Market Signal Briefing

Fugro N.V. (OTCPK:FUGRF) Q3 2025 Sales Call October 31, 2025 4:30 AM EDT

Company Participants

Catrien van Buttingha Wichers - Director of Investor Relations
Mark Heine - Chairman of Management Board & CEO
Barbara P. Geelen - CFO & Member of Board Management

Conference Call Participants

Luuk Van Beek - Banque Degroof Petercam S.A., Research Division
David Kerstens - Jefferies LLC, Research Division
Philip Ngotho - Kepler Cheuvreux, Research Division
Jeremy Kincaid
Thijs Berkelder - ODDO BHF Corporate & Markets, Research Division
Quirijn Mulder - ING Groep N.V., Research Division
Thomas Martin - BNP Paribas, Research Division

Presentation

Catrien van Buttingha Wichers
Director of Investor Relations

Good morning, everyone. I'm Catrien van Buttingha, Fugro Investor Relations. Thank you for attending this Q3 Trading Update Webcast and Analyst Call. [Operator Instructions] Mark Heine, CEO; and Barbara Geelen, CFO. I think that, that will last around 20 minutes or so and thereafter, there will be room for your questions.

Mark, I'd like to hand over to you now, please.

Mark Heine
Chairman of Management Board & CEO

Yes. Thank you, Catrien. Good morning, good afternoon, everyone. Welcome to the Q3 2025 trading update. So we start with the first slide and have a look at the key financial headlines of our results.

The year 2025 has turned out to be a difficult year up to now with lower revenue against a very volatile market backdrop, something I will elaborate on a little bit more shortly. Still, the third quarter did show an anticipated performance improvement compared to the first half of the year, and we're now at 12.9% for Q3. The EBIT margin reflects a notable improvement, obviously, compared to the first quarter where we have a margin around 0 and a 4.3% margin in the second quarter.

Compared to Q3 2024, however, the decline was primarily driven by a lower

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Joerg Hiller
Nov 01, 2025 04:31

Alibaba's Qwen3-MAX AI predicts significant price increases for Solana (SOL), XRP, and Cardano (ADA) by the end of 2025, projecting major gains amid new market developments.

Alibaba's advanced artificial intelligence model, Qwen3-MAX, has made bold predictions regarding the future prices of three leading cryptocurrencies: Solana (SOL), XRP, and Cardano (ADA). By the end of 2025, holders of these digital assets may see substantial gains, according to CryptoNews.

Solana (SOL): Anticipated Surge with ETF Approvals
Solana, a high-performance blockchain known for its rapid transaction speeds and low fees, is expected to see significant growth following the approval of Solana-based exchange-traded funds (ETFs) by Bitwise and Grayscale in the U.S. These developments have sparked institutional interest akin to the surges experienced by Bitcoin and Ethereum upon ETF introductions. Currently trading at around $186, Solana's price could soar to between $800 and $1,200 by the end of the year, driven by favorable regulatory conditions and robust network adoption.

XRP ($XRP): Poised for a 400% Rise
XRP, the native token of Ripple, is highlighted as a potential standout performer, with Qwen3-MAX projecting a price increase to between $8 and $12, a potential 372% rise from its current $2.65. This optimistic outlook follows Ripple's legal victory over the U.S. Securities and Exchange Commission (SEC), which boosted investor confidence. Ripple's introduction of the RLUSD stablecoin and its strong regulatory stance further enhance its investment appeal.

Cardano ($ADA): Forecasted 700% Upside
Cardano, known for its rigorous academic approach to blockchain development, is projected to experience significant price appreciation. With a current market cap of approximately $23 billion, Cardano could see its price climb to as high as $5 by November, a 709% increase from its present value of $0.6181. The platform's robust developer ecosystem and commitment to scalability position it as a formidable Ethereum competitor.

These forecasts by Qwen3-MAX suggest a promising future for these altcoins, contingent on favorable market conditions and continued technological advancements. The AI's projections reflect an optimistic outlook for the cryptocurrency market as it navigates regulatory landscapes and technological innovations.

Image source: Shutterstock

cryptocurrency
blockchain
ai predictions

Peter Zhang
Nov 01, 2025 04:59

Ethereum shows bullish momentum with MACD histogram turning positive. ETH price prediction targets $4,300-$4,400 range within 2 weeks based on technical breakout patterns.

Ethereum is positioning for a significant move as technical indicators align with analyst forecasts. With the current price at $3,865.31, multiple prediction models are converging on upside targets that could materialize within the next two weeks.

ETH Price Prediction Summary
• ETH short-term target (1 week): $4,100-$4,200 (+6-9%)
• Ethereum medium-term forecast (1 month): $4,300-$4,400 range
• Key level to break for bullish continuation: $4,292.00 (immediate resistance)
• Critical support if bearish: $3,674.50 (immediate support level)

Recent Ethereum Price Predictions from Analysts
The latest ETH price prediction consensus from major analysts shows remarkable alignment around the $4,300+ target. Changelly's progressive forecasts have been steadily increasing from $4,047.42 on October 28th to $4,408.61 by October 31st, demonstrating growing confidence in Ethereum's upward trajectory.

CoinCodex's Ethereum forecast of $4,295.43 by November 4th represents a 10.31% gain from current levels, while LiteFinance targets $4,350.00 in the medium term. The most aggressive prediction comes from PricePredictions.com, projecting an ETH price target of $14,794.23 by December 2025, though this long-term forecast requires sustained institutional adoption and network growth.

The consensus among analysts points to short-term gains in the $4,200-$4,400 range, with medium confidence levels across the board. This convergence of predictions strengthens the case for upward momentum in the coming weeks.

ETH Technical Analysis: Setting Up for Bullish Breakout
The Ethereum technical analysis reveals several positive signals supporting the bullish ETH price prediction. The MACD histogram has turned positive at 1.3199, indicating emerging bullish momentum despite the MACD line remaining negative at -79.8911. This divergence often precedes significant price reversals.

Ethereum's current position within the Bollinger Bands at 0.3205 suggests the price is trading in the lower half of its recent range, providing room for upward expansion toward the upper band at $4,191.98. The RSI at 43.80 sits in neutral territory, indicating neither overbought nor oversold conditions—ideal for a sustained move higher.

Volume analysis shows robust trading activity with $1.65 billion in 24-hour volume on Binance, providing sufficient liquidity to support a breakout above the immediate resistance at $4,292.00. The fact that Ethereum is trading above its 200-day SMA ($3,339.83) confirms the longer-term bullish trend remains intact.

Ethereum Price Targets: Bull and Bear Scenarios
Bullish Case for ETH
The primary ETH price target for the bullish scenario is $4,350-$4,400, aligning with multiple analyst forecasts. For this target to materialize, Ethereum needs to break above the immediate resistance at $4,292.00 with strong volume confirmation.

A successful break above this level would likely trigger momentum buying toward the next major resistance at $4,769.36 (strong resistance level). The Ethereum forecast becomes even more compelling if ETH can reclaim its position above the 50-day SMA at $4,178.89, which would signal a return to the dominant uptrend.

Technical confluence around $4,350 makes this an attractive target, as it aligns with both the upper Bollinger Band projection and analyst consensus. A move to this level would represent approximately 12.5% upside from current prices.

Bearish Risk for Ethereum
The primary risk to the bullish ETH price prediction lies in a break below the immediate support at $3,674.50. Such a breakdown would invalidate the current bullish setup and could trigger selling toward the strong support level at $3,435.00.

A decline below the pivot point at $3,858.71 would suggest the current consolidation is breaking to the downside rather than preparing for an upward breakout. Traders should monitor the 200-day SMA at $3,339.83 as the ultimate line in the sand for the long-term bullish trend.

Should You Buy ETH Now? Entry Strategy
Based on the Ethereum technical analysis, the current price level around $3,865 presents a reasonable entry opportunity for those looking to capitalize on the predicted move to $4,300+. However, a more conservative approach would be to wait for a break above $3,950 (near the 20-day SMA) with volume confirmation.

For risk management, a stop-loss below $3,674.50 (immediate support) limits downside exposure while maintaining upside potential. Position sizing should account for the approximately 5% risk to the stop-loss level against the 12%+ upside potential to the target zone.

The question of whether to buy or sell ETH at current levels favors buying for traders with a 2-4 week timeframe, given the technical setup and analyst consensus supporting higher prices.

ETH Price Prediction Conclusion
The ETH price prediction for the next two weeks targets the $4,300-$4,400 range with medium-to-high confidence. This forecast is supported by bullish MACD histogram divergence, analyst consensus, and strategic positioning within the Bollinger Bands.

Key indicators to watch for confirmation include a break above $4,292.00 with volume, MACD line turning positive, and RSI moving above 50. For invalidation, monitor any break below $3,674.50 or failure to reclaim the 20-day SMA at $3,951.59.

The Ethereum forecast timeline suggests this move could materialize within 10-14 days, with the November 4th target date from CoinCodex serving as an initial milestone. Confidence level: Medium-High based on technical confluence and analyst alignment.

Image source: Shutterstock

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Bitwise's Chief Investment Officer, Matt Hougan, believes Solana is positioned for a major breakout in the coming years — one that offers investors “two ways to win.” His reasoning centers on Solana's expanding role in both the stablecoin and tokenization markets, two areas he says will reshape global finance faster than most expect.

Caroline Bishop
Nov 01, 2025 05:11

XRP price prediction suggests a rally to $3.20 in the next month, supported by bullish MACD divergence and analyst targets ranging from $2.49 to $5.00.

With XRP trading at $2.51 and showing signs of technical strength, multiple analyst forecasts are converging on higher price targets. Our comprehensive XRP price prediction analysis reveals a compelling setup for the coming weeks, with key resistance levels poised to break.

XRP Price Prediction Summary
• XRP short-term target (1 week): $2.75 (+9.6%)
• Ripple medium-term forecast (1 month): $3.00-$3.30 range
• Key level to break for bullish continuation: $2.70
• Critical support if bearish: $2.19

Recent Ripple Price Predictions from Analysts
The latest wave of analyst predictions shows a notably bullish consensus for XRP. Changelly's conservative XRP price target of $2.49 represents the lower bound, while AMB Crypto projects $2.64 in the short term. However, the most compelling Ripple forecast comes from multiple sources targeting the $3.00-$3.50 range.

The Bit Journal's prediction stands out with an XRP price target between $3.00-$3.50, citing anticipated SEC decisions on XRP ETFs. This aligns with TechBullion's more aggressive long-term forecast of $5.00, driven by the potential launch of the first U.S. spot XRP ETF. Nikvest's technical-based prediction of $1.78 appears to be an outlier, possibly reflecting a different timeframe or methodology.

The consensus among recent predictions suggests upward momentum, with institutional developments and regulatory clarity serving as primary catalysts for the Ripple forecast.

XRP Technical Analysis: Setting Up for Breakout
Current technical indicators paint a picture of accumulating bullish momentum. The MACD histogram at 0.0199 shows the first signs of positive divergence, while the RSI at 46.38 sits in neutral territory with room to move higher before reaching overbought conditions.

XRP's position within the Bollinger Bands at 0.58 indicates the price is trading above the middle band, suggesting underlying strength. The immediate resistance at $2.70 represents the upper Bollinger Band, which has acted as a ceiling in recent trading sessions.

Volume analysis from Binance shows healthy participation at $247 million in 24-hour volume, providing sufficient liquidity for any potential breakout moves. The Average True Range of $0.15 suggests normal volatility conditions, neither suppressed nor excessive.

The key technical pattern emerging is XRP's ability to hold above the 20-day SMA at $2.48, while approaching the critical $2.70 resistance level that has rejected previous attempts.

Ripple Price Targets: Bull and Bear Scenarios
Bullish Case for XRP
In the bullish scenario, XRP breaking above $2.70 would trigger our primary XRP price target of $3.20 within 30 days. This represents the midpoint between current analyst predictions and provides a realistic upside target.

The path higher would likely unfold in stages: first clearing immediate resistance at $2.70, then challenging the psychological $3.00 level, before potentially reaching the $3.19 strong resistance identified in the technical analysis. A sustained break above $3.19 would open the door to the $3.50 region highlighted in recent Ripple forecasts.

For this bullish case to materialize, XRP needs the RSI to break above 50 and maintain momentum, while the MACD line crosses above the signal line for confirmed bullish divergence.

Bearish Risk for Ripple
The bearish scenario would unfold if XRP fails to hold the $2.48 support level, which coincides with the 20-day SMA. A break below this level would target the immediate support at $2.19, representing a 13% decline from current levels.

More concerning would be a failure of the $2.19 support, which could trigger a deeper correction toward the strong support at $1.25. However, this extreme bearish case would require a significant shift in market sentiment or adverse regulatory developments.

Risk factors to monitor include a breakdown in overall cryptocurrency market sentiment, negative regulatory news, or failure of the MACD to confirm the current bullish divergence.

Should You Buy XRP Now? Entry Strategy
Based on our Ripple technical analysis, the current level around $2.51 presents a reasonable entry point for those looking to buy or sell XRP. However, more conservative traders might wait for a pullback to the $2.48 support level for a better risk-reward ratio.

For aggressive traders, buying on a confirmed break above $2.70 with volume confirmation could provide entry into the momentum trade toward our XRP price target of $3.20.

Risk management is crucial: set stop-loss orders below $2.40 to limit downside exposure to approximately 4.4%. Position sizing should account for XRP's daily volatility of $0.15, allowing for normal price fluctuations without premature exit.

The optimal entry strategy involves scaling into positions, buying 50% at current levels and reserving 50% for either a dip to $2.48 or a breakout above $2.70.

XRP Price Prediction Conclusion
Our comprehensive analysis points to an XRP price prediction of $3.20 within the next 30 days, representing a 27% upside from current levels. This forecast carries a MEDIUM-HIGH confidence level, supported by converging analyst targets, improving technical indicators, and the potential for regulatory catalysts.

Key indicators to watch for confirmation include the RSI breaking above 50, MACD line crossing above the signal line, and most importantly, XRP closing above $2.70 resistance on significant volume. Invalidation would occur on a daily close below $2.40.

The timeline for this Ripple forecast to materialize spans the next 2-4 weeks, with the first test of $3.00 expected within 10-14 days if momentum continues. Traders should monitor the upcoming Ripple Swell Conference for potential institutional announcements that could accelerate the timeline for reaching our price targets.

Image source: Shutterstock

xrp price analysis
xrp price prediction

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Bitcoin (BTC) and the broader crypto market slipped into the red following the Federal Reserve’s recent 25bps interest rate cut, igniting a familiar debate across trading desks: is this simply a “sell the news” shakeout, or the early stages of a more sustained downturn — a possible prelude to another crypto winter?

BTC is currently struggling beneath the $110,000 level, signaling uncertainty and hesitation among traders as volatility rises and sentiment weakens. The initial optimism that typically follows pro-liquidity policy shifts was overshadowed by renewed selling pressure, suggesting that markets may be recalibrating after months of aggressive speculative positioning and a historic liquidation earlier in October.

For now, analysts are split. Some argue this pullback reflects normal market digestion following a major macro catalyst, consistent with previous rate-cut cycles where risk assets dipped before resuming higher. Others warn that loss of key technical levels may open the door to deeper downside if demand fails to re-emerge quickly.

With Bitcoin hovering near critical support and macro conditions in transition, the coming weeks are expected to be crucial. Whether this move marks a temporary flush or the start of a broader risk-off phase will likely define the next chapter of the crypto cycle.

Short-Term Speculators Drive Sell-Off as Long-Term Holders Stay Strong
According to a recent CryptoQuant analysis by CryptoOnchain, the sharp market drop on October 30th was driven overwhelmingly by short-term traders rather than long-term investors. As volatility surged, more than 10,000 BTC flowed into Binance — typically a bearish signal, as rising exchange inflows often precede selling pressure. But digging deeper into the on-chain data reveals a very different story beneath the surface.

The Spent Output Age Bands (SOAB) metric shows that 10,009 BTC of that inflow came from coins held for less than 24 hours. In other words, nearly the entire wave of selling originated from “hot money” — short-term traders reacting emotionally and quickly to macro headlines and market turbulence. These are speculative participants, not long-term strategic holders.

Bitcoin Spent Output Age Bands | Source: CryptoQuant
In contrast, inflows from Long-Term Holders — coins held for six months or more — were negligible. The market’s most resilient participants, often referred to as diamond hands, did not rush to sell. They did not send BTC to exchanges, did not panic, and did not contribute to the downturn.

This divergence is crucial. It confirms that the sell-off was a liquidity flush, not a shift in long-term conviction. Investor psychology, not fundamentals, drove the move.

Far from signaling the start of a crypto winter, this pattern aligns with historical shakeout behavior seen before larger continuation moves. When short-term holders capitulate while long-term holders remain steady, it typically reflects market cleansing rather than structural weakness.

In short, on-chain signals suggest the foundation of the market remains strong — and this correction appears to be a clearing event, not the beginning of a long-term downtrend.

Bitcoin Holds Mid-Range on 3D Chart
Bitcoin (BTC) is currently trading around $109,800 on the 3-day timeframe, holding mid-range after a volatile month marked by macro reactions and leveraged shakeouts. Despite recent downside pressure, the broader structure remains intact, with BTC still comfortably above the 100-period moving average (green line) and well above the 200-period moving average (red line) — signaling that the long-term trend remains bullish.

BTC consolidates around key demand level | Source: BTCUSDT chart on TradingView
Price continues to consolidate between $108,000 support and the critical $117,500 resistance zone, which has acted as a major supply barrier throughout this consolidation phase. Each attempt to break above $117,500 has been met with selling, confirming it as the cycle’s Point of Control and the key level for bulls to reclaim to regain momentum.

On the downside, the $108,000–$105,000 area has repeatedly served as a demand region, supported by buyers stepping in during pullbacks. Losing that zone on the 3D close would introduce risk of deeper correction toward $100,000–$102,000, where structural support and prior breakout levels converge.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

On-chain data shows Bitcoin is currently retesting a historically significant level that has often decided the course of the cryptocurrency's price. Bitcoin Is Retesting The 0.85 Supply Quantile In a new post on X, on-chain analytics firm Glassnode has talked about how Bitcoin is retesting a level that has historically been a “make-or-break” one for the asset.

Crypto analyst @BullrunnersHQ on X social media has issued a new market update, suggesting that XRP may be on the verge of a major rally as traditional markets reach record highs. His latest technical breakdown links the recent strength in the NASDAQ to potential moves within the crypto sector, warning that the “unthinkable” is about to occur for XRP soon. The analyst highlighted that XRP’s price structure and broader crypto signals are aligning for a decisive move that could determine whether the current bull market cycle continues or starts to reverse.

XRP Set For Unthinkable Upside Rally 
According to @BullrunnersHQ, the equity market is approaching critical levels that could dictate the next major trend in the crypto market and XRP price. Despite the crypto market struggling to reach similar highs, XRP remains firmly above the $2.50 range. He described this setup as “the unthinkable” moment for XRP, where the asset could finally break free from its prolonged consolidation and rally by “multiple hundreds of percent.”

Notably, @BullrunnersHQ asserts that XRP’s price structure remains technically healthy despite market volatility. The analyst also noted that the overall crypto market cap and sentiment indicators have improved, with the Fear & Greed Index climbing to 42 from mid-October lows. He further emphasized that Bitcoin continues to hold comfortably above its 50-week EMA, showing a pattern consistent with previous rallies that led to new peaks.

The analyst added that BTC’s new local high around $116,000 and a bullish crossover between the 10 EMA and 20 EMA suggest that momentum is returning to risk assets, setting the stage for XRP to outperform potentially. Notably, this period mirrors earlier market cycles where Bitcoin’s consolidation above key levels triggered explosive altcoin rallies.

XRP, which has held its support much longer than most cryptocurrencies in the market, could climb to a new all-time high once momentum shifts. 

To support his analysis, @BullrunnersHQ has referenced crypto market expert and Chartist Peter Brandt’s discussion about whether the NASDAQ’s recent price action represents a breakaway or an exhaustion gap. While Brandt leans cautiously bearish from an equities standpoint, @BullerunnersHQ remains confident that even if stocks slightly pull back or halt temporarily, money could still rotate into cryptocurrencies, potentially fueling XRP’s next major rally. 

Analyst Warns Of Exhaustion Gap And End Of Bull Market
In his analysis, @BullrunnersHQ also referenced crypto trader Abdullah, who believes that the NASDAQ’s rally also shows signs of an exhaustion gap, a signal often seen near the end of a bull market uptrend. Absullah points to overbought readings in both the Relative Strength Index (RSI) and the Stochastic RSI on the weekly timeframe, indicating that the markets could be nearing the end of their current bull market phase. 

@BullrunnersHQ agreed that the market may be nearing exhaustion but reiterated that XRP’s position offers more upside potential compared to other assets. He also emphasized that Bitcoin must continue to hold between $107,000 and $109,000 on the weekly timeframe. A failure to do so could signal the end of the broader bull market.

Price wobbles at $2.5 support | Source: XRPUSDT on Tradingview.com
Featured image created with Dall.E, chart from Tradingview.com

Ethereum's next major milestone is set. After months of testing and anticipation, core developers have confirmed that the long-awaited Fusaka upgrade will go live on the mainnet on December 3, 2025.

Tony Kim
Nov 01, 2025 01:41

Jump Crypto's conversion of $205 million in Solana to Bitcoin has caused a significant dip in SOL's price, reflecting broader market trends.

In a notable shift within the cryptocurrency markets, Jump Crypto, a prominent market maker and trading platform, has exchanged $205 million worth of Solana (SOL) for Bitcoin (BTC). This strategic move, executed on October 30, 2025, has been confirmed by onchain data and has had a pronounced impact on Solana's market value, according to CoinMarketCap.

Details of the Transaction
The transaction involved the transfer of approximately 1.1 million Solana tokens to Galaxy Digital, a leading financial services and investment management company. These tokens, valued at $205 million at the time of the transaction, were swapped for 2,455 Bitcoin, which were valued at approximately $265 million. This conversion reflects Jump Crypto's strategic repositioning within the volatile crypto landscape.

Market Impact
The immediate aftermath of this transaction saw Solana's price drop to $180, a reflection of the broader weakness observed across the cryptocurrency market. This decline underscores the sensitivity of digital asset prices to large-scale transactions and the influence of major market players like Jump Crypto.

Broader Market Context
This move by Jump Crypto is indicative of a larger trend where institutional players are adjusting their portfolios amidst fluctuating market conditions. Bitcoin, often viewed as a more stable and established asset, seems to be a preferred choice for investors seeking to mitigate risk during periods of market instability.

As the cryptocurrency market continues to evolve, transactions of this magnitude are likely to have significant ripple effects, influencing both individual asset prices and broader market dynamics. Observers will be keenly watching how such strategic decisions by major players like Jump Crypto affect the long-term trajectory of both Solana and Bitcoin.

Image source: Shutterstock

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Ethereum (ETH) remains under pressure, trading below the $4,000 mark as bulls attempt to reclaim control following weeks of post-crash uncertainty. The sharp sell-off on October 10 not only flushed leveraged positions across the market but also disrupted the uptrend ETH had been building throughout the summer.

Since then, price action has weakened, and momentum has shifted toward the downside, raising concerns among analysts that a deeper correction could unfold if buyers fail to defend key demand levels in the days ahead.

Despite these technical challenges, on-chain and institutional flow data tell a different story beneath the surface. Large-scale investors — including funds, corporate entities, and crypto-native institutions — continue to accumulate ETH during the pullback.

The divergence between price weakness and institutional accumulation creates a pivotal setup for Ethereum. If ETH can stabilize and reclaim the $4,000 threshold, it may re-ignite bullish momentum. But failure to hold support could open the door to further downside before a sustainable recovery emerges.

Bitmine Adds ETH as Institutional Accumulation Climbs
According to data tracked by Lookonchain, institutional player Bitmine has continued its aggressive accumulation strategy. Purchasing 44,036 ETH — worth approximately $166 million — during the recent market pullback.

Bitmine ETH Transfers | Source: Lookonchain
Bitmine ETH Transfers | Source: Lookonchain
This purchase lifts Bitmine’s total holdings to roughly 3.16 million ETH, valued at around $12.15 billion, reinforcing the company’s position as one of the largest Ethereum holders globally. Such sizeable buying activity during periods of price weakness highlights a notable divergence between institutional behavior and short-term market sentiment.

While retail traders and leveraged participants may be shaken by Ethereum’s inability to reclaim the $4,000 level, long-horizon buyers appear unfazed. For them, price dips represent accumulating opportunities rather than reasons for concern.

This duality is becoming increasingly evident across the market: spot inflows, exchange outflows, and whale accumulation metrics all point to growing long-term conviction, even as the chart reflects hesitation and downward pressure.

This divergence underscores a familiar pattern in crypto market structure. Price action often lags underlying fundamentals, particularly during transitional phases where macro catalysts and liquidity shifts are still being digested. Ethereum remains structurally supported by rising institutional participation, increasing staking demand, and expanding Layer-2 ecosystems — all of which strengthen its long-term investment thesis.

Ethereum Tests Key Support
Ethereum (ETH) is trading around $3,847, testing a critical support zone after failing to hold above $4,000 and rejecting from the $4,200 resistance area earlier this week.

The daily chart shows ETH breaking below both the 50-day (blue) and 100-day (green) moving averages, signaling weakening momentum and a shift toward a more defensive market posture. This breakdown places increased pressure on bulls to defend the $3,800 region — a level that has repeatedly acted as a pivot point over the past two months.

ETH consolidates around demand levels | Source: ETHUSDT chart on TradingView
If ETH loses this support, the next meaningful demand zone lies near $3,500, followed by the 200-day moving average around $3,200, which would serve as a deeper structural retest within the longer-term uptrend. For now, however, ETH remains above its long-term trend line, meaning the broader bullish structure is intact despite short-term weakness.

On the upside, bulls need to reclaim $4,000 and then $4,150–$4,200 to revive bullish momentum and break the series of lower highs forming since September. Until that happens, price action favors consolidation and caution. With macro shifts underway and institutional accumulation rising, Ethereum’s chart suggests a wait-and-see phase, where holding support becomes crucial before any renewed upside attempt.

Featured image from ChatGPT, chart from TradingView.com

Ripple's RLUSD stablecoin gains powerful momentum as Bitpanda adds the dollar-backed token, expanding its global reach and reinforcing Ripple's growing dominance in cross-border payments through transparent, compliant, and highly interoperable blockchain infrastructure.

Strategy (NASDAQ: MSTR) has reported a remarkable financial turnaround, posting a $2.8 billion net profit for the third quarter of 2025, compared to a $340 million loss during the same period last year. This dramatic recovery underscores the growing strength of the company's Bitcoin-focused treasury model, which has become a defining case study for digital asset integration into corporate finance.

On-chain data shows the Dogecoin whales have participated in a significant amount of selling recently, a potential reason behind the memecoin’s decline.

Dogecoin Whales Shed 440 Million Tokens Over Last 72 Hours
As pointed out by analyst Ali Martinez in a new post on X, whales have reduced their Dogecoin supply over the past few days. The indicator cited by the analyst is the “Supply Distribution” from on-chain analytics firm Santiment, which tells us about the total amount of DOGE that investors belonging to a given coin range are holding as a whole.

In the context of the current topic, “whales” are the traders of interest. Their wallet range is typically defined as 10 million to 100 million tokens. At the current DOGE exchange rate, the lower end converts to $1.8 million and the upper end to $18 million. Given the scale, only big-money holders would be able to qualify for the group.

Such investors can carry some degree of influence in the market, so movements related to them can be worth watching. Their behavior doesn’t always impact the memecoin’s price, but it can still be revealing about the sentiment among this key cohort.

Now, here is the chart shared by Martinez that shows the trend in the Dogecoin Supply Distribution of the whales over the last few months:

Looks like the value of the metric has plunged in recent days | Source: @ali_charts on X
As displayed in the above graph, the Dogecoin whales have seen a sharp decline in their supply recently, indicating that these humongous holders have been distributing. In total, the group has shed 440 million DOGE (worth $81.4 million) from its collective holdings during the last 72 hours. Alongside this trend, the DOGE price has slid down, implying that the whale selloff may have had a role to play.

The Supply Distribution of this cohort could now be monitored, as where it goes next could potentially contain hints about what’s coming for the cryptocurrency’s price.

Earlier in the week, Martinez shared another chart related to Dogecoin, this one showing a technical analysis (TA) pattern that DOGE has been trading inside on the 12-hour timeframe.

The Ascending Channel that the 12-hour price of DOGE has been following over the last few months | Source: @ali_charts on X
From the graph, it’s visible that the pattern in question is an Ascending Channel, a type of consolidation channel that appears whenever an asset trades between two parallel trendlines sloped upward.

The support line of the channel is located at $0.18. In the post, the analyst noted that holding this level could be key for DOGE. Following the whale selling, the coin is now retesting the level, with a brief fall below it even happening on Thursday, before the memecoin recovered back above it on Friday.

“If bulls defend it, next targets: $0.25 and $0.33,” said Martinez.

DOGE Price
At the time of writing, Dogecoin is floating around $0.185, down almost 6% in the last seven days.

The price of the asset appears to have been heading down over the last few days | Source: DOGEUSDT on TradingView
Featured image from Dall-E, charts from TradingView.com

Bitwise’s filing came after the launch of other crypto-spot ETFs earlier this week. These ETFs did not include ‘delaying amendment’ language, allowing them to launch despite the US government shutdown. Canary Funds also filed an S-1 amendment, removing the ‘delaying amendment’ terms this week. The Canary Funds XRP-spot ETF could be the next crypto ETF to debut on Wall Street, potentially giving it a first-to-market advantage.

For context, ETF issuers are filing amended S-1s to remove a ‘delaying amendment’ clause that gives the SEC control over when the ETFs could launch. Without a ‘delaying amendment,’ registrations can become auto-effective, allowing ETFs to begin trading after a 20-day waiting period.

Here’s What Traders Need to Look Out for in the Coming Days
Exchanges must approve issuers’ 8-A filings before XRP-spot ETFs can launch after the 20-day waiting period. Issuers file 8-As with the exchanges to get listing approvals, allowing them to trade on the exchanges. The Bitwise and Canary Funds XRP ETFs have filed 8-As with the Nasdaq, meaning the Nasdaq must approve the paperwork before the ETFs can begin trading.

However, the timelines could vary if the US government reopens before the 20-day waiting period. The SEC has the authority to review the filings during the waiting period and could:

Issue comments or questions to the issuers about the filings.
Request amendments to address any issues.
Substantial amendments could reset the 20-day clock.
Expedite the launches if there are no issues with the amended filings.

We previously speculated that XRP-spot ETF issuers could remove ‘delaying amendment’ language, given the US Senate impasse.

Market Expectations and Institutional Inflows
Market experts expect substantial inflows into XRP-spot ETFs, potentially sending XRP to new highs. Canary Capital CEO Steven McClurg has been increasingly optimistic about demand for XRP-spot ETFs. He recently increased his XRP-spot ETF inflow forecast, stating:

“I may have been a little bearish. We’re going to hold to that number. If it hits that number, at least I’ll be right, and if it’s $10 billion, then I’m still right because we got at least $5 billion. If we saw that kind of inflow, I think it would definitely be in the top 20 ETFs of all time, if not in the top 10.”

Notably, the REX-Ospreys XRP ETF has reported total net inflows of $124.9 million since launch. While the ETF is a hybrid, robust demand suggests strong institutional appetite for XRP-spot ETFs, reinforcing McClurg’s bullish outlook.

Technical Outlook: Key XRP Price Levels
XRP gained 2.84% on Friday, October 31, partially reversing the previous day’s 4.4% loss to close at $2.5094. The token outperformed the broader crypto market, which advanced 1.19%.

Despite snapping a four-day losing streak, XRP remained below the 50-day and 200-day Exponential Moving Averages (EMAs), indicating a bearish bias. However, several events could change the narrative.

Key technical levels to watch include:

Support levels: $2.35, $2.2, $2.0, and $1.9.
50-day EMA resistance: $2.6606.
200-day EMA resistance: $2.6077.
Resistance levels: $2.62, $2.8, $3.0, and $3.66.

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Bitcoin (BTC) is attempting to reclaim the $110,000 level after a sharp downside move pressured markets and triggered renewed volatility across the crypto landscape. While this pullback has been uncomfortable for short-term traders, it remains modest compared to the October 10 liquidation crash, which forced out excessive leverage and marked one of the most aggressive sell-offs of the year.

Despite the short-term turbulence, Bitcoin remains within its broader consolidation range — but the market now enters a critical phase where direction must soon resolve. Over the coming weeks, macro developments, liquidity flows, and investor positioning will likely determine whether the next impulse is upward or downward.

Fresh CryptoQuant data shows that since July 1, long-term holders (LTHs) have been steadily distributing coins, selling into strength as BTC approached and later tested all-time highs. This supply overhang has contributed to muted upside momentum, even as demand has proven strong enough to absorb much of the selling.

Bitcoin Market Still Absorbs Supply
According to analyst Axel Adler, Bitcoin continues to navigate a complex supply-demand environment defined by steady profit-taking from long-term holders (LTHs). Since July 1, LTHs have distributed roughly 810,000 BTC, reducing their total holdings from 15.5 million to 14.6 million BTC.

This represents one of the most significant distribution phases in the current cycle — a clear indication that seasoned holders have been locking in profits after years of accumulation and strategic positioning.

Bitcoin Long-Term Holders Accumulation / Distribution Supply | Source: Axel Adler
What makes this dynamic particularly striking is that Bitcoin has printed new all-time highs twice during this distribution phase, demonstrating that market demand has remained robust enough to absorb the substantial supply being offloaded.

Historically, similar phases of distribution from long-term holders often accompany major cycle inflection points, as capital shifts from early investors to new participants entering the market.

Adler emphasizes that while this absorption reflects market strength, it also sets a ceiling on aggressive upside momentum. As long as long-term holders continue to realize profits, the path higher is likely to remain gradual and choppy rather than explosively parabolic. Strong demand is supporting prices and preventing deeper corrections — but supply pressure is simultaneously preventing sustained breakout acceleration.

The takeaway is clear: Bitcoin is not lacking demand; it is working through supply once long-term distribution slows — whether due to exhaustion or macro reinforcement — upside potential could expand meaningfully. Until then, price action may continue to grind sideways with upside attempts meeting resistance as supply transitions to new owners.

Bitcoin Holds Above Key MA
Bitcoin (BTC) is trading around $109,900, attempting to stabilize after a recent downside move pushed price back toward the 200-day moving average (red line) — a key long-term support level that currently sits near $108,000.

This region has become an important defense line for bulls, structuring the lower boundary of Bitcoin’s consolidation range. Each time BTC has approached this zone over the past month, buyers have stepped in, signaling continued demand despite short-term weakness.

BTC consolidates above 200-day MA | Source: BTCUSDT chart on TradingView
However, reclaiming momentum remains a challenge. BTC continues to struggle below the 50-day (blue) and 100-day (green) moving averages, which have converged overhead and now act as layered resistance between $112,000 and $114,000.

A sustained break above this cluster is required to re-establish bullish momentum and set up another attempt toward the $117,500 resistance — the cycle’s key Point of Control and the level that has repeatedly capped upside moves since summer.

If Bitcoin loses the $108,000 support, a deeper correction toward $105,000–$103,000 becomes likely, where liquidity and previous reaction levels sit. For now, the technical picture remains neutral-to-cautious: bulls are holding essential support, but the burden remains on buyers to reclaim lost moving averages and flip market structure back in their favor.

Featured image from ChatGPT, chart from TradingView.com

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Sebastian's journey into the world of crypto began four years ago, driven by a fascination with the potential of blockchain technology to revolutionize financial systems. His initial exploration focused on understanding the intricacies of various crypto projects, particularly those focused on building innovative financial solutions. Through countless hours of research and learning, Sebastian developed a deep understanding of the underlying technologies, market dynamics, and potential applications of cryptocurrencies.
As his knowledge grew, Sebastian felt compelled to share his insights with others. He began actively contributing to online discussions on platforms like X and LinkedIn, focusing on fintech and crypto-related content. His goal was to expose valuable trends and insights to a wider audience, fostering a deeper understanding of the rapidly evolving crypto landscape. Sebastian's contributions quickly gained recognition, and he became a trusted voice in the online crypto community.
To further enhance his expertise, Sebastian pursued a UC Berkeley Fintech: Frameworks, Applications, and Strategies certification. This rigorous program equipped him with valuable skills and knowledge regarding Financial Technology, bridging the gap between traditional finance (TradFi) and decentralized finance (DeFi). The certification deepened his understanding of the broader financial landscape and its intersection with blockchain technology.
Sebastian's passion for finance and writing is evident in his work. He enjoys delving into financial research, analyzing market trends, and exploring the latest developments in the crypto space. In his spare time, Sebastian can often be found immersed in charts, studying 10-K forms, or engaging in thought-provoking discussions about the future of finance.
Sebastian's journey as a crypto analyst and investor has been marked by a relentless pursuit of knowledge and a dedication to sharing his insights. His ability to navigate the complex world of crypto, combined with his passion for financial research and communication, makes him a valuable asset to the industry. As the crypto landscape continues to evolve, Sebastian remains at the forefront, providing valuable insights and contributing to the growth of this revolutionary technology.

Ripple is accelerating a global shift in humanitarian finance as its RLUSD stablecoin sees explosive growth and adoption by top aid organizations leveraging blockchain to deliver faster, cheaper, and more transparent disaster relief across underserved regions.

SkyCity Entertainment Group Limited (OTCPK:SKYZF) Shareholder/Analyst Call October 30, 2025 5:00 PM EDT

Company Participants

Julian Cook
Jason Walbridge - Chief Executive Officer
Kate Hughes
Glenn Davis

Conference Call Participants

Riki Manarangi
Martin Kellett

Conversation

Unknown Attendee

We just want to welcome you all today here to the AGM. And we -- as tangata whenua, we just want to lay upon good vibes, good wairua in the room for the AGM today to our Board. Thank you for inviting myself and mom to open up the Hui today. Again, we instill positive vibes and good wairua for you for your Hui today. [Foreign Language]

Julian Cook

All right. Thank you very much, [ Miriama ], and thank you very much, Joseph. [Foreign Language] Good morning, ladies and gentlemen. I am Julian Cook, Chair of the SkyCity Board, and it is my pleasure to welcome you all to the 2025 SkyCity Annual Meeting. Thank you for joining us online and in person today. For those attending in the SkyCity Theater, in the event of an emergency, please remain calm and follow the instructions of our theater ushers and the SkyCity security officers. They will direct us to the nearest emergency exits.

Moving to the order of business for the meeting today. I declare the 31st Annual Meeting of SkyCity open and confirm that the meeting has been duly convened with a quorum present. Firstly, some administrative matters for those attending virtually today. Instructions on how to participate are set out in the Notice of Meeting and the virtual meeting guide available on Computershare's meeting platform.

Shareholders can ask questions and vote on the resolutions to be put to the meeting on their selected devices. However, bondholders who are not also shareholders are not entitled to vote on the resolutions or ask questions. Shareholders can submit

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, /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilNovember 14, 2025 to file lead plaintiff applications in a securities class action lawsuit against Fluor Corporation (NYSE: FLR), if they purchased or otherwise acquired the Company's securities between February 18, 2025 and July 31, 2025, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of Texas.

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Fluor investors should visit us at https://claimsfiler.com/cases/nyse-flr-2/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Fluor and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On August 1, 2025, the Company announced its financial results for the second quarter of 2025, disclosing a Q2 non-GAAP EPS of $0.43, missing consensus estimates by $0.13, and revenue of $3.98 billion, representing a 5.9% year-over-year decline and missing consensus estimates by $570 million due to growing costs in multiple infrastructure projects due to subcontractor design errors, price increases, and scheduling delays, as well as reduced capital spending by customers. The Company also disclosed a negatively revised financial outlook for FY 2025, guiding to adjusted EBITDA of $475 million to $525 million, down significantly from Defendants' prior guidance of $575 million to $675 million, and adjusted EPS of $1.95 per share to $2.15 per share, down significantly from Defendants' prior guidance of $2.25 per share to $2.75 per share.

On this news, the price of Fluor's shares fell $15.35 per share, or 27.04%, to close at $41.42 per share on August 1, 2025. 

The case is Maglione v. Fluor Corporation, et al., No. 25-cv-02496.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

SOURCE ClaimsFiler

, /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilNovember 18, 2025 to file lead plaintiff applications in a securities class action lawsuit against KBR, Inc. (NYSE: KBR), if they purchased or otherwise acquired the Company's securities between May 6, 2025 and June 19, 2025, inclusive (the "Class Period"). This action is pending in the United States District Court for the Southern District of Texas.

Get Help

KBR investors should visit us at https://www.claimsfiler.com/cases/nyse-kbr-1 or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

KBR and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On June 19, 2025, HomeSafe Alliance ("HomeSafe"), a KBR joint venture in which KBR has a 72% economic interest, disclosed that it received "a notice from the U.S. Department of Defense's Transportation Command (TRANSCOM) terminating the Global Household Goods Contract, which HomeSafe won in 2021 to transform the military move system for the benefit of service members and their families."

On this news, the price of KBR's shares fell $3.85 per share, or 7.29%, to close at $48.93 on June 20, 2025. On June 23, 2025, the next trading day, KBR stock fell a further $1.30, or 2.65%, to close at $47.63 on June 23, 2025.

The case is Norrman v. KBR, Inc., et al., No. 25-cv-04464.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

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, /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilNovember 17, 2025 to file lead plaintiff applications in a securities class action lawsuit against Cytokinetics, Incorporated (NasdaqGS: CYTK), if they purchased or otherwise acquired the Company's securities between December 27, 2023 and May 6, 2025, inclusive (the "Class Period"). This action is pending in the United States District Court for the Northern District of California.

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Cytokinetics investors should visit us at https://www.claimsfiler.com/cases/nasdaq-cytk or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

Cytokinetics and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On March 10, 2025, the Company disclosed that the U.S. Food and Drug Administration ("FDA") had decided not to convene an advisory committee meeting to review the Company's New Drug Application ("NDA") for its aficamten product. Then, on May 6, 2025, the Company disclosed that it had held multiple pre-NDA meetings with the FDA discussing safety monitoring and risk mitigation but chose to submit the NDA without a Risk Evaluation and Mitigation Strategy, instead relying on labeling and voluntary education materials.

On this news, the price of Cytokinetics' shares fell, closing at $33.04 per share on May 7, 2025. 

The case is Seidman v. Cytokinetics, Incorporated, et al., No. 25-cv-07923.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

To learn more about ClaimsFiler, visit www.claimsfiler.com.

SOURCE ClaimsFiler

, /PRNewswire/ -- ClaimsFiler, a FREE shareholder information service, reminds investors that they have untilDecember 23, 2025 to file lead plaintiff applications in a securities class action lawsuit against James Hardie Industries plc ("James Hardie" or the "Company") (NYSE: JHX), if they purchased or otherwise acquired the Company's shares between May 20, 2025, and August 18, 2025, inclusive (the "Class Period").  This action is pending in the United States District Court for the Northern District of Illinois.

Get Help

James Hardie investors should visit us at https://claimsfiler.com/cases/nyse-jhx/ or call toll-free (844) 367-9658.  Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.

About the Lawsuit

James Hardie and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On August 19, 2025, despite prior reassurances that its North America Fiber Cement segment remained strong, the Company disclosed that sales in North America Fiber Cement declined by 12% due to customer destocking first discovered "in April through May," that was expected to impact sales for at least the next two quarters.

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The case is Laborers' District Council and Contractors' Pension Fund of Ohio v. James Hardie Industries plc, et al., No. 25-cv-13018.

About ClaimsFiler

ClaimsFiler has a single mission: to serve as the information source to help retail investors recover their share of billions of dollars from securities class action settlements. At ClaimsFiler.com, investors can: (1) register for free to gain access to information and settlement websites for various securities class action cases so they can timely submit their own claims; (2) upload their portfolio transactional data to be notified about relevant securities cases in which they may have a financial interest; and (3) submit inquiries to the Kahn Swick & Foti, LLC law firm for free case evaluations.

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, /PRNewswire/ -- MaxsMaking Inc. (Nasdaq: MAMK) ("MaxsMaking" or the "Company"), a manufacturer of customized consumer goods with a focus on advanced technology and innovation, today announced its unaudited financial results for the first half of the fiscal year ended April 30, 2025.

First Half of Fiscal Year 2025 Financial Summary

Revenue was $12.40 million for the first half of fiscal year 2025, representing an increase of 27.43% from $9.73 million for the same period of last year.
Gross profit was $1.34 million for the first half of fiscal year 2025, compared to $1.98 million for the same period of last year.
Gross profit margin was 10.82% for the first half of fiscal year 2025, compared to 20.36% for the same period of last year.
Net income was $0.18 million for the first half of fiscal year 2025, compared to net income of $0.98 million for the same period of last year.
Basic and diluted earnings per A share were $0.02 for the first half of fiscal year 2025, compared to $0.13 for the same period of last year.

Mr. Xiaozhong Lin, Chairman and Chief Executive Officer of MaxsMaking, remarked: "In the first half of fiscal year 2025, we navigated a shifting business environment by scaling our domestic sales to secure stable revenue growth and strengthened market position, through various proactive initiatives such as trade-fair participation, targeted promotional events, expanded direct marketing and key-customer negotiations, and competitive pricing strategies. At the same time, we continued to diversify into Oceania, South America, and Africa to offset market headwinds in Asia, North America, and Europe. During this period, our total revenue increased by 27.43%, driven by a 51.89% surge in domestic sales and new customer acquisitions from the emerging markets. As global disruptions and uncertainties gradually subside, we believe our solid sales base will support a strong rebound, providing a renewed springboard for future growth.

"During this period, we increased research and development spending by 53.50% to advance production process technologies, customization capabilities. To address rising material, labor and bad-debt costs, we adopted a volume-first strategy to expand market share and better absorb fixed costs. While this temporarily compressed our margins, we view it as a strategic short-term trade-off that does not diminish our underlying profitability potential."

"Furthermore, our successful Nasdaq IPO in July 2025 has strengthened our balance sheet and enhanced our capital resources to pursue additional strategic initiatives and market opportunities. As personalization and customization evolve from niche segments into mainstream consumer trends, we believe that our business is well positioned to leverage flexible pricing, expand value-added services, and enter a virtuous growth cycle, supported by our diversified market reach, growing product suite, accumulated technological expertise, and enhanced capital base."

"Looking ahead, our current strategy, anchored in continuous product and technology innovation, will remain as the foundation for sustainable growth and global expansion, particularly in the North America market. We will continue to invest in R&D while maintaining strict cost-efficiency measures to execute this strategy efficiently, supporting long-term shareholder value, even amid a macroeconomic environment of both headwinds and tailwinds."

First Half of Fiscal Year 2025 Financial Results

Revenue

Revenue was $12.40 million for the first half of fiscal year 2025, representing an increase of 27.43% from $9.73 million for the same period of last year. The increase was primarily attributable to an approximately $3.91 million increase in sales in mainland China, and partially offset by the decrease of approximately $1.18 million in sales in Asia (excluding mainland China). The increase in revenue in mainland China and the decrease in other Asian markets were mainly due to uncertainties in overseas markets, where customers' demand and consumption prospects remained relatively weak, leading the Company to strengthen its domestic sales initiatives, such as increasing participation in trade fairs and promotional events, expanding direct marketing and business negotiations with key customers, and adopting more competitive pricing to strengthen its market position in mainland China.

For the Six Months Ended

For the Six Months Ended

Change

April 30, 2025

April 30, 2024

Country/Region

Sales

As % of

Sales 

As % of

Amount

%

Amount

Sales

Amount

Sales

Mainland China

$

11,459,301

92.38

%

$

7,544,314

77.50

%

$

3,914,987

51.89

%

Asia (excluding mainland China)

371,784

3.00

%

1,556,241

15.99

%

(1,184,457)

(76.11)

%

North America

59,069

0.48

%

 `

123,884

1.27

%

(64,815)

(52.32)

%

Europe

427,115

3.44

%

499,126

5.13

%

(72,011)

(14.43)

%

Oceania

39,715

0.32

%

7,970

0.08

%

31,745

398.31

%

South America

11,634

0.09

%

2,468

0.03

%

9,166

371.39

%

Africa

35,616

0.29

%

-

-

%

35,616

100.00

%

Total

$

12,404,234

100

%

$

9,734,003

100

%

$

2,670,231

27.43

%

Cost of Revenue

Cost of revenue was $11.06 million for the first half of fiscal year 2025, representing an increase of 42.70% from $7.75 million for the same period of last year. The increase was primarily due to the increase in raw material cost and labor cost, as well as the effect of the Company's strategic shift to a volume-driven model, which resulted in higher sales volume and corresponding higher production expenses.

Gross Profit  and Gross Profit Margin

Gross profit was $1.34 million for the first half of fiscal year 2025, compared to $1.98 million for the same period of last year.

Gross profit margin was 10.82% for the first half of fiscal year 2025, compared to 20.36% for the same period of last year. The decrease in gross profit margin was primarily due (i) an increase in raw material cost and labor cost, and (ii) the Company's strategic shift toward a volume-driven model, which prioritizes market share growth over near-term margins.

Operating Expenses

Operating expenses were $1.17 million for the first half of fiscal year 2025, representing an increase of 27.01% from $0.92 million for the same period of last year.

Selling expenses were $0.29 million for the first half of fiscal year 2025, representing a decrease of 4.3% from $0.31 million for the same period of last year. The decrease is mainly due to the reduction in employee salaries.
General and administrative expenses were $0.42 million for the first half of fiscal year 2025, representing an increase of 32.37% from $0.31 million for the same period of last year. The increase was mainly due to an increase in the bad debt expense of approximately $95,000, as a result of the slow collection of accounts receivables.
Research and development expenses were $0.46 million for the first half of fiscal year 2025, representing an increase of 53.50% from $0.30 million for the same period of last year. The increase was primarily attributable to the research and development of five projects related to technologies for production processes.

Net Income

Net income was $0.18 million for the first half of fiscal year 2025, compared to $0.98 million for the same period of last year.

Basic and Diluted Earnings per Share

Basic and diluted earnings per A share were $0.02 for the first half of fiscal year 2025, compared to $0.13 for the same period of last year. Basic and diluted earnings per B share were $0.02 for the first half of fiscal year 2025, compared to $0.14 for the same period of last year.

Financial Condition

As of April 30, 2025, the Company had cash of $0.19 million, compared to $0.18 million as of October 31, 2024.

Net cash provided by operating activities was $0.85 million for the first half of fiscal year 2025, compared to net cash used in operating activities of $1.73 million for the same period of last year.

Net cash used in investing activities was $53,810 for the first half of fiscal year 2025, compared to $9,027 for the same period of last year.

Net cash used in financing activities was $0.78 million for the first half of fiscal year 2025, compared to net cash provided by financing activities of $1.83 million for the same period of last year.

Recent Development

On July 8, 2025, the Company completed its initial public offering (the "Offering") of 1,625,000 A shares at a public price of US$4.00 per share. The gross proceeds were US$6.5 million from the Offering, before deducting underwriting discounts and commissions, and other expenses. The Company's A shares began trading on the Nasdaq Capital Market on July 7, 2025, under the ticker symbol "MAMK."

About MaxsMaking Inc.

Founded in 2007 and headquartered in Shanghai, MaxsMaking Inc. specializes in customized consumer goods with a focus on advanced technology and innovation. With production facilities in China's Zhejiang and Henan provinces, the Company integrates digital production, software development, product design, brand management, online sales and international trade to deliver small-batch textile customization services. Its products include backpacks, shopping bags, aprons, and other promotional items. Using sustainable materials and proprietary order management technologies, MaxsMaking delivers high-quality, cost-effective products while emphasizing environmental protection and social responsibility. For more information, please visit the Company's website: https://ir.maxsmaking.com.

Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company's current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can find many (but not all) of these statements by the use of words such as "approximates," "believes," "hopes," "expects," "anticipates," "estimates," "projects," "intends," "plans," "will," "would," "should," "could," "may" or other similar expressions in this announcement. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company's registration statement and other filings with the U.S. Securities and Exchange Commission.

For more information, please contact:

MaxsMaking Inc.
Investor Relations
Email: [email protected]

Ascent Investor Relations LLC
Tina Xiao
Phone: +1-646-932-7242
Email: [email protected]

MAXSMAKING INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

AS OF APRIL 30, 2025 (UNAUDITED) AND OCTOBER 31, 2024

IN U.S. DOLLARS, EXCEPT SHARE DATA

April 30,
2025

October 31,
2024

(Unaudited)

   ASSETS

   Current Assets

 Cash

$

186,007

$

176,236

Accounts receivable, net

6,011,750

6,188,992

Due from related parties

5,554

-

Inventories

3,528,337

2,633,615

Prepayments and other current assets

6,825,994

7,452,317

Total current assets

16,557,642

16,451,160

Non-Current Assets

Property and equipment, net

120,785

119,125

Intangible assets, net

6,850

7,433

Right-of-use assets, net

117,526

86,441

Deferred tax assets

44,407

24,538

Deferred offering cost

1,058,003

986,206

Total non-current assets

1,347,571

1,223,743

Total Assets

$

17,905,213

$

17,674,903

   LIABILITIES AND EQUITY

Current Liabilities

Short-term loans

$

2,173,189

$

2,785,965

Accounts payable

2,433,012

2,127,623

Contract liability

459,408

512,859

Income tax payable

892,739

859,194

Other payables and accrued liabilities

932,469

867,249

Due to related parties

737,188

149,757

Lease liabilities-current

97,190

47,895

Total current liabilities

7,725,195

7,350,542

Non-Current Liabilities

Lease liabilities-non current

6,776

-

Long-term loans

1,840,642

2,058,651

Total non-current liabilities

1,847,418

2,058,651

Total liabilities

9,572,613

9,409,193

   COMMITMENTS AND CONTINGENCIES (NOTE 17)

-

Equity

A Shares (US$ 0.01 par value; 7,575,000 A Shares authorized, 7,575,000
   A Shares issued and outstanding as of April 30, 2025 and October 31,
   2024)

75,750

75,750

B Shares (US$0.01 par value; 7,425,000 B Shares authorized, 7,425,000 B
   Shares issued and outstanding as of April 30, 2025 and October 31,
   2024)

74,250

74,250

Additional paid-in capital

1,712,492

1,712,492

Statutory surplus reserve

705,396

705,396

Retained earnings

5,972,806

5,806,881

Accumulated other comprehensive income

(529,822)

(421,542)

Total MaxsMaking Inc.'s Equity

8,010,872

7,953,227

Non-Controlling Interests

321,728

312,483

Total equity

8,332,600

8,265,710

Total Liabilities and Equity

$

17,905,213

$

17,674,903

MAXSMAKING INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED APRIL 30, 2025 AND 2024

IN U.S. DOLLARS, EXCEPT SHARE DATA

For The Six Months Ended

April 30,

2025

2024

Revenues

$

12,404,234

9,734,003

Cost of revenues

(11,061,783)

(7,751,700)

Gross profit

$

1,342,451

1,982,303

Operating expenses:

Sales and marketing expenses

(293,041)

(306,224)

General and administrative expenses

(416,039)

(314,290)

Research and development expenses

(458,025)

(298,381)

Total operating expenses

$

(1,167,105)

(918,895)

Income from operations

$

175,346

1,063,408

Other income (expense), net

Interest expenses

(84,275)

(69,615)

Interest income

135

326

Other income

42,771

14,848

Exchange gains

57,949

11,614

Other expenses

(17,126)

(11,713)

Income before income tax provision

$

174,800

1,008,868

Income tax benefit (expense)

370

(25,006)

Net income

$

175,170

983,862

Less: Net income attributable to non-controlling interest

9,245

41,455

Net income attributable to MaxsMaking Inc.

165,925

942,407

Other comprehensive income:

Foreign currency translation adjustment

108,280

13,554

Comprehensive income

$

283,450

997,416

Less: comprehensive income (loss) attributable to non-controlling interests

3,379

(9,286)

Comprehensive income attributable to MaxsMaking Inc.

$

280,071

1,006,702

Weighted Average Shares Outstanding- Diluted

15,000,000

15,000,000

Earnings per A share- basic and diluted

$

0.02

0.13

Earnings per B share- basic and diluted

0.02

0.14

MAXSMAKING INC.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE SIX MONTHS ENDED APRIL 30, 2025 AND 2024

IN U.S. DOLLARS, EXCEPT SHARE DATA

For The Six Months Ended

April 30,

2025

2024

  Cash Flows from Operating Activities:

Net income

$

175,170

983,862

     Depreciation of property and equipment

50,879

14,133

     Allowance for expected credit loss

119,131

8,529

     Reversal of expected credit loss

(15,579)

(145)

     Amortization of right-of-use assets

26,092

90,317

     Amortization of intangible assets

506

511

     Other current assets and other receivables

(402,681)

-

Changes in operating assets and liabilities:

     Accounts receivable

8,324

(1,709,906)

     Inventories

(5,247)

(91,692)

     Prepayments and other current assets

951,385

(245,798)

     Amount due from related party

(5,569)

422

     Deferred tax assets

(960,210)

597

     Operating lease-right of use assets

(58,178)

(45,183)

     Deferred financing cost

(938,993)

(646,615)

     Other current liabilities

75,276

-

     Other non-current assets

-

50,162

     Accounts payable

328,826

425,692

     Income tax payable

42,114

22,280

     Contract liability

(48,136)

(381,151)

     Other payables and accrued liabilities

-

106,249

     Lease liabilities

56,727

(161,742)

     Amount due to related party

1,447,089

(147,967)

Net cash provided by/ (used in) operating activities

846,926

(1,727,445)

Cash Flows from Investing Activities:

Purchases of property and equipment

(53,810)

(9,027)

Net cash used in investing activities

(53,810)

(9,027)

Cash Flows from Financing Activities:

Capital contributions

-

70,305

Proceeds from third parties loans

-

239,015

Proceeds from bank borrowings

124,609

2,671,579

Repayments of borrowings to third parties

(255,316)

(729,763)

Repayment of bank borrowings

(650,735)

(421,828)

Net cash (used in)/ provided by financing activities

(781,442)

1,829,308

Effect of Exchange Rate Changes on Cash

(492)

1,404

Net Increase in cash

11,182

94,240

Cash, Beginning of Period

174,825

132,150

Cash, End of Period

$

186,007

226,390

Supplemental disclosure of cash flow information:

$

Cash paid for income tax

$

10,959

2,345

Cash paid for interest

$

29,403

64,902

Supplemental disclosure of non-cash flow information:

Right-of-use assets obtained in exchange for operating lease obligation

$

56,398

125,552

SOURCE MaxsMaking Inc.