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Shares of Palantir Technologies (NASDAQ: PLTR) fell 3.56% yesterday and then another 1.1% in after horus trading. While Palantir is a volatile stock, that’s a nearly 5% move in 24h for a stock that was also seeing an extreme rebound in investor sentiment following an meme worthy interview CEO Alex Karp gave

The delta between sentiment and sell off just points to a recurring pattern in meme stocks, where viral enthusiasm doesn’t always translate to institutional buying pressure.

A Silly Sword Interview Is Met With Cheers
A meme worthy interview wtih CEO Alex Karp wielding a sword during captured the attention of retail investors already primed by Palantir’s blowout Q3 earnings.

In that Q3 release the company reported an impressive $1.2B in revenue. That not only beat estimates, it delivered on an enviable ‘Rule of 40’ score of 114%. More on that in a moment.

U.S. commercial revenue surged 121% year-over-year, and total contract value jumped 151% to $2.76B, signaling accelerating enterprise adoption.

Reddit sentiment on Palantir stock popped close to 35%, going from from neutral (48/100)  to bullish (62/100) by midday. The cause? Primarily by a single high-engagement thread in r/stocks. In that discussion titled Why are they really buying?, one user captured the growing narrative:

Why are they really buying?

by

u/Study_Queasy in

stocks

“People who are buying are not stupid,” one user quipped.

Another thread in the same subreddit, titled Identifying Good Management as part of Analysis explicitly cited Karp as a benchmark for good management execution: “Read their strategy 4+ years ago and see if they made true on their promises today (e.g. Alex Karp and rule of 40).”  He brings up a good point, and went on to reinforce the belief that Palantir’s leadership delivers on commitments. While all of that is good and well, it is still backward looking. Today the company trades at an eye watering 434x trailing P/E multiple, so perfection is needed to go further from here.

What’s Next For 2024 & 2025’s AI’s Champion Stock?
Meme cycles are fickle, but Palantir has undoubtably ridden a 2 year wave of retail enthusiasm and core business execution that few though possible. Ongoing performance around the company winning major US defense contracts, and perhaps a few more meme worthy clips from CEO Karp could keep the party going, much to the chagrin of Michael Burry, who recently revealed a $1b+ short position on the company.

Meme Coins

Price Prediction

Trump

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Author

Alejandro Arrieche

Author

Alejandro Arrieche

About Author

Alejandro is a seasoned financial analyst and adept business expert with over seven years of experience in dissecting complex business topics and vital market trends. His insightful writing, which has...

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We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More

Last updated: 

November 12, 2025

Trump’s meme coin is catching fire, up nearly 24% this month as the President’s approval ratings climb. On-chain data shows whales are loading up, reinforcing a bullish TRUMP price prediction as momentum builds.

Data from CryptoQuant shows that whales have been placing large bets on TRUMP across both spot and futures markets, likely anticipating a resolution to the U.S. government shutdown.

Trading activity remains intense, with volumes hitting $675 million—nearly half of the token’s circulating supply.

Adding fuel to the fire, Trump’s latest proposal to issue $2,000 checks to Americans using tariff revenue has stirred fresh excitement, potentially setting the stage for another leg up in TRUMP’s price.

Trump Price Prediction: $15 Target In Sight If TRUMP Stays Above $7The daily chart shows that TRUMP has broken out of a falling wedge, signaling a possible trend reversal.

After retesting and holding the $7 level as support, the token surged to $9.5, now a critical resistance level to watch.

This zone aligns with the 200-day EMA, so a decisive move above it could trigger a strong rally toward $15, unlocking a potential 101% gain if bullish momentum holds.

The RSI remains above the signal line, suggesting buyers still have the upper hand. As long as TRUMP holds above $7, the uptrend remains intact.

While a 10X move may not happen immediately, the token could reach $15 if the President successfully ends the U.S. government shutdown.

With meme coins poised for renewed attention as altcoin season approaches, TRUMP may continue leading the pack.

Maxi Doge ($MAXI) is exploding onto the scene, racking up nearly $4 million in its presale in record time.

Designed for bold traders who thrive on adrenaline and upside, $MAXI is more than just another meme coin — it’s a high-energy community built to win big this bull run.

Maxi Doge ($MAXI) Offers a Home to ‘Degen’ Traders Who Are Not Afraid of Making Big BetsMaxi Doge ($MAXI) is an Ethereum-based meme coin that revives the spirit of Doge, supercharging it with fresh utility for today’s market.

It’s built as a home for traders who live for the thrill – a place to share strategies, dominate trading contests, and earn real rewards while riding the waves of a bull cycle.

From leaderboard battles to fun competitions like Maxi Ripped and Maxi Gains, the $MAXI community turns high-risk trading into a full-blown movement.

Maxi Doge ($MAXI) captures the energy of bull markets by creating a vibrant space where traders share strategies, compete for prizes, and climb the leaderboard together.

Contests like Maxi Ripped and Maxi Gains reward those with the highest ROI, turning every trade into a chance to win.

To fuel long-term growth, the project will reinvest up to 25% of presale funds into high-potential tokens, using the profits to supercharge marketing and expand its presence across the crypto landscape.

To buy $MAXI and join the pump, simply head to the official Maxi Doge website and link up your favorite wallet (e.g. Best Wallet).

You can either swap USDT or ETH for this token or use a bank card instead.

Buy $MAXI Here.

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In brief
Brazil's central bank has said that any purchase, sale or exchange of virtual assets pegged to fiat currency will be considered a foreign exchange operation.
President Luiz Inácio Lula da Silva sent a bill to congress allowing for the seizure of virtual assets and other property.
Brazil's central bank President Gabriel Galipolo raised concerns earlier this year about stablecoin use.
Digital asset hotspot Brazil is trying to crack down on criminal use of crypto through separate legislative and regulatory proposals issued by the government and central bank this month. 

A rule proposed by the country's central bank on Monday would make it easier to target illegal stablecoin use by creating authorization requirements for currency exchanges, including crypto trading platforms. The rule says that any purchase, sale or exchange of virtual assets pegged to fiat currency would be deemed a foreign exchange operation. 

"BCB Resolution 521 establishes rules for some activities of virtual asset service providers (VAPs), which are now treated as foreign exchange and international capital market operations," the rule reads on the bank's website. 

The central bank proposal comes after President Luiz Inácio Lula da Silva sent a bill to the country's congress that would allow authorities to seize property—including "virtual assets"—during investigations and convert them into fiat currency. 

"In the case of seizure of foreign currency, bonds, securities, checks issued as payment orders, or any other instruments representing value or virtual assets, the judge will order their conversion into national currency," the bill, which still needs to be approved by congress, reads. 

Stablecoin ConcernsBrazil's central bank President Gabriel Galipolo has raised concerns about the difficulties of tracking stablecoin use. 

Galipolo in February said that crypto use "maintains some kind of opaque vision for taxation or for money laundering."

Stablecoins are digital tokens pegged to non-volatile assets—usually U.S. dollars—that can be used to make quick transactions. 

Brazil, Latin America's biggest economy, is the region's biggest digital asset market, and has the largest number of crypto ETFs, including funds tracking Bitcoin, Ethereum, Solana and other tokens. 

A high-ranking official in the ruling administration earlier this year said that a potential strategic Bitcoin reserve would be "determinant for our prosperity."

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

In recent remarks, Vitalik Buterin, the influential co-founder of Ethereum, highlighted significant strides in the security of decentralized finance (DeFi) platforms. According to Buterin, the improvements mark a “night and day difference” from previous years, making DeFi a more reliable option for digital asset holders seeking alternative savings methods.

Buterin’s observations come at a crucial time when the blockchain community is heavily focused on enhancing security measures and scaling solutions. Ethereum, which stands as the backbone for various DeFi applications, has made substantial progress in its network fortification. This progress is in large part due to Ethereum’s transition from a proof-of-work to a proof-of-stake model, a change that promises not only to be more energy-efficient but also to offer increased security through diversified validators. This shift aims to mitigate the risk of concentrated control, which could previously have been a vulnerability.

The global DeFi market has witnessed exponential growth in recent years, with billions of dollars locked in protocols ranging from lending and borrowing platforms to complex derivatives and insurance products. Such expansion has inevitably drawn attention to the security and resilience of these systems. Historically, DeFi platforms have been marred by hacks and exploits, leading to substantial financial losses. However, with recent advancements, Buterin asserts that users can expect a much higher standard of security, paving the way for DeFi to be a viable savings mechanism.

Beyond security, Ethereum’s development team focuses on scaling the network to handle increased transaction volumes without bottlenecking. The roll-out of Ethereum 2.0 has been a cornerstone of this effort, introducing sharding techniques that break down data into manageable parts for more efficient processing. This architecture is designed to enhance the network’s capacity, allowing it to support a broader range of applications and user bases without compromising speed or cost. In this way, the scaling discussion isn’t just about keeping up with demand but also about reducing transaction fees, which have historically been a barrier to entry for smaller investors.

While DeFi’s potential for financial inclusion is significant, its success hinges on convincing users that their assets are genuinely safe. For many, the appeal of DeFi lies in its promise to democratize finance by removing intermediaries and offering yields unattainable in conventional banking systems. In regions with unstable local currencies or limited banking infrastructure, DeFi offers a means of safeguarding wealth against economic turmoil. Buterin notes that with the enhanced security protocols now in place, this promise is closer to being realized.

However, it’s essential to recognize potential risks associated with the rapid evolution of DeFi. One critical challenge is regulatory scrutiny. As DeFi platforms operate in a largely unregulated space, they pose challenges for governments seeking to protect consumers and prevent illicit activities such as money laundering. The ongoing regulatory debates could impact the future landscape of DeFi, potentially imposing constraints that might affect its growth and accessibility.

Moreover, the sophistication of cyber threats continues to evolve. While Ethereum’s new security measures are robust, the blockchain industry must remain vigilant against emerging vulnerabilities. Ensuring that security protocols are continuously updated and that users are educated about potential risks will be crucial in maintaining trust in the system.

Comparatively, other blockchain platforms are also making strides in their security and scalability efforts. For instance, Cardano and Solana have been focusing on similar proof-of-stake models and innovative consensus mechanisms to enhance their networks. As these platforms advance, they could provide competitive alternatives to Ethereum, encouraging further innovation and improvements across the industry.

In recent years, the cryptocurrency sector has seen substantial policy developments in various countries. For instance, nations like Switzerland have adopted progressive stances, fostering an environment conducive to blockchain innovation. In contrast, other regions, such as China, have taken a more restrictive approach, banning several crypto-related activities. These regulatory dynamics will play a pivotal role in shaping the global adoption of DeFi and blockchain technologies.

While Ethereum’s progress is commendable, Buterin acknowledges that there is still much work to be done. The ongoing development will focus on enhancing user experience, ensuring that DeFi platforms are not only secure but also intuitive and accessible to a broader audience. Building confidence in these platforms will require continued transparency, community engagement, and collaboration with regulatory bodies.

Buterin’s insights shed light on the current trajectory of the Ethereum network and the broader DeFi ecosystem. The significant security improvements are a testament to the industry’s resilience and adaptability. As Ethereum continues to scale and innovate, it paves the way for a more inclusive and secure financial future, though challenges remain in ensuring sustainable growth and widespread adoption.

In summary, Vitalik Buterin’s recent remarks underscore the remarkable progress Ethereum has made in DeFi security and scaling. These developments are vital as the DeFi sector seeks to establish itself as a mainstream financial option. With continued innovation and careful navigation of regulatory landscapes, Ethereum and other blockchain platforms have the potential to transform the future of finance. However, stakeholders must remain vigilant to address emerging risks and ensure the system’s stability and reliability.

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Journalist

Posted: November 13, 2025

Key Takeaways
What signals suggest Bitcoin may be entering a bullish recovery? 
Metrics like Net Unrealized Profit, miner accumulation, and a developing ‘golden cross’ point to a potential rebound.

What could drive Bitcoin’s price toward $130,000 by year-end? 
A breakout above $110,000, rising ETF inflows, and favorable macroeconomic data could fuel the rally.

Bitcoin [BTC] has faced sustained selling pressure since reaching an all-time high of $126,199.

It has since lost about 16.89%, at press time, according to data from TradingView. However, signs indicate that market sentiment may be shifting as bulls begin to reemerge.

Early signs of a bullish recovery
Indicators of a potential Bitcoin recovery are starting to surface. The Bitcoin Net Unrealized Profit (NUP) metric suggests that a market bottom could be in place.

Historical data shows that whenever Bitcoin trades below the 0.5 region on the NUP chart, it typically rallies shortly after moving above it.

This pattern occurred in January 2024, July 2024, and April 2025. At the time of writing, the Bitcoin NUP stood at 0.47, signaling that a similar fractal pattern could be forming.

Source: CryptoQuant

Miners also appear to be adjusting accordingly. Data from CryptoQuant shows that the mining index has dropped into the negative zone, and was at -0.3.

This indicates that miners are reducing their selling activity and gradually accumulating more Bitcoin instead.

More bullish patterns are emerging
The Technical Pricing Model, which combines short-term and long-term Moving Averages (SMA) to identify rally signals, also reflects a bullish sentiment.

Specifically, Bitcoin has historically rallied each time the 50-day Moving Average (50DMA) crosses above the 200-day Moving Average (200DMA), a pattern often referred to as the Golden Cross.

Source: Glassnode

This formation has appeared in September 2023, August 2024, and April 2025, each time preceding a significant price increase.

At present, a similar setup is forming, while spot and institutional activity continue to hint at an impending upswing.

Institutional investors have reportedly purchased around $523.98 million worth of Bitcoin recently.

Meanwhile, spot investors have sold approximately $71.9 million worth in the past week, following a much larger $536.58 millionpurchase in the previous month.

Experts see Bitcoin reaching $130,000
Farzam Ehsani, Co-founder and CEO of VALR, believes Bitcoin is showing signs of strength, but the real rally hasn’t started yet. He explained that a breakout above $110,000 could be the key trigger for a stronger bullish trend.

Ehsani added that with the U.S. government shutdown nearing resolution and more macroeconomic data emerging, risk assets like Bitcoin could gain clearer direction. He pointed to inflation and CPI data as potential catalysts.

“[This could be] the beginning of a new upside market cycle and open the door for BTC to retest its previous highs and even head higher towards $130,000 before year-end, especially if ETF inflows pick up again.”

VivoPower International’s evolving “digital asset treasury” blueprint took center stage in New York this week as Adam Traidman, the company’s Chairman of the Board of Advisors and a former Ripple board member, sketched out what he called a “DAT 2.0” or “anti-DAT” playbook to accumulate XRP at a steep discount while simultaneously extracting on-chain yield.

Speaking at the XRP Meetup NYC in the run-up to Ripple’s Swell conference—and in remarks shared via a clip by Crypto Eri (@sentosumosaba) on X—Traidman argued that the publicly listed “digital asset treasury companies” which ran hot earlier this year are now trading like the investment-trust boom-and-bust of the early 2000s.

“In the last 60 days or so, we’ve seen several and many, actually, of the digital asset treasury companies collapse. A lot of the stocks have been down by 80%, 90%. This is reminiscent of what we saw in the early 2000s… Initially, they traded at much higher to their net asset value. And eventually, they collapsed completely. And those companies are not publicly traded anymore. To be totally honest, the same thing is happening with DAT companies right now.”

DATs are collapsing, according to the former @Ripple board member.

VIVOPOWER has been BUYING $XRP exposure at 84% OFF by purchasing shares in @Ripple.

With the new Ripple $40B Valuation, the XRP discount is effectively 59% off.

VivoPower Strategy explained here:… pic.twitter.com/ypSrGAgRsC

— 🌸Crypto Eri ~ Carpe Diem (@sentosumosaba) November 12, 2025

The XRP Treasury Company 2.0
The response, he said, is a second-generation construct that acquires underlying exposure at a discount instead of paying token spot. “What we are doing at VivoPower, and what I think the future is, is this sort of second generation of DATs. I call it a DAT 2.0 strategy. Some folk call it an anti-DAT strategy, which is, instead of buying the net asset at spot price, you buy the net asset at a massive discount.”

Related Reading: XRP To $10? Analyst Reveals What Could Be The Spark

He used Bitcoin to illustrate how unusual an “80% off” entry actually is—mining might lower unit cost by 20–30%, but not by 80%. “How would you buy Bitcoin at an 80% discount today? You can’t… You might mine it… and then you might be able to get it at a 20%, 30% discount by mining it… But how the hell are you going to get it for 80% off?”

The answer, in VivoPower’s case, is tied to Ripple. As Traidman put it, there is a unique linkage between a private company and the crypto asset that enables discount capture through corporate financing structures rather than on-exchange purchases. “There’s 25 million cryptocurrencies on coinmarketcap.com. There’s only one that is tied to a private company that is severely undervalued in terms of its share price, and that’s XRP, because of Ripple, right? And so that’s the opportunity that we are taking advantage of.”

This is the core ordering of operations in his remarks: first, acquire XRP exposure at a claimed “84% off” via mechanisms that revolve around Ripple’s equity and related look-through economics; second, put the resulting XRP to work on yield networks. Flare sits explicitly in the second step. “And then we work with our partners, like Flare, in order to generate yield on those XRP assets. And so that’s essentially buying XRP basically 84% off, and then investing it onto networks like Flare in order to generate a yield.”

By emphasizing the sequencing—discounted acquisition tied to Ripple first, yield generation on Flare second—Traidman also addressed why this model does not rely on the market assigning a premium to the operating company. “So it’s like a DAT 1.0 plus the 2.0 strategy, right? And so the companies in this model don’t even need to trade at a premium to MNAV, like Saylor’s MicroStrategy does, because by default, they’re making money on day one. T plus one second, every dollar that gets put into our company gets a forex return, right? That’s only available when you can buy the net asset at a discount.”

At press time, XRP traded at $2.44.

XRP hovers below the 0.5 Fib, 1-week chart | Source: XRPUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

Bitcoin (BTC) retreated from recent highs Tuesday, slipping from $103,413 to around $101,775 as the market paused beneath the key $102,000 resistance. The 1.24% drop occurred on moderate volume—just 2.11% above the seven-day average—signaling limited participation despite the proximity to the critical $100,000 psychological support level.

At 15:00 UTC, a sharp wave of selling pressure saw 27,579 BTC traded—189% above the 24-hour average—after buyers failed to sustain momentum beyond $105,200. The session high of $105,342 confirmed stiff resistance, with bitcoin struggling to extend gains above its ascending trendlines from overnight lows. Subsequent recovery attempts lifted BTC briefly from $101,625 to $102,154 before losing steam near resistance, indicating indecision in short-term momentum.

Institutional sentiment appears cautious. Noted investor Dan Tapiero’s projection of $180,000 targets comes alongside warnings of potential 70% corrections. Options data reflects a hedging-heavy environment: open interest in December 2025 $98,000 puts jumped 43%, while March 2026 $80,000 puts rose 31%. This activity suggests risk management strategies rather than outright bearish bets, as traders safeguard positions near the $100,000 threshold.

Technical analysis points to range-bound trading. Primary support remains at $101,625, with the major psychological level at $100,000. Resistance is firmly set in the $105,200–$105,340 zone following heavy sell-offs. Volume trends indicate consolidation rather than directional conviction, while consecutive lower highs confirm short-term weakness.

If BTC breaks below $100,000, downside risks could extend toward $92,000. Conversely, a move above $102,150—the immediate recovery target—may reopen bullish potential. With volatility tightening and investors positioning defensively, Bitcoin’s next major move could hinge on its ability to hold key support in the coming sessions.

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Former oncology biotech company Leap Therapeutics (LPTX) has officially pivoted to the digital asset sector, rebranding as Cypherpunk Technologies (CYPH) after a major strategic shift. Earlier this month, the firm raised $58.9 million in funding led by Winklevoss Capital to fuel its transition into a digital treasury company. In a bold move, Cypherpunk announced the purchase of $50 million worth of Zcash (ZEC), positioning itself as a major player in the growing privacy-focused crypto space.

Zcash, known for its advanced privacy features, has surged in recent weeks—more than doubling in value since Cypherpunk’s acquisition, and rising another 12.2% to $523 over the past 24 hours. The profitable investment has also driven market enthusiasm, with LPTX shares skyrocketing 369% following the announcement. The company will officially begin trading under the new ticker symbol CYPH on Thursday.

Digital asset treasury firms, inspired by Michael Saylor’s MicroStrategy (MSTR) Bitcoin strategy, have become increasingly common, with companies raising capital to accumulate cryptocurrency reserves. However, many have struggled recently as share prices fell below the net asset value of their crypto holdings.

Cypherpunk’s Chief Investment Officer, Will McEvoy, highlighted the firm’s distinct approach: “The weak performance of most digital asset treasuries stems from short-term capital. We’ve built a syndicate of long-term investors who believe in the importance of Zcash and privacy for the global financial system.”

By investing heavily in Zcash, Cypherpunk Technologies is signaling confidence in privacy-centric cryptocurrencies as a hedge against surveillance-driven financial systems, setting itself apart as a pioneering force in the digital treasury revolution.

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Sui has officially launched USDsui, a native US dollar-pegged stablecoin designed to enhance scalability, liquidity, and efficiency across its blockchain network. Issued through the Bridge Open Issuance platform, USDsui provides developers with a seamless way to integrate stablecoin functionality into decentralized applications (dApps) built on Sui.

This new asset marks a major milestone for the Sui ecosystem, which continues to gain traction within the DeFi (Decentralized Finance) space. USDsui’s primary goal is to simplify real-world digital asset transactions within and beyond the Sui network. The Sui Foundation expects that bringing stablecoin activity in-house will allow the network to retain more reserves, supporting its long-term growth and sustainability.

In addition to being an essential tool for financial activities, USDsui’s cross-platform interoperability allows it to integrate with top wallets and DeFi platforms such as MetaMask, Phantom, and Hyperliquid. This compatibility makes it easier for users to transact across multiple protocols, improving liquidity and broadening adoption across blockchain ecosystems.

Developers will also benefit from Sui’s high-performance infrastructure and Bridge’s one-click deployment system, enabling the rapid creation of enterprise-grade, USDsui-based applications. The focus on scalability, flexibility, and interoperability reinforces Sui’s mission to create a more inclusive and efficient blockchain environment.

On the market side, SUI token prices recently dipped to $1.9915, down 2%, but analysts see potential for recovery. Technical indicators such as the MACD and RSI (34.47) suggest a possible bullish reversal, with targets set at $3.00 and $5.00 if resistance levels are broken. The launch of USDsui could serve as a key catalyst for renewed investor confidence and upward momentum in the Sui ecosystem.

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Ethena, a prominent player in the cryptocurrency market, recently faced a significant challenge as the platform experienced an outflow of $5.72 billion. This development has sparked widespread attention among investors and analysts, raising questions about the future stability and growth prospects of ENA, Ethena’s native cryptocurrency. The substantial withdrawal of funds comes amid reports of diminished on-chain activity, casting a shadow over the digital currency’s potential recovery.

The outflow of such a large sum indicates a potential decline in investor confidence, which could have long-term implications for Ethena. Analysts suggest that this setback may not be isolated and might reflect broader trends within the cryptocurrency market. The reduction in on-chain transactions is particularly concerning because it signifies less engagement from users and could imply a weakening demand for ENA.

Ethena’s situation occurs against a backdrop of fluctuating cryptocurrency markets. Over the past few years, digital currencies have seen dramatic highs and lows, affecting investor sentiment and market stability. Historically, the crypto market has been marked by volatility, often driven by regulatory changes, technological advancements, and macroeconomic factors. The recent outflow at Ethena underscores the unpredictable nature of this industry and highlights the importance of robust strategies to safeguard against such occurrences.

The decline in on-chain activity is a critical factor influencing ENA’s current predicament. On-chain activity refers to the usage and exchange of a cryptocurrency within its blockchain, which can indicate the health and popularity of a digital asset. A decrease in these transactions usually signals reduced interest or engagement from the broader community. For Ethena, this waning engagement is alarming as it hampers the currency’s liquidity and could deter new investments.

Adding another layer to Ethena’s challenges, the broader crypto market has been facing regulatory scrutiny. Governments worldwide are increasingly focused on regulating digital currencies, aiming to control financial risks and protect consumers. These regulatory efforts, while intended to stabilize the market, can also create short-term uncertainties, impacting investor behavior and market dynamics. Ethena, like many other cryptocurrencies, must navigate these regulatory environments carefully to maintain investor trust and market viability.

Despite these challenges, some analysts remain cautiously optimistic about Ethena’s future. They argue that the current difficulties may be temporary and that Ethena could rebound with strategic adjustments. For instance, enhancing blockchain technology to increase transaction speed and reduce costs could attract more users. Additionally, expanding partnerships with financial institutions might bolster market confidence and drive future growth. Ethena’s leadership has an opportunity to address these issues head-on and implement measures to restore investor confidence and reinvigorate on-chain activity.

However, critics argue that Ethena must also be wary of external risks that could further destabilize its recovery efforts. One notable concern is the potential for technological disruptions. As the cryptocurrency sector rapidly evolves, new technologies could emerge that may outpace Ethena’s current offerings, diminishing its competitive edge. Keeping pace with the latest innovations is crucial for Ethena to maintain its relevance in a crowded marketplace.

Moreover, the impact of macroeconomic factors cannot be overlooked. Global economic instability, fluctuating interest rates, and inflationary pressures can all influence investor behavior, affecting the demand for cryptocurrencies like ENA. Ethena must remain vigilant to these external factors and adapt its strategies to mitigate potential adverse effects.

In the context of global cryptocurrency trends, Ethena’s plight reflects a common theme of volatility and uncertainty. The digital currency market, though lucrative, is fraught with risks that require careful navigation. Ethena’s current situation serves as a reminder of the importance of resilience and adaptability in an ever-changing financial landscape. The company’s ability to respond to these challenges will be crucial in determining its future trajectory.

Despite the daunting obstacles, Ethena’s story is not unique. The cryptocurrency industry is littered with examples of companies facing similar issues and emerging stronger. For instance, Bitcoin, the pioneering cryptocurrency, has experienced numerous setbacks yet continues to dominate the market. Other digital currencies have followed similar paths, enduring downturns but ultimately achieving significant recoveries. Ethena could potentially follow suit by learning from these examples and implementing effective recovery strategies.

Nevertheless, the road ahead for Ethena is fraught with challenges. Ensuring the security and integrity of its platform will be paramount in regaining investor trust. Moreover, fostering a strong community around ENA through transparent communication and consistent updates could re-engage users and boost on-chain activity. Ethena’s leadership must prioritize these aspects to secure a stable and prosperous future for the cryptocurrency.

In conclusion, Ethena is at a critical juncture, facing both immediate hurdles and longer-term uncertainties. The recent $5.72 billion outflow and decreased on-chain activity present significant challenges, but they also offer an opportunity for strategic renewal. By addressing technological, regulatory, and market dynamics proactively, Ethena has the potential to not only recover but thrive in the competitive cryptocurrency landscape. As the industry continues to evolve, Ethena’s journey will serve as a valuable case study in resilience and innovation within the digital economy.

Post Views: 5

Key takeaways:

Dormant Bitcoin holders moving large sums to exchanges raise concerns about long-term confidence amid growing concerns about the potential impact of quantum computing.

Strong inflows into Bitcoin ETFs failed to lift sentiment, with traders instead rotating toward fast-rising privacy coins, such as ZEC and DCR.

Bitcoin (BTC) has repeatedly struggled to maintain prices above $106,000 since early November, despite the S&P 500 sitting 1% below a new all-time high. Meanwhile, gold, the traditional store of value, has pared its recent losses and now trades just 4% below its prior record of $4,380.

Many traders believe that factors unique to the cryptocurrency industry may be affecting Bitcoin’s performance, but are these serious enough to keep BTC from reaching $112,000 again? 

US Dollar Index (left, red) vs. BTC/USD (right). Source: TradingView / CointelegraphThe recent strengthening of the US Dollar Index (DXY) against a basket of major currencies reflects renewed confidence in the US Treasury’s ability to manage its fiscal challenges. When investors fear stagnating growth amid persistent inflation—a scenario often described as stagflation—the domestic currency typically weakens, as monetary expansion becomes unavoidable.

For that reason, traders often highlight the long-standing inverse correlation between the DXY and Bitcoin’s price. By contrast, the US stock market tends to benefit from a stronger dollar and lower interest rates. Reduced borrowing costs lift corporate valuations, while favorable exchange rates make imported goods more affordable when priced in the local currency.

Bitcoin reserve strategy companies. Source: BitcoinTreasuries.NetCompanies pursuing Bitcoin reserve strategies, such as MicroStrategy (MSTR) and Metaplanet (MTPLF), have previously been among the largest corporate buyers, especially when their shares traded at a premium to their underlying assets. The mNAV multiple captures this relationship, representing the value of the Bitcoin held relative to the company’s enterprise valuation.

Bitcoin price downturn erases share issuance incentive for companiesThe recent downturn in the cryptocurrency market has largely erased this advantage, removing the incentive for companies to issue additional shares. At current price levels, any new issuance would dilute existing shareholders, making it an unattractive option without a meaningful mNAV premium.

These companies can still raise funds through debt or convertible notes, but such financing is typically less beneficial for investors. Debt holders often demand collateral, which effectively reduces the amount of Bitcoin factored into a company’s enterprise value; thereby limiting potential mNAV growth.

Investor anxiety deepened after long-term Bitcoin holders, including those from 2018 or earlier, began selling amid a 20% pullback from the all-time high of $126,220. One prominent case is believed to involve Owen Gunden, an arbitrage trader from the era of the failed Japanese Mt. Gox exchange, who reportedly holds more than $1 billion worth of Bitcoin.

Source: X/emmettgallicIn the past week alone, Owen transferred more than BTC 1,800 to the Kraken exchange, valued at over $200 million. While it’s not unusual for long-dormant addresses to move funds, traders are questioning whether these transactions reflect waning long-term confidence, particularly amid growing concerns about quantum resistance and the sharp rallies in privacy-focused cryptocurrencies.

Zcash (ZEC) has surged 99% over the past 30 days, followed by a 74% gain in Decred (DCR), a 37% rise in Dash (DASH), and a 22% increase in Monero (XMR). Despite $524 million in net inflows into Bitcoin spot exchange-traded funds (ETFs) on Tuesday, buyer sentiment remains muted, leaving the odds of BTC reaching $112,000 in the near term relatively low.

The selling by long-term Bitcoin holders, persistent US dollar strength, and growing interest in privacy-focused tokens are collectively restraining Bitcoin’s recovery, keeping prices under $106,000 and signaling that meaningful upside may remain limited.

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

Dromos Labs has orchestrated a significant development in the cryptocurrency world by merging Aerodrome and Velodrome Finance to introduce Aero, a cross-chain decentralized exchange (DEX) that operates on both the Base and Optimism networks. This strategic consolidation marks a pivotal moment for the decentralized finance (DeFi) sector, potentially altering the competitive landscape of cryptocurrency exchanges.

The merger, announced on November 12, 2025, aims to harness the strengths of both Aerodrome and Velodrome, streamlining their services to enhance user experience and expand liquidity across multiple blockchain platforms. Aero’s creation reflects a growing trend in the industry towards consolidation, as organizations seek to pool resources and expertise to maintain a competitive edge and foster innovation in a rapidly evolving market.

Aerodrome and Velodrome have individually established reputable positions within the DeFi ecosystem. By merging, they aim to combine their technological capabilities and user bases, thus creating a more robust platform with improved scalability and efficiency. The decision to operate on both Base and Optimism networks is significant, as it allows Aero to offer users lower transaction costs and faster processing times, capitalizing on the distinct advantages of each blockchain.

Aero’s launch comes at a time when the DeFi sector is experiencing a surge in popularity, with an increasing number of users seeking decentralized alternatives to traditional financial systems. This shift is driven by the desire for greater financial autonomy, transparency, and inclusivity. DeFi platforms have expanded rapidly in recent years, with the total value locked in DeFi protocols surpassing hundreds of billions of dollars globally. In this context, Aero aims to attract a diverse user base, from seasoned traders to new entrants, by offering seamless and cost-effective trading experiences.

The formation of Aero represents a strategic move to capture a larger market share in the competitive DeFi landscape. By leveraging the strengths of its predecessors, Aero is well-positioned to offer a comprehensive suite of financial services, including trading, liquidity provision, and yield farming, all within a single platform. The integration of technologies from both Aerodrome and Velodrome is expected to result in a highly resilient infrastructure capable of supporting a wide array of digital assets and innovative financial products.

To further strengthen its position, Aero plans to implement a governance model that empowers its community of users. This model will allow stakeholders to participate in decision-making processes, influencing the platform’s future developments and ensuring alignment with user needs and market trends. By fostering an engaged and active community, Aero seeks to build trust and foster long-term loyalty among its users.

However, the merger and the creation of Aero are not without risks. The process of integrating two distinct platforms can present technical challenges and potential disruptions. There is also the risk of alienating users who may prefer the unique features or services of one platform over the other. Additionally, the rapidly changing regulatory environment surrounding cryptocurrencies poses another layer of uncertainty. As governments worldwide continue to grapple with how to regulate digital currencies, platforms like Aero must remain adaptable and compliant to avoid potential legal hurdles.

The broader implications of Aero’s launch could extend beyond its immediate user base. As a cross-chain DEX, Aero may play a critical role in advancing interoperability between different blockchain ecosystems. This capability is crucial for the future growth of DeFi, as it enables seamless asset transfers and interactions across various networks, thus enhancing liquidity and accessibility. Interoperability remains a key challenge within the blockchain industry, and successful solutions could pave the way for more integrated and user-friendly financial services.

Moreover, Aero’s emergence highlights a trend of increasing collaboration within the crypto industry. This trend is characterized by partnerships and mergers that aim to combine resources, reduce fragmentation, and enhance competitiveness. Such collaborations are crucial for driving innovation and addressing the complex challenges faced by the DeFi sector, including security vulnerabilities, scalability, and user adoption.

In a historical context, the emergence of Aero can be compared to other pivotal mergers within the tech industry that have reshaped competitive dynamics and spurred innovation. For instance, in the traditional financial sector, the merger of financial giants such as JPMorgan Chase and Bank One in the early 2000s significantly altered the banking landscape, creating entities capable of offering diversified services on a global scale. Similarly, in the technology sector, the merger of companies like Hewlett-Packard and Compaq expanded product offerings and market reach. Aero’s creation may signal a similar shift within the DeFi space, where consolidation fosters growth and resilience.

Looking ahead, Aero’s success will largely depend on its ability to effectively integrate the technologies and user communities of Aerodrome and Velodrome while navigating the complex regulatory landscape. If achieved, Aero could set a precedent for future mergers within the DeFi sector, encouraging further consolidation and innovation. As the DeFi market continues to mature, platforms that are adaptable, user-centric, and capable of providing secure and efficient services are likely to thrive.

In conclusion, the formation of Aero represents a significant milestone in the ongoing evolution of the DeFi sector. By merging Aerodrome and Velodrome, Dromos Labs has created a new entity that aims to redefine the landscape of decentralized finance. With its focus on interoperability, community engagement, and technological integration, Aero is poised to become a formidable player in the ever-expanding world of digital finance. However, its success will depend on its ability to navigate the challenges of integration, user engagement, and regulatory compliance. As Aero embarks on this new journey, it sets the stage for a new era of collaboration and innovation in the cryptocurrency industry.

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The Cardano price has struggled to regain strength following a steep correction from recent highs. ADA has slipped below key support zones, reflecting weakening short-term sentiment across the broader market. The recent bearish cross between the 50-day and 200-day moving averages has raised caution among investors. Despite minor rebounds, sellers appear dominant, with the overall trend suggesting potential further retracements. Still, some market participants believe short-term consolidations could precede fresh buying pressure in the near term.

Death Cross Deepens Bearish Outlook for Cardano Price 
The death cross, confirmed on November 3, marked a significant shift in sentiment for Cardano price performance. This technical signal emerged as the 50-day moving average crossed below the 200-day line, indicating that bearish conditions are strengthening. 

The current ADA value trades at $0.548, well under both moving averages, confirming an extended downtrend. Specifically, this crossover historically signals prolonged selling phases, which aligns with ADA’s failure to reclaim the $0.60 resistance.

Furthermore, market structure shows lower highs and lower lows, reinforcing downward bias. The decline has also invalidated several short-term bullish setups, hinting at possible retests toward the $0.50 psychological mark if sellers sustain pressure.

ADA Death Cross Indicator Chart (Source: TradingView)
Bearish Pennant Breakout Signals Lower Support Retest
On the 4-hour chart, Cardano has broken below a bearish pennant pattern after failing to hold the $0.555 support. The breakout signals a continuation of the downward structure, confirming renewed selling pressure within the channel. 

Breaking below $0.540 could expose ADA to retesting the $0.500 floor, which has acted as critical demand since early November. The DMI indicator supports this bias, showing -DI at 21 and +DI at 18, highlighting that sellers remain dominant. 

Meanwhile, the ADX reading at 14 reveals that although the trend is bearish, its strength remains weak. ADX measures the intensity of a trend, not its direction—readings below 20 reflect weak conviction or sideways trading. 

Therefore, while bears currently lead, the weak ADX suggests that downward momentum may fade if volume fails to expand.If ADA stabilizes near $0.50 and volume increases, the long-term ADA price outlook could turn optimistic, paving the way for a gradual recovery.

ADA/USDT 4-Hour Chart (Source: TradingView)
Are Bears Fully in Control?
Liquidation data highlights intense selling pressure as over $2 million in long positions were wiped out within 24 hours. Binance and Bybit saw the heaviest liquidations, totaling $682K and $780K, respectively, as bullish traders were forced out by sharp declines. 

In contrast, short liquidations only reached about $180K, signaling that sellers remain in firm control. This imbalance shows how bearish pressure is overwhelming buyers, with leverage increasingly working against long traders. 

Such dominance from shorts often fuels deeper pullbacks before a potential relief bounce. Therefore, if current conditions persist, the Cardano price could slip toward $0.50 before any meaningful recovery attempt.

ADA Total Liquidations Chart (Source: CoinGlass)
To sum up, Cardano remains under visible bearish pressure, struggling to hold crucial support levels. Both technical patterns and liquidation data point to sustained seller control. Unless ADA closes above $0.60 soon, recovery chances remain slim. The overall trend suggests that buyers must reclaim strength to reverse the ongoing weakness.

Purchasing a gold bar can be difficult for most people, but with this stablecoin, you can have your own digital stash of the precious metal.

As of October 31, popular cryptocurrencies such as Bitcoin (BTCUSD +0.08%) and Ethereum (ETH 0.33%) have experienced significant price drops throughout the month, which could spook investors more than Halloween itself. However, there's one crypto that has been on a tear for the month, reaching all-time highs nearly every day. It's a stablecoin, but vastly different from the common ones.

Image source: Getty Images.

PAX Gold Reaches All-Time High For Fourth Straight Day
PAX Gold (PAXG +1.65%), one of the few stablecoins backed by gold, reached an all-time high of $4,765 on October 16. This is vastly different from common stablecoins, such as Tether (USDT +0.03%) and USD Coin (USDC +0.00%), which are pegged to the U.S. dollar and primarily maintain a price of $1. The PAXG token was built to be worth the same amount as a London bar of gold, so it will maintain a value that's close to the price of one troy ounce of the metal. However, the crypto and the commodity will never be the same price, as the digital token is subject to transaction and network fees, as well as unique fluctuations in price and demand, which can alter the price.

Gold is widely considered a hedge against the U.S. dollar, which is still the world's primary reserve currency. And as of October 31, the government shutdown has persisted for 32 days , while President Donald Trump confirmed that day that the U.S. and China are in a prolonged trade war. Therefore, the dollar has weakened, which is common during times of geopolitical tension and economic uncertainty. Gold and many other metals have skyrocketed in price, allowing PAX Gold to essentially go along for the ride.

Today's Change

(

1.65

%) $

68.07

Current Price

$

4182.12

What Are The Risks Of Investing In PAX Gold?
PAX Gold typically stays within a range of about $50 below or above an ounce of gold, offering much more stable prices compared to other cryptos. However, because it's on a blockchain, there are rare occurrences where demand for the coin can change so rapidly, its price can fluctuate just as much. Gold simply isn't as easy to trade or purchase on available exchanges or over-the-counter (OTC) markets. PAXG on the other hand, can be traded almost instantly on the Ethereum blockchain through popular crypto exchanges. One example of this was on Saturday, April 14, 2025, when geopolitical tension in the Middle East spiked that day. PAXG skyrocketed as high as 34% due to a rush in demand, before it restabilized and closed the day with a 4% gain. The token was much more accessible to purchase and trade than gold, especially because most non-crypto exchanges are closed on the weekend.

Investors should also be wary of the security risks associated with cryptocurrencies. Congestion on the Ethereum blockchain can not only potentially slow down transaction speeds, but it also increases the purchase fees slightly. Also, on the rare occasion that a crypto exchange or someone's private crypto wallet gets hacked, crypto funds could be depleted. So investors should keep their passwords/private keys secure while also trying to avoid phishing scams.

Should you buy PAXG right now?
There have been no signs that the ongoing trade wars and government shutdown are nearing an end. And even if the shutdown were to end today, federal agencies would have weeks and potentially months of economic data to catch up on and report, because the employees who collect that data aren't currently working. Thus, economic uncertainty surrounding the dollar is likely to persist throughout at least the end of 2025, and PAXG is a buy right now for the short-term. And because gold is historically an appreciating asset, the digital token is also a great long-term investment.

Adé Hennis has positions in Bitcoin, Ethereum, and USD Coin. He has no positions in PAX Gold and Tether.

According to an analyst, Bitcoin sits in a liquidity set-up that has shown up before big rallies. Prices are not shooting higher yet. At press time Bitcoin trades around $104,500, down 0.5% over the past day.

Traders watched a decline of about 1.8% earlier that pushed the price near $103,400 and it briefly touched $102,850 during the move.

Stablecoin Signal Points Toward Accumulation
CryptoQuant analyst Moreno points to the Stablecoin Supply Ratio, or SSR, as the first clear indicator. The SSR compares Bitcoin’s market cap to the total market cap of stablecoins. It has dropped back into the 13 range.

Based on historical readings, that 13 area has lined up with market lows in mid-2021 and at several moments across 2024. Reports show that when SSR fell to similar levels, liquidity quietly built up and buying followed after a period of low volatility.

Liquidity Pattern Has Appeared Before Every Bitcoin Surge — And It’s Back

“We’re witnessing a liquidity configuration that has only appeared a handful of times since 2020, and each instance marked a pivotal moment for Bitcoin’s trajectory.” – By @MorenoDV_ pic.twitter.com/vWKcCkyn55

— CryptoQuant.com (@cryptoquant_com) November 11, 2025

Binance Reserve Trends Add A Second Layer
The second metric Moreno highlights comes from Binance. On that exchange, stablecoin balances are rising while Bitcoin reserves are shrinking. In plain terms: more cash-like tokens sit on the exchange and fewer coins are being held there.

That pattern has appeared only a handful of times since 2020, according to the data he referenced. Each time, the movement suggested capital waiting on the sidelines and holders moving coins off exchanges into longer-term storage.

BTCUSD trading at $104,878 on the 24-hour chart: TradingView
Market Calm Can Hide Big Moves
The current trading backdrop is cautious. Many investors expected a lift after news that the US Congress approved short-term federal funding through January 30, yet crypto did not rally with other risk assets.

Some capital rotated back to stocks. At the same time, large holders took profits after recent highs, and momentum cooled. That mix shows how macro events can shift flows without immediately turning into crypto buying.

Risk Still Exists — Structure Could Break
Moreno warns this liquidity zone acts like a final structural support. If the metrics break down decisively, it could signal a deeper reset before any sustained recovery.

In that scenario, buying would likely be delayed and volatility would rise. This is not a guaranteed outcome, but it is a clear risk that traders watch closely.

Outlook: Limited Downside, Growing Upside
Based on reports and on-chain signals, Moreno believes the risk-to-reward favors buyers at these levels. He points to the built-up stablecoin supply and falling exchange BTC reserves as reasons for that view.

Historical patterns suggest the last three months of the year often bring gains for Bitcoin, but past behavior does not promise future returns.

For now, the indicators show capital parked in stablecoins and fewer coins available on major exchanges. That creates a setup where fresh buying could push the market higher quickly if sentiment turns.

Yet the opposite is possible: a break below these levels would reshape the cycle and force many participants to rethink positions. Markets will decide which path comes next.

Featured image from Gemini, chart from TradingView

Journalist

Posted: November 13, 2025

Key takeaways
Is Ethereum still leading the DeFi ecosystem?
Yes, Ethereum holds about 67.65% of DeFi activity, but its dominance is slowly eroding.

Which chains are catching up to Ethereum?
Solana leads the charge with higher user activity and developer growth, while Tron and BNB are also gaining ground.

For years, Ethereum [ETH] has been the undisputed king of the smart contract world. But lately, the empire’s edges are starting to fray.

With Solana [SOL] sprinting ahead in activity and newer chains building momentum, Ethereum’s long-held dominance may finally be meeting its match.

The rivals are sure to put up a fight, but how long can Ethereum hold the fort?

Competitors are closing in on ETH
According to DeFiLlama, Ethereum continues to command a massive 67.65% share of total DeFi activity, dwarfing rivals like Solana (8.9%), Binance Smart Chain (BSC) [BNB] (6.67%), and Bitcoin [BTC] (6.75%).

Yet, that lead is beginning to narrow.

Source: DeFiLlama

Source: CoinGecko

Despite a 2.5% daily dip, ETH gained 5.6% over the week. However, competitors like Solana and Binance [BNB] are gaining traction, continuing to challenge Ethereum’s long-standing dominance.

Tron gains ground
DeFiLlama data shows Ethereum still leads stablecoin issuance with 55.55% market share, but its dominance has slipped.

Source: DeFiLlama

TRON [TRX]  captured a significant 25.78% share of the $302.17 billion market. BSC and Solana follow with 4.42% and 4.36%, respectively, while emerging chains like Base [BASE] and Arbitrum [ARB] each hold just over 1%.

Despite a modest 0.24% weekly decline in total stablecoin market cap, Tron’s growing foothold is challenging Ethereum’s long-standing control.

A change in activity
While Ethereum remains the dominant layer in DeFi and stablecoin ecosystems, Solana is quietly outpacing it in network usage.

Source: Santiment

Over recent months, Solana has consistently led in daily active addresses and transaction volume, even as Ethereum’s developer activity has plateaued.

Source: Santiment

Ethereum’s development activity score was near 14.3, trailing Solana’s 21.5 at press time.

Higher usage and faster development growth mean a meaningful shift in market momentum. Perhaps Ethereum’s lead has more challenge than before.

‘Defi as a form of savings is finally viable’: Vitalik Buterin talks Ethereum scaling, financial freedom and protocol securityPeople
• November 12, 2025, 6:06PM EST

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Quick Take
Ethereum founder Vitalik Buterin said there is a “night and day difference” in the level of security DeFi users can expect compared to DeFi Summer.
“It’s really important for Ethereum and DeFi to really maintain and build and improve upon the core properties that have made Ethereum the Ethereum from the beginning,” Buterin said at a Dromos Labs event on Wednesday.
Vitalik Buterin said he's encouraged by recent advancements in decentralized finance on Ethereum, most notably the sector’s improving security, maturity, and optionality.

"We'll be seeing, I think, a growth in more and more cases of people, institutions, all kinds of users around the world actually using this as their primary bank account," Buterin, the founder of Ethereum, said in a pre-recorded closing statement at a Dromos Labs event on Wednesday. "Defi as a form of savings is finally viable."

Echoing a recent blog post where he argued for lower-risk decentralized finance, Buterin noted that, as the sector has matured, there has been a shift away from high-risk speculation. DeFi, he argued, could become an outlet for users worldwide trying to escape the fiat money system "where your money can be taken away from you" through political shifts and other risks.

Despite Buterin's optimistic outlook, he is aware of the history of protocol failures and smart contract risks that have long plagued DeFi, including, most recently, the multi-million dollar hack of Balancer, a thoroughly vetted and highly-trusted protocol.

"It's a night and day difference in the kind of security that you can expect in 2025 versus if you compare it to something like 2020 or 2019," Buterin said. While the total amount lost in crypto exploits in 2025 “dwarfs” last year's total, Elliptic notes this was primarily driven by the historic Bybit hack in February.

One element of security Buterin advocated for is the so-called "walkaway test," which ensures that users are always able to recover their funds.

“It's really important for Ethereum and DeFi to really maintain and build and improve upon the core properties that have made Ethereum the Ethereum from the beginning," Buterin said. "This includes things like open source, following open standards, building for interoperability — rather than a walled garden — and censorship resistance."

Buterin also encouraged developers to “experiment with building” for the Ethereum mainnet and wider Layer 2 "in mind," using the L1 base layer as a hub for liquidity and L2s for scalability. He added that scalability is "happening on both the L1 and L2s as the gas limit is going up" and as products like Lighter — which has hit over 10,000 transactions per second — go live.

"With the right kind of engineering, that level of scaling is open to anyone to build today," Buterin said. There's "a lot of really valuable things to work on … that bring real financial freedom."

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

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

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AUTHOR Daniel Kuhn is a Senior Journalist and Editor at The Block, where he covers the crypto industry with a particular focus on tech. He previously served as deputy managing editor of opinion/features at CoinDesk. He first appeared in print in Financial Planning, a trade publication magazine. Before journalism, he studied philosophy as an undergrad, English literature in graduate school and business and economic reporting at an NYU professional program. You can connect with him on Twitter and Telegram @danielgkuhn or find him on Urbit as ~dorrys-lonreb. See More

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CleanSpark just sold $1.15 billion of zero-coupon convertible notes to buy more power and machines in the most brutal mining environment yet.

The deal is a 144A private placement due in 2032, with an initial conversion price of around $19.16, roughly a 27.5% premium to the $15.03 stock price at the time of announcement.

Approximately $460 million is allocated directly to repurchasing CleanSpark shares from the note buyers, with the remainder used to expand power and land portfolios, build data center infrastructure, including AI and high-performance computing capacity, repay Bitcoin-backed credit lines, and cover general corporate expenses.

That single transaction is a cheat sheet for where miner economics stand in 2025. The terms reveal who survives, who gets consolidated, and what it actually costs to stay relevant in a network that has just crossed one zettahash per second of global hashrate.

Whether the bet pays off depends less on narrative and more on whether cash flows can support a balance sheet that now carries over $1.7 billion in long-term debt against a treasury of roughly 12,100 BTC.

Zero percent means somethingA zero-coupon convertible note of this size suggests that credit investors are comfortable being paid in equity optionality rather than cash interest.

They’re betting that CleanSpark will remain solvent despite multiple difficulties and price cycles, and maintain sufficient liquidity in equity for eventual conversion.

That’s a cost-of-capital advantage compared to smaller miners, which often resort to expensive equity dilution or high-yield debt with double-digit coupons. In 2025, only the most efficient miners can borrow this much at zero percent. Everyone else is paying up or getting consolidated.

However, the structure carries risk. It’s a leveraged bet on both Bitcoin price and CleanSpark equity performance. If execution stumbles or Bitcoin underperforms, the converts become a delayed dilution bomb.

If the stock trades well above $19.16, existing shareholders get diluted as note holders convert. The share buyback complicates the picture further, as CleanSpark is using $460 million of borrowed money to repurchase its own stock from the same investors buying the notes.

That signals management thinks the equity is undervalued, but it also means less capital available for actual expansion. After the buyback, approximately $670 million remains for capital expenditures and debt repayment.

Capex and scale in a one-zettahash worldNew-generation mining rigs, along with their associated infrastructure, typically cost between $6 million and $10 million per exahash per second of capacity.

If CleanSpark deployed all incremental capital into mining, which is unlikely given the focus on AI and data centers, that $670 million could fund 70 to 110 exahashes of additional capacity.

In a network already above 1,000 exahashes, even half that would cement CleanSpark as a top-tier hashrate player.

A meaningful chunk also flows into power sites and AI or HPC build-outs, but the signal is clear: 2025 miner economics are now “go big or get eaten.”

Capital intensity is exploding beyond just buying rigs. Miners are building vertically integrated power and data center campuses, treating hashpower as part of a broader infrastructure play rather than a standalone bet on block rewards.

CleanSpark concluded its fiscal second quarter with approximately 42.4 exahashes per second and a stated goal of surpassing 50 exahashes by 2025, representing around 4.9% of the global hashrate at current levels.

The raise positions them to push further, but it also highlights the “treadmill” problem. The network hashrate continues to climb, the difficulty adjusts upward, and each exahash generates fewer Bitcoins over time.

Post-halving and post-one-zettahash, staying in place requires constant reinvestment to maintain revenue per unit of capacity.

Post-halving margin stackCleanSpark’s fiscal numbers for the second quarter show revenue up 62.5% year-over-year to $181.7 million, but a net loss of $138.8 million and negative adjusted EBITDA. Cost to mine came in around $42,700 per Bitcoin, positioning them on the efficient end of the curve.

At roughly $103,000 Bitcoin, that implies a gross mining margin around 55% to 60% before selling, general and administrative expenses, interest, hosting, and other overhead.

Energy costs alone accounted for 46% of Bitcoin’s revenue in the second quarter.

That’s the post-halving reality: block subsidy halved, network hashrate at all-time highs, and hashprice compressed to levels that squeeze everyone but the most efficient operators.

Only miners with cheap, stable power, meaningful scale, and access to low or zero-coupon capital can keep positive margins after fixed costs.

The 2024 halving didn’t kill miners outright, but bifurcated them instead. CleanSpark’s raise says which side of that divide it intends to occupy.

Smaller miners without locked-in power deals or efficient fleets are either shuttering sites, selling assets, or raising dilutive equity through at-the-market programs.

CleanSpark is doing the opposite, raising debt-like capital with a simultaneous buyback, signaling confidence that future hashrate and Bitcoin holdings justify current equity valuations.

AI side quests: diversification or narrative sugar?CleanSpark’s use of proceeds explicitly includes “data center infrastructure” and AI or HPC capacity. That language mirrors a broader industry trend as Core Scientific, Iris Energy, Hut 8, and TeraWulf pitch HPC and AI hosting as higher-margin uses for their power and infrastructure.

The market has grown skeptical of “AI pivot” slides without signed contracts and transparent unit economics.

The framework to judge whether this is real diversification comes down to the revenue structure. Will the AI builds be contracted, dollar-denominated, multi-year agreements that de-risk revenue? Or is this “we might host AI someday” optionality that competes with Bitcoin mining for capital but doesn’t deliver near-term cash flows?

AI and HPC hosting can generate steady, predictable revenue if appropriately contracted. However, those dollars compete directly with the incremental Bitcoin mined per megawatt, as well as the optionality value of holding self-mined Bitcoin in the treasury.

Every dollar CleanSpark spends building AI capacity is a dollar not deployed into hashpower, and the return profile is fundamentally different.

Bitcoin mining offers leveraged exposure to Bitcoin price appreciation. AI hosting offers utility-like revenue with lower volatility but also lower upside.

Separating narrative from cash flowsThe pro forma capital stack now includes roughly $640 million in existing debt, plus $1.15 billion in new convertible debt, against equity, and a Bitcoin treasury worth approximately $1.25 billion at $103,000 per Bitcoin.

No interest expense in the near term helps margins, but the equity overhang looms if CleanSpark trades well above the $19.16 conversion price.

Return on invested capital plays out in two scenarios. The bull case rests on Bitcoin staying at or above $100,000, the hash price stabilizing, and the added exahashes, combined with cheap zero-percent notes, creating strong free cash flow leverage.

On the other hand, the bear case involves Bitcoin dropping or the hash price compressing further as more hashrate comes online, new capacity earns less, and dilution risk materializes with weaker equity.

The rise signals consolidation phase conditions. Cheap capital and top-quartile power costs are the main moats now. Hashpower is becoming institutionalized, with zero-percent converts, along with large Bitcoin treasuries, blurring the line between miners and structured Bitcoin funds.

CleanSpark is effectively borrowing against future mining capacity and Bitcoin holdings, treating the operation as infrastructure-backed financing rather than a speculative venture capital investment.

That’s not about survival capital. It’s the cost of entry to being structurally relevant in a one-zettahash world.

The miners who can’t access this kind of capital are getting acquired or shut down. Every dollar now has to clear a much higher hurdle than “hashrate goes up.” The narrative is tidy, and the cash flows will tell the real story.

Mentioned in this article

In brief
Bitcoin billionaire Arthur Hayes has told his followers to remove Zcash from centralized exchanges.
Zcash's price has soared in recent weeks amid privacy concerns.
ZEC's price was up more than 10% over the past 24 hours after falling earlier in the day.
Bitcoin billionaire Author Hayes warned investors on Wednesday to remove their Zcash holdings from exchanges amid increased volatility for the privacy coin. 

Writing on X Wednesday, the former BitMEX boss urged his nearly 766,000 followers to move their Zcash to self-custodial wallets. 

"If you hold $ZEC on a CEX, withdraw it to a self-custodial wallet and shield it," he wrote, referring to centralized exchanges like Coinbase and Binance. 

If you hold $ZEC on a CEX, withdraw it to a self-custodial wallet and shield it.

— Arthur Hayes (@CryptoHayes) November 12, 2025

Zcash, the 24th largest digital coin by market value, was trading above $537, up more than 10% over the past 24 hours, according to crypto markets data provider CoinGecko. But the token plunged as low as $430 earlier Wednesday and is about 30% off its high of the previous week, and far removed from its record of $3,192, set in 2016. 

Hayes, whom U.S. President Donald Trump pardoned earlier this year, also tweeted about Zcash on Tuesday, speculating on the digital coin's price action and whether he would buy more. 

The billionaire's Wednesday advice follows that of crypto industry heavyweights who argue that holding funds on exchanges is dangerous because centralized platforms are vulnerable to hackers. Hayes, a strong industry advocate, has been outspoken about a range of digital asset-related topics, including bold predictions for Bitcoin and Ethereum, the two largest cryptocurrencies by market capitalization. 

As a privacy coin, Zcash enables users to send and receive money in private by encrypting transaction information using zero-knowledge proofs—a cryptographic method that proves something is known without revealing the known information directly.

In the past, many market observers have recommended strongly against keeping privacy coins on centralized exchanges because so-called CEXs record customer details, including name, address, and credit card information on their books. Privacy coins aim to prevent tracking who is sending and receiving the crypto. 

Zcash rallied last month amid concerns about the government's ability to track Bitcoin users due to BTC's transparent nature. 

Entrepreneur and AngelList founder Naval Ravikant wrote that while "Bitcoin is insurance against fiat," Zcash is insurance against Bitcoin."

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

China vs. USA squabble infiltrates the broader markets, manifesting itself in one of the hugest liquidation events this year.

Market Sentiment:

Bullish

Bearish

Neutral

Published:
November 12, 2025 │ 8:36 PM GMT

Created by Kornelija Poderskytė from DailyCoin

The top crypto asset Bitcoin (BTC) has dwindled from $105K to $101K on Wednesday, pushing back many bullish projections and liquidating over $503 million in long positions. This liquidation heatwave has passed on to the major-cap altcoins, with Ripple (XRP) & Cardano (ADA) sinking 3.6% each.

Altcoins Swim In Red Sea On China’s $13B Theft AccusationsNow, Ripple’s native token XRP is trading at $2.35, far below the psychologically crucial XRP resistance level of $2.50. For Cardano (ADA), the recent pledge to support SWIFT’s transition to the ISO 20022 messaging standard didn’t shield from a weekly pullback from $0.60 to $0.54, tarnishing key support.

BREAKING NEWS:

CARDANO ADA IS ISO 20022 COMPLIANT 😱😱🔥🔥

Joining $XRP, $HBAR, $ALGO, Cardano is helping bridge the gap between TradFi and DeFi, proving it’s ready for the future of finance.

Will $ADA lead the next wave of institutional adoption? pic.twitter.com/p47RlRCuAq

— Mintern (@MinswapIntern) November 12, 2025
With today’s erratic market behavior, Ripple coin (XRP) bulls got bashed with $10.25 million in long XRP price plays, wiping out over-leveraged positions at a fast pace while short-sellers incurred a $1.37 million cumulative deficit. On Cardano’s side, the bulls took in $2.57M out of 2.71 million liquidations.

Sponsored

Namely, the broader crypto markets dipped to $3.513 trillion when the Chinese officials accused the United States government (USA) of allegedly stealing $13 billion in Bitcoin (BTC) from the LuBian crypto mining pool. This was reported by Bloomberg at a time, when the two globe’s largest economies are already in friction with each other.

BTC Price Calms After Over-Leveraged Liquidation Knock-OutFor Bitcoin (BTC), the heaviest chunk of mass liquidations came at the price levels of $102,500, while the next sensitive price barrier for Bitcoin’s bulls at $100,420, a price range the flagship asset kept above for the past week, but nearing dangerously close to at the intra-day lows of $101,445.

CoinGlass liquidation leverage stats for Bitcoin (BTC)Presently, real-time data from CoinGlass showcases this to be one of the worst-performing days for the crypto markets since the mid October’s United States tariff hike on China. While today’s pullback to the $101,000 zone for Bitcoin (BTC) is similar in price movement, the $613 million liquidation event can’t be matched with the $19 billion wipe-out of over-sized leveraged positions on BTC & major-caps witnessed between October 11 – 12, 2025.

Dig into DailyCoin’s popular crypto news today:
16 Major Blockchains Can Freeze User Funds: Bybit Report
ADA, HBAR Or XRP: Who’s Ready For SWIFT’s ISO 20022 Pivot?

People Also Ask:What just happened with crypto liquidations hitting over half a billion dollars?

The market wiped out all of Monday’s gains in a brutal Wednesday selloff, with total liquidations surging past $613 million—mostly longs getting rekt—as Bitcoin, Ethereum, Solana, and altcoins like XRP & ADA plunged hard during U.S. trading hours.

Why are XRP & ADA pulling back so sharply right now?

XRP tanked about 3% after hype around its spot ETF listings on Coinbase and others, testing support around $2.35 amid whale sell-offs and failed breakouts above $2.67, while ADA dipped 2–12% in recent sessions, hovering near $0.54 with overbought signals & profit-taking dragging it down from monthly highs.

How much of those liquidations came from XRP & ADA specifically?

While exact per-coin breakdowns aren’t fully detailed in real-time feeds, XRP and ADA were repeatedly called out in the cascade alongside majors like BTC and ETH, contributing heavily to the $400M+ long wipes in just hours—classic leveraged bets unraveling on the downside momentum.

What’s triggering this risk-off vibe across the board?

A mix of China stirring drama with Bitcoin theft claims, SoftBank rumors on Nvidia stakes shaking tech ties, and overleveraged bulls getting hunted—exchanges like Binance even accused of delta games to force cascades—turned sentiment sour fast.

Is this pullback a buying dip or the start of something uglier for XRP and ADA?

Short-term looks cautious with XRP risking deeper drops below $2.35 if supports crack, and ADA needing to hold $0.52 to avoid $0.50 tests—but analysts still eye big rebounds, with XRP cycle targets up to $30 and ADA potentially back to $1+ if ETF inflows and network upgrades kick in.

DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?

Market Sentiment

100% Bearish

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

November 12, 2025, New York – In a significant step towards enhancing blockchain privacy, Telos and Protofire have launched a strategic partnership aimed at integrating privacy into the fabric of Web3 development. This collaboration comes as the cryptocurrency industry faces increasing calls for privacy solutions that are both accessible and scalable.

Telos, a robust Layer 1 blockchain recognized for its scalable Ethereum Virtual Machine (EVM) infrastructure, has joined forces with Protofire, a prominent Web3 development firm. Together, they plan to reshape the approach to on-chain privacy by embedding it into the core developer experience rather than treating it as a secondary feature. This shift is expected to catalyze real-world adoption of blockchain technology.

Historically, the blockchain sector has prioritized transparency, often at the expense of privacy. While transparency is a hallmark of blockchain, it can be a double-edged sword in applications where confidentiality is paramount. Many blockchain ecosystems have treated privacy as an add-on or a future objective. However, this partnership between Telos and Protofire aims to change that narrative by making privacy integral to blockchain development from the ground up.

Protofire will play a crucial role as an engineering partner, working to implement Telos’s vision into functional infrastructure. The collaboration is set to produce a comprehensive privacy stack designed with developers in mind. This stack will include:

1. Production Patterns & Blueprints: These will offer reference implementations that integrate security and best practices from the outset, simplifying the process for developers.

2. Intuitive Tooling & Developer Experience (DevEx): The initiative will streamline the developer journey with concise guides, starter kits, and migration paths for existing EVM projects, making the transition seamless.

3. User-Grade Privacy User Experience (UX): The partnership will also focus on developing wallet experiences and standards that ensure private transactions are effortless for users.

The emphasis on privacy aligns with growing user expectations. “Privacy isn’t optional if we want real adoption,” said Justin Giudici, Co-founder and Head of Product at Telos. Giudici highlights the inadequacy of transparency-only models in attracting user trust and adoption. He stresses that privacy is how most real-world transactions are conducted, and for blockchain to gain mainstream acceptance, it must offer privacy that developers can harness to build trust.

Luis Medeiros, Venture Studio Owner at Protofire, echoes this sentiment, emphasizing the importance of usability in privacy solutions. “Our philosophy is simple: if builders can’t use it, it doesn’t exist,” Medeiros stated. Protofire’s mission is to dismantle the complexity that hinders developers. Their goal is to not only supply code but also to establish a straightforward, replicable approach for creating private applications, thereby crafting the resources they wished for at the outset of their journey.

By removing uncertainties and setting clear standards, the partnership aims to boost the number of active developers on the Telos platform weekly. This move is expected to expand the diversity of applications capable of leveraging native privacy features.

The broader context of this partnership speaks to a growing trend in the blockchain space: the need for privacy. As more industries explore blockchain solutions, from finance to healthcare, the requirement for secure, private transactions becomes increasingly urgent. Historically, blockchain’s transparency has been both an asset and a limitation. While it has fostered trust and accountability, it has also posed challenges for applications needing confidentiality.

In recent years, there has been significant progress in privacy technologies, such as zero-knowledge proofs and confidential transactions, yet their integration into mainstream blockchain platforms has been slow. Telos and Protofire’s initiative could mark a turning point, propelling privacy-enhanced applications into the realm of possibility for developers across various sectors.

However, the journey to seamless blockchain privacy is not without its challenges. Integrating privacy features while maintaining performance and scalability is a delicate balance. Overheads in computation and delays in transaction speeds can result from complex privacy mechanisms. Therefore, Telos and Protofire must ensure their solutions do not undermine the inherent advantages of blockchain technology.

Beyond the technical hurdles, there are also regulatory considerations. As privacy solutions gain traction, they may attract scrutiny from regulators concerned about the potential for misuse in illicit activities. Finding a balance between offering robust privacy and adhering to regulatory requirements will be crucial.

In conclusion, the partnership between Telos and Protofire represents a pivotal stride in the quest for practical privacy in blockchain. By embedding privacy into the foundational stages of development, they aim to set a new standard for what blockchain can offer. As this initiative unfolds, it might not only transform the Telos ecosystem but also set a precedent for the broader industry, demonstrating that privacy and blockchain can coexist without compromising usability or performance.

Telos, with its roots as an EVM-compatible Layer 1 blockchain, has been focused on privacy, performance, and scalability, enabling applications across diverse sectors such as DeFi, gaming, and enterprise solutions. Protofire, as a key development partner for leading protocols, contributes its expertise in crafting the infrastructure that enhances on-chain value and fosters ecosystem growth. As they embark on this collaborative journey, the potential for innovation and transformation within the blockchain sphere is substantial, heralding a future where privacy is not just an option but a standard.

Post Views: 7

Pepe (PEPE) price is on the verge of a further selloff. The top-tier frog-themed memecoin has been forming a potential macro reversal pattern year to date (YTD).

According to market analyst Aksel Kibar, PEPE price is on the precipice of a major correction with a price target of $0.0000146. The crypto analyst noted that Pepe’s price, in the weekly timeframe, has been forming a potential head and shoulders (H&S) pattern coupled with a bearish divergence of the Relative Strength Index (RSI). 

Source: X

Why is the Pepe Price Facinh Bearish Sentiment?Top whale investors capitulate on heightened fear of further crypto capitulation The overall demand for Pepe has significantly declined in the recent past. With the fear of further crypto capitulation at extreme levels, the overall demand for memecoins has remained relatively low.

According to on-chain data analysis, whale investor 0x2f3 moved the final $3.7M worth of PEPE to Coinbase. As such, this whale investor has completely exited their Pepe position, which was once valued at $46 million, after holding since at least June 2024.

Source: X

Deleveraging market as Bitcoin further weakens against GoldThe Pepe Futures Open Interest (OI) has significantly dropped amid the ongoing crypto selloff. According to market data analysis from CoinGlass, Pepe’s OI has declined from nearly $1 billion to around $194 million in 2025.

Source: CoinGlass

The notable deleveraging of PEPE has coincided with the ongoing crypto liquidity crunch. Moreover, Bitcoin has been bleeding to Gold in the past few months, although the latter has signaled topping out.

What’s Next?From a technical analysis standpoint, PEPE price is likely to rebound from its current support range and rally towards its new all-time high. With its correlation with Bitcoin and Ethereum still high, their potential rebound fueled by the Fed’s policy change will be a line of hope for the frog-themed meme.

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Steven McClurg, CEO of Canary Capital, has said that XRP could outperform Solana once its exchange-traded fund (ETF) is launched, particularly in terms of inflows and trading volume. 

In a recent interview, McClurg responded to a question comparing Solana’s strong ETF debut to what might be expected from XRP, stating that the token would probably double what Solana did in its first week of ETF trading. 

His comments are part of a growing confidence in XRP’s institutional positioning among crypto investors as the crypto industry prepares for the next phase of ETF approvals.

XRP’s Institutional Positioning Gives It An Edge Over Solana
McClurg explained that the altcoin’s structure as a financial service will give it a decisive advantage once its ETF goes live. Although XRP’s market capitalization is only about 50% higher than Solana’s, he believes its institutional presence will lead to institutional inflows into its ETFs that could be “100% or even 200% higher” than Solana’s.

He described XRP as an asset that appeals to financial institutions and enterprise investors rather than retail traders, emphasizing that this characteristic will allow its ETF to attract deeper, long-term capital. Solana, by contrast, was described as a token with greater retail exposure, supported mostly by trading activity rather than institutional demand.

To support his outlook, McClurg referred to the performance of the recently launched HBAR ETF, which drew $70 million in inflows within just three days of listing. 

HBAR’s market cap and trading volume are relatively very low compared to other large market cap cryptocurrencies, but it was able to attract notable inflows into its ETF products. McClurg attributed this success to its recognition among enterprise and institutional investors. The altcoin could follow a similar pattern, as both tokens share a reputation for being used within established financial frameworks.

Solana’s ETF Success Sets A Benchmark
Spot XRP ETFs are yet to hit the market, but Solana is already up and running with Spot ETFs from Bitwise and Grayscale. These Spot Solana ETFs are currently on 11 consecutive days of inflows, amounting to $199.21 million in their first week and $136.50 million in the second. 

Although these figures are low compared to how Spot Bitcoin and Ethereum ETFs performed in their first week, they are notable because they come at a period when both Bitcoin and Ethereum are witnessing outflows from their respective ETFs. These highlight the scale of investor appetite for digital asset ETFs and set a high bar for XRP to surpass.

Several funds are expected to launch in November 2025, following their recent listing on the DTCC platform. Canary Capital’s Spot XRP ETF is slated to launch on Nasdaq on November 13th, followed by others from firms like Franklin Templeton, 21Shares, Bitwise, and CoinShares. While DTCC listings confirm the operational infrastructure is in place, the ETFs still require final SEC approval, which is currently being delayed due to the ongoing government shutdown.

XRP trading at $2.42 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from Peakpx, 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.

Journalist

Posted: November 13, 2025

Key Takeaways
What is driving Ethena’s recent price decline?
 A combination of token unlocks, falling revenue, and heavy investor sell-offs is pressuring ENA’s price.

How have investor actions impacted Ethena’s market performance? 
Net outflows of $5.72 billion and declining inflows have weakened Ethena’s TVL and overall market sentiment.

Ethena [ENA] has recorded a significant decline in the market, with the asset dropping by 10% during this period.

Investors in the market appear to be catching on to the growing bearish trend, increasing the possibility of the asset sweeping even lower on the chart.

$5.7B sales affect ENA!
On-chain sentiment shows a gradual lack of interest growing among investors. A 30-day timeframe indicates that investors have continued selling their assets across exchanges as they unlock their tokens.

Between the 11th of October and the 12th of November, total net outflows reached $5.72 billion, affecting Ethena’s Total Value Locked (TVL). At press time, Ethena’s TVL was valued at $8.581 billion.

Source: DeFiLlama

Understandably, AMBCrypto traced this significant decline to a sharp drop in Ethena’s earnings. To put this in perspective, ENA’s average daily earnings in the third quarter fell from $109,462 to just $8,987 so far in the fourth quarter of this year.

This indicates that Ethena’s profitability has been underwater as investors continue to withdraw funds from the market.

Maria Carola, CEO of StealthEx, noted that macroeconomic factors have shaped ENA’s earnings and warned that the situation could worsen.

“Until inflation indicators and the Federal Reserve’s policy guidance offer clearer direction, high-beta assets like ENA are likely to remain under near-term pressure.”

Unlocks and falling revenue pressure ENA
Ethena’s recent price decline stems from mounting bearish pressure in the market. 

On the 8th of November, the protocol unlocked tokens worth $4.56 million, 0.2% of its circulating supply, while continuing its S3 Airdrop, which distributes roughly $149,858 daily.

These unlocks have added selling pressure at a time when the broader market is still recovering. 

Meanwhile, Ethena’s protocol revenue has also seen a sharp drop, further contributing to the downward momentum.

Source: DeFiLlama

Recent reports show that Ethena’s revenue has tanked alongside its valuation, recording just $1,817 in the past day and $11,849 over the past seven days.

A decline in protocol revenue is typically an early sign of reduced activity from users. Fewer users in the market simply mean the protocol generates less revenue as on-chain activity drops.

Artemis data shows that transactions have declined to 24,500 within this period.

Inflows drop as spot selling rises
DeFiLlama reports that USD inflows into ENA have fallen sharply, plunging to a negative $46 million, confirming the sell-off trend among on-chain investors.

This isn’t isolated, as spot investors are also beginning to sell off their ENA holdings. The total net flow shows $569,000 in withdrawals from centralized exchanges.

Source: DeFiLlama

This marks one of the few periods in which ENA has recorded weekly outflows. The average sell-off across the four major instances of ENA liquidation shows that $3.915 million worth of the asset was sold.

This suggests that if sellers continue to dominate the market, total sell-offs could reach similar levels, adding even more pressure to ENA’s market outlook.

The company is also rebranding as Cypherpunk Technologies with ticker change to CYPH, effective Thursday. Nov 12, 2025, 10:07 p.m.

Former oncology biotech firm Leap Therapeutics (LPTX), which earlier this month raised $58.9 million in funding led by Winklevoss Capital to pivot to a digital treasury firm, announced the purchase of $50 million of Zcash ZEC$528.76.

Alongside, the company is rebranding as Cypherpunk Technologies and will begin trading Thursday with new ticker CYPH, read a Wednesday press release.

STORY CONTINUES BELOW

About the only crypto that has risen in value in the past weeks, ZEC has more than doubled since the Leap buys, up another 12.2% over the past 24 hours to $523.

LPTX shares rose 369% on Wednesday after news of the profitable investment.

Digital asset treasuries pursue a strategy to raise funds by selling equity and debt to accumulate cryptocurrencies, a playbook pioneered by Michael Saylor's Strategy (MSTR) with bitcoin. They became ubiquitous this year with dozens of public firms announcing a pivot, but the frenzy has considerably cooled off over the past months as their share prices tumbled in many cases below the net asset value of their digital asset holdings.

"The recent weak performance of digital asset treasury companies stems from PIPEs dominated by short-term, mercenary capital," Will McEvoy, chief investment officer of Cypherpunk said in a statement. "We've taken a different path by building a syndicate of value-aligned investors who believe in the long-term importance of Zcash and privacy for the United States and the world."

Zcash is designed to offer users greater privacy than mainstream cryptocurrencies like bitcoin BTC$101,691.24. Cypherpunk’s executives viewed ZEC as a hedge against surveillance-driven financial systems.

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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