Market Signal Briefing

ISO 20022 is a global standard for electronic financial messaging that institutes a common language for banks and businesses to communicate and exchange data efficiently.

The way this language is structured improves accuracy, automation, and security in transactions like payments and asset exchanges. This standardization allows for more detailed information in each message, such as invoice numbers, which simplifies processes like payment reconciliation.

By embracing ISO 20022, Pi could compete with long-standing projects like Stellar (XLM) and even Ripple (XRP) in their race to launch applications that can be easily integrated with the traditional financial system.

Can Pi Play Catch-Up with XLM’s $10bn Market Cap?
According to the project’s plan, the first stage has kicked off already. This phase consists of making the required preparations to embrace the standard. Next up, the full integration is expected to be launched in late November, if everything goes as expected.

Pi’s market cap currently sits at $2.2 billion. If the project does manage to compete with the likes of XRP and XLM, its upside potential would be huge considering that the latter are valued at $160 billion and $10 billion, respectively.

PI/USD 4-Hour Chart (Bitget) – Source: TradingView

This emphasizes the strong volatility that this token can still experience, which is positive for speculators looking to make a quick buck.

Selling pressure mounted upon hitting that resistance, but PI has managed to climb back to that level, as buying pressure has been strong since yesterday afternoon.

Volumes are not that high as a percentage of the token’s circulating supply, meaning that this could still be considered some sort of manipulation to lure unwary buyers and use them as exit liquidity.

However, if the price breaks above $0.30, it is highly likely that PI could continue to rise to $0.36, meaning another potential 20% short-term gain for those who ride the roller coaster.

In this lower time frame, the Relative Strength Index (RSI) once again climbed above the 14-period moving average, meaning that positive momentum is accelerating. We are already seeing some selling after PI hit $0.28 again.

If the price nosedives, as it did a few days ago, and fails to climb above this level, PI could drop to $0.22 first, and then it could fully reverse its course to retest the $0.19 area. Downside risks are high as volumes indicate that deep-pocketed players could be manipulating the price amid the token’s low liquidity.

Journalist

Posted: October 30, 2025

Key Takeaways
Why is Arbitrum attracting trader focus?
Fees and Revenue jumped 90%, and DEXs Volume hit $567 billion, signaling strong network growth.

What could drive ARB’s next move?
A close above $0.36 might trigger upside toward $0.46 if market sentiment improves.

Arbitrum [ARB] continued to trade below the midpoint of the large 4-hour candle that formed during the October flash crash. Despite that weakness, the network’s fundamentals remained solid and out of sync with its price action.

ARB has fallen more than 54% year-to-date, yet recent metrics suggest potential for a rebound.

Arbitrum: Network strength vs price slide
According to Artemis, Arbitrum One has processed over 2 billion transactions, a strong figure disconnected from its market performance.

DeFiLlama data showed DEXs Volume reached a six-month high of $567 billion, with daily volume near $15 billion.

Source: DefiLlama

On top of that, Arbitrum exceeded Ethereum [ETH] in terms of inflows in the past three months. To be specific, ARB saw $28 billion, which was more by $10 billion than that of ETH, as per Dami-Defi’s post on X (formerly Twitter).

Others that came close were Starknet [STRK], Solana [SOL], and BNB Chain, whose numbers range between $1 billion and $3.5 billion.

Token Terminal data also confirmed a six-month high in App Fees. The network collected $3.8 million in Fees and Revenue over thirty days, up 90.4%.

Active Addresses remained near 3.9 million, while Daily Active Users climbed to 267.3 K, reversing the week’s earlier decline.

Source: Token Terminal

All these showed that ARB was becoming dominant in the Ethereum ecosystem due to its low fees and speeds.

However, the token needed more than just numbers in chain activity to break the YTD downward trend.

Is ARB rebound coming?
The charts spoke a different story.

ARB traded near $0.3177 at press time, hovering around the close of the crash candle. Such an event was a sign of price action weakness, as most altcoins had bounced from these levels.

The altcoin had been in a range since the 10th of October. However, this could be the calm before the storm, as consolidations usually come before rallies.

Additionally, the MACD was showing seller weakness. But the price action needed to break above the range and stay above $0.36 to target $0.46.

Source: TradingView

A breakdown under $0.30 could push the token toward $0.29 or lower.

While chain activity and Fees point to a strengthening ecosystem, traders need confirmation from the price structure before turning decisively bullish.

If broader market sentiment improves, Arbitrum’s rising network metrics could finally translate into a rebound.

The Bitcoin market landscape continues to evolve rapidly, with new developments emerging overnight that are reshaping short-term sentiment and long-term investor positioning across spot and derivatives markets. Price action remains steady, while on-chain and institutional signals are shifting.

What Happened With Bitcoin Over The Last 24 Hours?
In an X post, a crypto analyst, Luca, has offered insights on Bitcoin’s recent market movement. Over the past 24 hours, several notable developments in the BTC space have occurred. While BTC price action has been moving lower, funding rates have also declined, a combination that suggests long positions are being flushed out of the market.

However, Luca explains that the Open Interest (OI) has actually increased, pointing to something entirely different and signaling that bears are actively doubling down, not bulls getting liquidated. He believes that the recent drop isn’t driven by longs getting flushed, but by aggressive short positioning, as traders are trying to front-run a potential breakdown.

Source: Chart from Luca on X
Historically, this kind of setup often fuels the next major move up, as excessive short exposure creates the perfect conditions for a short squeeze. A full-time crypto trader and investor, Daan Crypto Trades, has also mentioned that the Bitcoin price action, funding rate, and open interest have barely changed this month. Meanwhile, BTC has remained flat in October, despite reaching its first new all-time highs, and then BTC pulled back up to 20% lower.

Daan further highlighted that the neutrality of the funding rate has largely traded at its levels from the past two to three months, particularly dropping back to the level last seen in July, which is the only major change in the movement. This shows that leverage has been reduced, especially compared to when BTC was trading at similar prices in August and September.

Bitcoin Derivatives Market Hit The Reset Button
The Bitcoin funding flip is officially in, and it might be the signal the market has been waiting for. A popular crypto news source, CryptosRus, has revealed that a negative funding rate has just wiped the market clean. While leverage was flushed out, shorts got paid, and open interest cooled off. This is exactly the kind of deep reset the market needed, and now the sign of recovery is back in the green.

However, every time these funding rates flip from negative to positive after a deep reset, BTC starts building momentum again. BTC saw this same move in June and September, which is currently happening again. CryptosRus further noted that since October 22, the funding has been steadily climbing back above zero, but the BTC price has been consolidating. Such a combination feels like the calm before the next big move.

BTC trading at $113,040 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

The crypto market is witnessing heightened volatility ahead of the upcoming FOMC decision, with Bitcoin consolidating near local highs and Ethereum trading at a steep discount. While BTC continues to dominate short-term momentum, Ethereum has quietly strengthened its fundamentals. Despite lagging nearly 42% behind Bitcoin’s rally, ETH shows growing signs of resilience—fueled by increased staking activity, expanding Layer-2 adoption, and robust developer growth. With institutional attention shifting toward potential ETH ETFs, analysts expect the Ethereum price to reclaim leadership and outperform in the next market cycle.

The Perfect Storm for Ethereum Is in the MakingNot just for this month or quarter—but over the next several years—Ethereum appears set to outperform the broader crypto market, including Bitcoin. A combination of structural dominance, institutional adoption, and network innovation is creating the perfect storm for ETH’s long-term growth.

Ethereum Dominates the Stablecoin MarketEthereum accounts for over $169.4 billion in stablecoin issuance, representing more than half of the total supply across all blockchains. With U.S. regulators showing increasing support for stablecoins, corporate adoption is accelerating. Ethereum’s proven infrastructure positions it as the primary on-chain settlement layer for this booming sector.

Ethereum Leads the DeFi EcosystemWith over $100 billion in total value locked (TVL), Ethereum continues to dominate decentralized finance. Layer-2 networks like Arbitrum and Base are seeing record transaction volumes driven by DeFi applications built atop Ethereum. No competing chain has managed to replicate this scale or liquidity depth, reinforcing ETH’s position as DeFi’s financial backbone.

Ethereum Captures Institutional InterestInstitutional demand for ETH is surging. Companies like SharpLink, Bitmine, and Quantum Solutions are adding ETH to their treasuries, while inflows into Ethereum ETFs keep hitting new highs. Beyond accumulation, institutions are actively building on Ethereum—developing Layer-2 scaling solutions and tokenization products, signalling deep-rooted confidence in its future.

Ethereum Is the World ComputerWith a decade of 100% uptime and unmatched security, Ethereum remains the most reliable decentralized infrastructure ever built. Its recent Fusaka upgrade, along with upcoming advancements like zkVM, zkEthereum, and parallel scaling, promise exponential increases in efficiency and scalability.

Each of these four sectors—stablecoins, DeFi, institutions, and infrastructure—represents a trillion-dollar opportunity. Ethereum commands all four, making the projection of a multi-trillion-dollar market cap and $12,000–$24,000 ETH, as forecast by Fundstrat, a realistic long-term target.

What’s Next for ETH Price? Ethereum’s price is consolidating within a well-defined ascending parallel channel, reflecting a healthy long-term uptrend despite short-term volatility. While Bitcoin has dominated headlines, Ethereum continues to show strong structural strength, maintaining higher lows and gradually building upward momentum. The recent pullback aligns with a broader market cooldown ahead of macroeconomic events. Still, Ethereum’s on-chain activity, growing DeFi dominance, and institutional accumulation hint at a potential breakout phase once bullish momentum resumes across the broader crypto landscape.

The chart shows Ethereum trading near the midline of its ascending channel, currently finding support around $3,850–$3,680. The RSI at 52 suggests a neutral stance, leaving room for upside movement, while the MACD shows signs of a potential bullish crossover if momentum strengthens. A rebound from this zone could send ETH toward resistance levels at $4,270 and $4,869, whereas a breakdown below $3,539 may delay the rally. Overall, ETH maintains its long-term bullish market structure.

Wrapping it Up!Ethereum’s long-term outlook remains decisively bullish despite its current price lagging behind Bitcoin. The network’s dominance across stablecoins, DeFi, and institutional adoption, combined with ongoing scalability upgrades, positions ETH as the cornerstone of the next crypto expansion phase. Technically, the price structure continues to show higher lows, suggesting accumulation rather than exhaustion. As macro conditions stabilize and capital flows return to altcoins, Ethereum appears well-positioned to lead the next leg of the bull cycle, potentially reclaiming the $5,000 mark and beyond.

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Hyperliquid price traded around $47 on October 29, but with 21Shares filing for a spot exchange-traded fund tracking the HYPE token, fresh gains are likely to propel it above the crucial $50 mark.

Summary

Hyperliquid traded near $47 on Wednesday afternoon US time as most altcoins showed muted gains.
The token did not spike amid news of 21Shares filing for a HYPE spot ETF.
Several spot crypto ETFs are live in the U.S and sentiment is upbeat around the market.

While a new filing outlining a proposal to list an exchange-traded fund tracking Hyperliquid’s native token has failed to trigger immediate reaction across the market, the token’s price hovering around $47 means bulls are within range of the $50 level.

The asset manager 21Shares’ filing of Form S-1 for a Hyperliquid (HYPE) ETF on Wednesday came as the crypto market welcomed a trio of spot ETFs. 

Hyperliquid price amid ETF buzz
Solana, Litecoin and Hedera saw fund launches amid Securities and Exchange Commission’s accelerated listing standard.

Yet, the native tokens of these cryptocurrencies, namely SOL, LTC and HBAR all saw limited upside action as Bitcoin and Ethereum struggled. A bounce for equities that had Nvidia storming to world’s first $5 trillion company by market cap did not register for BTC and altcoins.

This outlook reflected in Hyperliquid price, with the token rejecting around $49.31 and revisiting lows of $46.29. However as crypto.news data shows, HYPE remains 30% up this past week. 

Although altcoins remained muted in the wake of Bitwise, Grayscale, and Canary’s launch of spot ETFs, analysts have pointed to decent debut volumes as a sign of what could follow. Spikes for these alts will likely cascade to markets eyeing more launches.

For HYPE, the S-1 registration statement filed with the SEC adds to a similar application from Bitwise. 21Shares submitted a 2x leveraged HYPE ETF filing to the SEC on October 17.

Apart from ETF hype, the Hyperliquid token has potential bullish catalysts in exchange listings, launch of Hyperliquid treasury strategies and overall market exuberance.

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

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

Shares of Albemarle NYSE: ALB, a bellwether for the lithium industry, have become a focal point for market tension. The stock recently surged 8.5% on a wave of analyst optimism, only to pivot sharply and close down 8.95% on Oct. 27 at $96.18.

Fiserv’s shares plummeted more than 40% on Wednesday and were set for a record single-day drop after the payments software company reported results below estimates and cut its growth forecast for the second consecutive quarter, with analysts calling the earnings “shockingly bad.”

The disappointing earnings highlight growing pressure on the fintech’s core payments and merchant business, which has struggled to maintain momentum amid fierce competition and a slowdown in consumer spending.

Fiserv also announced an overhaul of its senior leadership, appointing a new finance chief and two co-presidents.

“We need to change the way we forecast and communicate about our business and engage with analysts and investors,” Fiserv CEO Mike Lyons said in a call with analysts. Fiserv/Instagram
Management changes of this scale often point to internal challenges or a shift in strategy, deepening investor concerns about the company’s near-term outlook.

“We can no longer recommend Fiserv given what we consider a shocking third-quarter revenue and EPS miss and abrupt management transition,” analysts at William Blair said, as the brokerage downgraded the stock to “market perform” from “outperform.”

“This performance suggests to us that management took its eye off the ball at some point earlier this year.”

The broader economy faces multiple headwinds, with leading companies reporting slower consumer spending, particularly among lower-income households, as inflation and high interest rates weigh on budgets.

“Investor sentiment was already very weak,” analysts at BTIG said, adding that the “abysmal” third-quarter results and outlook for the year would only challenge investor appetite further.

Fiserv is primarily a business-to-business payments firm and provides critical back-end infrastructure for banks and financial institutions, underpinning key payment and merchant services that drive daily operations.

Fintech stocks also took a hit after Fiserv’s results, with FIS down 8.8%, Global Payments falling 6.7%, while Block and Jack Henry were down 3% and 4%, respectively.

“The traditional fintech group is selling off, but we think Fiserv’s challenges are company specific,” William Blair said.

Questions mount

The disappointing earnings highlight growing pressure on the fintech’s core payments and merchant business, which has struggled to maintain momentum amid fierce competition and a slowdown in consumer spending. StockMarketVisuals – stock.adobe.com
“We need to change the way we forecast and communicate about our business and engage with analysts and investors,” Fiserv CEO Mike Lyons said in a call with analysts.

Lyons said the forecast reset was taken after a “rigorous” analysis during the third quarter as the firm shifts its strategic focus away from short-term revenue initiatives, while experiencing a slowdown in growth in its Argentina business.

“This reset is about aligning structural versus cyclical growth and sustainable revenues and expenses versus short-term results,” Lyons said.

Fiserv now expects annual revenue growth of 3.5% to 4%, compared with its prior forecast of 10%. Annual adjusted profit per share is now expected between $8.50 and $8.60, down from its earlier forecast of $10.15 to $10.30.

“Our current performance is not where we want it to be nor where our stakeholders expect it to be,” Lyons said in a statement.

Slowing growth in Clover, Fiserv’s point-of-sale and business management platform, has been a key concern for investors this year.

Former CEO Frank Bisignano left earlier this year to go work for the Trump administration. Shutterstock
Fiserv reported third-quarter adjusted EPS of $2.04 per share, far below Wall Street estimates of $2.64 per share, according to data compiled by LSEG.

The results were impacted by significant deterioration of the Argentine peso and a jump in interest rates in Argentina during the quarter, Fiserv said.

Adjusted revenue of $4.92 billion also came in well below expectations of $5.36 billion, as its merchant solutions and financial solutions businesses lagged.

“The pressure the company is already seeing in the financial segment materialized much earlier than we anticipated, and the magnitude of headwinds in both segments is concerning,” brokerage JPMorgan said.

Payments firm PayPal flagged smaller basket sizes and cautious shoppers earlier this week.

Management overhaul
As part of the leadership overhaul, Fiserv named Paul Todd its chief financial officer. He previously was the finance boss of Global Payments and succeeds Robert Hau, who is set to become a senior adviser through the first quarter of 2026.

The leadership reshuffle comes as Lyons, who took the helm at Fiserv only months ago, seeks to steer the company through mounting investor concerns and a challenging business environment.

Amid intense investor scrutiny around Clover, Lyons said earlier this year he had walked into a “bit of a firestorm.”

Including session moves, the stock has lost nearly 64% of its value so far this year. If current losses hold, they will erase roughly $29 billion from the company’s market cap, according to Reuters’ calculation.

“Our view is that investor confidence will be shaken to the extent that Fiserv becomes a multi-quarter turnaround with significantly diminished visibility,” William Blair said.

Fortive Corporation beat earnings expectations this morning, delivering adjusted EPS of $0.68 against a $0.57 estimate and raising full-year guidance.

Key Takeaways Stride's Q1 FY26 EPS rose to $1.52, beating estimates and up from 94 cents in the prior-year.Revenues climbed 12.7% YoY to $620.9M, led by strong General Education and Career Learning.After results, LRN stock jumped 39.4% as enrollments and tech-focused learning demand drove momentum.
Stride, Inc. (LRN - Free Report) reported first-quarter fiscal 2026 results, with both earnings and revenues surpassing the Zacks Consensus Estimate. Additionally, both the top and bottom lines increased year over year.

The company’s growth has been driven by strong performance in its General Education and Career Learning segments, along with sustained demand for its core offerings. Investments in upgrading learning and technology platforms, supported by partnerships with industry-leading third-party providers, have also contributed to this momentum. Stride continues to focus on meeting the diverse needs of families seeking flexible, personalized, career-oriented and tech-enabled education at an affordable cost.

Following the result, LRN stock rallied 39.4% during after-hours trading yesterday.

LRN’s Q1 Earnings & Revenue DiscussionStride reported adjusted earnings per share (EPS) of $1.52, which surpassed the Zacks Consensus Estimate of $1.23 by 23.6%. In the year-ago quarter, the company reported an adjusted EPS of $1.09.

Revenues of $620.9 million beat the consensus estimate of $615 million by 1% and were up 12.7% year over year. Total enrollment for the quarter climbed 11.3% year over year, reaching a record 247,700 students. Record enrollment once again reflects growing demand, as more families turn to alternative education options. Average revenue per student rose 3.7% from a year ago to $2,388.

Q1 Segmental Performance of StrideGeneral Education: Revenues in this segment totaled $363.1 million, up 10.2% from the year-ago quarter. Enrollments grew 5.2% to 137,700 students.

Career Learning: Career Learning’s Middle-High School revenues for the quarter were $241.5 million, up more than 21% year over year. Career Learning Adult School revenues for the quarter were $16.3 million compared with $22.8 million in the prior-year quarter. Total Career Learning enrollments increased 20% to 110,000 students.

Operational performance of LRNStride’s gross margin for the fiscal first quarter was 39%, down 20 basis points from the prior-year quarter. Selling, general and administrative (SG&A) expenses totaled $173.1 million, up 3% year over year.

Adjusted EBITDA was $108.4 million, compared with $83.9 million from the prior-year quarter.

Balance Sheet of LRNAs of Sept. 30, 2025, Stride’s cash and cash equivalents and marketable securities were $749.6 million, down from $1,011.4 million reported at June 30, 2025.

Capital expenditures, as of Sept. 30, 2025, were $21.7 million, down from $14.8 million as of Sept. 30, 2024.

Q2 Guidance by StrideFor second-quarter fiscal 2026, Stride is expecting revenues in the range of $620-$640 million. Capital expenditures are projected to be in the range of $15-$18 million.

Adjusted operating income is anticipated to be between $135 million and $145 million.

Stride’s FY26 OutlookFor fiscal 2026, Stride is expecting revenues in the range of $2.48 billion to $2.555 billion. Capital expenditures are projected to be in the range of $70-$80 million.

Adjusted operating income is anticipated to be between $475 million and $500 million.

LRN’s Zacks Rank & Recent Consumer Discretionary ReleasesHilton Worldwide Holdings Inc. (HLT - Free Report) reported third-quarter 2025 results, wherein earnings and revenues surpassed the Zacks Consensus Estimate. The top and bottom lines increased on a year-over-year basis.

Hilton’s results were supported by its resilient business model, which delivered strong bottom-line performance despite softer RevPAR trends. Growth was driven by a robust development pipeline, increased construction starts and strong demand for brand conversions. Global expansion and sustained net unit growth momentum further reinforced Hilton’s performance and outlook confidence.

Hasbro, Inc. (HAS - Free Report) reported third-quarter fiscal 2025 results, with earnings and revenues beating the Zacks Consensus Estimate. The top line increased year over year, while the bottom line declined from the prior-year quarter’s figure. The downside was mainly due to weaker contributions from the Consumer Products segment.

Nonetheless, Hasbro raised its full-year revenue and adjusted EBITDA guidance. The update was supported by strong performance in the Wizards segment, along with steady contributions from the games portfolio, licensing partnerships and execution of the “Playing to Win” strategy. Despite ongoing macroeconomic challenges, Hasbro expects cost efficiency measures and business diversification to support its growth plans for 2025 and beyond.

Mattel, Inc. (MAT - Free Report) reported third-quarter 2025 results, with both earnings and revenues missing the Zacks Consensus Estimate. The top and bottom lines also fell year over year from the prior-year quarter’s figure.

Mattel delivered a soft performance in the quarter, likely impacted by global trade dynamics, shifting retailer ordering patterns across the industry, and ongoing uncertainty surrounding tariff conditions. Key segments such as Barbie and Fisher-Price continued to face headwinds, resulting in lower gross billings. Despite these challenges, point-of-sale momentum remains positive both in the U.S. and international markets. Mattel has reiterated its full-year guidance for 2025.

Key Takeaways Masco's Q3 earnings and sales miss estimates as Decorative Architectural Products weighed on performance.Plumbing segment growth and stable margins could not offset weakness and overall profitability decline.MAS trimmed its 2025 EPS outlook amid soft demand but remains focused on innovation and shareholder returns.
Masco Corporation (MAS - Free Report) posted lackluster third-quarter 2025 results, wherein the adjusted earnings and net sales missed the Zacks Consensus Estimate and tumbled year over year.

The quarter’s performance was hurt due to the weak contributions from the Decorative Architectural Products segment, which outweighed the improved performance of the Plumbing Products segment. The ongoing uncertainties in the global economy and tariff-related risks are restricting the company’s near-term prospects.

However, its innovative product portfolio and focus on aligning execution per the market’s trends are expected to boost long-term trends and enable it to maintain shareholder value.

Following the financial release, MAS stock moved down 7.6% in today’s pre-market trading session.

Inside MAS’ HeadlinesThe company reported adjusted earnings per share (EPS) of 97 cents, which missed the Zacks Consensus Estimate of $1.02 by 4.9%. In the year-ago quarter, it reported an adjusted EPS of $1.08.

Net sales of $1.92 billion also missed the consensus mark of $1.94 billion by 1.1% and declined 3% from the prior-year period. Excluding divestitures, net sales decreased 2% year over year.

Net sales in the North American region slipped 6% (in local currency) from the prior year, while International sales remained flat year over year in local currency.

Masco’s Segmental AnalysisPlumbing Products: Net sales in the segment rose 2% year over year to $1.25 billion (slightly down from our model’s projection of $1.26 billion). In local currency, net sales inched up 1% year over year.

The adjusted operating margin contracted 350 basis points (bps) year over year to 16.4%. Adjusted EBITDA during the quarter came in at $232 million, down from $269 million reported in the prior-year quarter.

Decorative Architectural Products: The segment reported sales of $670 million (up from our projection of $666.6 million), down 12% from the prior-year period. In local currency and after excluding divestitures, the segment’s net sales decreased 6% year over year.

Adjusted operating margin expanded 100 bps from the prior-year level to 19.1%. Adjusted EBITDA came in at $136 million, down from the prior-year figure of $147 million.

Margin Performance of MASAdjusted gross margin during the quarter contracted 210 bps from the prior-year level to 34.6%. Adjusted selling, general and administrative expenses — as a percentage of net sales — were down 20 bps to 18.4% from the year-ago figure of 18.6%.

Adjusted operating margin decreased 190 bps on a year-over-year basis to 16.3% (up from our model’s expected value of 15.7%). Adjusted EBITDA during the quarter came in at $349 million (up from our expected value of $342.8 million) compared with $397 million reported in the prior-year quarter.

Financial Highlights of MASAs of Sept. 30, 2025, Masco had a total liquidity of $1.56 billion compared with $1.65 billion as of Sept. 30, 2024. This includes cash and cash investments of $559 million and revolver availability of $1 billion. Long-term debt as of the third quarter was $2.95 billion, in line with 2024-end.

During the reported quarter, the company repurchased 1.8 million shares for about $124 million. Masco’s board of directors has announced a quarterly dividend of $0.31 per share, scheduled to be paid on Nov. 24, 2025, to shareholders of record as of Nov. 7.

Masco Updates 2025 OutlookThe company expects net sales to be down in low single digits year over year, with an adjusted operating margin of approximately 16.5% (compared with 17.5% in 2024).

Plumbing Products’ net sales are expected to be up in low single digits and the adjusted operating margin is anticipated to be about 18% (compared with 19% in 2024). Decorative Architectural Products’ net sales are expected to be down in low double digits (down mid-single digits excluding divestitures). This segment’s adjusted operating margin is expected to be about 18% (compared with 18.5% in 2024).

Adjusted EPS is now expected to be between $3.90 and $3.95 compared with $3.90-$4.10 expected earlier. The revised range compares with the adjusted EPS of $4.10 reported in 2024.

MAS’ Zacks Rank & Recent Construction ReleasesMasco currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

United Rentals, Inc.’s (URI - Free Report) third-quarter 2025 EPS missed the Zacks Consensus Estimate and revenues beat the same. On a year-over-year basis, the top line increased, but the bottom line declined.

United Rentals reported record third-quarter revenues and adjusted EBITDA, driven by strong demand across construction and industrial end markets. Growth in both general rentals and specialty segments supported the results. Customer optimism, healthy backlogs and seasonal activity contributed to the overall strength. For 2025, United Rentals expects total revenues to be in the range of $16-$16.2 billion compared with $15.8-$16.1 billion expected earlier.

D.R. Horton, Inc. (DHI - Free Report) reported mixed fourth-quarter fiscal 2025 (ended Sept. 30, 2025) results, with earnings missing Zacks Consensus Estimate, while the total revenues beat the same.  On a year-over-year basis, both metrics declined.

The continued housing market softness due to declining consumer confidence and affordability concerns marred D.R. Horton’s quarterly performance, resulting in lower home closings. Although the company is actively engaging in offering necessary sales incentives to drive traffic and incremental sales, it is adversely impacting the bottom line. Nonetheless, D.R. Horton’s strong liquidity, low leverage and national scale offer significant operational and financial flexibility.

PulteGroup Inc. (PHM - Free Report) has reported better-than-expected third-quarter 2025 results, wherein adjusted earnings and total revenues handily beat the Zacks Consensus Estimate. However, the metrics declined year over year.

The performance of PulteGroup was hurt during the quarter due to the current softness in the housing market because of weaker consumer confidence and ongoing affordability challenges. Moreover, increases in direct costs related to home and land sales hurt the bottom line, alongside a decline in revenues. Nonetheless, with a diversified business platform, PulteGroup aims to counter the macro challenges and position itself for better growth prospects in the upcoming period.

First Quantum Minerals Ltd. (FM:CA) Q3 2025 Earnings Call October 29, 2025 9:00 AM EDT

Company Participants

Bonita To - Director of Investor Relations
Tristan Pascall - CEO & Director
Rudi Badenhorst - Chief Operating Officer
Ryan MacWilliam - Chief Financial Officer

Conference Call Participants

Ralph Profiti - Stifel Nicolaus Canada Inc., Research Division
Orest Wowkodaw - Scotiabank Global Banking and Markets, Research Division
Marcio Farid Filho - Goldman Sachs Group, Inc., Research Division
Myles Allsop - UBS Investment Bank, Research Division
Lawson Winder - BofA Securities, Research Division
Anita Soni - CIBC Capital Markets, Research Division
Dalton Baretto - Canaccord Genuity Corp., Research Division

Presentation

Operator

Ladies and gentlemen, thank you for standing by. My name is Desiree, and I will be your conference operator today. At this time, I would like to welcome everyone to the First Quantum Minerals Third Quarter 2025 Results Conference Call. [Operator Instructions] After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]

I would now like to turn the conference over to Bonita To, Director, Investor Relations. You may begin.

Bonita To
Director of Investor Relations

Thank you, Desiree, and thank you, everyone, for joining us today to discuss our third quarter results. During the call, we will be making forward-looking statements. And as such, I encourage you to read the cautionary notes that accompany this presentation, our MD&A and the related news release. As a reminder, the presentation is available on our website and that all dollar references are in U.S. dollars unless otherwise noted. On today's call are Tristan Pascall, our Chief Executive Officer; Ryan MacWilliam, our Chief Financial Officer; and Rudi Badenhorst, our Chief Operating Officer.

And with that, I will turn the call over to Tristan for opening remarks.

Tristan Pascall
CEO & Director

Thank you, Bonita, and thank you to everybody for joining us today

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Urban Edge Properties (UE) Q3 2025 Earnings Call October 29, 2025 8:30 AM EDT

Company Participants

Areeba Ahmed - Investor Relations & ESG Associate
Jeffrey Olson - Chairman & CEO
Jeffrey Mooallem - Executive VP & COO
Mark Langer - Executive VP & CFO

Conference Call Participants

Michael Goldsmith - UBS Investment Bank, Research Division
Michael Griffin - Evercore ISI Institutional Equities, Research Division
Floris Gerbrand Van Dijkum - Ladenburg Thalmann & Co. Inc., Research Division
Michael Gorman - BTIG, LLC, Research Division
Paulina Rojas-Schmidt

Presentation

Operator

Greetings, and welcome to the Urban Edge Properties' Third Quarter 2025 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Areeba Ahmed, Investor Relations Associate. Thank you. You may begin.

Areeba Ahmed
Investor Relations & ESG Associate

Good morning, and welcome to Urban Edge Properties' Third Quarter 2025 Earnings Conference Call. Joining me today are Jeff Olson, Chairman and Chief Executive Officer; Jeff Mooallem, Chief Operating Officer; Mark Langer, Chief Financial Officer; Heather Ohlberg, General Counsel; Scott Auster, EVP and Head of Leasing; and Andrea Drazin, Chief Accounting Officer.

Please note, today's discussion may contain forward-looking statements about the company's views of future events and financial performance, which are subject to numerous assumptions, risks and uncertainties, and which the company does not undertake to update. Our actual results, financial condition and business may differ. Please refer to our filings with the SEC, which are also available on our website for more information about the company.

In our discussion today, we will refer to certain non-GAAP financial measures. Reconciliations of these measures to GAAP results are available in our earnings release and our supplemental disclosure package. At this time, it is my pleasure to introduce our Chairman and Chief Executive Officer, Jeff Olson.

Jeffrey Olson
Chairman & CEO

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In Brief

Posted:

11:07 AM PDT · October 29, 2025

Image Credits:Budrul Chukrut/SOPA Images/LightRocket / Getty Images

Microsoft Azure, the cloud computing service provided by the company, is experiencing a significant outage on Wednesday. The problems started around 12 p.m. ET, and Microsoft has acknowledged the issue on the service’s status page.

According to Microsoft, “We suspect that an inadvertent configuration change triggered this issue.” The company has not indicated when service will be restored.

Multiple Microsoft services have gone offline as part of this outage, including Microsoft 365, Xbox, and Minecraft. Websites from other businesses, such as Costco and Starbucks, are also inaccessible.

This outage takes place just hours before Microsoft is scheduled to announce its earnings results this afternoon.

It also follows a recent outage experienced by Amazon AWS a week ago. The incident affected various websites, banks, and certain government services.

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Key Takeaways REG's Q3 FFO per share of $1.15 met estimates, up 7.5% from last year.Total revenues climbed 7.6% to $387.6 million, surpassing expectations.Same-property NOI rose 4.8%, supported by rent growth and higher occupancy.
Regency Centers Corporation (REG - Free Report) reported third-quarter 2025 NAREIT funds from operations (FFO) per share of $1.15, in line with the Zacks Consensus Estimate. The figure increased 7.5% from the prior-year quarter.

Results reflect healthy leasing activity. It witnessed a year-over-year improvement in the same-property net operating income (NOI) and base rents during the quarter. The company increased its 2025 NAREIT FFO per share outlook.

Total revenues of $387.6 million increased 7.6% from the year-ago period. The figure surpassed the Zacks Consensus Estimate of $385.3 million.

Per Lisa Palmer, president and CEO of Regency, “Our results reflect the tremendous talent of our team, driving strong revenue growth and successfully executing on our capital allocation strategy. So far this year, we have deployed more than $750 million of capital into accretive investments, enhancing our strong organic growth.”

Subsequent to quarter-end, Regency's board of directors declared a quarterly cash dividend on the company's common stock of 75.5 cents per share. This reflects an increase of more than 7% from the prior payout.

REG’s Q3 in DetailIn the third quarter, Regency Centers executed approximately 1.8 million square feet of comparable new and renewal leases at a blended cash rent spread of 12.8%.

As of Sept. 30, 2025, REG’s same property portfolio was 96.4% leased, up 40 basis points (bps) year over year.

The same-property anchor percent leased (includes spaces greater than or equal to 10,000 square feet) was 98%, increasing 10 bps year over year.

The same-property shop percent leased (includes spaces less than 10,000 square feet) was 93.9%, increasing 80 bps year over year.

The same-property NOI, excluding lease termination fees, increased 4.8% on a year-over-year basis to $273.5 million. The same-property base rent growth contributed 4.7% to the same-property NOI growth in the quarter.

As of Sept. 30, 2025, Regency Centers’ in-process development and redevelopment projects have estimated net project costs of $668 million at the company’s share. So far, it has incurred 51% of the cost.

REG’s Portfolio ActivityIn the third quarter of 2025, Regency Centers acquired a portfolio of five shopping centers located within the Rancho Mission Viejo master planned community in Orange County, CA, for $357 million. In the quarter, the company disposed of five assets for approximately $32 million.

In the third quarter, the company acquired its partner's 50% interest in Chestnut Ridge Shopping Center in Montvale, NJ, for nearly $9.2 million, and now owns 100% of the asset. It also acquired its partner's 50% interest in Baybrook East and 47% interest in The Market at Springwoods Village, both in Houston, TX, for a combined total of $34 million and now owns 100% of both assets.

Following the quarter end, REG disposed of Hammocks Town Center in Miami for nearly $72 million.

REG’s Balance SheetAs of Sept. 30, 2025, this retail REIT had nearly $1.5 billion of capacity under its revolving credit facility. As of the same date, its pro-rata net debt and preferred stock to trailing 12 months (TTM) operating EBITDAre were 5.3X.

REG’s 2025 OutlookRegency Centers has increased its 2025 NAREIT FFO per share guidance in the range of $4.62-$4.64, compared to the prior guidance $4.59-$4.63. The Zacks Consensus Estimate is presently pegged at $4.60, which is below the guided range.

Regency Centers currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Upcoming Earnings ReleasesWe now look forward to the earnings releases of other retail REITs, such as Federal Realty Investment Trust (FRT - Free Report) and Simon Property Group (SPG - Free Report) , which are slated to report on Oct. 31 and Nov. 3, respectively.

The Zacks Consensus Estimate for Federal Realty Investment Trust’s third-quarter 2025 FFO per share is pegged at $1.76, implying a 2.9% year-over-year increase. FRT currently carries a Zacks Rank #3.

The Zacks Consensus Estimate for Simon’s third-quarter 2025 FFO per share stands at $3.09, indicating an 8.8% rise year over year. SPG currently has a Zacks Rank #3.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

Key Takeaways RNR's Q3 operating income per share jumped 52.7% YOY and beat estimates by 64.6%.Lower expenses and strong Property underwriting drove the quarter's profit surge.Casualty & Specialty unit posted a wider underwriting loss as net premiums earned declined.
RenaissanceRe Holdings Ltd. (RNR - Free Report) reported a third-quarter 2025 operating income of $15.62 per share, which outpaced the Zacks Consensus Estimate by a whopping 64.6%. The bottom line soared 52.7% year over year. 

Total operating revenues of $2.9 billion tumbled 4.5% year over year. The top line missed the consensus mark by 3.7%. 

The quarterly results benefited from a decline in expenses and strong underwriting performance, particularly in the Property segment. Improved net investment income also contributed to the upside. However, the upside was partly offset by lower net premiums earned across both segments and softer underwriting results in the Casualty & Specialty unit.

RenaissanceRe’s Quarterly Operational UpdateGross premiums written slipped 3.2% year over year to $2.3 billion, which fell short of our estimate of $2.5 billion.    

Net premiums earned of $2.4 billion declined 5.8% year over year. The metric missed the Zacks Consensus Estimate of $2.56 billion and our estimate of $2.59 billion.  

Net investment income came in at $438.4 million, which grew 3.4% year over year in the quarter under review, attributable to improved average invested assets in the fixed-maturity investment portfolios. The metric beat the consensus mark of $420 million and our estimate of $418.6 million.   

Total expenses decreased 23.3% year over year to $1.7 billion, lower than our estimate of $2.6 billion. The year-over-year decline resulted from a decline in net claims and claim expenses incurred, acquisition costs and operational expenses. 

RenaissanceRe reported an underwriting income of $770.2 million in the third quarter, which jumped 95.6% year over year. The combined ratio improved 1,640 basis points (bps) year over year to 68.4%. 

Book value per common share was $231.23 as of Sept. 30, 2025, which improved 14.5% year over year. Annualized operating return on average common equity improved 650 bps year over year to 28.2%.

RenaissanceRe’s Segmental UpdateProperty SegmentThe segment recorded gross premiums written of $733.3 million in the third quarter, which fell 7.3% year over year and missed our estimate of $793 million. The metric was hurt by the prior accident years' favorable development. 

Net premiums earned decreased 5.8% year over year to $936.9 million. The reported figure lagged the Zacks Consensus Estimate of $1.06 billion and our estimate of $1.1 billion.

It generated an underwriting income of $791.5 million, which doubled year over year. The combined ratio improved 4,480 bps year over year to 15.5% on the back of a decline in current accident year net losses and higher prior accident year net favorable development.

Casualty & Specialty SegmentThe unit’s gross premiums written dipped 1.2% year over year to $1.6 billion, lower than our estimate of $1.7 billion. The metric was hurt by reduced premiums derived from the casualty lines of business. 

Net premiums earned totaled $1.5 billion, which tumbled 5.7% year over year in the quarter under review. The reported figure marginally missed the Zacks Consensus Estimate. 

The segment incurred an underwriting loss of $21.3 million, wider than the prior-year quarter’s loss of $0.9 million. The combined ratio deteriorated 130 bps year over year to 101.4%.

RenaissanceRe’s Financial Position (As of Sept. 30, 2025)RenaissanceRe exited the third quarter with cash and cash equivalents of $1.7 billion, which inched up 1.5% from the 2024-end level. 

Total assets of $54.5 billion increased 7.5% from the figure at 2024-end. 

Debt amounted to $2.2 billion, up 18.2% from the figure as of Dec. 31, 2024. 

Total shareholders’ equity of $11.5 billion advanced 8.8% from the 2024-end level.

RenaissanceRe’s Share Repurchase UpdateRenaissanceRe bought back common shares worth around $205.2 million in the third quarter. From Oct. 1, 2025, to Oct. 24, 2025, additional share repurchases of $100 million were made.

RNR’s Zacks RankRenaissanceRe currently carries a Zacks Rank #2 (Buy).  You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Performance of Other InsurersOf the insurance industry players that have reported third-quarter 2025 results so far, the bottom-line results of W. R. Berkley Corporation (WRB - Free Report) , Chubb Limited (CB - Free Report) and First American Financial Corporation (FAF - Free Report) beat the respective Zacks Consensus Estimate.

W.R. Berkley reported third-quarter 2025 operating income of $1.10 per share, which beat the Zacks Consensus Estimate of $1.03 per share by 2.8%. The bottom line increased 18.3% year over year. Net premiums written were $3.4 billion, up 5.5% year over year. Net investment income grew 8.5% to $351.2 million. Operating revenues came in at $3.6 billion, up 8.2% year over year. The top line beat the consensus estimate by 0.4%. The consolidated combined ratio remained flat year over year at 90.9. 

Net premiums written at the Insurance segment increased 5.1% year over year to $2.8 billion in the quarter. Our estimate was $2.9 billion. The combined ratio deteriorated 80 bps to 92.3. Net premiums written in the Reinsurance & Monoline Excess segment increased 8.6% year over year to $417.1 million. The combined ratio improved 560 bps to 87. 

Chubb’s third-quarter 2025 core operating income of $7.49 per share beat the Zacks Consensus Estimate by 26%. The bottom line increased 30.9% year over year. Net premiums written improved 7.5% year over year to $14.8 billion in the quarter. Pre-tax net investment income was $1.65 billion, up 9.3% year over year. Revenues of $16.1 billion beat the consensus estimate by 1.6% and improved 7.4% year over year.

Property and casualty (P&C) underwriting income was $2.2 billion, up 55% year over year. The P&C combined ratio improved 590 basis points (bps) on a year-over-year basis to 81.8% in the quarter under review. The North America Commercial P&C Insurance unit’s net premiums written increased 2.9% year over year to $5.6 billion. Net premiums written in the North America Personal P&C Insurance segment climbed 8.1% year over year to $1.8 billion. 

First American Financial reported third-quarter 2025 operating income per share of $1.70, which beat the Zacks Consensus Estimate by 19.7%. The bottom line increased 26.8% year over year. Operating revenues of $1.9 billion increased 40.7% year over year. The top line also beat the Zacks Consensus Estimate by 6.8%. Investment income was $163.8 million in the third quarter, up 11.7% year over year. The Title Insurance and Service unit’s total revenues increased 42% year over year to $1.8 billion. 

Title open orders increased 15.2% to 191,300. Title closed orders increased 16.6% to 141,800. The average revenue per direct title order increased 22% to $16,100. In the Home Warranty segment, total revenues increased 3.3% to $114.6 million, lower than our estimate of $115.8 million. Pretax income of $16 million increased 80% year over year. The claim loss rate declined to 47% in the reported quarter. The pretax margin was 14.1%, expanding 600 bps year over year.

Oct 29, 2025, 02:04pm EDT

ToplineGeneral Motors will lay off about 1,200 workers at its electric vehicle plant in Detroit, the automaker told multiple outlets on Wednesday, as well as 550 at a battery facility in Ohio as the company responds to “slower” electric vehicle adoption.

The job cuts will take place at an EV plant in Detroit and a battery plant in Ohio.

Getty Images

Key FactsThis is a breaking story and will be updated.

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US-traded spot Ethereum exchange-traded funds (ETFs) recorded persistent outflows during late September and mid-October, periods that coincided with relative weakness in the ETH/BTC ratio.

Yet, non-US inflows and continued staking growth blunted the price impact, suggesting the headwind is episodic rather than structural.

The question of whether ETF redemptions drive Ether’s underperformance against Bitcoin requires parsing flow data alongside derivatives positioning, staking supply sinks, and regional divergences.

ETF creations and redemptions reflect authorized-participant activity rather than direct buying or selling, and their relationship to price is conditional on broader market structure, such as funding rates, basis spreads, and competing yield opportunities.

The evidence shows outflow windows correspond to ETH/BTC softness when derivatives positioning turns negative, but staking inflows and European buying have repeatedly absorbed US selling pressure, limiting the transmission from flows to spot.

Flow patterns and timingUS spot Ether ETFs swung between heavy inflows in July and August and multi-week outflow periods in late September and mid-to-late October.

The week ending Sept. 26 saw record US redemptions of approximately $796 million, concentrated in Grayscale’s ETHE as investors rotated to lower-fee products or exited positions entirely.

Outflows resumed around Oct. 23-24, with the week ending Oct. 27 recording roughly $169 million in net redemptions across US Ether ETPs.

Those periods aligned with ETH/BTC declines on a weekly close-to-close basis, supporting the hypothesis that flows carry a price signal.

ETH/BTC declined during four net-outflow weeks with a –0.53 correlation between U.S. ETF flows and weekly ratio changes from late September through October.The opposite pattern appeared in early October. The week ending Oct. 6 brought approximately $1.48 billion in net inflows to the US.

Ether ETFs during a broader risk-on environment, and ETH/BTC stabilized or ticked higher. That correlation between inflows and relative strength, and outflows and relative weakness, holds across the July-to-October window when aggregated to weekly frequency.

However, the relationship is noisy at daily intervals and breaks down when regional or derivatives factors dominate.

Non-US Ether exchange-traded products complicate the narrative. CoinShares data show Germany, Switzerland, and Canada absorbed Ether ETPs during mid-October US outflows, resulting in net global inflows in some weeks despite US redemptions.

Hong Kong’s spot Ether ETFs remain smaller but add a second ex-U.S. data point as that market matures.

The regional divergence implies US flows are necessary for price modeling but not sufficient, global demand can offset domestic selling, particularly when European investors view drawdowns as entry points.

Derivatives amplify flow signalsThe relationship between ETF flows and ETH/BTC performance strengthens when derivatives positioning agrees.

CME Ether futures open interest and perpetual funding rates act as amplifiers. When the three-month annualized basis slips into negative territory and funding rates turn negative, outflow-driven price pressure intensifies.

Conversely, positive basis and elevated funding can mute the impact of redemptions by signaling speculative demand and willingness to pay for leverage.

Data from CME Group show Ether futures open interest climbing through October, reflecting heightened institutional participation around the flow cycles.

Weighted average perpetual funding rates tracked by aggregators turned negative during the late-September outflow window and again in mid-October, suggesting leveraged long positions unwound alongside ETF redemptions.

That dual pressure, spot selling via ETF redemptions and derivatives deleveraging, appears to drive the periods of sharpest ETH/BTC underperformance.

When the basis and funding stabilize or turn positive, the flow-price link weakens. Early October’s inflow surge corresponded with a shift to positive funding and firmer basis, and ETH/BTC stopped declining despite mixed signals elsewhere in crypto markets.

The interaction term between flow direction and derivatives positioning is more predictive than flows alone, matching prior research on Bitcoin ETFs, which found that flows explain roughly 32% of daily price variance when isolated but gain explanatory power when combined with leverage metrics.

Staking and liquid staking tokens as supply sinksEthereum’s Beacon Chain validator count continued rising through October, with net validator entries absorbing ETH supply that might otherwise flow to exchanges or ETF redemption baskets.

Liquid staking token protocols, including Lido’s stETH, Coinbase’s cbETH, and Rocket Pool’s rETH, also recorded supply growth during the outflow windows, indicating organic staking demand persisted independent of ETF activity.

Quantifying the offset requires comparing weekly changes in staked ETH and LST outstanding against weekly ETF net flows.

Beacon Chain data show validator additions equivalent to tens of thousands of ETH per week during September and October, while LST supply growth tracked similar magnitudes.

When combined, staking sinks often matched or exceeded US ETF outflows every week, suggesting that redemptions removed ETH from exchange-traded wrappers without flooding spot markets, as staking absorbed the released supply.

Tokenized US Treasuries offering four to 5% yields on-chain represent a competing destination for capital that might otherwise allocate to ETH or Ether ETFs.

Real-world asset protocols reported tokenized Treasury supply ranging from $5.5 billion to $8.6 billion through 2025, providing a risk-free rate alternative that can siphon inflows during periods when Ether’s total return lags short-term rates.

The competition is most acute among institutional allocators, who compare Ether ETFs with tokenized money-market instruments, particularly when ETH volatility rises or the ETH/BTC ratio stagnates.

Measuring the flow-price relationship requires weekly aggregation to smooth intraday noise and alignment with ETH/BTC weekly closes to capture relative performance.

Correlations between net weekly ETF flows and weekly ETH/BTC returns are positive during the July-to-October window. Still, the coefficient varies depending on whether derivative positioning and regional flows are included as controls.

Adding interaction terms for basis state and funding direction improves fit, confirming that flows matter most when derivatives agree.

ETF creations and redemptions reflect authorized-participant activity in response to premium/discount dynamics and end-investor orders, not direct market-making.

Daily flow prints can be revised, and issuer-level differences in fees and tax-lot structure create noise in aggregate series.

The analysis also assumes that flows translate into spot buying or selling, which holds when authorized participants hedge creation/redemption baskets in spot markets but breaks down when hedging occurs via derivatives or over-the-counter desks.

The lag between reported flows and actual market impact can span hours to days, complicating intraday correlation tests and supporting weekly frequency as the appropriate unit of analysis.

What to monitor nextETF flows will continue signaling marginal demand shifts, but their predictive value depends on confirming signals from derivatives and regional data.

Weekly monitoring should track US net flows, non-US ETP direction, on a three-month basis, weighted perpetual funding, and validator queue depth.

When US outflows coincide with negative basis, negative funding, and flat staking growth, the headwind intensifies. When European or Canadian inflows offset US redemptions, or when staking absorbs released supply, the price impact fades.

Catalysts that could flip the flow regime include Ethereum protocol upgrades that affect staking economics, changes in US ETF fee structures that reduce ETHE’s cost disadvantage, or macro shifts that compress Treasury yields and reduce RWA competition.

The relationship between flows and ETH/BTC also depends on Bitcoin’s own ETF dynamics. If Bitcoin ETFs see heavy inflows while Ether ETFs face redemptions, the relative underperformance compounds.

Tracking both asset classes in parallel provides the cleanest read on whether Ether-specific factors or broader crypto sentiment drives the ratio.

US spot Ether ETF outflows have corresponded with ETH/BTC weakness when derivatives positioning and regional flows align, but staking growth and non-U.S. buying have repeatedly absorbed redemptions and limited spot price transmission.

The headwind is real during concentrated outflow windows with negative basis and funding, but it is episodic rather than structural.

Flows matter most as a risk indicator that confirms or contradicts signals from derivatives, staking, and cross-border demand, not as a standalone driver of Ether’s relative performance.

Mentioned in this article

Original U.Today article

Wed, 29/10/2025 - 16:35

Can the rate of Binance Coin (BNB) remain above $1,000 until the end of the week?

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

By the middle of the week, most of the coins have come back to the red zone, according to CoinMarketCap.

Top coins by CoinMarketCap BNB/USDThe price of Binance Coin (BNB) has declined by 3.26% over the last day.

Image by TradingViewOn the hourly chart, the rate of BNB is looking bearish, as it is about to break the local support of $1,100. If that happens, the drop is likely to continue to the $1,080 mark.

Image by TradingViewOn the longer time frame, there are no reversal signals yet. As the price of the native exchange coin is far from key levels, one should focus on the interim level of $1,100. 

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If bulls lose this mark, there is a high chance of witnessing a test of the $1,050 zone.

Image by TradingViewFrom the midterm point of view, the rate of BNB has made a false breakout of the previous bar peak of $1,161. If the weekly candle closes far from that mark, the correction may continue to the $1,000 area.

BNB is trading at $1,096 at press time.

Related articles

Original U.Today article

Wed, 29/10/2025 - 16:41

Can bulls return the rate of Ethereum (ETH) above $4,000 by the end of the week?

Cover image via U.Today

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Most of the top 10 coins are in the red area today, according to CoinStats.

Top coins by CoinStatsETH/USDThe price of Ethereum (ETH) has declined by 3.33% since yesterday.

Image by TradingViewOn the hourly chart, the rate of ETH has made a false breakout of the local support of $3,941. However, if a bounce back does not happen, traders may see a further drop to the $3,900 mark.

Image by TradingViewOn the longer time frame, there are no reversal signals yet. The price of the main altcoin is far from main levels, which means there are low chances of seeing sharp moves soon. 

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In this case, sideways trading in the zone of $3,900-$4,050 is the most likely scenario.

Image by TradingViewFrom the midterm point of view, the situation is similar. The volume keeps falling, which means traders are unlikely to see increased volatility shortly.

Ethereum is trading at $3,966 at press time.

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Ondo Global Markets is bringing its suite of tokenized U.S. equities to BNB Chain’s millions of daily users in a strategic move to capture global demand for accessible, on-chain stock trading.

Summary

Ondo Global Markets launches on BNB Chain, bringing access to 100+ tokenized U.S. stocks and ETFs.
Integration with PancakeSwap aims to boost liquidity for tokenized equities.
Expansion supports Ondo’s regulated multi-chain strategy as TVL nears $1.8 billion.

In an announcement on Oct. 29, Ondo Finance said its Ondo Global Markets platform is now live on BNB Chain. The deployment makes over 100 tokenized U.S. stocks and ETFs, including major names like Apple and Tesla, accessible to the network’s 3.4 million daily active users.

“Expanding Ondo Global Markets to BNB Chain allows us to bring tokenized U.S. stocks and ETFs to millions of users across Asia, Latin America, and other geographies, in an environment that is fast, cost-efficient, and highly interoperable. This is a major step toward making U.S. markets globally accessible through blockchain technology,” Ondo Finance CEO Nathan Allman said.

The platform, which locked up $350 million in assets within weeks of its September launch, will integrate with core BNB infrastructure, starting with decentralized exchange PancakeSwap, to provide immediate liquidity.

Ondo Finance’s push toward regulated, global tokenized markets
The BNB rollout accelerates Ondo Finance’s push to build what it views as the next chapter of securities trading. The company has been steadily assembling the regulatory and technical components required to support tokenized equities at scale. Earlier this year, it completed the acquisition of Oasis Pro, a U.S. broker with SEC registrations that cover broker-dealer services, an alternative trading system, and transfer agent permissions.

That regulatory stack gives Ondo Finance the ability to issue and facilitate secondary trading of a wide spectrum of tokenized financial instruments inside the United States, something very few crypto firms can claim. The company has said this structure is intended to ensure that onchain stocks operate within the same investor protections that govern traditional markets.

Ondo Finance also Ondo recently began collaborating with World Liberty Financial, the Trump-aligned RWA venture, on using its tokenized assets as potential treasury reserves. The firm is on record taking a public stance in debates surrounding tokenized equities, urging caution around Nasdaq’s proposed framework and pressing for clarity on how settlement mechanics will protect investors.

According to data from DefiLlama data, Ondo Finance currently commands a total value locked of nearly $1.8 billion, a figure that dwarfs its direct competitors in the tokenized securities niche. This scale was bolstered by a $20 million Series A round co-led by Peter Thiel’s Founders Fund in 2022, followed by a $10 million public token sale later that same summer, providing the war chest for strategic moves like the Oasis Pro acquisition and rapid multi-chain deployments.

6 minutes ago

The new project, dubbed Cocoon, aims to give users access to AI tools without surrendering their data to centralized providers.

47

Pavel Durov, co-founder of the messaging application Telegram, has disclosed a new decentralized AI network to be built atop The Open Network (TON), an independent layer-1 blockchain associated with Telegram.

Durov took the stage at the Blockchain Life 2025 forum in Abu Dhabi, United Arab Emirates, to announce the Confidential Compute Open Network, or Cocoon, created to give users access to AI-driven features without sacrificing data privacy to centralized AI providers.

According to Durov, users can make the processing power from their graphics processing units (GPUs) available to the network, in exchange for receiving Toncoin (TON), the native token of TON. Durov also touched on why decentralized AI is needed for human freedom:

“Why is it important to do something this way as opposed to the centralized way that is sometimes more convenient? It is important, my friends, because the world has been moving towards a weird direction. For the last 20 years. We've been gradually losing our digital freedoms.”Durov announcing Cocoon at the Blockchain Life 2025 forum. Source: Blockchain Life 2025Decentralizing AI models has become a widely discussed topic among AI and blockchain developers due to privacy risks and the potential for centralized service providers to censor or distort critical information in real time, without users realizing it.

Centralized AI’s vulnerabilities illustrate blockchain’s potentialCentralizing artificial intelligence poses risks to user data privacy, including the risk of data breaches and hacks, according to several crypto and Web3 industry executives.

Storing vast quantities of user data on centralized servers makes the data an attractive target for hackers, David Holtzman, chief strategy officer of the Naoris decentralized security protocol, told Cointelegraph.

Centralized AI service providers could also shift algorithms behind the scenes or distort critical data in real-time to manipulate public opinion, some industry executives have warned. 

Blockchain technology can help verify that data produced by AI remains tamper-proof by using a decentralized ledger to record the origin and chain of custody of data, producing an immutable and provable digital record onchain.

Magazine: Training AI to secretly love owls… or Hitler. Meta + AI porn? AI Eye

Bitcoin and ether exchange-traded funds (ETFs) continued their strong momentum on Tuesday, pulling in a combined $448 million in inflows. The day also marked a historic debut for Solana ETFs, with Bitwise's BSOL smashing records for a first-day launch.

Dogwifhat price struggles to maintain support at $0.48 as declining volume signals weakening momentum, raising concerns of a downside move if bullish demand fails to return.

Summary

WIF holds $0.48 support but faces low-volume pressure.
Lack of bullish momentum increases downside risk.
Sustained volume growth is key to a rebound toward $0.75.

Dogwifhat (WIF) token price is testing a key technical level at $0.48, a structural support that has so far managed to hold despite growing weakness in trading volume. The price action is consolidating tightly above this region, suggesting that the market is at an inflection point, either preparing for a relief rally or risking a deeper correction if demand fails to sustain.

Dogwifhat token price key technical points:

Critical Support: $0.48 remains the high-timeframe structural level to hold.
Volume Decline: Diminishing buy-side participation signals potential exhaustion.
Next Target Levels: Holding $0.48 could spark a rebound toward $0.75; failure risks retesting lower supports.

WIFUSDT (1D) Chart, Source: TradingView
From a technical perspective, Wif’s current structure shows a clear lack of momentum. Price action has been hovering above $0.48, consolidating within a narrow range but without any significant influx of bullish volume. This low-volume environment reflects a market in hesitation, where buyers appear cautious and sellers are beginning to gain control.

A break below $0.48 would likely trigger a capitulation move, potentially extending losses toward lower levels. Conversely, defending this region could form a local base for a rebound toward $0.75, a key resistance zone where prior sell-offs began.

However, for such a bullish move to materialize, strong volume nodes must re-emerge to validate the rotation upward. Without this confirmation, the ongoing consolidation risks evolving into a broader corrective phase, signaling weakness rather than accumulation.

The $0.48 level now represents a make-or-break zone for Wif. As volume continues to decline, the probability of a bearish continuation grows unless momentum shifts. If buyers manage to defend support and push price above local mid-range levels, sentiment could improve quickly, but failure would expose the token to further downside risk.

What to expect in the coming price action:
If Wif maintains support above $0.48, expect extended consolidation before any breakout attempt. A decisive bullish candle backed by rising volume would confirm accumulation and open the path toward $0.75 resistance.

However, the current low-volume structure suggests fragility and the risk of a breakdown if demand weakens further.

Bitcoin's bullish momentum paused on Monday as the cryptocurrency faced heavy resistance near the $114,000–$115,000 range. After briefly spiking above $116,000, sellers re-entered the market, capping upside potential and triggering a short-term pullback.