Market Signal Briefing

Seventeen years after Satoshi Nakamoto released the revolutionary Bitcoin white paper in 2008, the world continues to witness the rise of a financial movement that redefines money itself. Born out of the 2008 financial crisis, Bitcoin emerged as a response to corruption, bank bailouts, and centralized manipulation. Its design—a decentralized, peer-to-peer digital currency—offered individuals a way to take back control of their wealth and operate without intermediaries.

The first Bitcoin block, mined in January 2009, famously included the message: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” This statement captured Bitcoin’s purpose—to expose the failures of centralized systems and empower people to reclaim financial sovereignty. Since then, Bitcoin has evolved from a niche experiment into a global symbol of economic freedom. What began among cryptographers and libertarians has now drawn corporations, institutional investors, and millions of users worldwide. Innovations like the Lightning Network have made Bitcoin faster, more scalable, and practical for everyday use.

Bitcoin’s true power lies in its decentralization. By removing government and bank control over money, it shifts authority back to individuals. This shift weakens the mechanisms that fund war, corruption, and economic oppression. Despite critics claiming Bitcoin harms the environment or lacks scalability, evidence shows its energy use drives efficiency and increasingly relies on renewables, while Layer 2 solutions enhance its usability.

The difference between self-custodied Bitcoin and centralized financial products like ETFs is critical—only true ownership ensures freedom. Bitcoin is not just a currency; it is a movement toward incorruptible money and global liberation. As more people embrace Bitcoin, they are not just investing—they are choosing sovereignty, transparency, and a future where power belongs to the people.

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As of November 2025, Hedera Hashgraph's native token, HBAR, is on the edge of a potential price decline, facing the possibility of a 24% drop. This projection stems from recent price movements that highlight vulnerabilities in the cryptocurrency's support levels.

The Pi coin price is showing renewed bullish momentum following Pi Network Ventures’ recent investment in artificial intelligence projects, reigniting investor confidence after months of decline. Market sentiment is shifting from hesitation to quiet optimism as technical indicators confirm a potential trend reversal.

After trading within a descending channel for nearly six months, Pi coin has finally broken out, signaling renewed buyer control. The token reclaimed strength above the $0.19 demand zone, where buyers defended strongly, setting the stage for potential upside. Around the $0.28 level, short-term profit-taking occurred but was swiftly absorbed, hinting at accumulation and growing confidence among investors.

The next critical resistance lies at $0.37, historically a zone of strong rejection. A decisive breakout above this level could confirm continued bullish momentum. Beyond that, the $0.50 region may act as a temporary consolidation zone before the next leg higher, with long-term targets pointing toward $0.70. The technical structure, including a falling wedge breakout and inverse head-and-shoulders pattern, supports this bullish bias. Additionally, the MACD indicator’s bullish crossover reinforces the outlook for further gains.

Fundamentally, Pi Network’s strategic AI investment has reignited enthusiasm across its community. The venture’s collaboration with OpenMind AGI—a company building collaborative robotic systems—marks Pi’s evolution from a speculative token into a forward-looking tech ecosystem. This move merges blockchain and AI, aligning Pi Network with broader Web3 innovation trends and boosting its long-term value narrative.

In summary, Pi coin’s recent breakout, coupled with its growing integration into AI-driven projects, underscores a pivotal shift in market sentiment. If buyers maintain control above $0.28, the path toward $0.70 appears increasingly attainable, positioning Pi coin for a potential market resurgence supported by both technical strength and strategic innovation.

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Solana Foundation manager Vibhu has sparked intense discussion in the crypto community after publicly challenging Ripple executives and XRP supporters to a live debate centered on verifiable on-chain data. Taking to X (formerly Twitter), Vibhu invited anyone from the XRP community to join a “facts-only” livestream discussion aimed at confronting what he described as denial regarding XRP’s real network performance.

Vibhu emphasized that while he wants Ripple and XRP to succeed, the data tells a different story. Citing XRPScan metrics, he noted that XRP Ledger’s daily active accounts have hovered around 25,000 for the past three years, showing minimal growth. In stark contrast, Solana averages more than 2.5 million daily active accounts — roughly 100 times higher. Vibhu called this disparity a “serious concern” given Ripple’s longevity in the crypto industry and its vast resources.

The Solana executive further pointed to on-chain data comparing transaction volumes. While XRP Ledger processes about 1 to 1.5 million transactions daily, Solana handles nearly 100 million. Solana’s stablecoin transfer volume reportedly reached nearly $2 trillion in October alone, compared to XRP’s total payment volume of around $50–60 billion per month.

Addressing claims that Solana’s numbers are inflated by bots, Vibhu clarified that the figures exclude wash transactions, reinforcing the network’s genuine user activity. He added that both XRP Ledger and Solana offer low transaction fees, so XRP’s relatively slow adoption cannot be attributed to cost.

Vibhu’s open challenge has already been accepted by former Ripple Director of Developer Relations Matt Hamilton, with community figure King Solomon offering to host the event. The upcoming debate promises to be a defining moment in the long-standing Solana vs. XRP performance comparison.

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Microsoft will expand its employee base once again, CEO Satya Nadella told investor Brad Gerstner on a podcast that aired on Friday.

The software maker's workforce didn't budge in the 2025 fiscal year, which ended in June. It stood at 228,000, with multiple rounds of layoffs lowering the total number by at least 6,000. In July, Microsoft let go of another 9,000 workers.

"I will say we will grow our headcount, but the way I look at it is, that headcount we grow will grow with a lot more leverage than the headcount we had pre-AI," Nadella said on the BG2 podcast. OpenAI, which has a broad partnership with Microsoft, introduced its ChatGPT assistant in 2022. Microsoft's headcount grew by 22% in the 2022 fiscal year.

Employees will figure out how to do their jobs differently, Nadella said, adding that the company wants to ensure they can access artificial intelligence features in Microsoft 365 productivity software and the GitHub Copilot AI coding assistant. Those services draw on AI models from Anthropic and OpenAI.

"It's the unlearning and learning process that I think will take the next year or so, then the headcount growth will come with max leverage," he said.

A similar adjustment played out at corporations decades ago, Nadella said. To prepare forecasts, inter-office memos would circulate across multiple sites by fax, and then came email and Excel spreadsheets, he said.

"Right now, any planning, any execution, starts with AI. You research with AI, you think with AI, you share with your colleagues and what have you," Nadella said.

This week, Amazon, which is racing against Microsoft to rent out cloud infrastructure for running AI models, cut 14,000 corporate employees.

Amazon's senior vice president of people experience and technology, Beth Galetti, told workers in a memo that "this generation of AI is the most transformative technology we've seen since the Internet, and it's enabling companies to innovate much faster than ever before (in existing market segments and altogether new ones)."

On the podcast, Nadella talked about a Microsoft executive who deals with networking fiber. As the company ramped up data center operations to meet rising cloud demand, the executive realized she wouldn't be able to hire all the people she thought she needed, and so she built AI agents to handle maintenance, Nadella said.

"That is an example of you, to your point, a team with AI tools being able to get more productivity," Nadella told Gerstner, who is founder and CEO of technology investment firm Altimeter Capital.

On Wednesday, Microsoft reported 12% year-over-year revenue growth and showed the widest operating margin since 2002.

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Nvidia may become a significant player in another major industry.

Nvidia (NVDA 0.04%) has pretty much ruled the world of artificial intelligence (AI) data centers in recent times, and this is thanks to the power of its chips. The company's graphics processing units (GPUs) are the key tools needed for both the development and use of AI -- they fuel the training of models as well as the inferencing phase that involves the model actually thinking through a problem and solving it.

All of this has driven major revenue growth at the company, and Nvidia even said recently that from the last quarter of this fiscal year and through the four quarters of the coming year, it's expecting half a trillion dollars of revenue so far. This is due to orders for its current Blackwell system and the upcoming Rubin platform.

This news is fantastic, and Nvidia is proving that it will continue its data center dominance. Now, in addition to this, Nvidia just made another move that should be a game-changer -- allowing the company to expand its strengths into something that's central to our daily lives. Let's check it out.

Nvidia's record revenue
As mentioned, Nvidia already has proven itself in the field of AI -- and this has led to soaring revenue that's reached record levels. For example, in the latest fiscal year, total revenue topped $130 billion, up from about $27 billion just two years ago. Customers have scooped up GPUs for data centers, and this should continue as the data center ramp-up maintains momentum.

Though Nvidia has stood out with the market's top-performing GPUs, other players such as Advanced Micro Devices and even Nvidia customers like Amazon offer their own AI chips -- so a customer might use Nvidia GPUs but also may buy chips from these and other providers. Since Nvidia chips are also the priciest, some investors have worried that Nvidia eventually may lose some market share. I'm not convinced that will happen considering the company's commitment to innovation, but this still represents a risk.

Recently, though, Nvidia made a move that could make the company central to something used throughout the world on a daily basis: telecommunications. Nvidia did this by partnering with telecom powerhouse Nokia (NOK 3.09%), and this agreement offers the chip designer access to a $3 trillion industry.

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A new Nvidia product
Nvidia just announced a new product, the Nvidia Aerial Radio Network Computer, or ARC -- it's a programmable computer that can communicate wirelessly and process AI. Nokia, transitioning to 6G technology, will use ARC as its base station, or central point for wireless communications. The idea is to improve the speed and quality of cellphone communications, and Nvidia may be on its way to playing a central role in this.

This deal could be a game changer for Nvidia because it expands the presence of the chip designer well beyond the area of data centers and into a trillion-dollar industry that's widely used and relied upon. By making itself a key driver of telecom technology, Nvidia enters yet another huge growth market -- and ensures that customers will depend on its innovations in this field.

What does this mean for investors?
So, what does this mean for you as an investor? Nvidia's latest move reinforces that this company has what it takes to generate revenue growth and stock performance well into the future -- and not just through GPUs for data centers. The tech giant could become a dominant player in the world of telecommunications thanks to this partnership with Nokia. This broadens Nvidia's revenue opportunity -- and in an industry of worldwide importance.

All of this means that Nvidia's future growth won't depend only on selling GPUs to data centers -- and that the company's technology and innovation already is leading to additional and significant new revenue opportunities. This makes the tech giant an excellent buy today and one to hold onto for the long term.

iShares Core S&P 500 ETF (IVV +0.29%) seeks to track the investment results of an index composed of large-capitalization U.S. equities, while SPDR Portfolio S&P 500 ETF (SPLG +0.30%) aims to mirror the performance of the S&P 500 Index, providing investors with diversified access to large-cap U.S. equities. This comparison focuses on subtle differences in cost, size, and trading features that could matter for some investors.

Snapshot (cost & size)MetricSPLGIVVIssuerSPDRiSharesExpense ratio0.02%0.03%1-yr return (as of Oct. 28, 2025)18.3%18.3%Dividend yield1.16%1.16%Beta (5Y monthly)1.001.00AUM$86.83 billion$701.37 billionBeta measures price volatility relative to the S&P 500; figures use five-year monthly returns.

The SPDR fund is marginally more affordable with a lower expense ratio, while each fund offers a dividend yield of 1.1%. IVV boasts a much higher assets under management (AUM), which could appeal to those seeking maximum scale and liquidity.

Performance & risk comparisonMetricSPLGIVVMax drawdown (5 y)24.49%24.52%Growth of $1,000 over 5 years$2,092$2,091What's insideiShares Core S&P 500 ETF holds 503 securities and has a 25-year history. Its sector exposure is led by technology (36%), financial services (13%), and consumer discretionary (10%), and its top holdings include Nvidia, Apple, and Microsoft, each representing less than 10% of the portfolio. IVV’s long history, large size, and typical S&P 500 composition make it a staple for many investors.

Because it tracks the same index, the SPDR Portfolio S&P 500 ETF offers similar sector weights and portfolio makeup. This ETF's approach mirrors IVV’s, though it comes from a different issuer and is part of the low-cost SPDR Portfolio ETF suite.

For more guidance on ETF investing, check out the full guide at this link.

Foolish takeThe iShares Core S&P 500 ETF and SPDR Portfolio S&P 500 ETF are similar in many ways. They both track the S&P 500 index, so they have nearly identical holdings and performance.

The two notable differences between them are the expense ratio and AUM. The SPDR fund offers a slightly lower expense ratio of 0.02% versus 0.03% for iShares. With these two expense ratios, you'll pay $2 or $3 per year, respectively, in fees for every $10,000 in your account. While it's a marginal difference, it can add up over time -- especially for investors with large account balances.

Compared to SPDR, the iShares fund has a much larger AUM. That's not necessarily a good or bad thing, but it can make a difference for investors looking for greater scale and liquidity. For long-term investors who plan to buy and hold for decades, the AUM may not make a significant difference in your strategy.

GlossaryETF: Exchange-traded fund; a pooled investment fund traded on stock exchanges, holding a basket of assets.
Expense ratio: The annual fee, as a percentage of assets, that a fund charges to cover operating costs.
Dividend yield: The annual dividends paid by a fund, expressed as a percentage of its current price.
Beta: A measure of an investment's volatility relative to the overall market, typically the S&P 500.
AUM: Assets under management; the total market value of assets a fund manages on behalf of investors.
Max drawdown: The largest percentage drop from a fund's peak value to its lowest point over a specific period.
Sector exposure: The proportion of a fund's assets invested in specific industry sectors, such as technology or financial services.
Issuer: The company or financial institution that creates and manages the investment fund.
Holdings: The individual securities or assets owned by a fund.

Katie Brockman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Apple, Microsoft, and Nvidia. The Motley Fool recommends the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool has a disclosure policy.

Lufthansa airplanes are parked on the tarmac at Frankfurt airport, Germany, November 13, 2015. REUTERS/Ralph Orlowski Purchase Licensing Rights, opens new tab

CompaniesFRANKFURT, Nov 1 (Reuters) - Germany's pilots union VC is giving Lufthansa

(LHAG.DE), opens new tab more time to resolve a pensions dispute, averting a possible strike at the airline for now, according to a union letter to its members obtained by Reuters on Saturday.

The employer will again be requested, with a set deadline, to submit an offer in the talks that have been ongoing since May, the letter dated Friday stated.

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"We will grant management sufficient time for this, so that for the time being no industrial action is to be expected," it said, without specifying how much time it would give management.

VC members had voted in favor of

strike action, opens new tab in a ballot at the end of September, which Lufthansa averted with new rounds of talks that failed, however, to produce results.

The union is demanding higher employer contributions to company pension plans for the 4,800 cockpit employees of the core airline brand Lufthansa and the cargo subsidiary Lufthansa Cargo.

Reporting by Ilona Wissenback in Frankfurt; Writing by Sarah Marsh in Berlin; Editing by Rod Nickel

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

Crypto analyst Hal has revealed how investors can make up to $1 million by investing in Litecoin. This comes as another analyst has predicted that LTC could soon break out of its current consolidation phase to reach a four-figure price target. 

How Litecoin Can Turn A $3,700 Investment Into $1 Million
In an X post, Hal stated that investors can make $1 million from about $3,700 if they bid the low $30 range on Litecoin and sell when the altcoin reaches $9,000. The analyst is confident that the LTC price can still drop to around this level, providing investors another opportunity to take this investment advice. 

 He noted that Litecoin never saw the 5th wave down in the Wave C corrective move, which he claimed means the altcoin is still going to drop below $41. Hal’s accompanying chart also showed that LTC could still drop to as low as $30 before its next parabolic rally to the upside. The analyst remarked that the altcoin could fall below the projected $30 range, but that it looks unlikely. 

Source: Chart from Hal on X
Meanwhile, Hal declared that Litecoin is the “clearest and most confident” 250x to 300x play he sees in the market. He added that he has been waiting a long time for this last drop to $30 and that it is coming soon. He urged investors not to miss it, seeing as he projects that they could make millions on their LTC investment. 

Hal’s prediction comes amid the launch of the first spot Litecoin ETF by Canary Capital. This is expected to attract institutional inflows into the LTC ecosystem, which could be a positive for the altcoin’s price. However, the LTC hasn’t had the best of starts and is currently lagging behind the Solana and Hedera ETFs, which also just launched, in terms of inflows. 

Why LTC Could Easily Record This Parabolic Rally
Hal noted that Litecoin has one of the longest, oldest, and largest accumulation channels in existence among altcoins against its Bitcoin pair. He revealed that the LTC/BTC chart looks similar to the DOGE/BTC chart just before the Dogecoin price broke out and did a 663x in the 2021 bull cycle. This is why the analyst is confident that LTC’s price can record a 300x gain from the next low when it reaches the top of the next altcoin run. 

Meanwhile, crypto analyst CoinsKid stated that Litecoin has been in consolidation mode since the 2018 cycle top. He added that compression leads to expansion, predicting that LTC can reach $4,000 if it breaks the upper resistance just above $200.  CoinsKid noted how this would put LTC just shy of Ethereum’s market cap. 

At the time of writing, the Litecoin price is trading at around $96, up almost 2% in the last 24 hours, according to data from CoinMarketCap.

LTC trading at $98 on the 1D chart | Source: LTCUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com

Riot Platforms is redefining its future beyond Bitcoin mining, with executives emphasizing that the company's true mission is now to maximize the value of its energy assets. Despite reporting record revenues and a 27% increase in Bitcoin production in Q3 2025, Riot says Bitcoin is only a “means to an end” as it shifts focus toward developing AI-powered data center infrastructure.

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Summarize this article with:

The crypto world has just crossed a new milestone with the launch of Solana ETFs by Bitwise and Grayscale. In only four days, these financial products attracted nearly 200 million dollars, revealing a growing appetite for SOL. Analysis of a phenomenon that could redefine the market.

In brief

Solana ETFs attracted nearly 200 million dollars in just four days, a record for a crypto ETF launch.
Despite the massive inflow to Solana ETFs, the SOL price shows a 1.5% drop over 24 hours.
The analysis of SOL’s outlook raises questions: could Solana ETFs stimulate a future rise in SOL?

Successful launch of Solana ETFs: a historic first
On October 28, 2025, Bitwise made history by launching the first ETF providing direct exposure to Solana! An event that immediately captivated the crypto community. Grayscale quickly followed with its own ETF, confirming the enthusiasm around this digital asset.

This dual launch illustrates a clear trend. Financial institutions are beginning to recognize the potential of SOL, long considered a serious alternative to Ethereum. For investors, these ETFs represent an opportunity to access Solana without directly holding crypto. A major step for institutional adoption.

Solana ETF: nearly $200 million inflow in 4 days
The data speaks for itself. The Bitwise Solana ETF (BSOL) recorded $69.5 million in inflows on its first day! Followed by $46.5 million, $36.5 million, and $44.6 million on the following days. In four days, BSOL accumulated $197 million.

The Grayscale Solana ETF (GSOL) attracted $2.2 million during the same period, with inflows of $1.4 million and $0.8 million on October 29 and 30. Together, these two ETFs reached $199.2 million, a record for products linked to SOL. These figures demonstrate immediate and massive investor confidence.

The Solana ETFs BSOL and GSOL reached $199.2 million in 4 days
SOL: a mixed reaction despite the massive ETF inflow
Despite the enthusiasm around the Solana ETFs and the $199.2 million inflows recorded in just four days, SOL shows a slight decrease of 1.5% over the last 24 hours. At $185.73, Solana seems to react cautiously, despite the prevailing optimism around financial products linked to this crypto.

This situation raises questions: why doesn’t SOL immediately benefit from this massive inflow? Several factors may explain this trend:

On one hand, crypto markets are often subject to high volatility, where expectations and profit-taking can influence prices in the short term;
On the other hand, institutional investors might adopt a gradual approach, waiting to see how these ETFs perform before investing massively.

It remains to be seen whether this drop is temporary or a sign of a more lasting crypto trend.

Solana ETFs have marked a turning point, attracting hundreds of millions of dollars in just a few days. Solana (SOL) could it become the next star of crypto? One thing is certain, the ecosystem has never been so dynamic.

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Eddy S.

The world is evolving and adaptation is the best weapon to survive in this undulating universe. Originally a crypto community manager, I am interested in anything that is directly or indirectly related to blockchain and its derivatives. To share my experience and promote a field that I am passionate about, nothing is better than writing informative and relaxed articles.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

Coinbase has reinforced its position as a major institutional player in the crypto ecosystem, adding nearly $300 million worth of Bitcoin to its balance sheet in the third quarter. The move reflects the company's growing conviction in Bitcoin and its broader goal of becoming an “Everything Exchange” — a platform integrating spot, derivatives, stablecoins, and tokenized assets under one ecosystem.

Bitcoin’s core thesis aligns with the “debasement trade,” a shift from fiat and bonds toward scarce assets like Bitcoin and gold amid growing distrust in government-backed money.Rising macro uncertainty and policy volatility—from tariff shocks to expanding money supply post-2020—are fueling renewed interest in Bitcoin as a hedge against monetary dilution.While volatility remains high, traders see opportunity, and analysts expect the debasement narrative to strengthen into 2026 as Bitcoin’s fixed supply story gains mainstream traction.The phrase “debasement trade” as a crypto narrative has become popular. It’s this idea of getting out of government-backed assets, such as bonds or fiat currencies, and into “hard” assets like gold or Bitcoin. 

Bitwise CIO Matt Hougan recently posted on X that the debasement trade theory is gaining steam and will be popular into 2026. So, what is this theory, and why is it gaining traction now? 

What is the Debasement Trade Theory in BitcoinThe Debasement Trade theory in Bitcoin refers to investors buying Bitcoin as protection against the declining value of fiat currencies.

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As governments expand money supply through debt and monetary stimulus, each unit of currency loses purchasing power. This process is known as currency debasement.

Things the market is underestimating:

1) The likelihood that sovereigns buy bitcoin in size; in the next few years

2) The likelihood that the US passes the Clarity Act in late-2025/early-2026;

3) The speed at which tokenization and stablecoins will grow;

4) The fact that the… https://t.co/sZNdMnExuB

— Matt Hougan (@Matt_Hougan) October 28, 2025
Bitcoin’s fixed supply of 21 million coins and independence from central banks make it an attractive hedge against this erosion.

In this view, Bitcoin functions as a “digital hard asset,” similar to gold. It preserves value when trust in traditional money weakens.

The trade has gained momentum as global debt rises and inflation concerns persist. It allows investors to treat Bitcoin as part of a broader strategy to safeguard wealth from monetary dilution.

Increasing UncertaintySatoshi Nakamoto created Bitcoin as a response to the 2008 financial crisis. Its genesis block, when the network first went live in 2009, contained a message referencing bank bailouts. 

So there’s really no question, despite the mystery surrounding Bitcoin’s founders, that the cryptocurrency was created as a salve for traditional financial chaos. 

“I think that BTC’s fundamental thesis was always some variation of the debasement trade,” said Andrew Tu, an executive at crypto market maker Efficient Frontier. “Starting from the genesis block in which Satoshi references the bailout for banks.”

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Bitcoin’s Price Over the Past Year. Source: CoinGeckoThe financial markets overall seem to be very reactionary to US policy. That’s why the market seems to change abruptly or on a whim with the Trump administration. 

The latest October 10 market crash due to tariff fears is an example of this. Although recovery was almost as swift. 

In fact, zooming out, the price of Bitcoin has risen 50% over the past year, despite market choppiness from week to week. 

Debasement Bullish or Bearish for Crypto Traders?The term “debasement” sounds serious, something that should be a concern for market participants. 

However, the term may be more of a story to tell for gyrating markets, often at the whim of US policymakers or other global events. 

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Those studying the markets daily may have a different opinion on debasement, pulling in bearish sentiment overall. 

“Despite all of the uncertainty and economists saying a recession and/or bear market was extremely likely in 2023, most likely in 2024, and 50/50 in 2025,” noted Jeff Emrby, Managing Partner of Globe 3 Capital. “It’s too early to call right now, but we are expecting to call for another bull market year in 2026.”  

If the debasement trade idea becomes something lots of people talk about in 2026, as Bitwise’s Hougan predicts, those who have believed in Bitcoin for a long time won’t be surprised. 

This used to be called being “libertarian” or a “cypherpunk.” It wasn’t necessarily in vogue at the time, and was part of Bitcoin’s counterculture vibe up until around 2016. It might be in vogue now. 

“It’s pretty much the very foundation of the Bitcoin value story,” said Witold Smieszek, Director of Investments for Paramount Digital. “So in that way it’s nothing new for the old guard who got into crypto through a mix of economics and cypherpunk values.”

Bitcoin RotationPotential crypto investors have many more options in front of them versus the cypherpunk days when only Bitcoin was available. 

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The prevalence of Layer-1s and more favorable regulations has led to corporations expressing interest in various chains, which could result in significant value increases for those underlying tokens. 

But it’s likely Bitcoin that fits the debasement story best.

“BTC with its hard supply cap has always been seen by Bitcoiners as a hedge against the fiat system that we currently have,” said Efficient Frontier’s Tu.

Federal Reserve Calculations of the Total Money Supply over the Past 25 Years. Source: River FinancialSince the 2020 pandemic-era money printing, the total M2 money supply, which is cash and its equivalents, jumped from around $15 trillion to over $20 trillion. 

Cheap and easy money has led to rotation into Bitcoin and a higher price – BTC was as low as $4,000 during the 2020 lockdowns. But that doesn’t mean there won’t be a rotation out in the face of other macro events. 

Volatility might not always seem fun for inexperienced crypto holders, but it’s really good for traders, with daily Bitcoin volume across exchanges at $17 billion, per data aggregator Newhedge. 

“If the market crashes because the AI bubble pops or something, then we will probably still see the BTC and overall crypto market, and probably gold in the short-term before outperformance in the medium-term, crash as well,” added Andrew Tu from Efficient Frontier

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Teucrium Trading LLC has reportedly filed for a Flare ETF. The move comes as the Flare Network sees record activity, with XRP minting for its FXRP token surpassing $120 million.

Teucrium Moves to Bring Flare ETF to Market
According to reports, Teucrium has filed with the U.S. Securities and Exchange Commission (SEC) for a Flare ETF. The SEC has yet to confirm the details. However, the filing represents a step toward integrating the platform into investment products.

Co-Founder of Flare Networks, Hugo Phillion, also confirmed the filing in a recent X post. 

It certainly does appear that a licensed financial entity has filed for a Flare ETF. https://t.co/S2jyjLIrzg

— Hugo Philion (@HugoPhilion) November 1, 2025

Teucrium had previously launched the first leveraged XRP ETF in the United States. Experts say approval of the fund would be a “validation moment” for the project.

The timing of the Flare ETF filing coincides with growth across Flare’s DeFi ecosystem. On-chain data shows that minting of FXRP has topped $120 million since its September debut.

FXRP enables holders to lock up XRP and mint equivalent ERC-20 tokens through its FAssets system. This gives users decentralized access to lending, liquidity, and yield strategies. This mechanism effectively converts the token into both collateral and liquidity across multiple DeFi protocols.

DeFi Growth Boosts Flare Network Activity
Since launching FXRP, the platform has become the largest EVM-compatible DeFi ecosystem built around the Ripple coin. Total value locked (TVL) on the platform has surged nearly 38% in just over a month. This is fueled mainly by liquidity migration from XRP holders seeking exposure to decentralized finance.

Messari noted in its latest report that the project’s demand is high. The initial 5 million FXRP mint cap filled within hours, and the subsequent 15 million limit was reached just as quickly. 

The research firm also emphasized the core support that has driven Flare’s rise. Its Flare Time Series Oracle (FTSO) and Flare Data Connector (FDC) enable decentralized data feeds and trustless bridging for non-smart-contract assets such as XRP. 

FLR has had trouble keeping up its upward momentum in spite of the adoption. Over the past month, the token has dropped by almost 38% to about $0.016, even though the overall FXRP usage in DeFi has risen above 60%.

Source: FLR Daily Chart
Data suggests that many users prefer earning yields in stablecoins or XRP derivatives rather than accumulating FLR itself. SparkDEX’s relaunch of FXRP-based perpetual trading and inflows of over $120 million into the XRPFi ecosystem have yet to translate into sustained demand for FLR.

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Spot Bitcoin and Ethereum ETFs also saw net positive inflows over the month of October, on significantly elevated trading volume.

Journalist

Posted: November 2, 2025

Key Takeaways
Why does ETH MVRV divergence matter?
The MVRV divergence shows where conviction lies. ETH stakers are sitting on higher unrealized gains, incentivizing long-term positioning.

What does the shift toward staking mean for Ethereum?
With nearly 30% of supply locked, Ethereum appears to be transitioning from a trading phase into an accumulation cycle.

Stability in a choppy market is the real test of strength.

Notably, Ethereum [ETH] has shown exactly that. Since the crash, it’s tested the $3,680 support four times, each time bouncing roughly 17%. In essence, investor conviction is holding firm as buyers stay defensive.

CryptoQuant data adds context to this strength. Since July, a clear gap has opened in ETH’s MVRV ratio between stakers and the circulating supply. Before that date, both sat around 1.5, showing about 50% unrealized gains.

Source: CryptoQuant

However, since then, the two groups have clearly started to diverge.

As of press time, the MVRV for circulating ETH stands at 1.5, while staked ETH sits at 1.7. This suggests that stakers are sitting on roughly 20% more unrealized profit, forming a “healthy” 10-20% gap between the two.

From a market view, it shows where real conviction sits. 

Staked ETH holders are locking in for long-term upside, while liquid tokens face higher profit-taking risk. Structurally, this makes staking (with nearly 70% in unrealized gains) a standout play in Ethereum’s current cycle.

ETH’s shrinking profits point to a market reset
As mentioned above, Ethereum’s circulating supply MVRV sat at 1.5.

However, that’s a clear drop from the late-August peak of 1.85, when ETH hit its $4,900 all-time high. Simply put, MVRV cooling-off shows around 35% of unrealized gains have been flushed out as STHs took profits.

This compression in profit margins signals that the market is entering a cooling phase. Historically, MVRV levels below 1.0 have marked solid accumulation zones, showing that ETH is slowly resetting for its next leg.

Source: CryptoQuant

However, tying this back to the earlier analysis, there’s more to the story.

Shrinking profits and rising staking conviction are tightening the MVRV spread between staked and circulating ETH. With over 36 million ETH locked, this could mark the early stage of a broader structural rotation.

Simply put, Ethereum looks to be rotating from a trading phase into an accumulation cycle. As staking builds, ETH’s foundation is getting stronger, setting up for a breakout driven by real conviction, not just hype.

Ritika Gupta is a Financial Journalist and Geopolitical Analyst at AMBCrypto, specializing in the critical intersection of world politics, economic policy, and the cryptocurrency markets. Her analysis is informed by her distinguished background, which includes professional experience at major news network.
She holds a Bachelor's degree in Political Science and Psychology from Gargi College, University of Delhi. This academic training provides her with a sophisticated framework for dissecting complex issues such as international regulations, government fiscal policies, and the geopolitical forces that directly influence asset valuations.
At AMBCrypto, Ritika applies this expert lens to synthesize macroeconomic data and political developments, offering readers a deeper context for market movements. She excels at explaining not just what is happening in the market, but why it is happening. Her work is dedicated to providing strategic insights that empower readers to understand the complex relationship between global events and their digital assets.

1 hour ago

The comments from European Central Bank head Christine Lagarde drew overwhelming backlash from the crypto community and political influencers.

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European Central Bank (ECB) president Christine Lagarde released a statement on Friday touting the digital euro, a central bank digital currency (CBDC), as a unifying force in the European Union (EU) and said the ECB is aiming to launch it “as early as possible.”

“As much as banknotes will continue to circulate, we want cash to be in the form of a digital euro as well,” Lagarde said, adding that the central bank digital currency could be used for online payments in the EU. She continued:

“This is a big project because the euro is our currency, your currency. It brings us together. It's a symbol of trust in our common destiny, so off we go with the digital euro in the next and final phase of preparation.”Source: European Central BankThe ECB governing council announced on Thursday that it will move ahead with building the technical infrastructure to test and deploy a retail CBDC, slated to begin rolling out in 2029, if EU lawmakers pass legislation allowing the ECB to issue it.

CBDCs are widely seen as antithetical to cryptocurrency and the core ethos of permissionless, decentralized finance (DeFi). Critics argue that CBDCs create a digital prison that can endanger civil liberties, freedom of speech, and human rights.

ECB announcement draws heavy backlash from the crypto communityThe ECB announcement drew heavy criticism from the crypto community and received overwhelmingly negative feedback.

“Begone, witch, we're gonna use private money,” Mert Mumtaz, the CEO of remote procedure call (RPC) node provider Helius, wrote in response to Lagarde and the ECB.

“The common currency is ‘a symbol of trust in our common destiny,’ but creating a central bank digital currency erodes that trust by opening up the door to real-time monitoring of our payments and spending habits,” political writer David Thunder said. 

Meanwhile, legal proposals have been submitted from European lawmakers in France and Germany to ban CBDCs and embrace Bitcoin (BTC), a decentralized, neutral, supply-capped digital currency.

Éric Ciotti of the Union of the Right for the Republic, a political party in France, spearheaded a proposal on Wednesday to ban CBDCs in the country.

German political party Alternative for Germany also submitted a motion in October, urging the government to consider BTC as a national strategic asset.

Magazine: India mulls new crypto ban to support CBDC, Lazarus Group strikes again: Asia Express

The crypto derivatives landscape in the United States continues to mature as Webull and Coinbase Derivatives broaden access to regulated digital asset futures. In a significant step for retail traders, Webull has introduced XRP, Solana (SOL), Litecoin (LTC), and Dogecoin (DOGE) futures through Coinbase Derivatives, a Commodity Futures Trading Commission (CFTC)-registered platform.

Strategy Inc. reported $2.8 billion in Q3 net income as its 640,808- bitcoin treasury, valued at $70.9 billion, delivered a 26% BTC yield and reinforced its leadership in profitable, large-scale institutional bitcoin integration and digital credit expansion. Strategy Reports $2.8B Q3 Net Income With Bitcoin Treasury Valued at $70.

Is November the New October? Analyst Says It’s Bitcoin’s Strongest Month — Here’s the DataLark Davis called November bitcoin’s strongest month with a 42.5% average gain; the median is far lower and a single outlier year does much of the lifting. Nov 1, 2025, 9:36 p.m.

Crypto analyst Lark Davis called November bitcoin’s strongest month with an average gain near 42%, but the same heat map shows the median is far lower and one early outlier year does much of the lifting.

Where ‘Uptober’ and ‘Moonvember’ come fromBoth phrases are crypto slang that spread through social channels (X, Reddit, Telegram) over multiple cycles.

“Uptober” is a tongue-in-cheek label for the idea that October often turns higher after late-summer chop; it drew extra attention in years when October did rally hard.

“Moonvember” is the November sequel, used by traders and influencers to cheer for a follow-through rally into year-end.

The terms are part meme, part marketing shorthand; they reappear each autumn, regardless of whether the tape actually cooperates.

What the CoinGlass heat map showsThe bitcoin monthly returns heat map lists November’s average return in the low 40s using a straight mean across 2013 through 2025. That number is heavily influenced by 2013’s 449% jump, which pulls the mean higher than most individual Novembers. On the same table, the median November return is about 9%, which better reflects a typical outcome because it reduces the impact of outliers.

Range and recent historySeasonality here has wide dispersion. Recent Novembers have included losses (for example, 2021 and 2022) and strong gains (for example, 2024), along with quieter prints. That spread is why “November is strong on average” should be treated as descriptive history, not a forecast. It tells you how the month has behaved across cycles, not what will happen next.

Seasonality in contextCitations of seasonality should include both the mean and the median, along with the historical range. Arithmetic that maps a 42% “average” to a hypothetical price level is best presented as illustration rather than a target. In practice, traders often wait for confirmation on the chart — breaks of defined levels, breadth shifts, and volume changes — before leaning on a calendar effect.

What analysts are saying on X Some posters revived “Moonvember” after a rare red October, pointing to the heat map’s November mean. Others echoed the same caution implied by the data: the average looks big, the median is modest, and the tape still needs to prove it with price. That framing keeps the chatter in the right place — context, not a timing tool.

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

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It's not too late to invest in these high-flying stocks.

SoFi Technologies (SOFI +2.24%) and Uber Technologies (UBER +0.01%) are both disruptive leaders in their respective industries and have seen their shares soar over the past two years. Both have significantly improved their financial results and turned a profit. And the best part is, even after their recent strong runs, SoFi and Uber have excellent prospects and could deliver better-than-average returns over the long run. Let me explain.

Image source: Getty Images.

1. SoFi Technologies
SoFi Technologies is firing on all cylinders. Over the past few years, the company's revenue and earnings have soared as its ecosystem continues to expand. What's driving SoFi's growth? It offers a large (and growing) pool of services, all on a digital platform, which makes it attractive to many consumers, especially younger ones. Here's the best part. SoFi has both mid-term and long-term catalysts that should help boost sales growth even further.

For instance, the company announced it would bring back cryptocurrency trading to the platform (after giving up that business some two years ago), a meaningful source of revenue for some fintech specialists like Block. This is right down the alley of one of SoFi's key demographics: The stats suggest that younger, high-income investors are more likely to invest in crypto -- that's precisely the population SoFi was originally created to cater to. The return of cryptocurrency should help SoFi compete even better against other platforms like Robinhood Markets.

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That's not all SoFi is doing. The company is also launching international money transfers, another opportunity that should help its clients use its platform even more, rather than routing those transfers (and the fees associated with them) through a competing service. These are all changes that could positively impact SoFi Technologies. And that's before we mention that the company has 12.6 million members and 18.6 million product customers, which works out to about 1.5 products per member.

Cross-selling additional products to its existing users is another way the company could grow its revenue in the next few years. What about the company's prospects beyond that? SoFi's appeal among younger generations gives it a significant long-term advantage as they increase their income and wealth and opt into even more of the banking services the company offers. The company should also launch plenty more services, as it has consistently done over the years. All these factors make SoFi's long-term outlook attractive, making it a top stock to buy and hold, even after its impressive run in recent years.

2. Uber Technologies
Many people doubted Uber. For a while, the company faced consistent net losses and significant regulatory issues. However, the ride-hailing specialist has overcome these challenges and has become a highly profitable company that continues to generate impressive revenue growth. Uber's progress also serves another important purpose: deepening its network effect. The growing number of delivery drivers, restaurants, and grocery stores on the platform attracts even more customers. Uber ended the second quarter with 180 million active consumers on its platform, up 15% year over year.

Yet even Uber's most mature markets remain underpenetrated, with most having only 10% (or fewer) of adults aged 18 and over among Uber's monthly active consumers. Increasing penetration in these existing markets should represent a powerful tailwind even without any other aspect.

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But other factors will also help power Uber's growth, including the fact that members of younger generations (like Gen Z) are less likely than previous generations at the same age to have a driver's license and to drive. There are multiple factors for that demographic difference. Whatever the case, though, Uber is well positioned to benefit from it. Further, Uber has turned even potential challenges, such as the rise of autonomous vehicles, into an advantage by partnering with leaders in this field.

Uber is delivering excellent financial results, building a strong moat, and has attractive long-term opportunities. The company looks likely to reward investors over the long run.

SoundHound AI's latest earnings report sent the stock soaring. But is there more to the story beneath the bullish headlines?

Audio controls expert SoundHound AI (SOUN +4.27%) is preparing its next earnings report for the evening of Thursday, Nov. 6. The company knocked the previous report out of the park, crushing analyst expectations across the board. The stock rose 26% the next day and 54% over the following week. SoundHound AI's Q2 report was a big win. Case closed!

...or was it?

Call me a nitpicker, but I'm not so sure that SoundHound AI deserved a 54% price jump after that report.

Image source: Getty Images.

SoundHound AI's explosive growth turned heads on Wall Street
At first glance, everything looked perfect. SoundHound AI's revenues more than tripled year over year to $42.7 million. Adjusted net losses shrank from $0.04 to $0.03 per share. Those are the headline numbers, and SoundHound AI aced both of them. The average Wall Street analyst would have settled for a deeper net loss of $0.09 per share on lower revenues in the neighborhood of $32.9 million.

SoundHound's Q2 was a "show me" quarter, and the company delivered where most people were looking. Top-line growth surged to unexpected heights and the artificial intelligence (AI) developer signed a raft of impressive new deals. Together with milder adjusted losses, these upsides helped justify the market's excitement and the stock's big move. Management's raised outlook and cash cushion are real strengths.

SoundHound AI's fundamentals still raise an eyebrow
But the underlying fundamentals show a company still early in its transition toward sustainable, profitable growth. Cash burn, dilution, narrowing margins, a heavy dose of stock-based compensation, and the reliance on lumpy, sometimes low-margin deals are all realities that a level-headed investor shouldn't ignore.

All of these issues showed up in the widely celebrated Q2 report. Execution risk remains, particularly if SoundHound AI's revenue momentum stalls or costs aren't reined in.

What's not to love? Let's start with these three things.
Let's take a quick look at some of the concerns I listed above.

Cash burn
SoundHound AI burned $24.7 million of cash in the second quarter, based on $24.5 million in negative operating cash flows and $0.2 million of capital expenses.

And the cash burn is growing larger. Free cash flows were a negative $18.7 million in the year-ago quarter.

Stock dilution
The company keeps its lights on by selling new shares on the open market. SoundHound AI pocketed $260.8 million of extra cash from stock sales over the last four quarters, for example. The number of shares has more than doubled in three years:

SOUN Shares Outstanding data by YCharts

Sure, it makes sense to take advantage of unreasonably high share prices by issuing more stock to hungry buyers. But this strategy undermines the value of long-term stock holdings, essentially halving each share's participation in future profits in this three-year period. Maybe it's time to start looking at fresh debt as an incoming cash source instead -- or positive cash flows, even.

Stock-based compensation
This problem is kind of complicated. SoundHound AI is glossing over its deeply unprofitable operations by issuing stock instead of cash-based paychecks. Twenty-three percent of last quarter's operating expenses consisted of stock awards.

This approach makes the company's financial statements less transparent while adding fuel to the dilution fires mentioned earlier. The non-cash stock awards also result in stronger adjusted bottom-line results, helping people forget about the painfully negative GAAP earnings and cash flows.

It's true that many companies rely on stock-based compensation, especially in the tech sector and during the early high-growth phase of a long-term business plan. That doesn't mean I have to like it -- so I don't. GAAP earnings and free cash flows are better than adjusted earnings, any day of the week.

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The best way to think about SoundHound AI's next move
The best long-term investments marry explosive growth with a credible path to profitability and strong unit economics. SoundHound's Q2 showed the former in spades, but investors should keep a close eye on the latter to make sure the business can ultimately live up to the hype.

I say this as a SoundHound AI shareholder with lofty expectations for the company's long-term growth story. I just think people are too quick to brush off the risks and challenges this company faces on the road to potential greatness.

Unless next week's Q3 report is truly game-changing, I wouldn't mind a calmer market response or even a price cut. Meanwhile, SoundHound AI is more of a hold than an active buy idea in my book.

“A bubble ends when the liquidity dries up,” it doesn't end due to valuation, Jim Thorne argues. He thinks that companies are motivated to spend on capex, and the U.S. is motivated to spend on power to beat China.

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