Market Signal Briefing

Elon Musk's “It's time” post reignited Dogecoin buzz, but traders soon turned their attention to DOGE-1, a spin-off token tied to the crypto-funded space mission.

Crypto prices today showed a sharp downturn as high leverage and sustained exchange-traded fund outflows accelerated a sell-off across major assets.

Summary

Bitcoin fell below $100,000 as $2B in liquidations hit the market.
ETF outflows and macro pressures kept sentiment weak.
November has historically brought rebounds, but traders remain cautious.

As of Nov. 5, the total crypto market cap has fallen 4.5% to $3.47 trillion, erasing roughly $300 billion in value within hours. Bitcoin dropped below the $100,000 threshold for the first time since late June, briefly reaching $99,075 before stabilizing near $100,870, a daily decline of about 5%. 

Ethereum saw a deeper pullback, falling 8.6% to $3,322. XRP slid to 3.5% $2.24 and BNB dropped 4.4% to $948. Increased leverage in the derivatives markets contributed to the downturn. 

According to CoinGlass data, total liquidations rose 88% in 24 hours, totaling $2.1 billion, while open interest fell 6% to $141 billion. Market momentum has also weakened, with the average crypto market relative strength index now at 39. 

Despite the drop, the Crypto Fear & Greed Index rose slightly to 23, though it remains in “extreme fear” territory.

ETF outflows and risk-off sentiment pressure markets
Outflows from U.S.-listed crypto ETFs have continued for a fifth straight trading day. As per SoSoValue data, spot Bitcoin ETFs recorded $577 million in net redemptions on Nov. 4, while spot Ethereum ETFs saw $219 million withdrawn. This streak of withdrawals has dampened market confidence and reduced liquidity, especially among institutional traders who had driven inflows during the summer rally.

The decline is a part of a larger volatility pattern that began in October and continued into early November. Investors are reacting to uncertainty around the Federal Reserve’s interest rate trajectory, stronger U.S. labor data, and persistent inflation. These factors that have pushed capital toward Treasuries and away from high-risk markets.

At the same time, tensions between the U.S. and China and recent decentralized finance infrastructure failures, including the $128 million Balancer exploit, have weighed on Ethereum-linked assets and DeFi tokens. Rising Treasury yields and a stronger U.S. dollar have added further strain.

Market outlook: Short-term pressure, seasonal tailwinds
For the first time since 2018, Bitcoin ended October in red, with both whales and long-term holders putting selling pressure on the price. Analysts expect continued caution as traders watch whether Bitcoin can maintain psychological support near $100,000.

But historically, November has been one of the best months for cryptocurrency, with previous cycles demonstrating recoveries following shakeouts driven by leverage. Some strategists view the current downturn as a reset rather than a reversal, noting that sustained accumulation and reduced exchange balances remain constructive for the long term.

In the last few weeks, the Ethereum price has performed poorly, thanks to the bearish pressure triggered by the Bitcoin price decline. After losing support above $4,000, the second-largest cryptocurrency by market cap is now showing more signs of a breakdown that could trigger a spiral. Multiple analysts have already shared where they see the Ethereum price going, and we take a look at two that look at both ends of the spectrum.

A Recovery And Then A Crash
Crypto analyst Melikatrader highlighted an important structure that the Ethereum price has formed recently, and that is a clear structure of recovery. This comes after the cryptocurrency completed a liquidity sweep around $3,700, which is referred to as a “Hunting.”

Now, with the liquidity sweep completed at this level, the analyst believes that this creates a potential base that could see the Ethereum price correct upwards. Amid this, the altcoin has also seen some consolidation between $3,700 and $3,800, making this range an important area of interest.

If bulls are able to claim and hold this level, then it could put Ethereum on the path of another uptrend. It would put an end to the accumulation trend and kickstart another bullish run. Such a run would send the Ethereum price into the next supply zone, which lies at $4,080-$4,180, before seeing any major downward correction.

Despite expecting the price to climb, the crypto analyst also highlights the fact that Ethereum is still flashing a bearish market structure. With the ascending trendline on the move, the price is expected to hit resistance around $4,100. If bears are able to successfully reject the price from this level, then the Ethereum price is expected to crash back below $4,000.

Source: TradingView
Analyst Calls The Top For Ethereum Price
While many in the space believe the current downtrend is only temporary, crypto analyst CRYPTO Damus believes that this could actually be the cycle top. In the post on X, he compares the current trend to that of the 2018 and 2021 cycle tops using the weekly chart.

Damus points out that there are similarities between the previous cycle tops and that the Ethereum price is currently following a similar playbook. This comes after consistent green candles, followed by red candles on the weekly chart, ending in a bear market.

The analyst explains that it is possible that this time could be different, given the deviations in the market cycles so far. However, if it is the same trend from the last two bull cycles, that would mean that the bull run is over for Ethereum, and investors should brace for a crash.

ETH price suffers from bearish pressure | Source: ETHUSDT on Tradingview.com
Featured image from Dall.E, chart from TradingView.com

Solana started a fresh decline below the $165 zone. SOL price is now consolidating losses below $165 and might decline further below $150.

SOL price started a fresh decline below $165 and $162 against the US Dollar.
The price is now trading below $165 and the 100-hourly simple moving average.
There is a key bearish trend line forming with resistance at $158 on the hourly chart of the SOL/USD pair (data source from Kraken).
The price could start a recovery wave if the bulls defend $150 or $145.

Solana Price Dips Heavily
Solana price failed to remain stable above $180 and started a fresh decline, like Bitcoin and Ethereum. SOL declined below the $175 and $165 support levels.

The price gained bearish momentum below $160. A low was formed at $145, and the price is now consolidating losses. The price recovered a few points above the 23.6% Fib retracement level of the downward move from the $188 swing high to the $145 low.

Solana is now trading below $160 and the 100-hourly simple moving average. On the upside, immediate resistance is near the $158 level. There is also a key bearish trend line forming with resistance at $158 on the hourly chart of the SOL/USD pair.

Source: SOLUSD on TradingView.com
The next major resistance is near the $162 level. The main resistance could be $166 and the 50% Fib retracement level of the downward move from the $188 swing high to the $145 low. A successful close above the $166 resistance zone could set the pace for another steady increase. The next key resistance is $175. Any more gains might send the price toward the $180 level.

Another Decline In SOL?
If SOL fails to rise above the $166 resistance, it could continue to move down. Initial support on the downside is near the $155 zone. The first major support is near the $150 level.

A break below the $150 level might send the price toward the $145 support zone. If there is a close below the $145 support, the price could decline toward the $132 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $155 and $150.

Major Resistance Levels – $162 and $166.

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Charles Hoskinson issued a rebuttal on November 3, rejecting circulating headlines that claimed he blamed Cardano’s users for the network’s decentralized finance shortfall. In a brief video, the Cardano founder said media outlets misrepresented his prior comments about participation patterns across the ecosystem, stressing that his point was a structural “mismatch” between who stakes and governs versus who takes part in DeFi—not blame.

“I never once blamed anyone from the Cardano ecosystem for the DeFi [woes],” Hoskinson said, naming The Crypto Basic as an example of outlets whose framing he called fundamentally inaccurate. “I’m sorry crypto media that you guys are […] and you just want clickbait headlines. You guys have to cut this the […] out.” He added that there is “not a single person in the Cardano ecosystem who I am blaming for our DeFi situation right now.”

Cardano’s DeFi Gap Is A Participation Mismatch
Hoskinson’s core claim is numerical and directional rather than accusatory. He argued there is a demonstrable divergence between Cardano’s high participation in staking and governance and its lower participation in DeFi protocols, which depresses total value locked. “I pointed out in a video that there is a mismatch between the people who participate in staking and governance and the people who participate in DeFi. And if there was proportionality there… our TVL would be at least five to 10 billion,” he said. He characterized the recent headlines as “materially wrong and factually wrong” because they attributed intent—“blaming users”—that he explicitly disavowed.

The founder anchored his point in a specific user count comparison. Some third-party measurements, he said, “are asserting that Cardano has only 10,000 to 50,000 actual users when there’s 1.3 million who are using staking.” For Hoskinson, that delta underscores that Cardano “has a large population, a large wallet base, and a lot of users as evidenced by the enormous level of participation in both governance and staking,” even if those participants are not currently “deploying to the other side of the aisle, to the TVL side, to the DeFi side.”

He repeatedly emphasized that diagnosing the participation gap is an ecosystem responsibility, not a morality play. “I’m not blaming them for not participating,” he said. “Never once said it’s their fault and they’re bad people and they’ve done something wrong.” Instead, he called for a frank community conversation about the drivers behind users’ choices. “It could be slippage. It could be fees. It could be user experience. It could be yields. It could be safety concerns. It could be education. There could be 150,000 different reasons for that. But we as an ecosystem have to have that discussion.”

The remedy, in his view, is a coordinated governance agenda rather than a media narrative. He urged Cardano stakeholders to treat the participation gap as a 2026 workstream and to fund targeted initiatives through delegated authority. “We as an ecosystem have to ask why that mismatch exists and how can we correct that mismatch… as a 2026 governance agenda, and get some delegated authority funding and effort to correct that,” he said. If the proportionality problem were addressed, Hoskinson argued, “that alone can get our TVL up 5 billion to 10 billion,” potentially placing Cardano “in the top ranks of TVL, the top five to top 10.”

The dispute originated, he said, when media took a narrow, data-driven observation about where Cardano users allocate capital and translated it into a blame narrative. “People say something very specific, very targeted, and then it gets misinterpreted, and then everybody judges you based upon the headlines,” he said. “I’m not going to allow the crypto media to go ahead and put words in my mouth.” He reiterated the same point multiple times for emphasis: “I did not blame the Cardano ecosystem. I did not blame the Cardano users for anything. I was very careful, guarded, and specific in the things that I said.”

Hoskinson coupled the clarification with a broader critique of crypto media practices. “If you continue to broadcast, you’re lying to people,” he said, adding, “I expect that from the crypto media because they are scum. They do lie. Everything’s sensational. Everything’s clickbait.” He framed his intervention as a corrective to prevent a headline cycle from hardening into accepted fact: “The record has been corrected.”

Beyond media criticism, the practical substance of his message focused on mobilizing existing users rather than conjuring new ones. “We have the users. We have the capital,” he said. “For some reason, those users with their capital are not participating in DeFi.” While he acknowledged having personal “suspicions” and hearing “frustrations” from ecosystem participants, he stopped short of diagnosing root causes, instead calling for an open, data-first process to “systematically chip away” at barriers that deter stakers and governance participants from crossing into DeFi activity.

Across the video, Hoskinson’s throughline never deviated: the issue is proportional participation by an already large user base. “There is a mismatch between the people participating in staking and governance—of which it’s seven figures over a million people—and the people participating in DeFi,” he said. “We have to get to the bottom of that mismatch as an ecosystem… But I’m not blaming the Cardano users for that mismatch. I’m not saying it’s their fault. I’m not saying that they did something wrong.”

At press time, ADA traded at $0.538.

ADA drops below the EMA200, 1-week chart | Source: ADAUSDT on TradingView.com
Featured image created with DALL.E, chart from TradingView.com

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TLDR:

Top expert warns of $93M xUSD collapse tied to Morpho and Euler lending exposure.
Depeg triggered by collateral drain and mass liquidations in Stream Defi’s xUSD pools.
Morpho and Euler confirm exposure monitoring as users face liquidity losses.
Analysts urge stronger collateral rules and transparency in DeFi stablecoin design.

A DeFi expert has sounded the alarm after the xUSD stablecoin crashed, leading to a reported $93 million loss across lending protocols. The collapse affected users with exposure to Morpho Labs and Euler Finance, two platforms integrated into Stream Defi’s xUSD ecosystem.

Lending Pools Face Shock as xUSD Stablecoin Implodes
According to market expert @DU09BTC, the depeg occurred after xUSD’s underlying collateral fell sharply, triggering a cascade of redemptions and liquidations. As users rushed to exit, liquidity evaporated, pushing the token’s value far below its intended $1 peg.

Consequently, lenders in Morpho and Euler who held xUSD-backed positions saw collateral vanish within hours. The expert warned that the event underscores risks in DeFi architectures where assets are cross-collateralized or dependent on thin liquidity pools.

Besides the financial hit, the episode revived discussions around on-chain risk management and stablecoin transparency. Market participants are now urging platforms to strengthen safeguards against cascading liquidations.

Get your money out of @MorphoLabs and @eulerfinance!

Here's why.

They take your USDC and give it out to insolvent protocols that leverage loop scam stables like xUSD by Stream Defi which just lost $93M of user money.

The incentives are totally misaligned. Curators on Morpho… pic.twitter.com/38fH6Nkczt

— Duo Nine ⚡ YCC (@DU09BTC) November 4, 2025

Morpho and Euler Respond Amid Ongoing Liquidity Drain
In a post-event update, Morpho Labs confirmed that it is monitoring affected markets and assessing exposure linked to Stream Defi’s xUSD. While Morpho itself did not issue the stablecoin, it acknowledged that certain lending markets used it as collateral.

Euler Finance has yet to release a full statement but advised users to review their positions and avoid volatile collateral types. On-chain data shows that large liquidity providers began withdrawing assets soon after the depeg, compounding the selloff.

Moreover, analysts note that liquidity pools holding xUSD have seen their total value locked drop sharply within 24 hours. The decline suggests that confidence in synthetic stablecoins remains fragile, particularly those relying on algorithmic mechanisms.

@DU09BTC noted that this incident should serve as a cautionary tale for developers and investors. Without stronger transparency frameworks and collateral diversity, he warned, DeFi lending platforms could face more abrupt collapses.

However, one analyst said the bullish structure for the crypto market still stands despite the largely negative sentiment.

NeuroPace, Inc. (NPCE) Q3 2025 Earnings Call November 4, 2025 4:30 PM EST

Company Participants

Scott Scaper
Joel Becker - CEO, President & Director
Patrick Williams - Chief Financial Officer

Conference Call Participants

Rohin Patel - JPMorgan Chase & Co, Research Division
Priya Sachdeva - UBS Investment Bank, Research Division
Michael Kratky - Leerink Partners LLC, Research Division
Frank Takkinen - Lake Street Capital Markets, LLC, Research Division
Ross Osborn - Cantor Fitzgerald & Co., Research Division
Paige Chamberlain - Wolfe Research, LLC

Presentation

Operator

Ladies and gentlemen, thank you for standing by. My name is Colby, and I'll be your conference operator today. At this time, I would like to welcome you to the NeuroPace Q3 earnings call. [Operator Instructions]

I would now like to turn the call over to Scott Scaper, Head of Investor of NeuroPace. Please go ahead.

Scott Scaper

Thank you, operator, and welcome to NeuroPace's Third Quarter 2025 Earnings Conference Call. Our agenda begins with Joel Becker, NeuroPace's Chief Executive Officer, who will summarize our recent highlights and ongoing strategic initiatives, followed by a financial review and outlook from Patrick Williams, our Chief Financial Officer.

Following our prepared remarks, we will open this call up for your questions. At that time we ask the analyst to limit themselves to one question and one follow-up question each, so we can provide an opportunity for everyone participating today.

Let's quickly review our safe harbor statement. Some of the statements we will make on today's call may constitute forward-looking statements. These statements reflect management's intentions, beliefs, and expectations about future events, strategies, products, regulatory, and operating plans and performance. All forward-looking statements included on this call are made as of the date hereof based on information currently available to NeuroPace are subject to various risks and uncertainties, and actual results could differ materially from those anticipated in the forward-looking statements.

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THE WOODLANDS, Texas--(BUSINESS WIRE)--As noted in the press release dated October 23, 2025, Kodiak Gas Services, Inc. (NYSE: KGS), (“Kodiak” or the “Company”) will host a conference call and webcast to discuss third quarter 2025 financial results on Wednesday, November 5, 2025 at 11:00 a.m. Eastern Time (10:00 a.m. Central Time).

The call and webcast may be accessed by dialing 877-407-4012 and asking for the Kodiak Gas Services call at least 10 minutes prior to the start time, or by accessing https://ir.kodiakgas.com/news-events/ir-calendar.

About Kodiak

Kodiak is a leading contract compression services provider in the United States, serving as a critical link in the infrastructure that enables the safe and reliable production and transportation of natural gas and oil. Headquartered in The Woodlands, Texas, Kodiak provides contract compression and related services to oil and gas producers and midstream customers in high–volume gas gathering systems, processing facilities, multi-well gas lift applications and natural gas transmission systems.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Forward-looking statements can be identified by words such as: “anticipate,” “intend,” “plan,” “goal,” “seek,” “believe,” “project,” “estimate,” “expect,” “strategy,” “future,” “likely,” “may,” “should,” “will” and similar references to future periods. Forward-looking statements contained herein include the amount and timing of future dividend payments. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. A list and description of risks, uncertainties and other factors can be found in the Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and filed with the SEC on March 7, 2025 and any updates to those factors set forth in our subsequent quarterly reports on Form 10-Q or current reports on Form 8-K. Any forward-looking statement made by us in this news release is based only on information currently available to us and speaks only as of the date on which it is made. Except as may be required by applicable law, we undertake no obligation to publicly update any forward-looking statement whether as a result of new information, future developments or otherwise.

More News From Kodiak Gas Services, Inc.

Back to Newsroom

Q3: 2025-11-04 Earnings SummaryEPS of -$0.16 beats by $0.02

 |

Revenue of

$39.53M

(40.78% Y/Y)

beats by $2.46M

Ouster, Inc. (OUST) Q3 2025 Earnings Call November 4, 2025 5:00 PM EST

Company Participants

Chen Geng - Senior VP of Strategic Finance & Treasurer
Charles Pacala - Co-founder, CEO & Director
Kenneth Gianella - Chief Financial Officer

Conference Call Participants

Colin Rusch - Oppenheimer & Co. Inc., Research Division
Anand Balaji - Cantor Fitzgerald & Co., Research Division
Madison de Paola - Rosenblatt Securities Inc., Research Division
Tyler Perry Anderson - Craig-Hallum Capital Group LLC, Research Division
Casey Ryan - WestPark Capital, Inc., Research Division
Timothy Savageaux - Northland Capital Markets, Research Division

Presentation

Operator

Hello, and welcome to Ouster's Third Quarter 2025 Earnings Conference Call. [Operator Instructions] The call today is being recorded, and a replay of the call will be available on the Ouster Investor Relations website an hour after the completion of this call.

And with that, I'd now like to turn the conference over to Chen Geng, Senior Vice President of Strategic Finance and Treasurer. Chen, please go ahead.

Chen Geng
Senior VP of Strategic Finance & Treasurer

Thank you, operator, and good afternoon, everyone. Thank you for joining our third quarter 2025 financial results call. Today on the call, we have Chief Executive Officer Angus Pacala; and Chief Financial Officer Ken Gianella.

As a reminder, after the market closed today, Ouster issued its financial news release, which was also furnished on a Form 8-K and is posted in the Investor Relations section of the Ouster website. Today's conference call will be available for webcast replay in the Investor Relations section of our website. I want to remind everyone that on this call, we will make certain forward-looking statements. These include all statements about our competitive position, anticipated industry trends, our business and strategic priorities, the development and expansion of our products and our revenue guidance for the fourth quarter of 2025. Actual results may differ materially from those contemplated by

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Jushi Holdings Inc. (OTCQX:JUSHF) Q3 2025 Earnings Call November 4, 2025 4:00 PM EST

Company Participants

Trenton Woloveck - Co-Chief Strategy Director
James Cacioppo - Founder, Chairman & CEO
Michelle Mosier - CFO & Chief Accounting Officer

Conference Call Participants

Luke Hannan - Canaccord Genuity Corp., Research Division
Pablo Zuanic - Zuanic & Associates
Frederico Yokota Gomes - ATB Capital Markets Inc., Research Division
Andrew Semple - Ventum Financial Corp., Research Division

Presentation

Operator

"

Trenton Woloveck
Co-Chief Strategy Director

"

James Cacioppo
Founder, Chairman & CEO

"

Michelle Mosier
CFO & Chief Accounting Officer

"

Luke Hannan
Canaccord Genuity Corp., Research Division

" Canaccord Genuity Corp., Research Division

Pablo Zuanic
Zuanic & Associates

" Cantor Fitzgerald

Frederico Yokota Gomes
ATB Capital Markets Inc., Research Division

" ATB Capital Markets Inc., Research Division

Andrew Semple
Ventum Financial Corp., Research Division

" Ventum Financial Corp., Research Division

Operator

Good afternoon. My name is Bailey, and I will be your conference operator today. At this time, I would like to welcome everyone to Jushi Holdings, Inc.'s Third Quarter 2025 Earnings Conference Call. Today's call is being recorded. [Operator Instructions]

I will now turn the call over to Trent Woloveck, Co-Chief Strategy Director. Thank you. Please go ahead.

Trenton Woloveck
Co-Chief Strategy Director

Good afternoon, and thank you for joining us today on Jushi's Third Quarter 2025 Earnings Conference Call. My name is Trent Woloveck, and I am the Co-Chief Strategy Director at Jushi Holdings, Inc. With me on today's call are Jim Cacioppo, our Chairman and Chief Executive Officer; Jon Barack, our President, Chief Revenue Officer and Corporate Secretary; and Michelle Mosier, our Chief Financial Officer. This call is also being broadcasted live over the Internet and can be accessed from the Investor Relations section of the company's website at ir.jushico.com.

In addition to

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Toronto, ON. – TheNewswire - November 4, 2025 — Hill Incorporated, formerly Hill Street Beverage Company Inc. (TSXV: HILL) ("Hill” or the "Company"), announces today that the Ontario Securities Commission has issued a failure to file cease trade order ("FFCTO") prohibiting the trading by any person of any securities of the Company in Canada, including trades in the Company's common shares made through the TSX Venture Exchange ("TSXV").

The FFCTO was issued because of the delay in the filing of the Company's annual audited financial statements for the year ended June 30, 2025, the related Management's Discussion and Analysis for the period ended June 30, 2025, and CEO and CFO certifications (collectively, the "Annual Filings") which were due on October 28, 2025 under applicable securities laws.

The delay in filing was due to cash collection issues faced by the Company that have caused financial constraints and delays in committing amounts owing to its auditors to complete the FY 2025 audited annual financial statements.

The FFCTO prohibits the trading by any person of any securities of the Company in each jurisdiction in Canada in which the Company is a reporting issuer, including trades in the Company's common shares made through the TSX Venture Exchange (which imposed a halt of trading of the Company's common shares on November 3, 2025), for as long as the FFCTO remains in effect; however, the FFCTO provides an exception for beneficial securityholders of the Company who are not (and were not when the FFCTO was issued) insiders or control persons of the Company and who sell securities of the Company acquired before the date the FFCTO was issued if both of the following criteria are met: (i) the sale is made through a "foreign organized regulated market", as defined in section 1.1 of the Universal Market Integrity Rules of the Canadian Investment Regulatory Organization and (ii) the sale is made through an investment dealer registered in a jurisdiction of Canada in accordance with applicable securities legislation.

The Company will provide further updates as more information becomes available or when required by applicable securities laws. There is no assurance that the Company will be able to remedy its filing default and have the FFCTO lifted in a timely manner or at all.

About Hill Incorporated (TSXV: HILL)

Hill Incorporated is a progressive bioscience implementation company that is dedicated to building pathways to better and healthier living by leveraging our deep CPG expertise to commercialize leading-edge technologies to craft superior cannabis solutions and non-alcoholic beverage products globally. Our Hill Avenue Cannabis business unit is pioneering the space where craft consumer products meet bioscience by combining our deep CPG commercialization expertise with our rights to use Lexaria Bioscience Corp’s ground-breaking DehydraTECH patent portfolio for product development, licensing and B2B and B2C sales of cannabis ingredients or products on a global scale. Our Hill Street Beverages business unit represents the Company’s legacy alcohol-free consumer beverage marketing and distribution business.

For more information, contact: 

Craig Binkley, Chief Executive Officer 

Email: [email protected] 

Phone: 604-609-6154 

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

CSL Limited (OTCQX:CSLLY) Analyst/Investor Day November 4, 2025 6:00 PM EST

Company Participants

Fiona Mead - Company Secretary & Head of Corporate Governance
Paul McKenzie - MD, CEO & Executive Director
Dave Ross - Senior VP & GM of Seqirus

Presentation

Fiona Mead
Company Secretary & Head of Corporate Governance

Hello. I'm Fiona Mead, CSL's Company Secretary. Thank you for joining us for the first session of CSL's 2025 Capital Markets event. Our presentation tonight will start with some remarks from CSL's CEO and Managing Director, Dr. Paul McKenzie, and you will then hear from the General Manager of CSL Seqirus, Mr. Dave Ross.

Before we get started, I draw your attention to the legal disclaimer, which you can see on the screen now. It's now my great pleasure to introduce our CEO, Dr. Paul McKenzie.

Paul McKenzie
MD, CEO & Executive Director

Thank you, Fiona. Good evening, everyone, and good morning to those online. It's great to see everyone here in the beautiful city of Chicago. [ I ran into a pole on the elevator ]. I was surprised how great the weather is here. But I know many of you traveled a long distance and to be with us here today, and we certainly appreciate that, and we want to acknowledge that because we know that journey is particularly a long one. We look forward to the opportunity to bring you closer to the CSL journey and our leadership team that I have here with me during the meeting as we explain our plans for the future.

I thought I would just take a minute to talk about where we're sitting, the hotel that we're at. It dates back to the 1920s. And actually, the hotel was built at the same time as a children's hospital. The Children's Hospital is called Shriners Children's Hospital, which has

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Lucky Strike Entertainment Corporation (LUCK) Q1 2026 Earnings Call November 4, 2025 5:00 PM EST

Company Participants

Robert Lavan - CFO, Treasurer & Principal Accounting Officer
Thomas Shannon - Founder, Chairman & CEO
Lev Ekster - President

Conference Call Participants

Matthew Boss - JPMorgan Chase & Co, Research Division
Steven Wieczynski - Stifel, Nicolaus & Company, Incorporated, Research Division
Randal Konik - Jefferies LLC, Research Division
Jason Tilchen - Canaccord Genuity Corp., Research Division
Jeremy Hamblin - Craig-Hallum Capital Group LLC, Research Division
Michael Kupinski - NOBLE Capital Markets, Inc., Research Division
Eric Walt

Presentation

Operator

"

Robert Lavan
CFO, Treasurer & Principal Accounting Officer

"

Thomas Shannon
Founder, Chairman & CEO

"

Lev Ekster
President

"

Matthew Boss
JPMorgan Chase & Co, Research Division

" JPMorgan Chase & Co, Research Division

Steven Wieczynski
Stifel, Nicolaus & Company, Incorporated, Research Division

" Stifel, Nicolaus & Company, Incorporated, Research Division

Randal Konik
Jefferies LLC, Research Division

" Jefferies LLC, Research Division

Jason Tilchen
Canaccord Genuity Corp., Research Division

" Canaccord Genuity Corp., Research Division

Jeremy Hamblin
Craig-Hallum Capital Group LLC, Research Division

" Craig-Hallum Capital Group LLC, Research Division

Michael Kupinski
NOBLE Capital Markets, Inc., Research Division

" NOBLE Capital Markets, Inc., Research Division

Eric Walt

"

Operator

Thank you for standing by. My name is Liz, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Lucky Strike Entertainment First Quarter 2026 Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Bobby Lavan, Chief Financial Officer. Please go ahead.

Robert Lavan
CFO, Treasurer & Principal Accounting Officer

Good afternoon to everyone on the call. This is Bobby Lavan, Lucky Strike's Chief Financial Officer. Welcome to our conference call to discuss Lucky Strike's First quarter 2026 earnings. Today, we issued a press release announcing our financial

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Q3: 2025-11-04 Earnings SummaryEPS of -$0.13 beats by $0.06

 |

Revenue of

$44.23M

(-21.94% Y/Y)

beats by $3.02M

Cryoport, Inc. (CYRX) Q3 2025 Earnings Call November 4, 2025 5:00 PM EST

Company Participants

Jerrell Shelton - Chairman, President & CEO
Robert Stefanovich - Senior VP, CFO, Treasurer & Chief Administrative Officer
Mark W. Sawicki - Senior VP & Chief Scientific Officer
Thomas Heinzen - Vice President of Corporate Development & Investor Relations

Conference Call Participants

Todd Fromer - Kanan, Corbin, Schupak & Aronow, Inc.
Kyle Crews - UBS Investment Bank, Research Division
David Saxon - Needham & Company, LLC, Research Division
Puneet Souda - Leerink Partners LLC, Research Division
Matthew Stanton - Jefferies LLC, Research Division
Subhalaxmi Nambi - Guggenheim Securities, LLC, Research Division
David Larsen - BTIG, LLC, Research Division
Mason Carrico - Stephens Inc., Research Division

Presentation

Operator

"

Jerrell Shelton
Chairman, President & CEO

"

Robert Stefanovich
Senior VP, CFO, Treasurer & Chief Administrative Officer

"

Mark W. Sawicki
Senior VP & Chief Scientific Officer

"

Thomas Heinzen
Vice President of Corporate Development & Investor Relations

"

Todd Fromer
Kanan, Corbin, Schupak & Aronow, Inc.

" Kanan, Corbin, Schupak & Aronow

Kyle Crews
UBS Investment Bank, Research Division

" UBS Investment Bank, Research Division

David Saxon
Needham & Company, LLC, Research Division

" Needham & Company, LLC, Research Division

Puneet Souda
Leerink Partners LLC, Research Division

" Leerink Partners LLC, Research Division

Matthew Stanton
Jefferies LLC, Research Division

" Jefferies LLC, Research Division

Subhalaxmi Nambi
Guggenheim Securities, LLC, Research Division

" Guggenheim Securities, LLC, Research Division

David Larsen
BTIG, LLC, Research Division

" BTIG, LLC, Research Division

Mason Carrico
Stephens Inc., Research Division

" Stephens Inc., Research Division

Operator

Good afternoon, and welcome to Cryoport's Third Quarter 2025 Earnings Conference Call. [Operator Instructions].

As a reminder, this call is being recorded.

I will now turn the call over to your host, Todd Fromer from KCSA Strategic Communications. Please go ahead.

Todd

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Q3: 2025-11-04 Earnings SummaryEPS of $0.12 misses by $0.01

 |

Revenue of

$292.24M

(19.86% Y/Y)

beats by $288.38K

CAVA Group, Inc. (CAVA) Q3 2025 Earnings Call November 4, 2025 5:00 PM EST

Company Participants

Matt Milanovich - Senior Vice President of Finance
Brett Schulman - Co-Founder, CEO, President & Director
Tricia Tolivar - Chief Financial Officer

Conference Call Participants

Andrew Barish - Jefferies LLC, Research Division
Brian Mullan - Piper Sandler & Co., Research Division
David Tarantino - Robert W. Baird & Co. Incorporated, Research Division
Eric Gonzalez - KeyBanc Capital Markets Inc., Research Division
Andrew Charles - TD Cowen, Research Division
Sharon Zackfia - William Blair & Company L.L.C., Research Division
Jacob Aiken-Phillips - Melius Research LLC
John Ivankoe - JPMorgan Chase & Co, Research Division
Christopher O'Cull - Stifel, Nicolaus & Company, Incorporated, Research Division
Sara Senatore - BofA Securities, Research Division
Danilo Gargiulo - Sanford C. Bernstein & Co., LLC., Research Division
Dennis Geiger - UBS Investment Bank, Research Division
Jeffrey Bernstein - Barclays Bank PLC, Research Division
Jon Tower - Citigroup Inc., Research Division
Brian Harbour - Morgan Stanley, Research Division
Logan Reich - RBC Capital Markets, Research Division
Nick Setyan
Brian Vaccaro - Raymond James & Associates, Inc., Research Division

Presentation

Operator

Good afternoon, ladies and gentlemen, and welcome to the CAVA Q3 2025 Earnings Call. [Operator Instructions] This call is being recorded on Tuesday, November 4, 2025. I would now like to turn the conference over to Matt Milanovich, Head of Investor Relations. Please go ahead.

Matt Milanovich
Senior Vice President of Finance

Good afternoon, and welcome to CAVA's Third Quarter 2025 Financial Results Conference Call. Before we begin, if you do not already have a copy, the earnings release and related 8-K furnished to the SEC are available on our website at investor.cava.com. The purpose of this conference call is to give investors further details regarding the company's financial results as well as a general update on the company's progress. You will find reconciliations between non-GAAP financial measures discussed on today's call to the

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Shares of Japan's SoftBank Group plummeted more than 14% on Wednesday, erasing approximately $32 billion in market value in a brutal session that saw a broad sell-off across Asia's artificial intelligence-linked stocks.

New PSAs for Skills-First Hiring campaign highlight the competitive advantage of hiring STARs - workers Skilled Through Alternative Routes 

, /PRNewswire/ -- Building on the measurable success of the first "Tear the Paper Ceiling" launch in 2022, the Ad Council and Opportunity@Work today unveiled new public service advertisements (PSAs), titled "Story Unfold," encouraging employers to embrace skills-first hiring practices and access overlooked talent.

Research from LinkedIn shows that hiring managers who start with skills are 60% more likely to find a successful hire. Yet, in the United States, more than 70 million STARs -- workers Skilled Through Alternative Routes, such as apprenticeships, certifications, on-the-job training, and more -- are too often disqualified for employment because they don't have a bachelor's degree. After decades of declining opportunity, the trajectory for STARs is starting to reverse on the heels of the launch of "Tear the Paper Ceiling" in 2022.

"We launched the Tear the Paper Ceiling campaign to shine a light on the 50% of U.S. workers who are STARs and show that if you don't have a STARs talent strategy - you only have half a talent strategy," said Opportunity@Work CEO Byron Auguste. "This campaign and its corporate, philanthropic, and public sector partners are proving what's possible when awareness and behavior change together. Job postings are measurably more open to STARs than in the early 2000s. Skills-first hiring isn't a theory—it's starting to work where and when it is fully embraced. Smart employers are tapping into STARs' talent, and winning."

The new PSAs encourage employers not to "throw away talent" by devaluing or disregarding the skills and abilities earned outside of a bachelor's degree. Viewers are directed to TearThePaperCeiling.org, where they can find tools and resources to take action. STARs can share their stories publicly and find career development resources, while employers will find playbooks and guides for getting started with skills-first hiring practices, along with case studies from organizations already hiring STARs.

WATCH THE PSA

"When we introduced the idea of the 'paper ceiling' as that invisible barrier that separates companies from skilled workers who don't have a bachelor's degree, we changed the national conversation around hiring STARs," said Michelle Hillman, the Ad Council's Chief Development Officer. "With our fantastic partners, we're excited to continue the momentum by speaking directly to employers and inspiring them to hire skills-first and help their organizations find a competitive advantage."

Created pro bono by world-renowned creative agency Ogilvy, and directed by filmmaker Loris Russier, a STAR himself, alongside production company PRETTYBIRD, the new PSAs speak directly to employers, urging them to look beyond the paper and discover how skills-first hiring can help them find the perfect hire. Using the metaphor of a crumpled paper that slowly unfurls to reveal a STAR's face, the "Story Unfold" PSAs encourage viewers to look holistically at their applicants, unfolding their story, to see their skills and experience that others might miss. STARs were involved in the production on both sides of the camera.

"Being a self-taught filmmaker and editor, I know the stigma and misinformation many STARs like me face when trying to land a job," said director Loris Russier. "But I also know that my work and skills speak for themselves, and I'm excited to use those skills to bring this story to life and help STARs everywhere get the opportunities they deserve."

"When hiring managers cling to outdated biases and rigid checklists, they filter out the raw talent their businesses truly need. Countless candidates are discarded on paper, yet brimming with real-world skills," said Hernan Ibanez, Head of Art, Ogilvy New York. "Our idea is a metaphorical, poetic response that addresses this problem from the very start. As it unfolds, it reveals a simple truth: the solution has been in front of them all along. They just need to open their eyes—and unfold it."

The "paper ceiling" was coined by the Ad Council, Opportunity@Work, and Ogilvy to describe the invisible barrier that comes at every turn for workers without a bachelor's degree. "Tear the Paper Ceiling" quickly became a rallying cry within the American workforce, media and culture since it debuted three years ago.

The term "paper ceiling" has since been widely adopted throughout industries, being referenced by political leaders on both sides of the aisle and in leading business publications (including Bloomberg, Fortune, the Harvard Business Review, and The New York Times). So far, 31 states have pledged to remove degree requirements for state employment, and the skills-first hiring movement has inspired over 1 million commitments to open jobs to STARs, hundreds of thousands of which have already been made real.

The campaign has grown to be supported by a coalition of 85 national private sector and nonprofit organizations – and companies in the coalition are creating meaningfully greater opportunities for STARs. Since the launch of the campaign, over 76,000 STARs within public and private sector organizations that partner with Opportunity@Work have experienced upward mobility, resulting in a $17,000 median wage gain.

To date, "Tear the Paper Ceiling" PSAs have received over $120 million in donated media and have driven nearly six million visits to the campaign website. This year's campaign will be supported by Spark Foundry, the media agency of record, and in media by Indeed, Kargo, LinkedIn, and Walmart, among others. PSAs will appear in donated media nationwide in TV, radio, digital, out of home, print and social-optimized video formats. For more information, visit TearThePaperCeiling.org.

About the Ad Council
The Ad Council convenes creative storytellers to educate, unite and uplift audiences by opening hearts, inspiring action and accelerating change. For more than 80 years, the nonprofit organization and its partners in advertising, media, marketing and tech have been behind some of the country's most iconic social impact campaigns – Smokey Bear, Friends Don't Let Friends Drive Drunk, Tear the Paper Ceiling and many more. To learn more or get involved, visit AdCouncil.org, join the Ad Council's communities on Facebook, Instagram and LinkedIn, and view campaign creative on YouTube.

About Opportunity@Work
Opportunity@Work is a 501(c)3 nonprofit social enterprise on a mission to rewire the labor market so all Americans can work, learn, and earn to their full potential. Our work advances economic opportunities for the more than 70 million U.S. workers who are Skilled Through Alternative Routes (STARs) instead of through a bachelor's degree. Opportunity@Work engages with corporate, public sector, and philanthropic partners through landmark research and labor market data analysis, public awareness and narrative change, STARs-centric software tools, and multi-sector networks. The Tear the Paper Ceiling campaign, in partnership with the Ad Council and a growing coalition of more than 80 business and nonprofit leaders, raises awareness of STARs and the paper ceiling, and motivates organizations to adopt skills-first hiring practices. Learn more at www.opportunityatwork.org.

About Ogilvy
Ogilvy has been creating impact for brands through iconic, culture-changing, value-driving ideas since the company was founded by David Ogilvy 75 years ago. It builds on that rich legacy through Borderless Creativity – innovating at the intersections of its advertising, public relations, relationship design, consulting, and health capabilities with experts collaborating seamlessly across more than 120 offices spanning 90 countries. Ogilvy currently ranks as the #1 global agency network for creative excellence and effectiveness by WARC, signifying its ability to deliver creative solutions that drive unreasonable impact for clients and communities. Ogilvy is a WPP company (NYSE: WPP). For more information, visit Ogilvy.com, and follow us on LinkedIn, X, Instagram, and Facebook. 

SOURCE The Ad Council

Q2: 2025-11-04 Earnings SummaryEPS of $0.09 beats by $0.02

 |

Revenue of

$184.10M

(1.71% Y/Y)

beats by $5.94M

8x8, Inc. (EGHT) Q2 2026 Earnings Call November 4, 2025 5:00 PM EST

Company Participants

Kate Patterson
Samuel Wilson - CEO & Director
Kevin Kraus - Chief Financial Officer

Conference Call Participants

Michael Funk - BofA Securities, Research Division
Josh Nichols - B. Riley Securities, Inc., Research Division
Peter Levine - Evercore ISI Institutional Equities, Research Division
Catharine Trebnick - Rosenblatt Securities Inc., Research Division

Presentation

Operator

"

Kate Patterson

"

Samuel Wilson
CEO & Director

"

Kevin Kraus
Chief Financial Officer

"

Michael Funk
BofA Securities, Research Division

" BofA Securities

Josh Nichols
B. Riley Securities, Inc., Research Division

" B. Riley Securities

Peter Levine
Evercore ISI Institutional Equities, Research Division

" Evercore ISI

Catharine Trebnick
Rosenblatt Securities Inc., Research Division

" Rosenblatt Securities Inc.

Unknown Analyst

"

Operator

Good day, and thank you for standing by. Welcome to the 8x8 Inc. Second Quarter 2026 Earnings Conference Call. [Operator Instructions] Please be advised today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kate Patterson, Vice President of Finance. Please go ahead.

Kate Patterson

Thank you, operator, and good afternoon, everyone. Today's agenda will include a review of our results for the second quarter of fiscal 2026 with Samuel Wilson, our Chief Executive Officer; and Kevin Kraus, our Chief Financial Officer. Following our prepared remarks, there will be a question-and-answer session. Before we get started, let me remind you that our discussion today includes forward-looking statements about our future financial performance, including investments in innovation and our focus on profitability and cash flow, as well as statements regarding our business, products and growth strategies. We caution you not to put undue reliance on these forward-looking statements as they involve risks and uncertainties that may cause actual results to vary materially from forward-looking statements as described in our risk factors in our reports filed with the

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Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Bitcoin fell to its lowest in over four months today.

getty

Bitcoin prices dropped below the key, psychological level of $100,000 on Tuesday, November 4, reaching their lowest since June as the market struggled with fatigue.

“The best explanation for BTC’s recent drop is simply exhaustion,” Tim Enneking, managing partner of Psalion, via email. “There has not been any bad news, but the market is a bit tired.”

He made this statement on a day when the world’s most prominent digital currency fell to roughly $99,000, according to Coinbase data from TradingView. At this point, it was trading at its most depressed value since approximately June 22.

Enneking shed further light on the situation, emphasizing that crypto markets are facing multiple challenges.

“Caution because of interest rates in the US, on-going concerns related to the US-declared trade war on seemingly the entire rest of the world, doubts that the tradfi equities markets can continue to set, or even hold on to, the new records we’ve seen this year, and, treasury companies selling a bit of their inventory to cover operating and debt costs all have created head winds.”

Julio Moreno, head of research for CryptoQuant, also outlined multiple challenges the markets are facing.

When asked to describe what caused the latest drop in prices, he stated via Telegram that “It seems like a follow up correction as the fundamentals remain weak after October’s big liquidation event.”

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For starters, spot demand for bitcoin has continued to decline, he emphasized.

The chart below, from CryptoQuant, illustrates this development:

Bitcoin spot demand

CryptoQuant

He also focused in on changes in the world’s largest economy, specifying that “In the US, investors have also lowered their demand for Bitcoin, as seen in negative ETF flows and the negative Coinbase price premium.”

The two charts below depict this:

Bitcoin ETF holdings

CryptoQuant

Bitcoin's so-called Coinbase premium

CryptoQuant

Market Stability Other analysts focused on the market obtaining a greater sense of stability after some of the notable losses it experienced in recent weeks.

Brian Huang, cofounder of fintech firm Glider, commented on such matters, stating via email that “We’re now seeing the market stabilize after the chaos of last week.”

“What’s most interesting isn’t the liquidations themselves but how capital has repositioned,” he added. “We can see that stablecoins are waging on and dominating the market as investors are chasing yield and safety, however, on-chain activity is already showing signs of quiet accumulation.”

“If Bitcoin can sustain momentum above key levels, this pullback may be remembered as a recalibration, rather than a collapse,” concluded Huang.

DeFi Protocol Hacks Huang also spoke to the repeated compromises that DeFi protocols have suffered lately. Recently, DeFi protocol Balancer experienced an exploit that resulted in the loss of more than $100 million’ worth of funds.

Marcos Viriato, Cofounder & CEO of Parfin, emphasized the key role that this development played in the markets, stating that “From my perspective, the Balancer hack hit at a tough moment.”

“Ethereum was already down about 7–8%, and with liquidity still thin, even small sell pressure caused bigger moves across the market,” he continued. “A lot of people are still shaken from the Black Friday crash a few weeks ago, and confidence hasn’t fully returned.”

“This exploit just added to those concerns — it reminded everyone how fragile security can be in DeFi, and that uncertainty pushed some investors to pull back capital,” said Viriato.

Huang spoke to the impact these incidents are having on the markets, stating that “Confidence in DeFi remains fragile.”

“Repeated protocol breaches have exposed weak points across lending markets, which will likely accelerate the migration toward better-audited infrastructure,” he noted. “The next few weeks will show whether builders can restore trust or if capital will stay parked off-chain.”

Dogecoin Falls 5% as Lower-Lows Pattern Aids Bearish OutlookUpdated Nov 5, 2025, 3:29 a.m. Published Nov 5, 2025, 3:29 a.m.

(CoinDesk Data)

What to know: Dogecoin fell 5% to $0.16, breaking critical support levels amid heavy institutional selling.Dogecoin tumbled through major support zones on Tuesday, with heavy whale distribution and surging volume confirming institutional-led selling pressure as traders struggled to defend the $0.16 handle.

News BackgroundDOGE fell 5% to $0.16, breaking below critical support after an early-session failure to hold the $0.18 psychological level. The token traded within a volatile $0.0185 range, with selling pressure intensifying throughout the day.The steepest declines hit at 20:00 GMT, when trading volume spiked to 2.05 billion tokens — 94% above the daily average — as price sliced through the $0.1590 floor. The move reflected broad institutional distribution, corroborated by on-chain data showing $440 million in DOGE outflows from large-holder wallets.DOGE reached a session low of $0.1528 before stabilizing near $0.1550, where dip-buying emerged. Recovery attempts were capped at $0.1700, confirming resistance near prior support zones.Price Action SummaryA sharp V-shaped rebound appeared on short-term charts following the breakdown. However, the bounce failed to sustain momentum, with price consolidating below $0.1620 as overhead resistance from the breakdown level held firm.The late-session stabilization indicated temporary exhaustion among sellers but did not yet signal trend reversal. Volume skew remained bearish, with selling activity still dominating aggregate flow data across major exchanges.Technical AnalysisDOGE continues to trade in a lower-highs, lower-lows formation, maintaining clear bearish momentum within a broader descending structure. The brief oversold rebound remains corrective rather than directional, with the overall pattern resembling a classic breakdown–pause sequence typical of distribution cycles.Momentum oscillators remain negative across hourly timeframes, while the daily RSI has yet to recover from sub-40 levels. Traders note that structural improvement would require sustained closes above $0.1650, invalidating the existing descending pattern.What Traders Should KnowTraders are closely watching the $0.1550–$0.1555 area, which continues to act as short-term support. A breakdown below this zone would expose $0.1520–$0.1500, where deeper liquidity pools exist from prior accumulation phases.Conversely, recovery above $0.1630–$0.1650 is necessary to challenge the broken $0.1590 resistance and signal potential short-term relief. For now, intraday action suggests ongoing distribution with limited momentum for sustainable upside follow-through.More For You

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A deep dive into Zcash's zero-knowledge architecture, shielded transaction growth, and its path to becoming encrypted Bitcoin at scale.

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In 2025, Zcash evolved from niche privacy tech into a functioning encrypted-money network:

Shielded adoption surged, with 20–25% of circulating ZEC now held in encrypted addresses and 30% of transactions involving the shielded pool.The Zashi wallet made shielded transfers the default, pushing privacy from optional to standard practice.Project Tachyon, led by Sean Bowe, aims to boost throughput to thousands of private transactions per second.Zcash surpassed Monero in market share, becoming the largest privacy-focused cryptocurrency by capitalization.View Full Report

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Traders are monitoring the $2.08 support level to prevent further declines toward $2.00.

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XRP fell 6.4% to $2.20 amid heavy institutional selling, breaking key support levels.Trading volume surged 126% above average, indicating institutional participation in the selloff.Traders are monitoring the $2.08 support level to prevent further declines toward $2.00.Read full story

Top Stories

Berachain Foundation has confirmed the recovery of $12.8 million lost during the Nov. 3 Balancer V2 exploit.

Summary

Berachain recovered the full $12.8M lost in the Balancer exploit after halting and restarting its network.
The recovery was achieved through a white-hat collaboration, with redistribution plans for affected users.
The Balancer hack caused $128M in cross-chain losses, raising fresh concerns about DeFi composability and audit limitations.

The recovery marks a rare case of full restitution following one of 2025’s largest decentralized finance hacks.

In a late Nov. 4 update on X, the Berachain Foundation announced that all funds drained from its BEX pools had been returned to the foundation’s deployer wallet. 

Swift action restores Berachain operations
The recovery was coordinated with a white-hat hacker who cooperated to return the assets following the chain’s emergency restart. The foundation said it will consider a bounty in appreciation and has begun unpausing key network functions such as HONEY minting and redemption.

We are happy to confirm that all funds (approx $12.8m) from the BEX / Balancer v2 exploit have been returned to the Berachain Foundation Deployer (https://t.co/HjCONAGpOZ). Chain is live.

We'd like to thank the white hat who worked with us to make this happen – we'll ensure that…

— Berachain Foundation 🐻⛓ (@berachain) November 4, 2025

Berachain (BERA) temporarily halted all swaps, deposits, and withdrawals after the exploit to prevent further losses, citing caution as the underlying Balancer vulnerability was still under review. Over 1,000 affected users will receive recovered funds through a redistribution system that matches deposits to original wallet addresses.

Apart from Berachain, liquid staking platform StakeWise has also managed to recover about $20 million in stolen assets.

Background on the Balancer exploit
The Balancer exploit on Nov. 3 targeted the protocol’s V2 Composable Stable Pools, exploiting a precision error in the “manageUserBalance” function to drain around $128 million in assets across multiple chains — including Ethereum, Arbitrum, Base, Optimism, Polygon, Sonic, and Berachain. 

More than half of the stolen funds were quickly converted to ETH. Balancer entered recovery mode and offered a 20% white-hat bounty worth $25.6 million, urging the attacker to return funds within 48 hours. Despite nine audits on its vault system, the incident reignited debates around the security limits of composable DeFi architectures.

Berachain, a Cosmos-based Layer-1 network with proof-of-liquidity consensus, was affected through its Balancer fork, BEX. Its validators halted the chain within hours and issued an emergency hard fork to freeze the attacker’s assets, later recovering the full amount after negotiations with the MEV operator behind the exploit.

Following the incident, the BERA token saw a 10% decline, but it recovered after the recovery announcement, showing renewed confidence in the project’s resilience.

Journalist

Posted: November 5, 2025

Key Takeaways
What are the key terms of the notes?
The notes carry 8% annual interest, reducing to 5% after a NASDAQ or NYSE uplisting, and are secured by Bitcoin collateral.

What are Matador’s Bitcoin targets?
The company aims to acquire 1,000 BTC by 2026 and 6,000 BTC by 2027, ultimately holding about 1% of Bitcoin’s total supply.

In a significant turn of events, Matador Technologies Inc. has announced an amended $100 million secured convertible note facility with ATW Partners. The new agreement, finalized on the 3rd of November, updates the terms of their previous July 2025 deal.

This will give Matador, known as “the Bitcoin Ecosystem Company”, greater flexibility to issue convertible notes and strengthen its capital position.

Wall Street’s new Bitcoin whale
Under the amended facility, Matador Technologies plans to use the funds exclusively to purchase Bitcoin [BTC] for its corporate balance sheet. 

The initial tranche of funding is set at $10.5 million. Additionally, there is a potential for $89.5 million through follow-on drawdowns, which are contingent on regulatory approvals.

In terms of financing requirements, ATW Partners may ask Matador to issue up to $46.25 million in notes before an uplisting. After the uplisting, another $28.75 million may be required.

In total, this brings the potential note issuance to $75 million.

To further align the interests of both parties, Matador will pay a 5% commitment fee on all notes issued. This arrangement supports the company’s efforts as it seeks to expand its Bitcoin holdings and pursue its long-term strategy.

With this approach, Matador Technologies plans to acquire 1,000 BTC by 2026. It wants to expand the same to 6,000 BTC by 2027 to own about 1% of Bitcoin’s total supply.

Matador Technologies execs weigh in
Remarking on the same, Deven Soni, CEO of Matador Technologies, stated, 

“This financing marks a significant step toward our long-term Bitcoin accumulation plan. It equips the Company with capital to expand our Bitcoin position while limiting near-term dilution and staying aligned with our overall capital strategy.”

Echoing similar sentiments, Mark Moss, Chief Visionary Officer of Matador Technologies, added, 

“Bitcoin remains foundational to both our operating model and treasury approach. This structure advances our goal of increasing Bitcoin per share and underscores sustained institutional interest in our strategy.”

S&P rating, stock price, and more
This coincided with Strategy Inc. securing a B- issuer credit rating from S&P in Q3 2025. Meanwhile, Matador Technologies achieved a BB issuer rating in August 2025, reflecting its strengthening financial profile.

Then on the price front, Matador’s stock traded at $39.26, down 0.51%, according to Google Finance. Bitcoin hovered at $103,910.91, marking a 3.03% daily decline, per CoinMarketCap.

Yet, despite Bitcoin’s short-term dip near $107,000, accumulation remained strong within the $106K–$115K range.

On-chain data shows signs of an altcoin winter may be emerging as Ethereum, Solana, and other cryptocurrencies have seen a decline in activity.

Altcoins Are Observing A Drop In On-Chain Activity
In a new thread on X, institutional DeFi solutions provider Sentora (formerly IntoTheBlock) has talked about how interest in altcoins has been cooling off recently.

The on-chain indicator of relevance here is the “Active Addresses,” which measures, as its name suggests, the total number of addresses that are participating in some kind of transaction activity on a given network every day.

When the value of this metric rises, it means more users are making transfers on the blockchain. Such a trend implies trading interest in the cryptocurrency may be on the rise.

On the other hand, the indicator witnessing a decline suggests investors may be shifting their attention elsewhere as they are reducing their transaction activity on the network.

Now, here is a chart that shows the trend in this indicator for Ethereum, the largest of the altcoins, over the last few years:

The value of the metric seems to have been going down in recent days | Source: Sentora on X
As displayed in the above graph, the Ethereum Active Addresses metric was at a high of 589,000 in late July. Since then, activity on the network has gone downhill, with there now being 488,000 addresses making transactions, around 17% lower than the peak.

“Fewer users interacting on ETH indicates weaker on-chain demand, a pattern seen in past bear-market phases,” explained Sentora. Solana, another prominent altcoin, has been showing a similar trend.

How the monthly value of the Active Addresses has changed for SOL over the last few years | Source: Sentora on X
From the chart, it’s clear that the monthly version of the Active Addresses witnessed a notable decline for SOL during Q3 2025. More specifically, active users on the blockchain dropped by about 30% in this period. “Solana has been the out-performer this cycle, but momentum is cooling,” noted the analytics firm.

Memecoins have been hit hard in the recent market downturn, and the same has held true for their on-chain activity. Dogecoin, the largest meme-based token, has only witnessed a slight decrease in Active Addresses, but Pepe has gone through a drawdown of 85%. “This drop shows how quickly speculative user bases can evaporate,” said Sentora.

Finally, the analytics firm has also highlighted that DeFi trading volume has started to trend down as well. The metric is still relatively strong compared to other cryptocurrency-related indicators, but a change in direction is apparent.

The trend in the DeFi trading volume since 2018 | Source: Sentora on X
With the crash in prices and downturn in on-chain activity, is the altcoin sector entering a season of winter? “It’s too early to tell but the current data echoes past cycles,” noted Sentora. “We are already 6+ months into an altcoin slowdown, with winter signs popping up.”

Ethereum Price
Ethereum has plunged alongside the rest of the market during the past day as its price has retraced to $3,300.

Looks like the price of the altcoin has crashed over the last couple of days | Source: ETHUSDT on TradingView
Featured image from Dall-E, chart from TradingView.com