential oversaturation. Investors may find it challenging to differentiate between the myriad of offerings, each with varying degrees of risk and exposure.

In conclusion, while the launch of the XRP ETF represents a significant achievement for the crypto market, it also underscores the need for cautious optimism. Investors must remain vigilant, keeping an eye on regulatory developments and market dynamics. As the line between traditional finance and digital assets continues to blur, the success of products like the XRP ETF could herald a new era in the financial world, offering both opportunities and challenges. Whether this will lead to a more inclusive or risk-prone market remains to be seen, but the potential for growth in the sector is undoubtedly significant.

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In a significant move that could potentially reshape the landscape of Ethereum’s market dynamics, a prominent Ethereum whale has made an eye-catching purchase of $1.33 billion worth of ETH. The transaction, which occurred over a few days in early November 2025, highlights the bullish sentiment of influential individual investors. Yet, this activity starkly contrasts with the $183 million outflows from Ethereum-focused exchange-traded funds (ETFs) within the same timeframe, pointing to a divergence in market sentiment between retail and institutional players.

The whale’s substantial acquisition has fueled speculation about Ethereum’s next price target, particularly the psychological barrier of $3,700. As of the latest trading data, Ethereum’s price hovers around $3,500, indicating a momentous crossroads for traders and investors. This buying spree by a major player underscores the ongoing influence that large holders have in the crypto market, often swaying prices with their massive transactions.

Historically, Ethereum has been a volatile asset, reflecting broader trends in the cryptocurrency space—ranging from regulatory shifts to technological upgrades like the much-anticipated Ethereum 2.0. The latter, set to fully transition the network from proof-of-work to proof-of-stake, aims to enhance scalability and reduce energy consumption, factors that could further boost investor confidence. The recent whale activity may be a strategic bet on Ethereum’s long-term potential, particularly with the network’s upcoming enhancements in mind.

However, the contrasting institutional perspective raises concerns. The recent ETF outflows signify that institutional investors might be adopting a more cautious stance. Generally seen as more risk-averse, these investors may be reacting to broader market uncertainties, such as impending regulatory changes or economic headwinds. The decision by institutions to retreat could stem from macroeconomic conditions, notably inflationary pressures and potential interest rate adjustments by central banks, which tend to affect high-risk assets like cryptocurrencies.

Moreover, the ETF outflows might also reflect a strategic rebalancing by institutional portfolios. As the crypto market matures, investors are increasingly diversifying their holdings, potentially moving funds to assets perceived as more stable or to take advantage of emergent opportunities in other sectors. This behavior underscores a broader market trend where institutional investors seek to optimize risk-adjusted returns amid volatile conditions.

Despite the current dichotomy, Ethereum’s robust development ecosystem continues to attract attention. The network hosts numerous decentralized applications (dApps) and is the backbone of a growing decentralized finance (DeFi) sector, which is revolutionizing traditional financial services through smart contracts. With over a thousand active projects, Ethereum remains a leader in blockchain innovation, providing compelling reasons for investors to remain engaged.

Yet, the path to $3,700 is not without its hurdles. One significant risk is the potential for increased regulation. Governments worldwide are advancing regulatory frameworks to address the challenges posed by digital currencies, including issues related to financial stability, consumer protection, and anti-money laundering efforts. Stricter regulations could dampen enthusiasm in the short term, leading to heightened volatility.

Another factor that could impede Ethereum’s ascent is competition. While Ethereum is a dominant force in the smart contract arena, it faces growing challenges from alternative blockchains like Solana and Binance Smart Chain, which offer faster transaction speeds and lower costs. These competitors could divert attention and investment away from Ethereum, impacting its price trajectory.

Nevertheless, Ethereum continues to benefit from its first-mover advantage and a large, dedicated community of developers and users. This ecosystem is crucial in sustaining the network’s relevance and driving innovation, ensuring that Ethereum remains a formidable player in the crypto space.

In the broader context of the cryptocurrency market, such fluctuations and variances in investor behavior are not uncommon. The crypto landscape is notoriously unpredictable, influenced by a confluence of factors ranging from technological advancements to geopolitical events. Ethereum’s ability to navigate these challenges will depend on both its technological upgrades and the market’s reception of its evolving role in the digital economy.

As the year progresses, market participants will keenly watch Ethereum’s performance, particularly in relation to its technological milestones and regulatory developments. The interplay between whale purchases and institutional strategies may set the tone for Ethereum’s market trajectory in the coming months. Whether Ethereum will break past $3,700 or face resistance will largely depend on how these dynamics unfold.

In conclusion, the contrasting moves by Ethereum’s big buyers and institutions paint a complex picture of the market’s future. While whales are evidently placing significant bets on Ethereum’s potential, institutional caution suggests a more nuanced outlook. As Ethereum continues to evolve and the crypto market matures, stakeholders must navigate these shifting tides with both optimism and prudence. The coming months will undoubtedly be pivotal in determining whether Ethereum can leverage its strengths to overcome these challenges and achieve new heights.

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Posted: November 14, 2025

Key Takeaways
How did the XRP ETF perform on its debut?
The Canary XRP ETF (XRPC) traded $55.5 million worth of shares on its first day, matching Solana’s record-setting launch.

What does this signal for institutional XRP demand?
The strong debut suggests significant investor appetite for regulated XRP exposure, with the ETF moving 2.26 million shares and experiencing 11% intraday volatility as markets discovered the price.

The Canary XRP ETF launched with a bang on 13 November, delivering $55.5 million in first-day trading volume that rivals the year’s best crypto ETF debut.

Nasdaq data showed that XRPC closed its inaugural session at $24.5538 after moving 2.26 million shares. 

The stock traded in a wide range between $24.22 and $26.89, showing the typical price discovery volatility that accompanies major ETF launches.

XRP matches Solana’s momentum
The performance puts XRP neck-and-neck with Bitwise’s Solana ETF (BSOL), which recorded $56 million on its 28 October debut. Bloomberg analyst Eric Balchunas called that launch “the best ETF debut of 2025 in any asset class.”

Now the new token has matched that achievement.

What the numbers mean
The $55.5 million represents real institutional and retail dollars flowing into regulated XRP exposure. Investors can now access it through traditional brokerages, eliminating the need to navigate crypto exchanges.

The 11% intraday swing reflects natural volatility as markets establish fair value. This typically stabilizes after the first few sessions.

The race continues
The strong showing comes as multiple issuers race to capture market share. Bitwise, Grayscale, WisdomTree, and Franklin Templeton all have XRP ETF applications pending with regulators.

Canary Capital’s first-mover advantage could prove decisive. ETF launches favor early entrants who build investor loyalty before competitors flood the market.

The nearly $56 million opening day suggests Canary captured significant pent-up demand for regulated XRP products.

The debut also validates the broader thesis that altcoin ETFs can succeed beyond Bitcoin and Ethereum.

XRP and Solana both proved investors will embrace properly structured crypto products when offered through traditional financial channels.

As of this writing, it was trading at around $2.3, with an over 3% decline.

All eyes are currently on XRP as investors are carefully observing its price move amid the growing buzz surrounding the recent launch of the first spot XRP ETF.

However, the XRP derivatives market has currently failed the expectations of bullish traders who predicted a surge right after the ETF launch, as data from Coinglass shows that a massive $9.09 million in long positions have been wiped out in the last four hours.

XRP's downtrend triggers 3,254% liquidation imbalanceThe data shows that about $10 million were liquidated on the XRP derivatives market in the last four hours, with long traders catering for most of it.

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Notably, a massive $9.09 million out of the total liquidation were wiped out in long positions against only $271,060 in shorts during the period.

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As such, the one-sided liquidation has seen XRP register an insane 3,254% liquidation imbalance in favor of the bearish traders. The XRP 4-hour liquidation trend has attracted the interest of investors, as it has basically dashed the hopes of traders betting on the asset’s price surge considering the hype around the Canary XRP ETF launch.

Rather than the bullish trajectory predicted ahead of the long-awaited ETF launch, XRP has instead seen a sharp price correction that led its price to retest the $2.3 level, leaving bullish traders on the wrong side of the move.

XRP dashes hopes following XRPC launchNotably, the one-sided liquidation that happened in favor of short traders signals how aggressively bullish sentiment had built up from the buzz surrounding the Canary XRP ETF launch. Unfortunately, the XRP price action has failed to match expectations, putting bulls in notable losses.

Speculators have described the XRP futures activity as a “buy-the-rumor, sell-the-news” kind of event, where traders positioned heavily for an upside breakout but were caught off guard by immediate selling pressure following the XRP ETF debut. Hence, the liquidation event is not entirely surprising, as it has been earlier predicted by market experts.

Bitcoin faced another tough trading session as the price slipped nearly 3% to around $98,600, adding pressure across crypto-related equities. One of the biggest decliners was Strategy (MSTR), the largest corporate holder of bitcoin, which fell more than 6.6% to trade near $210. This marks a return to price levels last seen just before Donald Trump’s election last November. Despite the company’s long-term gains since adopting a bitcoin-focused treasury strategy in 2020 under Michael Saylor, the stock is still down 30% year-to-date and 36% over the past twelve months.

The decline in MSTR relative to bitcoin sparked a wave of commentary on social media, with some traders suggesting the stock had entered a “buy zone.” Their claim centered on the market cap slipping below the value of the company’s massive bitcoin holdings, suggesting Strategy was trading at an mNAV discount. The company currently holds 641,692 BTC, worth roughly $63.2 billion. With its market cap sitting near $60 billion, some argued that MSTR shares were undervalued by comparison.

However, this narrative overlooks critical financial components. Strategy’s significant preferred equity and outstanding debt both take priority over common shareholders and must be included when assessing valuation. Once these obligations are factored in, the company’s enterprise value climbs to about $75.4 billion — nearly 20% above the value of its BTC reserves. The company’s own dashboard reflects this reality, listing its mNAV at 1.19, clearly showing that MSTR is not trading at a discount to its bitcoin assets when liabilities are properly accounted for.

Whether Strategy stock ultimately proves undervalued or overpriced will depend on market sentiment, bitcoin’s future performance, and the company’s ongoing strategic execution. But based on current figures, the idea that MSTR is trading below the value of its bitcoin simply doesn’t hold up.

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XRP has captured market attention once again as traders closely monitor price movements following the debut of the first spot XRP ETF. Despite expectations of a strong bullish rally, the XRP derivatives market has disappointed optimistic traders, with fresh data from Coinglass revealing that more than $9.09 million in long positions were liquidated within just four hours.

During this period, the total liquidation amount reached nearly $10 million, with long positions accounting for the overwhelming majority. In contrast, only about $271,000 worth of short positions were liquidated. This dramatic disparity resulted in a staggering 3,254% liquidation imbalance favoring bearish traders—one of the most notable shifts in recent weeks.

The sharp liquidation spike has sparked renewed debate among market participants who had anticipated XRP to climb following the highly publicized Canary XRP ETF launch. Instead of delivering the anticipated upside breakout, XRP experienced a swift downturn, sliding back to the $2.3 range and invalidating bullish predictions in the short term.

This one-sided liquidation trend highlights how aggressively traders positioned themselves ahead of the ETF launch, driven by heightened speculation and hopes of a strong bullish continuation. Many analysts now interpret this market reaction as a classic “buy-the-rumor, sell-the-news” scenario. Bullish traders built significant leverage expecting a breakout, only to be met with immediate selling pressure once the ETF went live.

Market experts had previously cautioned that excessive bullish positioning could trigger a wave of liquidations if XRP failed to meet expectations. Their warnings ultimately proved accurate, as the ETF debut coincided with an abrupt correction rather than the anticipated surge.

Despite the setback, XRP remains a closely watched asset, and traders are now assessing whether the recent liquidation flush could pave the way for more stable price movement or if bearish momentum will persist in the short term.

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November historically delivers VeChain’s strongest returns, yet traders remain unconvinced this year due to weak participation and fragile sentiment overall.VeChain’s open interest has stayed stagnant since October’s crash, signaling low conviction and limiting VET’s ability to sustain meaningful recovery momentum.VET must break the descending wedge resistance soon, or it risks losing support and extending its downtrend toward lower critical price levels.VeChain has posted a modest recovery this month after a sharp October decline, but the recent price bounce has not been strong enough to reclaim lost ground. 

VET rose more than 20% in the past week, yet it remains far below pre-crash levels. November has historically delivered strong returns, but traders appear unconvinced this year.

VeChain Has Lost Traders’ ConfidenceVeChain’s price performance over the last seven years shows November has usually been its strongest month. The median return of 10.9% and the average return of 20.9% stand as the highest among all months. These gains often come after periods of muted activity, giving long-term holders reason to expect seasonal strength.

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However, investors should exercise caution. December has been a difficult month for VET, often reversing November’s momentum. The altcoin has regularly posted losses during this period, signaling that any gains in November may not carry into year-end.

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

VeChain Historical Performance. Source: CryptoRankMarket participants remain cautious despite historical tailwinds. VeChain’s open interest (OI) has not recovered since the October crash, when it fell from $110 million to $28 million. That figure has remained unchanged for more than a month, pointing to weak conviction among traders.

This stagnant OI suggests that investors are not yet willing to deploy fresh capital into VET. Low derivatives activity can limit price strength. Furthermore, the lack of renewed participation signals that sentiment remains fragile heading into the final weeks of 2025.

VET Open Interest. Source: CoinglassVET Price Is Breakout RemainsAt the time of writing, VET is forming a descending wedge pattern and trades at $0.0168. The token sits just below the $0.0173 resistance. This is a key level that could determine whether short-term momentum builds or fades.

A breakout from the wedge would be historically bullish. Such a move could lift VET toward $0.0200, helping erase a portion of the 28% October decline. A push toward this level would also extend the recent 20% weekly rise, strengthening confidence in a near-term recovery.

VET Price Analysis. Source: TradingViewIf VET fails to break above resistance, the pattern may lose its bullish structure. A drop below the $0.0157 support could send the price toward $0.0147. This outcome would weaken the bullish thesis, contradicting VeChain’s typical November performance and signaling continued uncertainty.

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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A new study by Bybit’s Lazarus Security Lab has revealed that 16 major blockchain networks can freeze users’ crypto on-chain. This capability allows blockchain foundations or validators to step in and restrict transactions, thereby challenging the core principle of decentralization. While these freezing mechanisms are often employed to prevent hacks, and other security risks, they also raise concerns about control, transparency, and the potential reintroduction of centralized authority in decentralized networks. Bybit has disclosed that its research report is the first large-scale investigation to identify which blockchains possess freezing capabilities and how they operate. 

Bybit Exposes Blockchains With Crypto-Freezing Powers
In a Press Release, Bybit released a new research, unveiling blockchains with fund freezing mechanisms and examining the impact these capabilities have in the DeFi space. The study analyzed a total of 166 different blockchain networks and found that 16 currently possess crypto freezing powers, while 19 could support similar functions in the future. 

To carry out this research, Bybit’s Lazarus Security Lab team utilized an AI agent to filter blockchains through in-depth manual code reviews, as most networks do not openly document these features. 

The research team categorized the freezing capabilities of the 16 blockchain networks into three main mechanisms:

Hardcoded Freezing: It is embedded directly in blockchain’s core code, seen in networks like Chiliz (CHZ), Viction (VIC), XDC Network (XDC), Binance Coin (BNB), and VeChain (VET).

Configuration-based Freezing: Controlled through validator or foundation settings, found in Harmony (ONE), Havah (HVH), SUPRA, APTOS (APT), EOS, Oasis (ROSE), WAX (WAXP), SUI, LINEA, and WAVES. 

On-chain Freezing: Executed via system-level contracts, present in blockchains like Huobi ECO Chain (HECO). 

Bybit has reported that fund freezing occurs when a blockchain locks a user’s assets without their consent. They highlight that these capabilities give these networks a level of control similar to that of traditional banks. The team has also emphasized that the research aims to provide greater transparency on blockchains while laying the groundwork for future studies and risk assessments in the digital asset industry. 

Real Cases Of Blockchain Fund Freezing
Bybit’s Lazarus Security Lab team has also highlighted real-world incidents where crypto freezing was used to protect users and mitigate losses. Notably, in 2025, the SUI Foundation froze $162 million in assets following the Cetus Protocol hack in May, which resulted in a loss of over $220 million. Following this, Aptos added blacklisting functions to its network. 

In 2022, the BNB Chain used hardcoded blacklists to contain a $570 million bridge exploit, preventing the attacker from accessing the funds. Notably, in 2019, VeChain set an early precedent by freezing funds after a $6.1 million breach. Meanwhile, Cosmos’s modular account design may allow similar interventions in the future. 

These cases demonstrate how fund-freezing functions can act as emergency tools during large-scale security incidents. Bybit points out that although centralization remains a concern, many networks are implementing practical safety measures, even if they challenge the principle of complete decentralization, which is the core tenet of blockchain technology.

Overall crypto market at $3.44 trillion on the 1D chart | Source: TOTAL on Tradingview.com
Featured image from Unsplash, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

An analyst has sounded the alarm on what could become one of the most explosive rally in XRP’s history. As the cryptocurrency prepares for its long-awaited Exchange-Traded Fund (ETF) debut, the balance of XRP on major exchanges continues to decline. Analysts are warning that an impending supply crisis could spark a significant surge in the XRP price, which is currently more than 34% below its all-time high levels. 

XRP Supply Shortage To Trigger Parabolic Surge
Amidst ongoing market volatility and whale capitulation, crypto market expert Arthur remains positive about XRP, drawing attention to a series of on-chain developments that could mark the beginning of a parabolic upward move. In his post on X social media, the analyst emphasized that an XRP could soon see a supply crisis, which may ignite its next price explosion. 

According to recent chart data from CryptoQuant, XRP reserves on Binance have fallen to about 2.79 million tokens, marking a sustained decline that began in early 2025. The chart also shows that while XRP’s price has remained relatively stable between $2 and $3, the available supply on almost all major cryptocurrency exchanges has continued to decline drastically. Arthur has revealed that this signals a growing imbalance between supply and demand, which could set the foundation for a bullish move.  

Source: Chart from Arthur on X
Arthur has also referenced a prediction made by JPMorgan analysts, who estimated that between $4 to $8 billion could flow into the upcoming XRP Spot ETFs once they launch in the market. This projection indicates confidence in XRP’s future institutional demand and interest as a legitimate digital asset class. The analyst has suggested that increased ETF demand from institutions, combined with limited liquidity, could create a “perfect storm” for a price breakout of XRP.

Additionally, the analyst has revealed that the XRP ETF could also see a surge in retail demand, contributing to its projected price appreciation. Currently, reports indicate that approval of XRP Spot ETFs by the US Securities and Exchange Commission (SEC) is still pending. However, prominent analysts like Nate Geraci remain confident that these investment products will be launched soon. 

Binance XRP Reserve Data Shows Steady Losses
Delving deeper into XRP’s supply on exchanges, CryptoQuant’s data shows that the cryptocurrency’s reserve on Binance is sitting at approximately 2.785 billion tokens as of November 12, 2025. Notably, this marks a decrease of over 10 million tokens from the previous day, when 2.795 billion XRP was recorded. Since the beginning of November, Binance’s XRP balance has been declining, hovering just above the 2.7 billion token threshold. 

Earlier in October, reserves dipped to 2.74 billion tokens, one of the lowest levels recorded in almost a year. While balances briefly rebounded in mid-October, the latest data shows a renewed downward trajectory, suggesting that selling pressure may have eased and accumulation could be taking place off exchanges.

XRP trading at $2.50 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com

In brief
Emails released from Jeffrey Epstein’s estate reference Tether co-founder Brock Pierce.
Epstein was asked about a meeting with Pierce at his Manhattan mansion, they show.
Pierce spoke to Larry Summers about Bitcoin, an unpublished article states.
Cryptocurrency entrepreneur Brock Pierce spoke about Bitcoin with former U.S. Treasury Secretary Larry Summers at Jeffrey Epstein’s Manhattan townhouse, according to a series of emails from the disgraced financier’s estate.

The exchange, which took place after Epstein’s conviction as a sex offender in 2008, was going to be referenced in an article for New York Magazine in 2015, but the outlet appears to have never published the story that highlighted several of Epstein’s high-profile guests.

During the meeting, Pierce, who co-founded stablecoin issuer Tether, described himself to Summers as “the most active investor in Bitcoin,” according to a version of the article included in the emails, which were released by U.S. lawmakers on Wednesday.

Summers, a former Harvard University president, saw “opportunities” with Bitcoin but was concerned about damage to his reputation if he lost his funds, the article states.

“I could go from being seen as a figure of some probity and some intelligence to being a figure of much less intelligence and much less probity,” Summers said, according to the article, in response to an update from Pierce on “rapid Bitcoin price swings.”

The interaction in the article, which spans a handful of paragraphs, ends with Pierce saying that “you’re going to have some low-quality characters playing early in the space.”

Pierce’s connection to Epstein has been documented before, including a 2011 visit to the Virgin Islands, where Pierce attended a scientific conference hosted by Epstein called Mindshift. 

A spokesperson for Pierce told The Hollywood Reporter in 2019 that “the few communications that Mr. Pierce had with Epstein related to cryptocurrency,” and that they saw each other “at industry events, where many other prominent people were present.”

The materials released this week show how Epstein may have played a larger role in Pierce’s business efforts than previously known, as someone who could connect him with powerful people in the realm of traditional finance and academia, when Bitcoin was a relatively nascent asset.

Pierce and Summers did not immediately respond to Decrypt's request for comment.

Who wrote the story?The former child actor, who starred in Disney’s “The Mighty Ducks,” wasn’t the only individual with ties to cryptocurrency that was referenced in the article. 

On Epstein’s schedule, around the time of Pierce’s conversation with Summers, was PayPal co-founder Peter Thiel, the article states. Thiel’s Founders Fund first bought Bitcoin in 2014, as one of the earliest institutional investors in the space, according to Reuters.

The article only specifies that Epstein’s interactions with Summers, Pierce, and possibly Thiel took place after the disgraced financier’s conviction in 2008. But emails show that it was being fact-checked by journalist Alex Yablon in March 2015.

Yablon did not immediately respond to Decrypt's for comment.

Among dozens of questions about Epstein’s lifestyle, Yablon asked: “Did you meet with Brock Pierce to discuss Bitcoin? Did Larry Summers join this meeting?”

A separate email shows that Epstein immediately forwarded Yablon’s questions to author Michael Wolff, with the message “nfw,” which is shorthand for “no fucking way.”

Four minutes later, Epstein forwarded Yablon’s fact-checking efforts to Darren Indyke, who served as his personal lawyer, and became co-executor of Epstein’s estate around the time of his 2019 death, another email shows. No message was included.

When President Donald Trump was a candidate for the White House in 2015, Wolff provided Epstein with advice on how he could benefit from his history with the politician, potentially “generating a debt,” other emails show.

Wolff, who has written several books about President Donald Trump, pushed back against the idea that he was helping a convicted pedophile in an interview published by The Daily Beast on Wednesday, describing the dynamic as a way to gain greater access.

Wolff did not immediately respond to Decrypt's request for comment.

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Mikael Dolsten, Pfizer's former research and development chief, has withdrawn his candidacy for Novo Nordisk's board, citing personal reasons, the Danish drugmaker said on Thursday.

Thinking Machines Lab, the artificial intelligence startup founded by former OpenAI executive Mira Murati, is in early talks to raise a new funding round at a roughly $50 billion valuation, Bloomberg News reported on Thursday.

Just after its launch on Thursday, November 13, the Canary XRP ETF is already beating expectations, as it has recorded a surprising $26 million in volume within the first 30 minutes of its grand debut.

Eric Balchunas, the senior ETF analyst for Bloomberg, has shared this exciting update via his X handle, revealing that the milestone has seen XRPC blow out his initial predictions of $17 million.

XRPC on track to flip BSOL's $57 million record The analyst further shared data revealing that the ETF is priced at $26.54 per share. Hence, this means that about 1 million units have been traded early within half an hour after it launched.

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The early momentum surrounding XRPC has far exceeded initial expectations, beating previous predictions of market experts. Apparently, this is attributable to the hype and heightened enthusiasm surrounding the product long before its official launch.

Nonetheless, the rapid surge in activity witnessed by XRPC in its first trading session has made the fund a strong contender to the recently launched Bitwise Solana ETF, BSOL.

While BSOL had achieved the highest first-day volume for any crypto ETF launch this year with a massive $57 million record, it appears that the Canary XRP ETF is right on track to beat this record.

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XRPC eyes over $150 million volume target on day one With a massive $26 million already achieved in the first 30 minutes of launch, market experts are already predicting the Canary XRP ETF volume to surpass a record $153 million before the end of its first trading day.

A popular crypto commentator, Chad Steingraber, has shared this prediction on X, sparking more discussions across the crypto community.

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While the launch of the first spot XRP ETF has ignited more optimism on XRP’s next price action, the leading altcoin has briefly responded positively to market speculation.

Currently being the topic of discussion across the crypto community, XRP has suddenly flipped positive with about a 3% surge for the first few minutes after XRPC launched, defying the broad crypto market trend.

With all top 10 cryptocurrencies, including Bitcoin, trading in deep red territory, XRP stands as the only leading altcoin showing a decent gain of 2.66% as of writing time, hovering around the $2.40 mark.

Treasury yields, Federal Reserve policy, have put pressure on risk assets, including Bitcoin, during the government shutdown. The longest government shutdown in U.S. history is over, but the crypto markets are still in the red.

Bitcoin is once again under intense pressure as one of the market’s most well-known long-term holders offloaded hundreds of millions of dollars’ worth of BTC within a few days. The aggressive reduction in long-held supply has reignited fears of a deeper correction, especially as institutional demand weakens and ETF flows turn negative. With the broader market already showing caution, traders are now preparing for the possibility of a drop toward the $96,000 region or even lower.

This week’s developments reflect the rapidly shifting sentiment that has characterized the second half of 2025. Despite Bitcoin reaching a record high of $126,000 in October, the market continues to struggle under the combined weight of weakening inflows, macro uncertainty, and heavy distribution from long-term holders.

A Major Bitcoin Whale Cuts Holdings Dramatically
Owen Gunden, a veteran Bitcoin holder often classified as an “OG whale,” has triggered fresh debate among analysts after unloading another 700 BTC through Kraken on 11 November. His total sell-off for the week climbed to 1,800 BTC, valued at approximately $200 million.

This activity forms part of a broader pattern that began in early October. Gunden, who previously held over 11,000 BTC worth roughly $1.4 billion, has steadily reduced his position to around 5,350 BTC. His remaining holdings now stand near $560 million, marking one of the largest individual reductions by a long-term holder in recent years.

While Gunden’s wallet is close to being significantly depleted, analysts warn that he is not the only large investor engaging in heavy distribution. Several other long-term holders have also been reducing exposure, contributing to weakening market structure at a time when support from institutional buyers is already strained.

Long-Term Holders Offload $43 Billion in Bitcoin
On-chain data shows that the recent activity is not an isolated event. Long-term holders (LTHs), defined as wallets holding BTC for more than five months, have sold approximately 414,000 BTC on a monthly average in November. That supply — valued at about $43 billion — represents one of the most intense periods of distribution in the asset’s history.

The sell-off trend began in July and accelerated sharply in October, creating significant headwinds for Bitcoin’s price. Since the beginning of the second half of the year, BTC has fallen from its peak of $126,000 to just above the $100,000 level.

Historical data shows that large-scale distribution from long-term holders does not always result in immediate price declines. In fact, Bitcoin reached its all-time high in October even as whale selling was underway. This led many analysts to argue that sufficient demand existed at the time to absorb the sell pressure without impacting price stability.

However, the market environment has changed rapidly. Demand that once came from ETFs and corporate treasury allocations has weakened significantly. Without these strong inflows, the market has become more sensitive to any major supply shock, giving the recent distribution a greater impact on price.

ETF Outflows Add to the Downward Pressure
One of the most concerning angles for analysts is the shift in ETF behavior. Throughout early and mid-2025, ETFs played a major role in supporting Bitcoin’s run toward $126K. Their steady buying created a strong cushion against selling activity from larger holders.

That trend has now reversed. Over recent weeks, ETF flows have turned increasingly negative, reaching outflows of 31,000 BTC in November alone. This shift mirrors the sour market sentiment that dominated early 2025 during the tariff war environment.

This reduction in institutional participation leaves the market exposed. With fewer buyers willing to absorb supply, each major sell-off from whales exerts greater downward pressure. As a result, analysts warn that Bitcoin’s momentum could remain fragile unless ETF inflows return and reignite demand.

Options Market Shows Rising Fear Among Traders
Alongside on-chain activity, the Options market is sending a clear signal: traders are preparing for more volatility. As of now, Bitcoin is trading near $105,000, but Options volumes suggest growing uncertainty among both short-term and long-term market participants.

Recent data shows a sharp increase in put buying — contracts that profit when prices fall. Many traders have targeted levels as low as $85,000 for late December, reflecting widespread concerns that BTC may face more turbulence through the end of the year.

For Options expiring at the end of November, a notable rise in hedging activity indicates that traders expect the price to potentially revisit the $96,000 region. That price has emerged as a major psychological and technical level, representing an area where many investors expect buyers to step in if a sharper correction occurs.

Interestingly, the only significant call buying over the past 24 hours has occurred around the $108,000 mark. This suggests that while some traders still anticipate short-term rebounds, the overall expectation leans toward continued weakness unless market conditions improve.

Can Bitcoin Recover From the Current Pressure?
The path forward largely depends on demand, particularly from ETFs and institutional buyers. If inflows return, Bitcoin could regain its footing and potentially stabilize above the $100,000 level. Historically, rising institutional activity has played a key role in shaping long-term market direction.

However, without renewed demand, the combination of whale selling, weakening sentiment, and increased hedging may continue to weigh on the price. Analysts note that the next major move will likely be determined by how quickly ETF flows recover — or whether they continue to drain liquidity from the market.

Conclusion
Bitcoin’s current downturn reflects a complex and rapidly changing environment. The large-scale selling by long-term holders, especially influential whales like Owen Gunden, has raised new concerns about market stability. Combined with ETF outflows and heightened caution in the Options market, the pressure on BTC remains significant.

Whether Bitcoin stabilizes or moves toward the $96K region depends heavily on demand returning from institutional channels. Until then, traders may continue to brace for volatility as the market navigates one of the most challenging phases of 2025.

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In a significant move for the cryptocurrency industry, the dYdX community has endorsed a strategy to allocate 75% of its protocol revenue for the repurchase of DYDX tokens. This decision empowers the protocol to reacquire up to 5% of the overall DYDX supply each year, marking a pivotal shift in how the platform manages its economic model.

dYdX, a prominent player in the decentralized finance (DeFi) sector, operates as a decentralized exchange (DEX) specializing in derivatives trading. By approving this new proposal, stakeholders aim to enhance the token’s value and potentially stabilize its market presence. The decision comes amidst a broader trend in the cryptocurrency market where platforms are increasingly focusing on token buybacks as a mechanism to drive value and reward stakeholders.

Historically, token buybacks are employed to reduce supply, thereby potentially boosting demand and price stability. This strategy mirrors practices seen in traditional finance where companies repurchase shares to increase shareholder value. For dYdX, this move is not just about economics but also about reinforcing community trust and engagement, as community members are directly involved in decision-making processes that shape the platform’s future.

The approved measure will see a substantial portion of the protocol’s income redirected to these buybacks. With the ability to purchase up to 5% of DYDX’s total supply annually, the initiative aims to strengthen the token’s market position and could lead to an appreciation in its value. For the community and investors, this buyback plan signals a commitment to long-term value creation and sustainability of the token’s ecosystem.

However, this strategy does not come without risks. Critics argue that while buybacks can lead to short-term gains in token price, they might not address underlying issues such as user growth or market expansion. Moreover, the reliance on buybacks can divert resources away from other critical areas such as technology upgrades or marketing efforts, which are essential for attracting new users and maintaining competitive advantage.

The decision also reflects a growing trend within the DeFi landscape, where governance and community involvement are becoming pivotal. In the case of dYdX, the community’s vote underscores its active role in steering the platform’s strategic directions. This participatory approach forms the backbone of many decentralized platforms, offering a stark contrast to traditional corporate structures where decision-making is often top-down.

To understand the impact of this decision, one must consider the broader context of the cryptocurrency market. DeFi platforms, like dYdX, have been at the forefront of financial innovation, providing users with alternatives to traditional financial services. These platforms offer a range of products such as lending, borrowing, and trading, without the need for intermediaries. As of late 2023, the DeFi market had grown to a multi-billion-dollar industry, with dYdX being one of the key players.

The buyback initiative can also be seen as a competitive maneuver. With numerous DeFi platforms vying for market share, strategic financial decisions such as these can differentiate one platform from another. By reinforcing token value through buybacks, dYdX can potentially attract more investors and traders looking for stable and rewarding investment opportunities.

Yet, the efficacy of this approach remains to be seen. Success is contingent on various factors including market conditions, competition, and the platform’s ability to innovate and adapt. While token buybacks can enhance perceived value, they are part of a broader strategic framework that requires balance and foresight. If not managed well, the focus on buybacks might overshadow other growth-oriented initiatives.

The dYdX community’s decision is also a reflection of the platform’s maturity. As the DeFi sector evolves, platforms like dYdX are striving to establish sustainable economic models that can withstand market volatility. The decision to utilize a significant portion of revenue for buybacks indicates a move towards fostering a stable ecosystem where user interests are aligned with platform growth.

Moreover, this strategy may set a precedent for other DeFi platforms. As the market matures, we could see a surge in similar initiatives, with protocols looking to increase token value and solidify user loyalty. The ripple effect of such strategies could lead to widespread shifts in how DeFi platforms operate, potentially encouraging more community-driven decision-making processes.

In conclusion, while the dYdX community’s decision to allocate 75% of its revenue for token buybacks is a bold and calculated move, it serves as a reminder of the delicate balance between immediate financial incentives and long-term strategic goals. As the cryptocurrency landscape continues to evolve, platforms must remain agile, ensuring that their strategies are adaptable to the ever-changing market dynamics. With its latest move, dYdX is positioning itself not just as a leader in derivative trading but as a pioneer in community-led financial governance.

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On today's episode of CNBC Crypto World, bitcoin and ether fall while XRP rises as the first spot XRP ETF in the U.S. starts trading on the Nasdaq. Plus, Grayscale files to list on the New York Stock Exchange.

TLDR

The first U.S. spot XRP ETF, XRPC, launched today on Nasdaq, marking a key moment for XRP’s market expansion.
Zach Rector forecasts XRP price could reach $10.70 per token in a conservative scenario by 2027.
In a bullish scenario, XRP could see a $1 trillion market cap, pushing its price to $19 to $20 per token.
Initial ETF inflows of $5 to $10 billion could trigger substantial growth in XRP’s market cap.
XRP price has risen 3.77% in the past 24 hours, now trading at $2.51 with a market cap of $151.24 billion.

The launch of the first U.S. spot XRP ETF today signals a turning point for XRP price predictions. Canary Capital’s XRPC ETF is now live on Nasdaq, sparking discussions on XRP’s future market growth. Analysts are recalculating their forecasts for XRP’s valuation following this historic event.

Rector’s Conservative Forecast for XRP Price Growth
Zach Rector, a well-known finance commentator, shared a forecast based on the new ETF launch. He predicts that XRP could see a market cap increase of $500 billion by 2027. If this happens, XRP price may rise to $10.70 per token.

Rector’s conservative outlook assumes steady ETF inflows, similar to trends seen with Bitcoin. His analysis suggests that $5 to $10 billion in initial inflows would result in this $500 billion growth. The multiplier effect of these inflows could help XRP achieve this forecasted value.

In his more optimistic projection, Rector expects XRP’s market capitalization to reach $1 trillion. This would push XRP price to an estimated range of $19 to $20 per token. The strength and speed of ETF inflows will be crucial in determining how quickly this potential is realized.

Rector’s bullish scenario draws parallels with Bitcoin’s market performance after its ETF launch earlier this year. With a 100x multiplier on ETF inflows, XRP could experience rapid price appreciation. The flow of institutional capital will play a pivotal role in this growth trajectory.

Rector’s outlook is consistent with predictions made by other analysts in the field. In August, crypto analyst Kenny Nguyen suggested XRP could trade between $22 and $50 once ETFs went live. Similarly, Steven McClurg, CEO of Canary Capital, estimated that $5 to $10 billion in inflows could push XRP price towards $26.

These earlier predictions align closely with Rector’s forecast, reinforcing the potential for large market shifts. Analysts agree that even modest institutional participation could revalue XRP by hundreds of billions. The growing institutional interest in XRP ETFs points to a major shift in the asset’s market outlook.

XRP ETF and Market Integration
The approval of the XRPC ETF represents a major step in integrating XRP into traditional finance. This marks the first pure XRP spot ETF to gain regulatory clearance in the U.S. As more ETFs from other issuers prepare for launch, XRP’s market cap could grow substantially.

While Bitcoin’s ETF launch saw a $1.76 trillion increase in market capitalization, Ethereum’s ETF inflows have not caused a significant price surge. This shows that ETF inflows alone may not always lead to rapid price appreciation across all assets, including XRP.

XRP’s price has already risen slightly, up 3.77% over the past 24 hours. Currently trading at $2.51, XRP’s market cap stands at $151.24 billion, signaling optimism for future price growth. The launch of the XRPC ETF sets the stage for XRP’s next valuation cycle, but the impact on price will depend on broader market conditions and institutional sentiment.

According to reports, a bipartisan draft bill in the US Senate has reignited arguments about whether XRP is a commodity or a security.

The Bipartisan Market Structure Draft would divide oversight: the Commodity Futures Trading Commission would police digital commodities like XRP and Bitcoin, while the Securities and Exchange Commission would keep authority over traditional securities.

Proponents say the move could remove years of legal uncertainty for many tokens.

Durham Study Frames XRP As Commodity
Based on reports, academic work from Durham University has entered the debate. Ludovico Rella published a paper in the Journal Of Cultural Economy five years ago that examined how money works as both a tool and a social system.

Rella used Ripple and XRP as main examples and described XRP as a “radical form of commodity money.” He also used the term “digital metallism” to show how XRP can be seen as a self-standing asset that holds value without relying on company liabilities or shares.

What stands out most is his vivid description of XRP as “like gold in your hands” — a digital asset designed to be “the most liquid of assets on the XRP Ledger.”

Source: Ludovico Rella (2020): Steps towards an ecology of money infrastructures: materiality and cultures of Ripple, Journal of Cultural Economy.
XRP’s Dual Role In Payments
Rella argued that XRP plays two clear roles. It behaves like a digital asset with commodity-like traits and it also serves as part of Ripple’s payment network, acting as a bridge asset for moving money across borders.

The study traces Ripple’s path from a trust-based mutual credit system to a blockchain-powered payments network focused on speed and liquidity. That historical arc helps explain why some users treat XRP as an independent store of value while others use it as a tool for cross-border transfers.

XRPUSD now trading at $2.49. Chart: TradingView
Lawmakers Push For Clarity
Reports have disclosed that senators behind the draft want to make legal lines cleaner so firms and markets know which rules apply. Many in the XRP community reacted quickly, pointing to the 2023 court ruling that found XRP was not a security as evidence that the token belongs under CFTC oversight.

Commentators in the space argue the combination of that court decision and new legislation could finally put the question to rest.

Market Moves Add Weight To The Debate
Data cited by community members has been used to underline the argument. According to reports, XRP now processes over $5 trillion a year, and Ripple executives have spoken about CBDC pilots and network growth that could place XRP at the center of large payment flows.

Ripple CEO Brad Garlinghouse has set a target of capturing 14% of SWIFT’s $150 trillion volume, a share that would represent about $40 trillion by 2030 if reached.

Price action has followed the chatter: XRP traded at $2.50, up from $2.40 and showing a 4% gain at the time of the latest report. Daily trade volume rose by 52%, with nearly $5.8 billion in XRP changing hands.

Featured image from Gemini, chart from TradingView

On Thursday, the Bitcoin price fell toward the $98,000 mark, with November shaping up to mirror October’s performance as the market’s leading cryptocurrency continues to hit lower lows over the past month, confirming a prevalent downtrend in the market.

Bitcoin Price Uncertainty Grows Post-Government Shutdown
This downturn is indicative of growing market uncertainty, particularly following President Donald Trump’s signing of a bill that ended the longest government shutdown in US history on Wednesday. 

More concerning, market analyst Ali Martinez has suggested that the Bitcoin price may be forming a head-and-shoulders pattern. According to his analysis, this could set the stage for a significant drop to as low as $83,000. This would represent an additional 15% decline if the pattern holds true.

Adding to the worries for bullish investors, Bitcoin has recently fallen below its 200-day simple moving average (SMA), an historical key technical support for the cryptocurrency’s price in bullish cycles. 

BTC losing its key 200-day SMA. Source: Ali Martinez on X
The expert now indicates that a break below this key level during bear markets often leads to significant declines, potentially leading the Bitcoin price under its realized price, currently pegged at $56,200. This would imply that BTC could see a further 42% drop from current trading prices.

Crypto Winter Looms
Despite the expectation of bullish catalysts such as increased liquidity and potential interest rate cuts by the Federal Reserve, along with positive macroeconomic data, the outlook for the Bitcoin price suggests the possibility of a new bear market. 

Ali Martinez’s analysis implies that bearish sentiment is gaining momentum, raising concerns about an impending “crypto winter” unfolding for investors once again this year. 

As of this writing, BTC is trading at $98,150, marking a loss of nearly 13% over the past thirty days and erasing most of the gains it had accumulated throughout the year. In this time frame, it has only posted a 9% gain. 

The daily chart shows BTC’s price drop below $100,000. Source: BTCUSDT on TradingView.com
Featured image from DALL-E, chart from TradingView.com 

TLDR

Table of Contents

TLDRPhilion’s Concerns Over Centralized PlatformsFlare Network’s Commitment to TransparencyXRP Community Reacts to Philion’s WarningGet 3 Free Stock Ebooks

Flare Network co-founder Hugo Philion warns XRP holders against using opaque platforms that offer yield or staking rewards.
Philion advises investors to avoid platforms that do not provide transparency on how user funds are managed.
The warning comes after Stream Finance disclosed a $93 million loss, highlighting the risks posed by unregulated crypto platforms.
Flare Network offers a more transparent DeFi alternative for XRP holders with its FXRP initiative.
The XRP community has expressed frustration with Philion’s vague warning, which did not name specific platforms.

Hugo Philion, co-founder of Flare Network, has warned XRP holders about depositing their tokens into platforms that offer yield or staking rewards. He cautioned against using opaque platforms that lack operational transparency, urging users to avoid “black boxes” like some existing vault services. Philion’s remarks came in a post on X, where he expressed concerns about the risks posed by platforms that promise high returns without disclosing how user funds are managed.

Philion’s Concerns Over Centralized Platforms
Philion did not name specific platforms in his warning, but his comments targeted centralized or semi-transparent vault services. These platforms claim to offer XRP yield opportunities but fail to provide clear information on their operations. According to Philion, the lack of transparency in these services puts investors at risk.

Philion’s warning follows a recent case involving Stream Finance, which disclosed a $93 million loss in assets managed by an external fund manager. The platform suspended withdrawals and deposits as a result, leading to widespread concerns about similar incidents in the crypto space. This situation highlights the risks associated with yield-bearing platforms, with many comparing it to the collapse of Celsius and other high-risk financial schemes.

Flare Network’s Commitment to Transparency
In contrast to these opaque platforms, Flare Network aims to offer a transparent alternative to XRP holders. Philion emphasized that Flare’s decentralized finance (DeFi) ecosystem is designed to provide a safer space for XRP-related financial activities. Flare’s FXRP initiative, which has seen over $150 million in XRP inflows, aims to lead the way in decentralized finance for the XRP community.

Philion reaffirmed that Flare’s focus is on transparency, allowing users to understand exactly how their funds are handled. This emphasis on openness is crucial in a market where high yields often mask potential risks. As DeFi activity around XRP continues to grow, Flare’s ecosystem remains committed to offering a more secure environment for users.

XRP Community Reacts to Philion’s Warning
Philion’s refusal to name specific platforms has sparked frustration among members of the XRP community. Some users, such as X user SKyGuy, questioned whether platforms such as SparkDEX and Kinetic fit the definition of “black boxes.” Others speculated that the warning was aimed at platforms offering XRP staking rewards without sufficient transparency regarding fund management.

The reactions highlight a growing concern within the XRP community about the risks of engaging with yield-promising platforms. While some users have already withdrawn their XRP from such platforms, others continue to seek alternatives that align with Philion’s call for transparency. As more developers explore tokenized staking for XRP, ensuring the safety and transparency of these platforms will remain a key concern for investors.

Philion’s comments underscore the need for due diligence when interacting with projects promising easy returns. He urges XRP holders to be cautious and prioritize security over high yields. Until platforms offer clearer operational transparency, many within the community, including XRP commentator Digital Asset Investor, prefer to sit out of yield offerings.

Journalist

Hassan Shittu

Journalist

Hassan Shittu

About Author

Hassan, a Cryptonews.com journalist with 6+ years of experience in Web3 journalism, brings deep knowledge across Crypto, Web3 Gaming, NFTs, and Play-to-Earn sectors. His work has appeared in...

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November 13, 2025

The Czech National Bank (CNB) has purchased Bitcoin and other digital assets worth $1 million, calling it a “test portfolio,” its first direct exposure to cryptocurrencies.

The move, announced on Thursday, marks a cautious step toward understanding how blockchain-based assets could fit into future financial systems.

According to the CNB, the portfolio includes Bitcoin (BTC), a U.S. dollar–pegged stablecoin, and a tokenized bank deposit.

Source: CNBMade outside the bank’s international reserves, the purchase provides practical experience in handling digital assets rather than indicating a shift in policy or reserve.

CNB’s Bitcoin Pilot Seeks to Prepare for the Future of MoneyGovernor Aleš Michl said the initiative began in early 2025 to explore how decentralized assets might complement traditional holdings.

The project, approved by the Bank Board on October 30, followed an internal review concluding that digital assets are becoming a growing feature of institutional portfolios worldwide.

“The goal is to test every process involved in managing digital assets, from custody and key management to security and AML compliance,” Michl said. “We plan to share our findings over the next two to three years.”

Officials said the purchase will not affect the bank’s €140 billion in foreign reserves. The small allocation, they said, shields the bank from Bitcoin’s price volatility.

Source: Czech National BankThrough the program, the CNB will study how blockchain technology could influence payments, settlement, and accountability.

Technical teams will test wallet operations, multi-signature controls, and audit procedures for on-chain transactions.

Each asset in the portfolio serves a distinct purpose: Bitcoin represents decentralized money; the stablecoin, fiat-backed stability; and the tokenized deposit, a bridge to regulated finance.

Michl called it a part of a long-term modernization effort. “The koruna will always remain our legal tender, but new forms of money and investment are emerging, and we want to be ready,” he said.

Czech Central Bank Dips Into Bitcoin for Research, Not ReservesThe decision follows nearly a year of internal debate over Bitcoin’s role in the Czech Republic’s reserves. Michl first floated the idea in January 2025, suggesting a small Bitcoin purchase for diversification.

By February, he argued that central banks should study Bitcoin’s underlying technology rather than ignore it.

Not all board members agreed. Jan Kubicek, another member of the Bank Board, warned that Bitcoin’s volatility and legal uncertainties made it unsuitable for reserve holdings. His caution led to a compromise: a limited pilot program instead of a formal reserve allocation.

Michl had initially proposed investing up to 5% of the country’s reserves in Bitcoin, a move that would have made the Czech Republic the first Western central bank to publicly hold the asset.

That plan was rejected, but the $1 million test portfolio serves as a practical middle ground, allowing the CNB to gain operational experience without altering its balance sheet.

Alongside the test portfolio, the CNB launched the CNB Lab, a hub focused on emerging financial technologies. The Lab will research AI applications, instant payments, and tokenized instruments, expanding the bank’s technical capacity for future digital finance.

The Czech initiative comes as European regulators cautiously explore blockchain’s potential. No EU central bank currently holds Bitcoin in its reserves, but discussions around tokenized bonds, regulated stablecoins, and a digital euro have accelerated.

In October, nine European banks revealed plans for a G7-backed stablecoin, while the European Central Bank continues to test digital euro prototypes.

Against that backdrop, the CNB’s step, small but tangible, distinguishes it as one of the few Western monetary authorities directly engaging with crypto assets.

“Bitcoin’s past performance is impressive,” the CNB noted, “but its volatility remains incomparable to conventional assets. This project is about learning, not investing.”

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VeChain clarifies that the 2019 blocklist action was a one-time, community-approved response.

VeChain has issued a firm clarification denying recent allegations made in a report published by Bybit’s Lazarus Security Lab, which claimed that the blockchain includes a hidden feature allowing funds to be frozen.

In a statement released on Thursday, VeChain categorically rejected the claims as “factually incorrect and reputationally damaging.”

VeChain Slams Bybit’s Research Lab
Addressing the specific allegations in its recent post on X, the team explained that the only incident resembling such action occurred in December 2019, when a private key theft compromised a single VeChain wallet. Following the breach, the VeChain community voted to implement a one-time, community-approved blocklist to prevent the liquidation of the stolen assets.

Validators upgraded their node software to reject transactions originating from the thief’s wallets and ensured the stolen funds could not be moved or reallocated. The measure, VeChain clarified, was a transparent, governance-driven response to a major security event and not a unilateral fund freeze embedded in the protocol’s source code.

The company further explained that the technical distinction between “blocking” and “freezing” while criticizing the Bybit report for conflating validator-level inclusion policies with hardcoded freezing capabilities.

“We encourage the author of the report to conduct a deeper technical review to understand the implications of mixing up these two mechanisms in a public forum.”

VeChain also pointed out that independent audits, including those by NCC Group, Coinspect, and Hacken, have confirmed that VeChainThor’s software enables validators, through community-approved governance, to reject certain transactions, but not to seize or freeze assets. The blockchain’s consensus-level checks are designed to support decentralized decision-making rather than centralized control, VeChain added.

Bybit’s Research
Bybit’s Lazarus Security Lab report, titled “Blockchain Freezing Exposed: Examine the Impact of Fund Freezing Ability in Blockchain,” claimed that 16 major blockchain networks possess features that allow developers or validators to freeze or restrict user funds. According to the report, VeChain was among several networks, including Binance-backed BNB Chain, Sui, Aptos, and XinFin’s XDC Network, listed as having hardcoded freezing mechanisms directly embedded in their source code.

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The study, which examined 166 blockchain networks using AI-assisted code analysis and manual verification, identified three primary categories of freezing mechanisms: hardcoded freezing, configuration-based freezing, and on-chain contract freezing.

The report cited multiple historical examples of fund-freezing events, including Sui freezing $162 million in stolen assets following the Cetus hack, and BNB Chain deploying hardcoded blacklists to contain a $570 million bridge exploit. Researchers concluded that while such interventions can help mitigate damage from security breaches, they also raise concerns about centralization and censorship. It said that the existence of fund-freezing functions, even when implemented for security purposes, challenges the notion of full decentralization.

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Upexi launches $50M share buyback to boost shareholder value amid a 50% month-long stock decline and market volatility.

Izabela Anna2 min read

13 November 2025, 10:35 PM

Upexi approved a major share repurchase plan as the company continues navigating a difficult month in the equity market. The Solana-focused digital asset treasury operator reported a steep decline in its share price over the past four weeks. 

The new authorization allows the company to deploy up to $50 million toward buying back common stock. The announcement arrives as the stock trades near its lowest point this quarter. 

The strategy signals management’s effort to increase flexibility, stabilize sentiment, and reinforce confidence in the company’s long-term roadmap. Moreover, it reflects a broader shift among digital-asset-aligned firms that now rely more on capital management tools to protect shareholder value.

Company Plans Opportunistic PurchasesAccording to the press release, the company explained that it intends to repurchase shares in the open market. Management aims to act when market conditions support attractive returns. Besides that, the plan gives Upexi additional control over timing and scale. The company intends to prioritize liquidity, price conditions, and its broader treasury plans. 

Chief Executive Officer Allan Marshall said the decision reflects internal conviction. He stated, “This share repurchase program underscores our confidence in Upexi’s strategy, balance sheet, and long-term growth trajectory.” He added that the program will support shareholder value without affecting expansion initiatives or the company’s digital asset treasury operations.

Additionally, the company stressed that the authorization does not require it to buy a fixed number of shares. Management may slow or halt purchases as conditions evolve.

Stock Extends Month-Long DowntrendSource: Google Finance

Upexi’s stock closed at $3.22 as of press time, marking a 4.73% decline for the session. After-hours trading pushed the price to $3.18, showing continued pressure. Intraday trading remained weak, with the price slipping from early highs near $3.50 and holding within the $3.10–$3.20 range by the close.

The broader trend shows heavier strain. Upexi has fallen more than 50% over the past month. The stock traded above $6.40 in mid-October before a series of lower highs and accelerated selling pushed it toward current levels. Consequently, the price now sits near its lowest point in several weeks.

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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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GARDNER, Mass., Nov. 13, 2025 (GLOBE NEWSWIRE) -- Precision Optics Corporation, Inc. (NASDAQ: POCI), a leading designer and manufacturer of advanced optical instruments for the medical and defense/aerospace industries, announced operating results on an unaudited basis for its first quarter fiscal year 2026 for the period ended September 30, 2025.

Q1 2026 Financial Highlights (3 Months Ended September 30, 2025):

Revenue was $6.7 million, a quarterly record, compared to $4.2 million in the same quarter of the previous fiscal year, representing growth of approximately 59%.Production revenue was $6.0 million, a quarterly record, compared to $2.6 million in the same quarter of the previous fiscal year, representing growth of approximately 133%.Engineering revenue was $0.7 million compared to $1.6 million in the same quarter of the previous fiscal year, a decrease of 59%.Gross margins were 14.2% compared to 26.6% in the same quarter of the previous fiscal year.Net loss for the quarter was $(1.6) million, compared to $(1.3) million in the same quarter of the previous fiscal year.Adjusted EBITDA was $(1.2) million for the quarter compared to $(1.0) million in the same quarter of the previous fiscal year. Recent Additional Highlights:

Accepted a $700,000 product development order to design and build a sub-assembly for an advanced augmented reality (AR) system.Accepted a $678,000 product development agreement to develop a custom high-end borescope for jet engines. The system will include multiple configurations to measure critical components inside jet engines in the field with greater-than-1080p HD resolution in extreme environmental conditions.Increased production to meet the growing demand from a top-tier aerospace company for a highly complex and specific assembly provided by POC. First quarter fiscal 2026 revenue totaled $2.5 million from this customer, a quarterly record.Introduced a second production line to meet increasing demand for single-use endoscope assemblies used by a leading surgical company in their cystoscopy surgery system. First quarter fiscal 2026 revenue totaled $1.6 million from this customer, a quarterly record. FY 2026 Financial Guidance (Year Ended June 30, 2026):

The Company projects for the fiscal year 2026 revenue to exceed $25 million, which represents 31% growth over the Company’s fiscal year 2025 revenue.The Company projects fiscal year 2026 Adjusted EBITDA to be approximately $0.5 million compared to $(3.7) million in fiscal 2025. “The positive momentum continued during the first quarter as we once again reported record quarterly revenue of $6.7 million, an increase of 59% from the year ago period, driven by production deliveries against multi-year agreements with a top tier aerospace company and a surgical robotics company,” commented Dr. Joe Forkey, CEO of Precision Optics. “Gross margins were impacted by lower revenue and underutilization of resources in other parts of the business during the first quarter. However, we expect overall gross margin improvements during the second and subsequent quarters.”

“Two new large development agreements coming in over the past weeks are a positive sign. The programs, one for the development of sub-assemblies for an augmented reality system and the other for a high-resolution borescope for jet engine inspection, broadens our exposure to the aerospace and defense industry as our solutions are well positioned to align with the industry's need for smaller sized optical systems”

“We believe fiscal 2026 is set to be a very good year for POC. We look forward to the continued execution against a strong backlog, delivery of systems at improved margins, and expansion of our pipeline. We continue to remain on track with the financial guidance we previously set for the year, highlighted by fiscal year 2026 revenue growth and positive Adjusted EBITDA,” Forkey concluded.

The following table summarizes the first quarter results for the periods ended September 30, 2025, and 2024:

 Three Months Ended September 30 2025
 2024
Revenues$6,680,823  $4,197,053         Gross Profit 946,358   1,117,330         Stock Compensation Expenses 301,639   149,364 Other 2,239,974   2,214,907 Total Operating Expenses 2,541,613   2,364,271         Operating Income (Loss) (1,595,255)  (1,246,941)    Net Income (Loss) (1,637,030)  (1,311,247)        Income (Loss) per Share       Basic & Fully Diluted$(0.21) $(0.21)                Weighted Average Common Shares Outstanding      Basic & Fully Diluted 7,714,701   6,216,630          Conference Call Details
Date and Time: Thursday, November 13, 2025, at 5:00 p.m. ET.

Call-in Information: Interested parties can access the conference call by dialing (844) 735-3662 or
(412) 317-5705.

Live Webcast Information: Interested parties can access the conference call via a live webcast, which is available at https://app.webinar.net/3PyMqXG06ZY.

Replay: A teleconference replay of the call will be available for seven days, at (877) 344-7529 or (412) 317-0088, replay access code 7772062. A webcast replay will be available at https://app.webinar.net/3PyMqXG06ZY.

About Precision Optics Corporation
Founded in 1982, Precision Optics is a vertically integrated optics company primarily focused on leveraging its proprietary micro-optics, 3D imaging and digital imaging technologies to the healthcare and defense/aerospace industries by providing services ranging from new product concept through mass manufacture. Utilizing its leading-edge in-house design, prototype, regulatory and fabrication capabilities as well as its Ross Optical division's high volume world-wide sourcing, inspecting and production resources, the Company is able to design and manufacture next-generation product solutions to the most challenging customer requirements. Within healthcare, Precision Optics enables next generation medical device companies around the world to meet the increasing demands of the surgical community who require more enhanced and smaller imaging systems for minimally invasive surgery as well as 3D endoscopy systems to support the rapid proliferation of surgical robotic systems. In addition to these next generation applications, Precision Optics has supplied top tier medical device companies a wide variety of optical products for decades, including complex endocouplers and specialized endoscopes. The Company is also leveraging its technical proficiency in micro-optics to enable leading edge defense/aerospace applications which require the highest quality standards and the optimization of size, weight and power. For more information, please visit www.poci.com.

Non-GAAP Financial Measures

Precision Optics has provided in this press release financial information that has not been prepared in accordance with accounting principles generally accepted in the Unites States of America (“non-GAAP”). The non-GAAP financial measure is Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization). In addition to the aforementioned items, Adjusted EBITDA also excludes from Net Income (Loss) the effect of stock-based compensation.

This non-GAAP financial measure assists Precision Optics management in comparing its operating performance over time because certain items may obscure the underlying business trends and make comparisons of long-term performance difficult, as they are of a nature and/or size that occur with inconsistent frequency or relate to discrete acquisition or restructuring plans that are fundamentally different from the ongoing productivity of the Company. Precision Optics management also believes that presenting this measure allows investors to view its performance using the same measures that the Company uses in evaluating its financial and business performance and trends.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of the non-GAAP financial measure presented above to GAAP results has been provided in the financial tables included with this press release.

About Forward-Looking Statements
This press release contains forward-looking statements within the meaning of U.S. federal securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In addition, any statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements in this press release include, without limitation, the Company’s projections for future revenue, gross margins and Adjusted EBITDA. The forward-looking statements contained in this press release are based on certain assumptions and analyses made by the management of the Company in light of their respective experience and perception of historical trends, current conditions, and expected future developments and their potential effects on the Company as well as other factors they believe are appropriate in the circumstances. There can be no assurance that future developments affecting the Company will be those anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond the control of the parties), or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, including the demand for the Company's products, global supply chains and economic activity in general and other risks and uncertainties identified in the Company's filings with the SEC. Should one or more of these risks or uncertainties materialize or should any of the assumptions being made prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

Company Contact:
PRECISION OPTICS CORPORATION
22 East Broadway
Gardner, Massachusetts 01440-3338
Telephone: 978-630-1800

Investor Contact:
LYTHAM PARTNERS, LLC
Robert Blum
Telephone: 602-889-9700
[email protected]

      PRECISION OPTICS CORPORATION, INC.
BALANCE SHEETS
(UNAUDITED)       September 30,  June 30,  2025  2025 ASSETS       Current Assets:       Cash and cash equivalents$1,392,105  $1,773,735 Accounts receivable, net of allowance for credit losses of $63,804 at September 30, 2025 and $80,192 at June 30, 2025 4,187,933   4,336,730 Inventories, net 3,880,308   3,562,112 Prepaid expenses 399,630   385,390 Total current assets 9,859,976   10,057,967         Fixed Assets:       Machinery and equipment 3,406,046   3,385,958 Leasehold improvements 1,240,705   871,356 Furniture and fixtures 564,944   538,428   5,211,695   4,795,742 Less—accumulated depreciation and amortization 4,250,817   4,261,950 Net fixed assets 960,878   533,792         Operating lease right-to-use asset 2,513,607   141,825 Patents, net 226,259   232,493 Goodwill 8,824,210   8,824,210 Total other assets 11,564,076   9,198,528 TOTAL ASSETS$22,384,930  $19,790,287         LIABILITIES AND STOCKHOLDERS’ EQUITY       Current Liabilities:       Current portion of capital lease obligation$18,383  $27,368 Current maturities of long-term debt 577,898   577,898 Accounts payable 4,008,335   2,909,100 Contract liabilities 2,030,772   1,821,929 Accrued compensation and other 899,566   764,004 Current portion of operating lease liability 82,341   50,995 Total current liabilities 7,617,295   6,151,294         Long-term debt, net of current maturities 1,144,730   1,289,205 Operating lease liability, net of current portion 2,699,462   90,954 Total liabilities 11,461,487   7,531,453         Stockholders’ Equity:       Common stock, $0.01 par value: 50,000,000 shares authorized; issued and outstanding – 7,714,701 shares at September 30, 2025 and June 30, 2025 77,147   77,147 Additional paid-in capital 69,453,956   69,152,317 Accumulated deficit (58,607,660)  (56,970,630)Total stockholders’ equity 10,923,443   12,258,834         TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY$22,384,930  $19,790,287          PRECISION OPTICS CORPORATION, INC.
STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2025 AND 2024
(UNAUDITED)       Three Months
Ended September 30,  2025  2024 Revenues$6,680,823  $4,197,053         Cost of Goods Sold 5,734,465   3,079,723 Gross Profit 946,358   1,117,330         Research and Development Expenses 311,840   400,659 Selling, General and Administrative Expenses 2,229,773   1,963,612 Total Operating Expenses 2,541,613   2,364,271         Operating Loss (1,595,255)  (1,246,941)        Interest Expense (41,775)  (64,306)        Net Loss$(1,637,030) $(1,311,247)        Loss Per Share:       Basic & Fully Diluted$(0.21) $(0.21)        Weighted Average Common Shares Outstanding:       Basic & Fully Diluted 7,714,701   6,216,630          PRECISION OPTICS CORPORATION, INC.
STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2025 AND 2024
(UNAUDITED)                Three Month Period Ended September 30, 2025  Number of
Shares  Common
Stock  Additional
Paid-in
Capital  Accumulated
Deficit  Total
Stockholders’
Equity                Balance, July 1, 2025 7,714,701  $77,147  $69,152,317  $(56,970,630) $12,258,834 Stock-based compensation –   –   301,639   –   301,639 Net loss –   –   –   (1,637,030)  (1,637,030)Balance, September 30, 2025 7,714,701  $77,147  $69,453,956  $(58,607,660) $10,923,443   Three Month Period Ended September 30, 2024  Number of
Shares  Common
Stock  Additional
Paid-in
Capital  Accumulated
Deficit  Total
Stockholders’
Equity                Balance, July 1, 2024 6,073,939  $60,739  $61,197,433  $(51,190,384) $10,067,788 Issuance of common stock in registered direct offering 265,868   2,659   1,201,883   –   1,204,542 Proceeds from exercise of stock option 10,363   104   26,896   –   27,000 Stock-based compensation –   –   149,364   –   149,364 Net loss –   –   –   (1,311,247)  (1,311,247)Balance, September 30, 2024 6,350,170  $63,502  $62,575,576  $(52,501,631) $10,137,447                      PRECISION OPTICS CORPORATION, INC.
STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED
SEPTEMBER 30, 2025 AND 2024
(UNAUDITED)       Three Months
Ended September 30,  2025  2024 Cash Flows from Operating Activities:       Net Loss$(1,637,030) $(1,311,247)Adjustments to reconcile net loss to net cash used in operating activities -       Depreciation and amortization 65,181   48,290 Stock-based compensation expense 301,639   149,364 Non-cash interest expense 4,608   4,376 Non-cash operating lease expense 49,322   – Loss on disposal of fixed assets 34,506   – Changes in operating assets and liabilities -       Accounts receivable, net 148,797   421,896 Inventories, net (318,196)  (592,521)Prepaid expenses (14,240)  10,889 Accounts payable 1,099,235   746,038 Contract liabilities 208,843   (65,804)Accrued compensation and other 135,562   270,097 Net cash provided by (used in) operating activities 78,227   (318,622)        Cash Flows from Investing Activities:       Purchases of fixed assets (304,731)  (24,349)Proceeds from sale of fixed assets 3,000   – Additional patent costs (58)  (3,750)Net cash used in investing activities (301,789)  (28,099)        Cash Flows from Financing Activities:       Payments of capital lease obligations (8,985)  (11,212)Payments of long-term debt (149,083)  (128,315)Payment of debt modification costs –   (15,000)Payment on revolving line of credit –   (500,000)Proceeds from registered direct sale of common stock, net –   1,204,542 Gross proceeds from the exercise of stock options –   27,000 Net cash provided by (used in) financing activities (158,068)  577,015         Net increase(decrease) in cash and cash equivalents (381,630)  230,294 Cash and cash equivalents, beginning of period 1,773,735   405,278         Cash and cash equivalents, end of period$1,392,105  $635,572         Supplemental disclosure of cash flow information:       Operating right-of-use assets obtained in exchange for operating lease liabilities$2,632,584  $– Lease improvements financed by landlord$218,750  $–          PRECISION OPTICS CORPORATION, INC.RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURESADJUSTED EBITDA  Three Months Ended September 30 2025
 2024
Net Income (loss) (GAAP)$(1,637,030) $(1,311,247)      Stock based compensation 301,639   149,364       Depreciation and amortization 65,181   48,290       Interest expense 41,775   64,306       Adjusted EBITDA (non-GAAP)$(1,228,435) $(1,049,287)