Market Signal Briefing

Nov 4 (Reuters) - Jack Henry & Associates

(JKHY.O), opens new tab reported about a 21% jump in first-quarter profit on Tuesday, helped by resilient demand for its banking technology services.

The Monett, Missouri-based company, which competes against Fiserv

(FI.N), opens new tab and FIS

(FIS.N), opens new tab, provides technology and payment processing services to financial institutions, mainly community banks and credit unions.

Sign up here.

Small- and mid-sized financial institutions tend to rely more heavily on banking technology providers like Jack Henry, unlike major players such as JPMorgan Chase

(JPM.N), opens new tab, which have invested billions in developing proprietary tech stacks.

Jack Henry's revenue jumped 7.3% to $644.7 million during the first quarter. Revenue from services and support increased 5.7%, while processing rose 9.7%.

Net income was at $144 million, or $1.97 per share, during the three months ended September 30, compared with $119.2 million, or $1.63 per share, a year earlier.

Bank tech stocks have weakened this year amid investor concerns over increased financial institution consolidation and competitive threats, analysts have said.

They see the selloff in bank tech stocks as an opportunity for investors, given their business models benefit from a large base of recurring revenue.

Jack Henry's shares were up more than 4% after the bell. They have slipped 13% so far this year.

The company expects fiscal 2026 revenue to be between $2.49 billion and $2.51 billion, compared with its prior forecast of $2.48 billion to $2.50 billion. It expects annual profit per share in the range of $6.38 and $6.49, compared with $6.32 to $6.44 projected earlier.

Reporting by Pritam Biswas and Arasu Kannagi Basil in Bengaluru; Editing by Shilpi Majumdar

Our Standards: The Thomson Reuters Trust Principles., opens new tab

Mirum Pharmaceuticals, Inc. (MIRM - Free Report) came out with quarterly earnings of $0.05 per share, beating the Zacks Consensus Estimate of a loss of $0.1 per share. This compares to a loss of $0.3 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +150.00%. A quarter ago, it was expected that this company would post a loss of $0.31 per share when it actually produced a loss of $0.12, delivering a surprise of +61.29%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Mirum Pharmaceuticals, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $133.01 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.85%. This compares to year-ago revenues of $90.38 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Mirum Pharmaceuticals shares have added about 71.3% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Mirum Pharmaceuticals?While Mirum Pharmaceuticals has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Mirum Pharmaceuticals was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.15 on $137.68 million in revenues for the coming quarter and -$0.67 on $508.94 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Monte Rosa Therapeutics (GLUE - Free Report) , has yet to report results for the quarter ended September 2025.

This biopharmaceutical company is expected to post quarterly loss of $0.39 per share in its upcoming report, which represents a year-over-year change of -34.5%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Monte Rosa Therapeutics' revenues are expected to be $7.77 million, down 15.7% from the year-ago quarter.

ANCHORAGE, Alaska, Nov. 04, 2025 (GLOBE NEWSWIRE) -- First National Bank Alaska’s (OTCQX:FBAK) net income for the third quarter of 2025 was $21.4 million, or $6.75 per share. This compares to a net income of $18.0 million, or $5.68 per share, for the same period in 2024.

“First National’s 2025 performance demonstrates strong quarterly growth in net income and continued momentum across our key performance ratios,” said First National Board Chair and CEO/President Betsy Lawer. “Teams across the bank focused on strategies that drove loan and deposit growth, improved noninterest income improvement, and kept operating expenses aligned with our customer and operational goals. Return on assets of 1.53% underscores our commitment to high performance amongst our national peer group.”

Total assets increased to $5.2 billion as of Sept. 30, representing a year-to-date increase of $246.2 million with customer deposit and repurchase agreement growth totaling $190.3 million year to date. Assets decreased $313.3 million compared to Sept. 30, 2024, following $590.0 million in borrowing repayments during the fourth quarter of 2024. Return on assets as increased to 1.53% as of Sept. 30, 2025 – thirty-eight basis points higher than the prior year – reflecting strong net income performance in 2025.

Loans totaled $2.6 billion as of Sept. 30, 2025, an increase of $145.1 million compared to Sept. 30, 2024. Nonperforming loans were $10.8 million, 0.42% of outstanding loans, an increase from Sept. 30, 2024 on nonaccrual loan activity. The third quarter provision for credit losses totaled $0.4 million, compared to a benefit of $0.4 million in third quarter 2024. The year-to-date provision for credit losses totaled $2.6 million on loan growth through Sept. 30, 2025, compared to $0.8 million as of the same date last year. The allowance for credit losses as of Sept. 30, 2025 totaled $20.1 million, or 0.78% of total loans.

Interest and fees on loans for the third quarter totaled $44.1 million, an increase of $2.2 million, 5.3% over $41.9 million for the third quarter of 2024. Interest income from investment securities decreased $6.6 million for quarter ending Sept. 30, 2025, compared to 2024. Investment income in 2025 does not include supplemental income earned in 2024 on the short-term tactical borrowings. Interest income to average earning assets increased to 4.74% compared to 4.51% for the same period in 2024.

Total interest expense for the third quarter was $12.2 million, a decrease of $9.2 million from $21.3 million compared to the third quarter of 2024, which included $7.7 million in interest on borrowed funds. Deposits and repurchase agreements totaled $4.6 billion as of Sept. 30, 2025, an increase of $237.4 million over the prior year. Corresponding interest expense declined by $1.6 million for the third quarter 2025 as compared to the same period in 2024. Interest expense to average earning assets decreased to ninety-eight basis points compared to 1.47% as of Sept. 30, 2024.

Net interest margin through Sept. 30, 2025 increased to 3.76% compared to 3.04% for Sept. 30, 2024, driven by improved yields on earning assets and effective cost of funds management.

Noninterest operating income for third quarter 2025 was $7.6 million, representing a 1.5% increase from $7.5 million compared to the third quarter of 2024. Noninterest expenses for the same period increased $0.9 million, or 3.4%, compared to the same period in 2024, primarily due to higher salaries and benefits resulting from increased health care costs.

The efficiency ratio for Sept. 30, 2025, was 49.52%, highlighting First National Bank Alaska’s ability to generate strong revenue while maintaining lower operating expenses than both Alaska and national peers.

Shareholders’ equity reached $567.7 million as of Sept. 30, 2025, compared to $527.9 million as of Sept. 30, 2024. This $51.2 million year-to-date increase was driven by retained net income and a reduction in unrealized losses in the securities portfolio. Return on equity improved to 14.13%, compared to 12.90% as of Sept. 30, 2024. Book value per share increased to $179.27, compared to $166.68 as of Sept. 30, 2024. The bank’s Tier 1 leverage capital ratio of 11.70% remains above well-capitalized standards.

ABOUT FIRST NATIONAL BANK ALASKA

Alaska’s community bank since 1922, First National Bank Alaska proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.

For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period over a span of twenty-four years, First National received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency.

In 2025, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the 10th year in a row, Best Bank/Credit Union for the fifth time, and Best Customer Service for the second year in a row. Forbes also selected First National as the sixth best bank on their America’s Best Banks list and one of the top two banks in the state, and Newsweek recognized the bank as one of the nation’s Best Regional Banks and Credit Unions. In 2025, First National was also voted “Best of Alaska” in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the seventh consecutive year. American Banker recognized the bank as a “Best Bank to Work For” in 2024, for the seventh year in a row.

First National Bank Alaska is a Member FDIC, Equal Housing Lender, and is recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.

Contact Corporate Communications
907-777-3409

      Financial Overview (Unaudited)Quarter Ended ($ in thousands) 9/30/20256/30/20253/31/202512/31/20249/30/2024Balance Sheet     Total Assets$5,243,993 $4,923,803 $4,890,081 $4,997,767 $5,557,306 Total Securities$2,002,118 $1,859,645 $1,882,332 $1,928,625 $2,602,519 Total Loans$2,590,699 $2,591,713 $2,607,081 $2,469,935 $2,445,596 Total Deposits$3,808,022 $3,586,204 $3,580,147 $3,679,155 $3,728,181 Repurchase Agreements$804,589 $731,808 $716,908 $743,193 $647,043 Total Deposits and Repurchase Agreements$4,612,611 $4,318,012 $4,297,055 $4,422,348 $4,375,224 Total Borrowing under Federal Bank Credit Facilities$15,000 $15,000 $15,000 $15,000 $604,868 Unrealized Loss on Marketable Securities, Net of Tax$(31,296)$(40,193)$(49,465)$(62,985)$(52,020)Total Shareholders' Equity$567,724 $550,135 $535,148 $516,562 $527,864       Income Statement     Interest and Fees on Loans$44,116 $43,212 $41,150 $41,273 $41,886 Interest and Dividends on Investment Securities$12,229 $10,818 $11,150 $17,392 $18,808 Interest on Cash and Cash Equivalents$4,381 $2,969 $3,563 $4,597 $3,727 Total Interest and Loan Fee Income$60,726 $56,999 $55,863 $63,262 $64,421 Total Interest Expense$12,155 $11,842 $11,956 $18,591 $21,319 Provision for Credit Losses$436 $631 $1,535 $(118)$(432)Total Noninterest Operating Income$7,596 $7,363 $6,910 $7,178 $7,487 Net Gains on Investment Securities$- $- $- $10 $- Total Noninterest Expense$26,802 $27,083 $25,334 $27,696 $25,928 Provision for Income Taxes$7,570 $6,423 $6,214 $4,350 $7,099 Net Income$21,359 $18,383 $17,734 $19,931 $17,994 Earnings per Common Share$6.75 $5.80 $5.60 $6.29 $5.68 Dividend per Common Share$4.00 $4.00 $4.00 $6.40 $3.20       Financial Measures     Return on Assets 1.53% 1.46% 1.42% 1.22% 1.15%Return on Equity 14.13% 13.53% 13.49% 13.60% 12.90%Net Interest Margin 3.76% 3.69% 3.63% 3.12% 3.04%Interest Income to Average Earning Assets 4.74% 4.67% 4.61% 4.57% 4.51%Interest Expense to Average Earning Assets 0.98% 0.98% 0.98% 1.45% 1.47%Efficiency Ratio 49.52% 50.58% 49.70% 53.51% 53.59%      Capital     Shareholders' Equity/Total Assets 10.83% 11.17% 10.94% 10.34% 9.50%Tier 1 Leverage Ratio 11.70% 11.95% 11.72% 10.54% 10.39%Regulatory Well Capitalized Minimum Ratio - Tier 1 Leverage Ratio 5.00% 5.00% 5.00% 5.00% 5.00%Tier 1 (Core) Capital$599,020 $590,328 $584,613 $579,547 $579,884       Credit Quality     Nonperforming Loans and OREO$10,847 $9,802 $4,243 $4,313 $4,186 Nonperforming Loans and OREO/Total Loans 0.42% 0.38% 0.16% 0.17% 0.17%Nonperforming Loans and OREO/Tier 1 Capital 1.81% 1.66% 0.73% 0.74% 0.72%Allowance for Loan Losses$20,100 $20,025 $19,500 $18,025 $18,550 Allowance for Loan Losses/Total Loans 0.78% 0.77% 0.75% 0.73% 0.76%      Net interest margin, yields, and efficiency ratios are tax effected.
Financial measures are year-to-date.
Per common share amounts are not in thousands.
      

NMI Holdings (NMIH - Free Report) came out with quarterly earnings of $1.21 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $1.15 per share a year ago. These figures are adjusted for non-recurring items.

A quarter ago, it was expected that this mortgage insurance company would post earnings of $1.16 per share when it actually produced earnings of $1.22, delivering a surprise of +5.17%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

NMI Holdings, which belongs to the Zacks Insurance - Property and Casualty industry, posted revenues of $178.68 million for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 2.28%. This compares to year-ago revenues of $166.09 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

NMI Holdings shares have added about 0.1% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for NMI Holdings?While NMI Holdings has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for NMI Holdings was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.22 on $176.73 million in revenues for the coming quarter and $4.92 on $698.45 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Insurance - Property and Casualty is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Allstate (ALL - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 5.

This insurer is expected to post quarterly earnings of $8.20 per share in its upcoming report, which represents a year-over-year change of +109.7%. The consensus EPS estimate for the quarter has been revised 6.8% higher over the last 30 days to the current level.

Allstate's revenues are expected to be $17.35 billion, up 5.9% from the year-ago quarter.

Allegiant Travel (ALGT - Free Report) came out with a quarterly loss of $2.09 per share versus the Zacks Consensus Estimate of a loss of $1.84. This compares to a loss of $2.02 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -13.59%. A quarter ago, it was expected that this travel services company would post earnings of $0.83 per share when it actually produced earnings of $1.23, delivering a surprise of +48.19%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Allegiant Travel, which belongs to the Zacks Transportation - Airline industry, posted revenues of $561.93 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 3.18%. This compares to year-ago revenues of $562.2 million. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Allegiant Travel shares have lost about 34.2% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Allegiant Travel?While Allegiant Travel has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Allegiant Travel was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.35 on $644.31 million in revenues for the coming quarter and $2.75 on $2.61 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Transportation - Airline is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Air Canada (ACDVF - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025.

This company is expected to post quarterly earnings of $0.56 per share in its upcoming report, which represents a year-over-year change of -70.2%. The consensus EPS estimate for the quarter has been revised 14.9% lower over the last 30 days to the current level.

Air Canada's revenues are expected to be $4.17 billion, down 6.9% from the year-ago quarter.

Amgen (AMGN - Free Report) came out with quarterly earnings of $5.64 per share, beating the Zacks Consensus Estimate of $5 per share. This compares to earnings of $5.58 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +12.80%. A quarter ago, it was expected that this world's largest biotech drugmaker would post earnings of $5.26 per share when it actually produced earnings of $6.02, delivering a surprise of +14.45%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Amgen, which belongs to the Zacks Medical - Biomedical and Genetics industry, posted revenues of $9.56 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 6.87%. This compares to year-ago revenues of $8.5 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Amgen shares have added about 13.7% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Amgen?While Amgen has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Amgen was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $5.14 on $9.38 billion in revenues for the coming quarter and $21.08 on $35.66 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Medical - Biomedical and Genetics is currently in the top 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Opus Genetics, Inc. (IRD - Free Report) , is yet to report results for the quarter ended September 2025.

This company is expected to post quarterly loss of $0.14 per share in its upcoming report, which represents a year-over-year change of +51.7%. The consensus EPS estimate for the quarter has been revised 4.6% lower over the last 30 days to the current level.

Opus Genetics, Inc.'s revenues are expected to be $2.77 million, down 28.6% from the year-ago quarter.

RideNow Group, Inc. (RDNW) Q3 2025 Earnings Call November 4, 2025 4:30 PM EST

Company Participants

Jerene Makia
Michael Quartieri - CEO, President & Chairman of the Board
Joshua Barsetti - Executive VP & CFO

Conference Call Participants

Eric Wold - Texas Capital Securities, Research Division
Craig Kennison - Robert W. Baird & Co. Incorporated, Research Division

Presentation

Operator

Greetings, and welcome to the RideNow Group, Inc. Third Quarter 2025 Earnings Call. [Operator Instructions] And as a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jerene Makia, VP of Finance. Please go ahead.

Jerene Makia

Thank you, operator. Good afternoon, everyone, and thank you for joining us for RideNow's Third Quarter 2025 Earnings Conference Call. Joining me on the call today are Michael Quartieri, RideNow's Chairman, Chief Executive Officer and President; and Joshua Barsetti, RideNow's Chief Financial Officer. Our Q3 results are detailed in the press release issued this afternoon and supplemental information will be available in our third quarter Form 10-Q once filed.

Before we begin, I would like to remind you that comments made by management during this conference call may contain forward-looking statements, including, but not limited to, RideNow's market opportunities and future financial results. All forward-looking statements involve risks and uncertainties, which could affect RideNow's actual results and cause actual results to differ materially from forward-looking statements made by or on behalf of RideNow.

A discussion of material risks and important factors that could affect our actual results can be found in our filings with the SEC, which are also available on our Investor Relations website and at sec.gov. This conference call also contains time-sensitive information that is accurate only as of the date of this live broadcast, Tuesday, November 4, 2025. RideNow assumes no obligation to revise or update any forward-looking statement, whether written or

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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.

Pinterest (PINS - Free Report) came out with quarterly earnings of $0.38 per share, missing the Zacks Consensus Estimate of $0.4 per share. This compares to earnings of $0.4 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -5.00%. A quarter ago, it was expected that this digital pinboard and shopping tool company would post earnings of $0.34 per share when it actually produced earnings of $0.33, delivering a surprise of -2.94%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Pinterest, which belongs to the Zacks Internet - Software industry, posted revenues of $1.05 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.17%. This compares to year-ago revenues of $898.37 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Pinterest shares have added about 16.2% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Pinterest?While Pinterest has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Pinterest was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.71 on $1.33 billion in revenues for the coming quarter and $1.68 on $4.23 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Internet - Software is currently in the top 32% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Five9 (FIVN - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This provider of cloud-based software to call centers is expected to post quarterly earnings of $0.73 per share in its upcoming report, which represents a year-over-year change of +9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Five9's revenues are expected to be $284.54 million, up 7.7% from the year-ago quarter.

Super Micro Computer (SMCI - Free Report) came out with quarterly earnings of $0.35 per share, beating the Zacks Consensus Estimate of $0.28 per share. This compares to earnings of $0.75 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +25.00%. A quarter ago, it was expected that this server technology company would post earnings of $0.44 per share when it actually produced earnings of $0.41, delivering a surprise of -6.82%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Super Micro, which belongs to the Zacks Computer- Storage Devices industry, posted revenues of $5.02 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 0.56%. This compares to year-ago revenues of $5.94 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Super Micro shares have added about 66.5% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Super Micro?While Super Micro has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Super Micro was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.63 on $8.3 billion in revenues for the coming quarter and $2.54 on $34.13 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Computer- Storage Devices is currently in the top 17% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Pure Storage (PSTG - Free Report) , another stock in the same industry, has yet to report results for the quarter ended October 2025.

This data storage company is expected to post quarterly earnings of $0.59 per share in its upcoming report, which represents a year-over-year change of +18%. The consensus EPS estimate for the quarter has been revised 1.7% higher over the last 30 days to the current level.

Pure Storage's revenues are expected to be $956.49 million, up 15.1% from the year-ago quarter.

Live Nation (LYV - Free Report) came out with quarterly earnings of $0.73 per share, missing the Zacks Consensus Estimate of $1.21 per share. This compares to earnings of $1.66 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -39.67%. A quarter ago, it was expected that this ticket seller and concert promoter would post earnings of $1.01 per share when it actually produced earnings of $0.41, delivering a surprise of -59.41%.

Over the last four quarters, the company has surpassed consensus EPS estimates two times.

Live Nation, which belongs to the Zacks Film and Television Production and Distribution industry, posted revenues of $8.5 billion for the quarter ended September 2025, missing the Zacks Consensus Estimate by 0.59%. This compares to year-ago revenues of $7.65 billion. The company has topped consensus revenue estimates two times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Live Nation shares have added about 15.7% since the beginning of the year versus the S&P 500's gain of 16.5%.

What's Next for Live Nation?While Live Nation has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Live Nation was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.93 on $6.49 billion in revenues for the coming quarter and $0.41 on $25.45 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Film and Television Production and Distribution is currently in the bottom 14% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

News Corp. (NWSA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended September 2025. The results are expected to be released on November 6.

This publishing company whose flagship is The Wall Street Journal is expected to post quarterly earnings of $0.18 per share in its upcoming report, which represents a year-over-year change of -14.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

News Corp.'s revenues are expected to be $2.11 billion, down 18.1% from the year-ago quarter.

In the dynamic and often opaque world of Bitcoin trading, institutional traders are operating with a fundamentally different playbook. These players are actively hunting for low-volume areas and under-traded levels, seeing them as strategic advantages for maximizing profit.

Why Institutions Avoid The Crowd And Target The Gaps
Bitcoin’s institutional traders and big players are actively hunting low-volume areas. These zones are thinly traded areas, which shows that there are fewer resting orders, making it easier to fill massive positions with less slippage. In an X post, a crypto analyst known as Killa has stated that throughout this entire rally, players have hunted Low Volume Nodes (LVNs), or in simpler terms, the volume areas are lows every single time.

The reason for this accumulation is that if the BTC price is stalling, volume is increasing, and BTC is unable to follow through with bullish momentum, it shows that 75% of the time, the market is preparing to retrace to lower areas of demand. This is simple basic supply and demand dynamics playing out.

Source: Chart from Killa on X
However, there has been a major increase in volume around these highs, coupled with the multiple sweeps of liquidity above them. Despite what might seem like bullish tariff catalysts, the market has failed to push higher. If this combination happens, it could be a sign of distribution rather than re-accumulation of the trend.

Furthermore, if BTC can’t decisively reclaim the $114,000 monthly open, then the next logical target points downwards to the Volume Area Low (VAL) below $100,000. Should BTC push below $100,000 and manage to reclaim the VAL, then this will be a deviation into expansion, which is a reclaim of the range. On the other hand, if BTC is unable to reclaim the VAL after testing below $100,000, it would point to a bear market towards $50,000 to $60,000 range.

October Leverage Bloodbath Is Still Echoing
A popular crypto news source, CryptosRus, has mentioned that Bloomberg has dropped a report that the October liquidation shocks are still haunting crypto. Meanwhile, Bitcoin is back near $107,000, but the reason is not new Fear, Uncertainty, and Doubt (FUD) or macro pressure, but because traders are still shaken from the October wipeout.

The liquidation flushed billions in leverage, which is the biggest clean-out this market has seen in years. This drained confidence and completely sidelined buyers who still haven’t stepped back into the arena with conviction. Bloomberg says that the October shock absolutely repelled new demand, even as global risk assets continue to rally. Presently, the fundamentals for BTC are actually fine, but the sentiment is shell-shocked. According to CryptorRus, this is not a weakness, but it’s a recovery mode.

BTC trading at $104,216 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

Bitcoin miners MARA Holdings and Hut 8 posted strong third-quarter results on Tuesday, with both reporting sharply higher profits and expanding Bitcoin reserves.  

MARA’s revenue climbed 92% year-over-year to $252 million in the third quarter of 2025, swinging from a $125 million loss to $123 million in net income over the period, while Hut 8’s revenue nearly doubled to $83.5 million with profits of $50.6 million. 

Both miners also strengthened their balance sheets. MARA Holdings ended the quarter with 52,850 Bitcoin (BTC), nearly doubling its reserves from 26,747 BTC a year earlier. Hut 8 reported 13,696 BTC in its strategic reserve, up from 9,106 BTC in the same period last year.

The results highlight both companies’ continued diversification beyond Bitcoin mining into large-scale compute and energy infrastructure. MARA described itself as a “digital energy and infrastructure” company focused on converting excess energy into digital capital, including investments in low-carbon AI data centers through its $168 million acquisition of Exaion, a subsidiary of France’s state-owned utility EDF.

Hut 8 is pursuing a similar path, with 1.02 gigawatts of capacity under management and plans to expand to more than 2.5 gigawatts across North America as it builds out high-performance computing sites to serve both Bitcoin and AI workloads.

The results appeared to fall short of investor expectations, with both stocks trading lower on Tuesday. Hut 8 shares traded down about 9%, while MARA slides 5% at this writing.

Bitcoin traded near $99,000, down roughly 6% over the past 24 hours, according to Cointelegraph Markets Pro.

Source: Yahoo NewsThe US leads in Bitcoin miningFollowing China’s 2021 Bitcoin mining ban, much of the industry’s hash power migrated to the US, which now accounts for an estimated 37% of global Bitcoin hashrate, making it the single largest mining hub in the world. Six of the world’s ten largest publicly traded mining companies are based in the US.

Bitcoin hashrate by country. Source: World Population ReviewTexas has emerged as the leading state for US Bitcoin mining, offering cheap electricity, abundant renewable power, and a business-friendly power grid. Major miners, including MARA, Riot Platforms, CleanSpark, Bitdeer, and Hut 8, operate there, and it has even been called “an oasis for Bitcoin” by US Senator Ted Cruz.

Top 10 Bitcoin miners by market cap. Source: CompaniesMarketCapMeanwhile, some states are still debating how to regulate the sector. In New Hampshire, the Senate Commerce Committee deadlocked Friday on a bill to ease restrictions on crypto mining, following a surge in public feedback since the measure was last discussed.

Magazine: China officially hates stablecoins, DBS trades Bitcoin options: Asia Express

This month, a remarkable Bitcoin-focused artwork will grace one of the art world’s most prestigious stages. Block 1 from Robert Alice’s Portraits of a Mind series is set to be auctioned in Sotheby’s Now & Contemporary Evening Sale on November 18, carrying an estimate of $600,000 to $800,000. 

Robert Alice, Portraits of a Mind, 2019. Credit: Theo Cristelis 

This event is where marquee works by renowned artists like Yves Klein or Jean-Michel Basquiat appear, so the inclusion of Block 1 signals an important moment for Bitcoin’s cultural presence. The auction will be held at The Breuer Building — once the home of the Whitney Museum of American Art and now Sotheby’s new worldwide headquarter in New York. It marks the first time a physical artifact of Bitcoin’s history stands alongside blue-chip artworks in such a high-profile sale.

In preparing this text, I spoke with Tad Smith, the former CEO of Sotheby’s and a thoughtful Bitcoiner, about the upcoming sale and what it means for Bitcoin’s cultural standing. Speaking as an archivist and art historian, I found our conversation becoming a meditation on value: how art and Bitcoin both rely on scarcity, story, and shared belief rather than financial metrics alone. Some of his remarks are included throughout this piece. His own path –– from auction house executive to Bitcoiner –– reflects the shift he describes: from assigning value within institutions to seeing value take shape through collective consensus.

Why does this matter? For years, Bitcoin has been understood primarily as a monetary revolution or a technical breakthrough. But Bitcoin is also an emerging cultural phenomenon, lacking obvious forums for recognition in mainstream culture. When a work like Block 10 (52.5243° N, -0.4362° E) from Alice’s series enters major collections like the Centre Pompidou –– one of Europe’s foremost museums of modern art –– it externalizes Bitcoin’s cultural value by translating intangible ethos into the language of art. I will return to this later. It is a clear sign that Bitcoin’s story is seeping into broader cultural memory, validated by institutions that historically canonize what matters in art and culture. 

Block 1: The Code That Became Art
Formally and conceptually, Block 1 is steeped in Bitcoin’s origin story. Robert Alice’s Portraits of a Mind series took the original Bitcoin codebase (version 0.1.0) — arguably one of the most consequential texts of the 21st century — and dispersed it into 40 large-format paintings. In doing so, the project formed a decentralized, physical archive of Satoshi Nakamoto’s code with hundreds of thousands of hexadecimal digits distributed across the series.

Robert Alice, Detail of Portraits of a Mind, 2019. Credit: Theo Cristelis 

Each painting in the series carries a set of geographical coordinates that tie fragments of Bitcoin’s code to places of human culture and memory. Block 1 (24.9472° N, 118.5979° E) points to the Statue of Laozi in Quanzhou, a place where philosophy and exchange have quietly coexisted for centuries — near a city that once marked an important point along the Silk Road. The choice of site draws a subtle line between Taoist thought and the libertarian ethos that runs through Bitcoin: Laozi’s idea of wu wei –– governing through non-interference –– echoes the blockchain’s own preference for order without rulers. 

Tad Smith has called the series a memorial to the foundations of digital sovereignty — a body of work that captures the moment Bitcoin began to take form.

A decentered form runs through the series, echoing rai stones and allusions to Japanese currency. The work engages with themes of decentralization, code as text, code as portrait and the nature of memory. Influenced by conceptual and minimalist art (artists like Roman Opalka and Jasper Johns come to mind), Portraits of a Mind treats the Bitcoin codebase as cultural heritage, as something to be preserved and contemplated. The series makes something hidden, visible: it translates the code –– the true first text of Bitcoin, written even before the whitepaper –– into material form. On November 9, 2008, Satoshi wrote to Hal Finney: “I actually did this kind of backwards. I had to write all the code before I could convince myself that I could solve every problem, then I wrote the paper”. And Alice asks us to see code not just as functional instruction but as a foundational human document.

Since its debut, Portraits of a Mind has traveled in ways that mirror the network it was born from. Parts of the series have been shown in London, Hong Kong, and New York, as well as at Sealand — the self-declared cypherpunk micronation, once an illegal data haven for irregulated internet traffic. Works from the series have also appeared in museums across the world in Zurich, Seoul, Beijing, Hanover and Linz. In 2023, the series was shown at Monnaie de Paris, the world’s oldest continually running mint, further extending its reach into the contemporary art world. 

Robert Alice’s exhibition of Portraits of a Mind at Sealand, the former cypher punk data haven in the North Sea in 2021. Credit: Robert Alice

Major auction houses like Sotheby’s and Christie’s play a pivotal role in validating new artistic movements. For blockchain-based art, that validation began in 2020 when Portraits of a Mind first made waves: one of its panels, Block 21 (42.36433° N, -71.26189° E), was the first Bitcoin-focused artwork to sell at a premier auction house and laid the foundation for the crypto art explosion, pre-dating the Beeple NFT sensation by six months and back then reached around $130,000. With Block 1 joining Sotheby’s Contemporary Evening Auction in New York, Bitcoin art reaches a new level of visibility. “In the evening sale [this piece] will further increase the reputation” of the series, Tad Smith noted, emphasizing how Sotheby’s platform brings tremendous publicity and cultural cachet. Indeed, a high result at Sotheby’s would broadcast the message that Bitcoin’s codebase is now an important cultural fixture to the narrative of the 21st century, rather than a niche plaything for tech enthusiasts.

Bitcoin’s Cultural Maturation
What does Block 1 at Sotheby’s tell us about Bitcoin’s own cultural maturation? For one, it underscores that Bitcoin’s impact isn’t measured only in market cap or hash rate — it’s also measured in cultural capital. Bitcoin has spawned ideas, values, and aesthetics, yet the protocol itself can’t record those human elements. There’s a lack of on-chain metrics for culture: the blockchain timestamps transactions, but not, say, the moment a Bitcoin artwork hangs in a museum. Therefore we look to external signals. When the Centre Pompidou acquires Block 10 as mentioned earlier, or when artworld’s leading curators like Hans-Ulrich Obrist critically engage with it, those are flashes of recognition that Bitcoin has birthed something worthy of heritage status. These signals indicate that Bitcoin is evolving from a purely financial phenomenon into a broader cultural one. The acquisition of Block 10 marked the first time a fragment of Bitcoin’s code entered a national collection. In France, works that enter the national collection become part of the public domain and are legally inalienable –– they can never be sold or removed. In a country whose modern identity was forged in revolution, the gesture carries its own quiet irony: a technology built to resist authority now preserved by one of the oldest symbols of it. A part of Bitcoin’s genesis code now belongs, permanently, to the people of France –– archived under the same ideals that once demanded the rewriting of history itself. It’s hard to imagine a stronger validation that the Bitcoin narrative has broken out of its early techno-utopian niche and into the broader cultural conversation.

The Centre Pomidou in Paris. Home to the French National Collection of Contemporary Art, which now includes BLOCK 10 from the series, Portraits of a Mind. 

Interestingly, this institutional recognition coincides with a growing awareness within the Bitcoin community itself — an appreciation that culture is not peripheral but central to its mission. As Smith observes, “Bitcoiners have something really powerful when it comes to art. They’re on a mission and they’re highly motivated. This isn’t a hobby or something you do on the side. It’s a deeply committed crowd, full of enthusiasm and driven by a genuine desire to make the world better”.

He adds that Bitcoiners are “very culturally and socially engaged and natural storytellers who understand memetics and communication in every possible way”. That, Smith notes, “is what art is about”. Indeed to be a Bitcoiner is to be a collector, not of art, but of UTXOs. The psychology of collecting and especially ownership, runs deeply through the psyche of Bitcoiners.

In short, Bitcoiners have been creating culture all along and the cultural work began long before its memes. The very first act in its history wasn’t financial but symbolic –– Satoshi’s embedding of The Times headline in the genesis block. It was a gesture of record and resistance, the first instance of Bitcoin declaring itself through culture.

Now, as significant wealth accumulates in this community, their taste in art is maturing as well. “Many of them, of course, tend to be younger”, Smith notes, “and younger people usually aren’t all that interested in the art of older generations. That’s nothing new; it’s been that way for centuries. The younger crowd always wants its own art. That’s why art and taste evolve every few generations”.

Over time, he predicts, “Bitcoiners’ growing financial capital will translate into cultural capital”. With Bitcoin’s market value climbing into the trillions and a massive wealth transfer to millennials and Gen Z on the horizon, the future of Bitcoin art indeed looks bright. “The future is very, very bright”, Smith says, “because the younger crowd has all the tailwinds” — referring both to financial means and cultural appetite.

In effect, a new collector base is rising — one that sees Bitcoin not just as an investment, but as a story and identity worth expressing through art.

Making Culture Visible
Because Bitcoin lacks formal cultural institutions of its own, artworks like Block 1 become crucial mirrors. They reflect and externalize the cultural values of the Bitcoin adoption in a form that the wider world can see and evaluate. The Sotheby’s sale forces questions about how we value such an object: Is it its materials and aesthetics, its backstory and conceptual depth, or its significance to a community? In practice, all of these converge to give Block 1 value. That value is cultural and contextual, not merely speculative. As Tad Smith learned during his years as CEO at Sotheby’s, a painting’s price can swing wildly based on intangibles: “a piece of canvas with a certain color of paint on it and a certain artist’s name and a certain year and a certain look, is worth $20 million, and then one right next to it could be worth $2”, a disparity that revealed to him “something inherently cultural that really drives the notion of value”. Bitcoin, often touted as digital gold, similarly derives its value from a cultural consensus, a shared belief in its significance. But that consensus can be hard to perceive directly. Art provides a tangible embodiment of those beliefs. When a Bitcoin-inspired artwork commands attention and a high price, it quantifies a bit of Bitcoin’s cultural impact in a language the art world understands.

Reflecting on this connection, Smith once compared Bitcoin’s evolution to the building of a pyramid — a new financial infrastructure, a new concept for money. “For the first time in human history”, he noted, “it’s digital capital. And to start building a pyramid, you start with a bunch of blocks. On the lower level, you make a great big square, and then you add a slightly smaller one on top, and another on top of that”. He described Portraits of a Mind as “memorials of the foundation layer of the creation of future and modern digital capital. It’s the foundation document, recording the charter of where it all began”. A century from now, he suggested, people will look back to these works to understand how Bitcoin started, “they paint a picture of a moment in time”.

Robert Alice’s exhibition of Portraits of a Mind at the Monnaie de Paris, 29 June to 22 October 2023. Credit: Monnaie de Paris. 

Art teaches by being seen. It invites interpretation and dialogue; a work like Block 1 makes people ask questions — about Bitcoin’s earliest days, its philosophy, its community — and it does so beyond the usual venues of conferences or developer meetings. Those engaged in this space understand that securing Bitcoin’s place in history means telling and retelling its story in many forms. Visual art, especially works that can hang in galleries or be studied in art history classrooms, gives that story a tangible presence — externalizing Bitcoin’s narrative and weaving it into the broader fabric of contemporary culture.

Finally, the Sotheby’s event highlights a broader truth: Bitcoin’s maturation isn’t just about technological adoption or financial metrics, but about cultural integration. As Tad Smith puts it, “a life of success and wealth without culture is a pretty unexciting life”. He goes on to suggest that “the sooner you begin to experience culture and understand the beautiful qualities that make being human so incredible — literally a divine gift — the better”.

His point is simple but profound: Bitcoin’s promise lies not only in disrupting finance, but in enriching human experience. Engaging with art is part of that fulfillment. The presence of Block 1 in a venue like Sotheby’s signals that the Bitcoin community, consciously or not, is beginning to heed that message. Bitcoin is developing a cultural memory with artifacts like Block 1 acting as its external vessels.

Bitcoin is stepping out as a subject of cultural heritage, not just economic speculation. This single lot at Sotheby’s carries within it the story of Bitcoin’s birth — lines of code painstakingly inscribed in paint and gold — now acknowledged by some of the highest arbiters of cultural value, institutions whose validation both defines and depends on what culture chooses to recognize.

The sale will be closely watched, as the hammer price will say as much about belief as about value, and about how far Bitcoin’s cultural standing has come. You can’t exactly measure culture, but a number can make its value briefly visible. The fact that Block 1 now shares space with contemporary masters signals that Bitcoin’s presence in the world is no longer invisible to traditional gatekeepers. Emerging from a lineage of artistic experiments and cypherpunk culture, it has become a living, multifaceted phenomenon.

At the end, as a closing note and an invitation: the auction takes place on November 18 at Sotheby’s. You don’t have to bid, but you can look. It costs nothing to follow auctions, visit previews, or walk through museums. That’s how culture becomes understandable: by showing up to see it change.

Journalist

Posted: November 5, 2025

Key Takeaways
How much did crypto markets lose and how quickly?
The total crypto market capitalization plunged from $3.55 trillion to $3.32 trillion in the last 24 hours..

What does an Altcoin Season Index of 23 mean?
A reading of 23 indicates “Bitcoin Season,” meaning altcoins are severely underperforming Bitcoin. This is the lowest reading since March 2025.

The cryptocurrency market suffered a brutal $230 billion wipeout on 4 November, erasing gains from the previous 24 hours. 

Ethereum led the decline as altcoins crashed harder than Bitcoin, pushing key sentiment indicators into panic territory and confirming the end of any remaining altcoin momentum.

$230 billion vanishes in hours
Markets started the day at $3.55 trillion, and as of this writing, total market capitalization had collapsed to $3.32 trillion. This was a 6.5% drop that accelerated throughout the trading day. 

Source: CoinMarketCap

The chart shows a sharp cliff dive with no meaningful support holding.

Bitcoin fell 5.3% to around $100,900, breaking below the psychological $101,000 level for the first time in months. 

However, Ethereum crashed harder, leading to a devastating selloff among major altcoins that exposed just how fragile the recent rally had become.

Ethereum leads Altcoin massacre
Ethereum crashed 12.15% to $3,166, dramatically underperforming Bitcoin’s 5.3% decline. The second-largest cryptocurrency suffered its worst single-day drop in months, falling from around $3,600 to test $3,000 support levels.

Technical analysis reveals a brutal breakdown of market structure. The LuxAlgo Market Structure indicator shows Ethereum broke through a critical “Break of Structure” (BOS) level around $3,600, triggering a cascade of selling that accelerated into the close. 

Source: TradingView

Key support now sits around $3,000-$3,100. A break below this zone would likely trigger another leg down toward $2,800. Resistance reformed at $3,400-$3,600, with any recovery facing strong supply from underwater holders.

While Bitcoin remained relatively resilient around the six-figure mark, Ethereum and the broader altcoin market bled significantly harder. 

The divergence became crystal clear in the Altcoin Season Index, which plummeted to 23, its lowest reading since March 2025.

Source: CoinMarketCap

The index measures the performance of altcoins relative to Bitcoin. Readings below 25 indicate “Bitcoin Season,” meaning capital is rotating away from altcoins and into Bitcoin or fleeing crypto entirely.

At 23, the current reading shows altcoins are getting absolutely crushed.

The altcoin market capitalization has collapsed from approximately $1.8 trillion in September to around $1.4 trillion today, representing a $400 billion decline in just two months. The 90-day chart shows a brutal downtrend with no signs of reversal.

Fear takes over
The Crypto Fear and Greed Index crashed to 27, firmly in “Fear” territory. Just weeks ago, the index traded in the 60s-80s range, indicating greed and extreme greed. The rapid shift in sentiment from optimism to panic occurred in less than a month.

Trading volume reached $247 billion, indicating elevated levels that suggest active selling rather than passive holding.

When volume spikes during declines, it typically signals capitulation or forced liquidation rather than healthy profit-taking.

What this means for traders
The Altcoin Season Index at 23 means the altcoin season is over. Until the index recovers above 50, betting on altcoin outperformance remains extremely risky.

With fear gripping markets, sentiment needs significant repair before capital returns to speculative assets. For now, Ethereum and altcoins remain under severe pressure with no clear bottom in sight.

Key takeaways:

The spot Solana ETFs start strong by drawing over $400 million in weekly inflows.

SOL broke its 211-day uptrend, slipping below key moving averages.

Failure to hold $155 could send SOL price into the $120–$100 range.

Spot Solana (SOL) exchange-traded funds (ETFs) start their trading journey with strength, posting record positive inflows that underscored institutional demand for the network’s native asset.

On Monday, spot SOL ETFs recorded a daily high of $70 million in inflows, the strongest since launch, taking the total spot ETF inflows to $269 million since its debut on Oct. 28.

Spot SOL ETF flow: Source: Farside.co.ukData from Bitwise indicated that two Solana ETFs, Bitwise’s BSOL US Equity and Grayscale’s GSOL US Equity, collectively attracted $199.2 million in net inflows (excluding seed capital) during their first week.

Bitwise’s BSOL ETF led the charge, amassing $401 million in assets under management (AUM) by Oct. 31. That figure represented over 9% of total global SOL ETP AUM and 91% of global SOL ETP flows last week. In contrast, Grayscale’s GSOL US Equity drew only $2.18 million, accounting for roughly 1% of total ETP flows.

Total SOL ETP net weekly flows: Source: BitwiseGlobally, weekly net inflows into Solana ETPs surpassed $400 million, marking the second-highest weekly inflow on record. Bitwise’s Solana Staking ETF (BSOL) was also the top-performing crypto ETP globally, ranking 16th among all ETPs across asset classes for the week.

Currently, the total Solana ETP AUM stands at $4.37 billion, with US-listed products accounting for the majority of new investment. According to Bitwise’s estimates, a $1 billion net inflow could correspond to a potential 34% increase in SOL’s price, assuming a beta sensitivity of 1.5. 

Solana price breaks key downtrend: Will it drop another 20%?Despite the record inflows, SOL’s price action turned sharply bearish this week, falling over 16%, dropping to $148.11 on Tuesday, its lowest level since July 9. The correction also broke a 211-day uptrend that began on April 7, with the $95 level serving as the yearly low.

Solana is currently testing a daily order block between $170 and $156, an area with limited support. The downturn has pushed the price below the 50-day, 100-day, and 200-day EMAs, signaling potential bearish confirmation on the daily chart.

Solana one-day chart: Source: Cointelegraph/TradingViewWith liquidity lows around $155 now being tested, SOL could stage a mean reversion recovery if buyers defend this zone, especially as the relative strength index (RSI) hits its lowest level since March 2025. 

However, acceptance below $160 and a failure to hold $155 could expose the next downside target between $120 and $100, marking a deeper correction phase unless a short-term rebound materializes soon.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ripple's U.S. dollar-backed stablecoin, RLUSD, has surpassed the $1 billion market capitalization milestone less than a year after its launch, cementing the company's leadership in institutional blockchain adoption and compliant financial innovation.

Tue, 4/11/2025 - 21:46

Andrew Tate has revealed his plans to buy Bitcoin dip at $101,000. Two hours later, $BTC price dropped below $100,000.

Cover image via www.freepik.com

Andrew Tate, an entrepreneur and a social media personality, has shown resilience on Bitcoin despite the broad crypto market bloodbath.

In a recent X post today, the popular social media personality disclosed plans to buy the dip on Bitcoin, scooping 50 BTC for just $101,000 each.

As such, Tate will be investing over $5 million in the leading cryptocurrency despite the high market volatility that has sent Bitcoin dropping below the crucial $100,000 level after his statement.

HOT Stories

Tate holds back on bearish Bitcoin prediction Tate’s decision to buy Bitcoin at a $101,000 discount has come just a few weeks after he predicted that Bitcoin could crash as low as $26,000.

While Tate is known for his mixed sentiments on the leading cryptocurrency, his bearish prediction for Bitcoin drew both skepticism and debate within the crypto community.

As such, the market community has expressed surprise at his decision to buy Bitcoin for $101,000, suggesting a shift in Tate’s expectations regarding Bitcoin’s long-term outlook.

Now, as Bitcoin struggles to hold above $100,000 amid the broad crypto market bloodbath that has ignited a sharp price correction for BTC, Tate appears ready to double down on his long-term belief in Bitcoin's price potential.

Commentators have shown mixed reactions to Tate’s latest Bitcoin buy plan, as the announcement appears to have caught the attention of market participants.

Bitcoin may retest $70,000While curiosity about the reason behind Tate’s Bitcoin buy plans has grown, some believe it is merely an emotional purchase near a cycle top. An analyst warned that the ongoing price movement signals late-stage bull market behavior, noting that Bitcoin could be on the verge of a deeper correction that could see it retest the $70,000 level by early 2026.

Nonetheless, other commentators have perceived Tate’s plan to buy 50 BTC for $101,000 each as an act of conviction rather than speculation, hailing his confidence in the asset’s long-term potential.

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While it is currently uncertain if Tate has fulfilled his Bitcoin buy pledge, the market has seen Bitcoin plunge below the $101,000 mark highlighted in his statement.

As of the time of writing, Bitcoin is trading at $100,768, showing a notable decline of 5.56% over the last day, according to data provided by CoinMarketCap.

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Bitcoin’s bull run hit a brick wall. After weeks of struggle near the $110K–$116K zone, $BTC has finally cracked — plunging below $100K and confirming the biggest correction since mid-2025. 

As panic spreads, altcoins like $Ethereum, $Solana, and $XRP followed suit, recording double-digit losses and wiping billions from the total crypto market cap.

Bitcoin Price Falls Below 100KThe attached chart shows Bitcoin collapsing from $107K straight to $99,300, breaking through all key moving averages.
The 200-day SMA near $109K — once the main line of defense — is now lost, signaling a full-scale trend reversal.

BTC/USD 1-day chart - TradingView

RSI levels have dropped to around 29.9, pushing Bitcoin into oversold territory, while the MACD histogram continues to deepen in negative momentum. The next key support stands around $96K–$93K, followed by a worst-case scenario retest near $88K if selling continues.

Crypto Crash: Market-Wide BloodbathAccording to the latest data, the entire crypto market lost over 10% in 24 hours.
Ethereum tanked 13.8%, BNB fell 10%, Solana collapsed over 23%, and XRP lost nearly 20%.

Bitcoin’s dominance, however, remains stable, showing that altcoins are bleeding even harder than BTC.

Bitcoin Dominance - cmc

Bitcoin Prediction: Recovery or More Pain Ahead?If BTC stabilizes above $100K, a short-term bounce toward $106K is possible, but resistance remains heavy near $109K and $116K.
If bears keep control, Bitcoin might slide toward $92K–$88K before finding real accumulation support.

While panic dominates social media and exchanges report increased liquidation volume, many analysts warn that this could just be the beginning of a deeper correction.

HYPE Price Prediction has examined OKX spot listing, a $11B+ market cap after a 200% monthly climb, and competing head-and-shoulders signals. Attention has centered on $38–40 support, $50 resistance, and paths that have ranged from a move toward $20 to confirmation of a breakout.

CryptoQuant’s research head has pointed out how demand to absorb Bitcoin at higher prices has been low recently, potentially explaining the asset’s decline.

Bitcoin Apparent Demand Metric Has Turned Red Recently
In a new post on X, Julio Moreno, head of research at on-chain analytics firm CryptoQuant, has looked at recent BTC market dynamics from a different angle. “Instead of looking at Bitcoin long-term holder distribution/spending, I like to look at the other side of the trade,” noted Moreno.

Long-term holders here refer to the BTC investors who have been holding onto their coins for a period longer than 155 days. This cohort is considered to include the high-conviction “HODLers” of the market, so distribution from them is often something on-chain analysts watch out for.

As CryptoQuant community analyst Maartunn has highlighted in a separate X post, Bitcoin long-term holders have participated in a significant amount of selling during the past month.

The 30-day change in the holdings of the BTC diamond hands | Source: @JA_Maartun on X
This isn’t the signal Moreno focuses on, however. Instead, the CryptoQuant head checks for whether there is enough demand coming in to absorb the supply that the long-term holders are selling at higher prices.

An indicator that can be useful for tracking this is the Apparent Demand, which compares the difference between BTC’s production and changes in its long-term inventory. “Production” is the amount that miners are issuing on the network every day, while the “inventory” is the supply that has been inactive for over a year.

Now, here is the chart shared by Moreno that shows the trend in the 30-day and 1-year versions of the Bitcoin Apparent Demand over the last few years:

The metric’s 30-day value appears to have turned negative in recent weeks | Source: @jjcmoreno on X
As displayed in the above graph, the Bitcoin Apparent Demand has been red on the 30-day during the last few weeks, implying a negative short-term demand for the cryptocurrency. “Is there enough demand to absorb the supply at higher prices?” asked the analyst. “Since a few weeks ago the answer is no, and that is why we see prices declining.”

The story is a bit different when it comes to the 1-year Apparent Demand, which has actually seen some growth recently, but the pace of its rise has been slow, and its value is still below the 90-day simple moving average (SMA).

The last time Bitcoin saw an extended phase of negative 30-day Apparent Demand was during the bearish phase in the first half of the year. It now remains to be seen whether something similar will follow this time as well, or if demand will bounce back.

BTC Price
At the time of writing, Bitcoin is floating around $103,900, down 9% over the last seven days.

The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

For years, Ripple was best known for its legal battles and its token, XRP, which was a symbol of crypto’s friction with the traditional financial world.

Now, after years of courtroom and regulatory turbulence, Ripple has quietly built something far more ambitious: a full-stack institutional financial platform that resembles a 21st-century investment bank, albeit without a bank charter yet.

With the launch of Ripple Prime, the firm’s new digital-asset brokerage, and the integration of Ripple Payments and Ripple Custody, Ripple is positioning itself at the center of a growing network that settles, secures, and moves digital money globally.

Together, these components form an ecosystem where every transaction, settlement, and custody layer runs on Ripple’s own rails and is powered by XRP and RLUSD, its regulated dollar-backed stablecoin.

From token issuer to financial infrastructure behemothAfter securing legal clarity in its case with the US Securities and Exchange Commission (SEC), Ripple began spending heavily to reposition itself from a blockchain company to a regulated financial infrastructure provider.

Its 2025 acquisition spree, including prime broker Hidden Road, custody firm Palisade, treasury-management platform GTreasury, and stablecoin payments provider Rail, now forms the foundation of a vertically integrated enterprise spanning trading, custody, payments, and liquidity management.

Ripple Prime acts as the trading front end. Ripple Custody secures institutional assets through a mix of multi-party computation (MPC) and zero-trust architecture.

Ripple Payments handles real-time settlements across multiple blockchains and fiat corridors. And Ripple’s RLUSD stablecoin ties it all together as the universal medium of exchange across these services.

In effect, Ripple has built a crypto-native equivalent of JPMorgan. This would be an entity that provides liquidity, clearing, and settlement without relying on legacy banking infrastructure.

The difference is that Ripple’s rails are programmable and transparent, with every dollar and XRP token accounted for on-chain.

A closed loop of liquidity and trustWhat makes Ripple’s strategy distinct from its competitors is how deeply integrated its internal ecosystem has become.

Ripple’s liquidity design is intentionally circular: institutional clients trade through Ripple Prime, store assets in Ripple Custody, and settle payments via Ripple Payments, all using XRP and RLUSD as the connective tissue.

The result is a closed liquidity loop that reduces friction, improves velocity, and keeps value circulating within Ripple’s own ecosystem.

Notably, this mirrors the “walled-garden” model that Apple perfected in consumer tech, which gives it control over every layer, from hardware to App Store.

Ripple is applying the same principle to institutional finance. By owning the rails, the currency, and the custody, it ensures compliance, speed, and cost efficiency across its product stack.

Already, Ripple’s approach is showing results.

XRP trading volume has surged to multi-year highs this year amid significant adoption, while RLUSD’s supply surpassed $1 billion in November, up more than 30% month-on-month.

Ripple RLUSD Supply (Source: DeFiLlama)Interestingly, a large portion of that demand came from institutional counterparties using RLUSD to hedge exposure and settle cross-border obligations.

Notably, Ripple’s pursuit of regulatory credibility is deepening that trust.

The company has formally applied for a national bank charter from the US Office of the Comptroller of the Currency (OCC). If approved, it would operate under both state (NYDFS) and federal oversight.

At the same time, Ripple has also moved to secure a Federal Reserve Master Account through its subsidiary, Standard Custody. This access would enable RLUSD reserves to be held directly with the Fed, eliminating intermediary risk and providing an additional layer of assurance.

For institutional investors wary of opaque reserve practices, that combination could set a new benchmark for stablecoin transparency and trust.

The end of banking as we know itRipple’s broader vision seems clear: to replicate the core functions of a global bank using crypto infrastructure.

Where legacy banks rely on SWIFT messages and multi-day settlements, Ripple offers near-instant clearance through its blockchain-based payment rails.

Where banks use custodians and clearinghouses, Ripple embeds custody and settlement directly into its protocol stack. And where banks issue credit and manage liquidity, Ripple deploys its native stablecoin, RLUSD, to fill the same role, but backed by short-term Treasuries and cash rather than loans.

Ripple executives frame this evolution not as a rebellion against traditional finance but as its modernization. Brad Garlinghouse, Ripple’s CEO, said:

“[Ripple is] pursuing opportunities to massively transform the space, leveraging our unique position and strengths of XRP to accelerate our business and enhance our current solutions and technology.”

With these layers in place, Ripple is effectively bridging the gap between regulated finance and decentralized settlement. Its infrastructure already supports tokenized real-world assets (RWAs), enabling on-chain representations of Treasuries and corporate cash to move as seamlessly as data packets.

Beyond XRP: a broader financial empireRipple’s future no longer depends on XRP’s market performance. The token remains a liquidity bridge, but the company’s core business is now infrastructure and institutional adoption.

Its acquisition of GTreasury opened doors to thousands of Fortune 500 treasurers managing trillions in short-term assets, giving RLUSD a direct entry into corporate cash management.

By embedding RLUSD in these workflows, it could evolve from an exchange token into a mainstream treasury instrument used for payments, yield optimization, and liquidity management.

Each layer of Ripple’s stack strengthens the others: custody secures funds, Prime provides liquidity, Payments facilitates capital movement, and RLUSD underpins it all.

With the pending OCC charter and potential Fed account, Ripple edges closer to becoming the first blockchain-native institution with bank-grade authority. In effect, it is building a “bank without a bank,” operating entirely within the scope of US financial law.

Ripple President Monica Long framed the company’s mission succinctly. According to her, the company is focused on modernizing how value moves across borders by replacing legacy systems built on “walled gardens” and fragmented payment rails with open, interoperable infrastructure.

She noted that while decentralized finance has so far mainly catered to crypto-native users, Ripple sees an opportunity to extend its benefits to the broader financial system and dismantle those long-standing barriers.

This effectively means that the company that once fought for XRP’s legitimacy would now be shaping the architecture of regulated crypto finance. However, whether it rivals Wall Street or merges with it, Ripple’s next chapter suggests the same conclusion: the future of banking may not belong to banks at all.

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Ethereum collapsed over 13% in 24 hours as Bitcoin's fall below $100K triggered a domino crash across all major cryptos.

Tuesday brought a full-blown market massacre as artificial intelligence (AI) valuation panic and a cocktail of macroeconomic worries vaporized $730 billion from U.S. equities. Meanwhile, the crypto crowd didn't escape unscathed — $289 billion in digital assets vanished overnight, and even precious metals caught the blues, slumping alongside everything else.

November 04, 2025 16:15 ET

 | Source:

AnaptysBio, Inc.

SAN DIEGO, Nov. 04, 2025 (GLOBE NEWSWIRE) -- AnaptysBio, Inc. (Nasdaq: ANAB), a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics, today announced that Daniel Faga, president and chief executive officer of Anaptys, and/or other members of its executive leadership team, are scheduled to participate in multiple upcoming investor conferences:

TD Cowen Immunology & Inflammation Summit, Virtual

Format – Fireside chatDate and Time – Wednesday, Nov. 12, 2025 at 8:00am ET
Guggenheim 2nd Annual Healthcare Innovation Conference, Boston, MA

Format – Fireside chat and 1x1 investor meetingsDate and Time – Wednesday, Nov. 12, 2025 at 11:30am ET
Stifel 2025 Healthcare Conference, New York, NY

Format – Fireside chat and 1x1 investor meetingsDate and Time – Thursday, Nov. 13, 2025 at 1:20pm ET Jefferies Global Healthcare Conference, London, UK

Format – Presentation and 1x1 investor meetingsDate and Time – Monday, Nov. 17, 2025 at 4:00pm GMT Live webcasts of the fireside chats and presentation will be available on the investor section of the Anaptys website at https://ir.anaptysbio.com/presentations-and-events. Replays of the webcasts will be available for at least 30 days following the events.

About Anaptys

Anaptys is a clinical-stage biotechnology company focused on delivering innovative immunology therapeutics for autoimmune and inflammatory diseases. Its lead program, rosnilimab, a pathogenic T cell depleter, completed a Phase 2b trial for the treatment of rheumatoid arthritis and is in a Phase 2 trial for the treatment of ulcerative colitis. The company’s pipeline also includes ANB033, a CD122 antagonist, in a Phase 1b trial for celiac disease with plans to expand development into an additional indication. Additionally, ANB101, a BDCA2 modulator, is in a Phase 1a trial. Anaptys also has discovered and out-licensed in financial collaborations multiple therapeutic antibodies, including a PD-1 antagonist (Jemperli (dostarlimab-gxly)) to GSK and an IL-36R antagonist (imsidolimab) to Vanda Pharmaceuticals. To learn more, visit www.AnaptysBio.com or follow us on LinkedIn.

Anaptys recently announced the intent to separate its biopharma operations from its substantial royalty assets by year-end 2026, enabling investors to align their investment philosophies and portfolio allocation with the strategic opportunities and financial objectives of each company. Learn more here.

Contact:
Nick Montemarano
Executive Director, Investor Relations
858.732.0178
[email protected]