Market Signal Briefing

NEW YORK and NEW ORLEANS, Sept. 30, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until October 21, 2025 to file lead plaintiff applications in a securities class action lawsuit against C3.ai, Inc. (“C3” or the “Company”) (NYSE: AI), if they purchased the Company’s securities between February 26, 2025 to August 8, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the Northern District of California.

What You May Do

If you purchased securities of C3 and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-ai/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by October 21, 2025.

About the Lawsuit

C3 and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.

On August 8, 2025, the Company disclosed disappointing preliminary financial results for 1Q 2026 and reduced its revenue guidance for the full fiscal year 2026, attributing its poor sales results and lowered guidance to “the reorganization with new leadership” as well as the health ailments of its Chief Executive Officer.

On this news, the price of C3’s shares fell from a closing price of $22.13 per share on August 8, 2025 to $16.47 per share on August 11, 2025, a decline of about 25.58%.  

The case is John Liggett Sr. v. C3.ai, Inc., et al., No. 25-cv-07129.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, New Jersey, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Electronic Arts Inc. (NasdaqGS: EA) to an investor consortium comprised of PIF, Silver Lake, and Affinity Partners. Under the terms of the proposed transaction, shareholders of Electronic Arts will receive $210.00 in cash for each share of Electronic Arts that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgs-ea/ to learn more.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

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NEW YORK and NEW ORLEANS, Sept. 30, 2025 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC (“KSF”) and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until November 12, 2025 to file lead plaintiff applications in a securities class action lawsuit against V.F. Corporation. (NYSE: VFC), if they purchased or otherwise acquired VFC securities between October 30, 2023 and May 20, 2025, inclusive (the “Class Period”). This action is pending in the United States District Court for the District of Colorado.

What You May Do

If you purchased securities of V.F. and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email ([email protected]), or visit https://www.ksfcounsel.com/cases/nyse-vfc/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by November 12, 2025.

About the Lawsuit

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

On May 21, 2025, the Company announced its fourth quarter and full-year fiscal 2025 results, disclosing a significant decline in its Vans brand growth trajectory, which decreased from an 8% loss the quarter before to a 20% loss in the fourth quarter, and noting such decline would continue through the next quarter, largely due to “a direct effect of deliberately reduced revenue to eliminate unprofitable or unproductive businesses” and “an additional set of deliberate actions” already in place but previously unannounced.

On this news, the price of V.F.’s shares fell from a closing price of $14.43 per share on May 20, 2025 to $12.15 per share on May 21, 2025, a decline of about 15.8% in the span of just a single day.  

The case is Brenton v. V.F. Corporation, No. 25-cv-02878.

About Kahn Swick & Foti, LLC

KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation's premier boutique securities litigation law firms. This past year, KSF was ranked by SCAS among the top 10 firms nationally based upon total settlement value. KSF serves a variety of clients, including public and private institutional investors, and retail investors - in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana, Chicago, New Jersey, and a representative office in Luxembourg.

TOP 10 Plaintiff Law Firms - According to ISS Securities Class Action Services

To learn more about KSF, you may visit www.ksfcounsel.com.

Contact:

Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
[email protected]
1-877-515-1850
1100 Poydras St., Suite 960
New Orleans, LA 70163

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NEW YORK & NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of Merus N.V. (NasdaqGM: MRUS) to Genmab A/S (NasdaqGS: GMAB). Under the terms of the proposed transaction, shareholders of Merus will receive $97.00 in cash for each share of Merus that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company.

If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn ([email protected]) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgm-mrus/ to learn more.

Please note that the transaction is structured as a tender offer, such that time may be of the essence.

To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.

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BEIJING, China, Oct. 01, 2025 (GLOBE NEWSWIRE) -- Li Auto Inc. (“Li Auto” or the “Company”) (Nasdaq: LI; HKEX: 2015), a leader in China's new energy vehicle market, today announced that it delivered 33,951 vehicles in September 2025, bringing the Company's third-quarter deliveries to 93,211. As of September 30, 2025, Li Auto's cumulative deliveries reached 1,431,021.

A Qualcomm logo and a computer motherboard appear in this illustration taken August 25, 2025. REUTERS/Dado Ruvic/Illustration Purchase Licensing Rights, opens new tab

SAN FRANCISCO, Sept 30 (Reuters) - Arm Holdings said on Tuesday it planned to appeal a judge's ruling in a licensing dispute against Qualcomm

(QCOM.O), opens new tab that left the chipmaker's jury victory intact.

Qualcomm secured a key win in U.S. federal court in Delaware last year, with a jury finding that central processor units made by its subsidiary Nuvia were properly licensed under an agreement with Arm.

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The jury reached a verdict on two out of three counts, and deadlocked on the third count, which resulted in a mistrial.

Arm had asked Judge Maryellen Noreika to either throw out the verdict on the two counts where Qualcomm won, or have a new trial. The judge declined both of Arm's requests.

"Arm remains confident in its position in its ongoing dispute with Qualcomm and will immediately file an appeal seeking to overturn the judgment," Arm said in a statement.

Qualcomm said the decision affirmed its position that it did not breach its agreement with Arm.

"Our right to innovate prevailed in this case and we hope Arm will return to fair and competitive practices in dealing with the Arm ecosystem," Ann Chaplin, Qualcomm's general counsel, said in a statement.

Arm supplies Qualcomm and other chip firms such as Apple

(AAPL.O), opens new tab and Taiwan's MediaTek

(2454.TW), opens new tab with key technologies used in their chip designs.

Reporting by Stephen Nellis in San Francisco; Editing by Jamie Freed

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

SummaryNike surprised with a revenue and EPS beat, yet the quality of growth raises concerns as margins keep compressing and D2C weakens.Wholesale momentum and modest inventory relief show progress, but Converse and China remain drags.Valuation stays stretched at ~35x forward EPS, leaving little margin of safety despite short-term relief. Wirestock/iStock Editorial via Getty Images

Introduction Since its peak in 2021, NIKE (NYSE:NKE) (NEOE:NKE:CA) shares have been under pressure for over 4 years, resulting in an awful investment considering not only the underperformance but also the huge

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.

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Motorcyclists pass a 1Malaysia Development Berhad (1MDB) billboard at the Tun Razak Exchange development in Kuala Lumpur, Malaysia, February 3, 2016. REUTERS/Olivia Harris Purchase Licensing Rights, opens new tab

SINGAPORE, Oct 1 (Reuters) - Singapore's High Court has dismissed a bid by foreign liquidators to sue Standard Chartered Bank and BSI Bank in Singapore over transactions alleged to be linked to the scandal-hit Malaysian sovereign wealth fund 1MDB, according to a judgment on Wednesday.

Representatives of the liquidators didn't immediately respond to a request for comment.

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The liquidators had alleged that Standard Chartered

(STAN.L), opens new tab enabled fraud leading to more than $2.7 billion in financial losses more than 10 years ago.

U.S. and Malaysian investigators say about $4.5 billion was stolen from the 1Malaysia Development Berhad state fund between 2009 and 2014 in a complex, globe-spanning scheme.

Singapore High Court judge Aidan Xu said the liquidators' suit should be dismissed as Singapore's cross-border insolvency framework could not be applied to the case, given that the alleged transactions took place before the law took effect in 2018.

Reporting by Jun Yuan Yong; Writing by Danial Azhar in Kuala Lumpur; Editing by David Stanway

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

41,581 vehicles delivered in September, up 95% YoY and 10% MoMAchieved record-high monthly milestone of over 40,000 units116,007 units delivered in Q3 2025, a 149% YoY increase GUANGZHOU, China, Oct. 01, 2025 (GLOBE NEWSWIRE) -- XPeng Inc. (“XPENG” or the “Company,” NYSE: XPEV and HKEX: 9868), a leading Chinese smart electric vehicle (“Smart EV”) company, today announced its vehicle delivery results for September and the third quarter 2025.

In September 2025, XPENG delivered a record 41,581 Smart EVs, a 95% year-over-year increase and up 10% over the prior month, exceeding the 40,000 monthly deliveries milestone. For the third quarter of 2025, XPENG delivered 116,007 Smart EVs, a 149% year-over-year increase. Cumulative deliveries for the first nine months of 2025 reached 313,196 units, representing a 218% increase from the corresponding period in 2024.

In September, the 10,000th New XPENG P7 officially rolled off the production line, making XPENG P7 the fastest model in the Company’s lineup to achieve 40 JPH (jobs per hour) on a new production line.

XPENG was also awarded the highest MSCI ESG Rating of AAA for the third consecutive year in September, maintaining its leading position in the global automotive industry.

In September, XNGP achieved a monthly active user penetration rate of 83% in urban driving. The Company has rolled out its VLA-powered XNGP with door-to-door full scenario ADAS capabilities, starting with the New XPENG P7 and G7 Ultra models.

About XPENG

XPENG is a leading Chinese Smart EV company that designs, develops, manufactures, and markets Smart EVs that appeal to the large and growing base of technology-savvy middle-class consumers. Its mission is to become a smart technology company trusted and loved by users worldwide. In order to optimize its customers’ mobility experience, XPENG develops in-house its full-stack advanced driver-assistance system technology and in-car intelligent operating system, as well as core vehicle systems including powertrain and the electrical/electronic architecture. XPENG is headquartered in Guangzhou, China, with main offices in Beijing, Shanghai, Shenzhen, Silicon Valley and San Diego. The Company’s Smart EVs are mainly manufactured at its plants in Zhaoqing and Guangzhou, Guangdong province. For more information, please visit https://www.xpeng.com/.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Statements that are not historical facts, including statements about XPENG’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: XPENG’s goal and strategies; XPENG’s expansion plans; XPENG’s future business development, financial condition and results of operations; the trends in, and size of, China’s EV market; XPENG’s expectations regarding demand for, and market acceptance of, its products and services; XPENG’s expectations regarding its relationships with customers, suppliers, third-party service providers, strategic partners and other stakeholders; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in XPENG’s filings with the United States Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and XPENG does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

Contacts:

For Investor Enquiries:

IR Department
XPeng Inc.
Email: [email protected]

Jenny Cai
Piacente Financial Communications
Tel: +1 212 481 2050 / +86 10 6508 0677
Email: [email protected]

For Media Enquiries:

PR Department
XPeng Inc.
Email: [email protected]

Source: XPeng Inc.

Key Takeaways MTB sees 2025 NII of $7.0B-$7.15B, up from $6.9B in 2024, aided by Fed rate cuts and loan demand.The bank projects 2025 NIM in the mid-to-high 3.60% range, versus 3.58% reported in 2024.Average 2025 loan balances are expected to be $135B-$137B, with deposits in the range of $162B-$164B.
M&T Bank Corporation’s (MTB - Free Report) net interest income (NII) is influenced by the Federal Reserve’s interest rate trajectory. This month, the Fed ended a nine-month pause and lowered interest rates by 25 basis points (bps) to 4.00–4.25% and signaled two more rate cuts by year-end.

The Fed trimmed interest rates by 100 bps last year. As such, MTB’s net interest income (NII) rose modestly year over year in the first half of 2025. Over the five years ending 2024, the bank registered a compound annual growth rate (CAGR) of 15.4% in NII, reflecting disciplined asset repricing and balance sheet optimization.

With the current rate cut, expectations for further easing and improving loan demand, MTB appears well-positioned for NII expansion in the coming quarters. Management expects 2025 NII to be in the range of $7.0 billion-$7.15 billion compared with the 2024 reported level of $6.9 billion.

The company expects its net interest margin (NIM) to be in the mid-to-high 3.60% range, compared with the 2024 reported level of 3.58%. It also expects average loan and lease balances to be in the range of $135 billion to $137 billion. Average total deposit balances are anticipated to be $162-$164 billion. In 2024, the company reported average loans and leases of $134.7 billion and total deposits of $161.1 billion.

How MTB’s Peers Are Expected to Fare in Terms of NIIM&T Bank’s peers, such as Comerica Incorporated (CMA - Free Report) and Fifth Third Bancorp (FITB - Free Report) , are also influenced by the interest rate trajectory.

Comerica has posted steady improvement in NII over the years. In the last five years ending 2024, the bank witnessed a CAGR of 3.5%. In the first half of 2025, the metric rose 6.4% year over year to $1,150 million. Comerica projects its third-quarter NII to be slightly lower than the second quarter. It expects 2025 NII to climb in the range of 5%–7% on a year-over-year basis.

Fifth Third has maintained solid momentum in NII growth, with a five-year CAGR (ending 2024) of 4.2%. In the first half of 2025, Fifth Third posted NII of $2.9 billion, up 5.8% from the same period a year ago. For the third quarter of 2025, the bank expects to grow 1% on a sequential basis, supported by healthy loan demand and stabilizing funding costs. For 2025, Fifth Third projects 2025 NII to grow 5.5–6.5% from 2024 levels. 

Bitcoin price started a recovery wave and traded above $114,200. BTC is now consolidating gains and facing hurdles near $114,750.

Bitcoin started a fresh recovery wave above the $114,000 zone.
The price is trading above $114,000 and the 100 hourly Simple moving average.
There is a short-term bullish trend line forming with support at $113,300 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move up if it clears the $114,750 zone.

Bitcoin Price Eyes Upside Break
Bitcoin price managed to stay above the $112,000 zone and started a recovery wave. BTC settled above the $113,200 resistance zone to start the current move.

The bulls were able to pump the price above the $114,000 and $114,200 levels. The bulls even cleared the $114,500 level. A high was formed at $114,770 and the price is now consolidating gains. There was a minor decline below the 23.6% Fib retracement level of the upward move from the $108,677 swing low to the $114,771 high.

Bitcoin is now trading above $114,200 and the 100 hourly Simple moving average. Besides, there is a short-term bullish trend line forming with support at $113,300 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
Immediate resistance on the upside is near the $114,750 level. The first key resistance is near the $115,000 level. The next resistance could be $115,500. A close above the $115,500 resistance might send the price further higher. In the stated case, the price could rise and test the $116,500 resistance. Any more gains might send the price toward the $117,500 level. The next barrier for the bulls could be $118,00.

Another Drop In BTC?
If Bitcoin fails to rise above the $114,750 resistance zone, it could start a fresh decline. Immediate support is near the $113,300 level and the trend line. The first major support is near the $112,200 level.

The next support is now near the $111,750 zone. Any more losses might send the price toward the $111,000 support in the near term. The main support sits at $110,500, below which BTC might struggle to recover in the short term.

Technical indicators:

Hourly MACD – The MACD is now gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $113,300, followed by $112,200.

Major Resistance Levels – $114,750 and $115,000.

Ripple is taking another bold step toward mainstream finance by extending the reach of its Interledger Protocol into the SWIFT network, regarded as the backbone of global payments. By enabling interoperability between two of the most influential payment ecosystems, Ripple is positioning XRP as a key player in the future of international money movement.

Could XRP Become A Standard For Settlement?
The strategy for mainstream adoption of the XRP Ledger (XRPL) and its native asset, XRP, is intricately linked to the Interledger Protocol (ILP). As highlighted by researcher SMQKE on X, Ripple’s approach is to become an essential part of the Society for Worldwide Interbank Financial Telecommunication (SWIFT) network, providing an interoperable layer that seamlessly bridges the old and new financial worlds.

This Interledger Protocol is designed to synchronize separate ledgers without forming a new one, while acting as a connective tissue across financial systems. In many ways, it mirrors SWIFT’s own structure, where the successful processing of a payment message creates binding obligations to pay between nodes and intermediaries.

However, ILP is Ripple’s core strategy for mainstream adoption of the XRP Ledger. By making ILP fully compatible with SWIFT, Ripple ensures that both XRP and its technology can plug into the world’s most dominant payment network. 

What’s important about this move is the fact that Ripple itself is now often described as evolving into the Interledger Protocol initiative. Ripple understood that the world would never standardize on a single ledger, which is why it built ILP to enable interoperability to bridge across multiple systems.

Meanwhile, this approach is reinforced through the ISO 20022 adoption to ensure that the entire transaction is secure, seamless, and scalable, offering a superior settlement experience that coexists with the bank’s existing messaging connectivity across the global financial infrastructure. “The strategy is clear: one protocol (ILP), unlimited networks, and seamless XRP movement,” SMQKE noted.

The Promise Of Financial Freedom With XRP
As the crypto landscape expands, XRP has been hailed as an asset that could offer financial breakthroughs. The sentiment expressed by Traveler2236 points to a profound vision of global financial inclusion and the end of economic inequality enforced by legacy systems. His core claim is that there will come a day when XRP will unleash dreams beyond imagination. 

Also, there will be no denials because of a credit score, and no more doors closed because your income doesn’t match some arbitrary outcome. Traveler2236’s statement is not merely a prediction, but a declaration of certainty, bordering on a personal epiphany. “This isn’t a dream anymore, it’s happening right now,” the expert stated.

XRP trading at $2.83 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com

Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

An analyst’s recent chart review shows XRP holding steady around the $2.80 level while forming a structure that has historically preceded bigger moves. The analysis points to two possible short-term outcomes, yet both lead to the same bullish conclusion in the long run.

Bullish Technical Analysis For XRP
XRP has spent the past week moving around $2.80, with repeated tests of both higher levels at $2.88 and lower levels at $2.71 failing to deliver a decisive breakout. 

The most recent three-day candlestick chart shows how XRP has created three consecutive bearish candlestick while support has held close to $2.72. This period of consolidation comes after months of volatility that saw the token retrace back below $3 in September.

Against this backdrop, a new technical analysis posted on the social media platform X shows two possible short-term scenarios for XRP, both of which point to the same long-term bullish outcome. 

The analyst noted that the altcoin closed just over $2.80 in the latest three-day candlestick session, and this coincided with the appearance of hidden bullish divergence on the chart’s relative strength index (RSI). This divergence is a signal of underlying strength in spite of the most recent price downtrend. 

Source: Chart from Guyon on X
According to the analyst, this setup is consistent with its behavior ever since it broke away from the $0.50 price zone. As it stands, the altcoin is now forming a structure that precedes a strong bullish move, although the next move depends on the weekly close.

Two Possible Paths In The Short Term
Looking at the candles and support zones drawn on the chart above, the analysis outlines two different bullish possibilities. The first is what the analyst calls an April 7th moment. 

On April 7th earlier this year, XRP experienced a sharp dip that saw it lose the stable $2 support level back then before finally settling at $1.79. This sharp dip brought the price down to retest its ascending support line before bouncing strongly higher in the weeks that followed. 

A similar move now would see the asset retreat toward the trend line. This time, the price target is around $2.40, which is highlighted with the pink circle in the chart above. This will effectively reset momentum before launching into the next leg of the rally.

The second outcome, however, would play out without the need for that deeper correction. If the $2.72 support zone continues to hold, XRP could turn higher from its current price and begin reclaiming levels above $2.90 and $3.00 much sooner. This scenario would represent a more direct continuation of the bullish trend, with buyers stepping in aggressively to defend current support. 

Both outcomes differ in their immediate impact on price action, but each route ultimately leads to the same destination: higher levels for XRP. At the time of writing, XRP is trading at $2.88.

XRP trading at $2.85 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts.
Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

Bitcoin Price Weekly Outlook As highlighted in last week’s analysis, bitcoin had a big drop last Sunday night, down to $111,800. The price then bounced back to retest the $113,800 resistance level and the 21-day EMA at $114,000, but was rejected there, falling back down to the $111,300 support level. This level produced another bounce for the bulls back to the 21-day EMA, but was denied access again above the $113,800 resistance level, dumping down just below the weekly support at $109,500 on Thursday. Price rallied from that Thursday low to close the week out at $112,225.

Key Support and Resistance Levels Now

Since the price closed above the 21-week EMA at $109,500 to finish the week, the bulls will look for this support to hold going forward. $109,500 should be the floor heading into this week if the bulls are to produce a weekly higher low and turn things around. $105,000 is the next support level down, and there is potential for a major reversal from there down to about $102,000. Losing $102,000 opens the door down to major long-term support, at $96,000.

On the upside, bulls will look for the price to close above the $115,500 resistance level to re-establish the uptrend. This would provide confidence for the bulls to tackle the $118,000 resistance once again and likely move above it. $121,000 sits above here as the gateway to new highs, but likely won’t hold for long if we get a weekly close above $118,000.

Outlook For This Week

Look for price to re-test the $109,500 low early in the week, with potential to secure this level as support for a bullish move back up to $113,800. It would likely take very strong buying pressure to push above the $115,500 resistance level this week, so expect this level to keep a lid on things if $113,800 can be conquered. Bulls will look to put in a green candle this week to confirm last week as a higher low.

Bias is still bearish on the weekly chart, however, so we should anticipate the $113,800 resistance level to hold over the short term. Losing $109,500 on the daily chart could lead to another big price drop this week, down to new lows, testing the $105,000 to $102,000 support zone.

Market mood: Bearish — with a big red candle to close the week out, the bears are firmly in control. The bulls will need to come out strong this week to defend the 21-week EMA support.

The next few weeks
The weekly chart is still bearish until proven otherwise. Bulls must tilt the bias back in their favour to foster more positive price action going forward; it is possible for them to do that with a strong close to end this week.  With September’s interest rate cut now behind us, markets will be looking for more rate cuts into the October and December FOMC meetings to keep capital flowing.  Investors will be eyeing US financial reports closely over the coming weeks for data supportive of further cuts.  Any impediments to further cuts in the data will likely result in more bearish price action and further selling.

Terminology Guide:

Bulls/Bullish: Buyers or investors expecting the price to go higher.

Bears/Bearish: Sellers or investors expecting the price to go lower.

Support or support level: A level at which the price should hold for the asset, at least initially. The more touches on support, the weaker it gets and the more likely it is to fail to hold the price.

Resistance or resistance level: Opposite of support.  The level that is likely to reject the price, at least initially. The more touches at resistance, the weaker it gets and the more likely it is to fail to hold back the price.

EMA: Exponential Moving Average. A moving average that applies more weight to recent prices than earlier prices, reducing the lag of the moving average.

TLDR:

Tether’s WDK wallet demo showed reusable UI components, non-custodial design, and DeFi features ready for integration.
CEO Paolo Ardoino said WDK supports multi-platform builds across desktop and mobile with strong security audits.
WDK allows developers to clone, customize, and release wallets with USDT support and DeFi lending and swapping.
Tether confirmed plans to open source WDK, aiming to provide the backbone for billions of future crypto wallets.

Tether has taken another step into crypto infrastructure with its latest product showcase. The company presented a demo of its WDK Template Wallet, positioning it as a tool for developers and users alike. 

The wallet was built to be fully non-custodial, simple to use, and adaptable across platforms. It comes with built-in DeFi support and is undergoing security audits to strengthen trust. The project, according to Tether executives, is expected to become the backbone for a new generation of wallets.

WDK Template Wallet Expands DeFi Tools for Crypto Users
Paolo Ardoino, CEO of Tether, revealed details of the wallet in a post on X. He said the Wallet Development Kit (WDK) provides developers with a template that can be cloned, customized, and deployed quickly to communities. The wallet integrates core DeFi functions such as lending and swapping, aiming to lower barriers for crypto adoption.

Here is a demo of the (Wallet Development Kit) WDK Template Wallet.
– build 100% on WDK by Tether
– well encapsulated reusable UI components
– soon opensource
– fully non-custodial (supports different seed backup strategies to enable super simple user-experience)
– available for… pic.twitter.com/8sc02ezYNy

— Paolo Ardoino 🤖 (@paoloardoino) September 29, 2025

The demo showed that the wallet supports Tether’s USDT and USDT0 while enabling flexible seed backup strategies. Ardoino emphasized that these options simplify onboarding without sacrificing control, ensuring users keep custody of their funds. He added that the interface was designed with reusable UI components for faster development cycles.

The WDK Template Wallet also brings compatibility across platforms. Ardoino confirmed it can run on both desktop and mobile operating systems. This cross-platform support was described as central to Tether’s approach, making wallet deployment scalable for global projects.

Tether stated on its official wallet site that the WDK will soon be open source. Once released, it will allow developers worldwide to adapt the kit, enabling custom wallets that embed DeFi tools directly. The company described this move as part of its plan to provide the framework for billions of wallets.

Non-Custodial Security and Developer Access in Focus
Security was another focus in the WDK presentation. According to Tether, the wallet has already undergone auditing, with an emphasis on strengthening protection at the code level. By offering non-custodial control, the kit removes reliance on third parties, a key requirement for many crypto communities.

The project also offers flexibility for developers building at different scales. Ardoino explained that teams can fork the template, add specific branding or functions, and publish directly to their audiences. This reduces development time while ensuring the wallet maintains audited security layers.

The integration of USDT into the kit highlights Tether’s intent to keep its stablecoin at the core of DeFi expansion. With USDT already serving as the most traded stablecoin, embedding it natively in developer wallets gives projects an immediate on-ramp to liquidity.

The official Tether wallet portal confirmed that this initiative will evolve in stages, with the open-source release marking a key milestone. Developers are expected to begin testing broader integrations once the codebase is made public. For Tether, the WDK is being positioned as a building block for future growth in digital finance.

On-chain data shows a Cardano whale has made a massive withdrawal from Coinbase, a sign that may be bullish for the ADA price.

Cardano Whale Has Withdrawn Big From Coinbase
According to data from cryptocurrency transaction tracker service Whale Alert, a large transfer has been spotted on the Cardano blockchain during the past day. The move in question involved the shifting of about 67.8 million ADA across the network, worth over $54.3 million at the time that the sender executed the transaction.

Considering the significant scale of the transfer, it’s likely that a whale entity was responsible for it. Whales are big-money investors who carry large amounts in their wallets and hold the power to make huge individual transactions. Because of this, these holders can have some degree of influence in the market.

As such, what they are doing on the network can be worth keeping an eye on, as it may reveal the sentiment among them. Usually, though, the anonymous nature of the blockchain means it can be hard to comment on the motive behind a particular transaction.

In the case of the current Cardano whale transfer, however, one side of the move involves a wallet that’s already known. Below are the address details related to the transaction.

Looks like the sender paid a fee of just $0.14 to make the transfer go through | Source: Whale Alert
As is visible, the sending address for this Cardano whale transaction was a wallet attached to cryptocurrency exchange Coinbase. Meanwhile, the receiver was an unknown wallet, meaning that it was likely the investor’s self-custodial address.

Transfers of this type, where coins flow out of the custody of a centralized exchange, are known as exchange outflows. Generally, investors make exchange outflows when they plan to hold their tokens in the long term, as self-custody tends to be a safer option for them.

The latest large Coinbase withdrawal has come as Cardano is significantly down compared to its peak from earlier in September. As such, it’s possible that the move could be an indication of the whale betting on the asset at the current post-dip prices. It only remains to be seen whether the gamble will pay off for the investor.

Another altcoin, XRP, has also just witnessed a large transaction, as Whale Alert has pointed out in another X post. Unlike ADA’s transfer, however, this whale move has been an Exchange Inflow.

The large transfer that has occurred on the XRP network in the past day | Source: Whale Alert
In total, the XRP whale has shifted 18 million tokens of the cryptocurrency (worth around $51.4 million) to Coinbase with the transaction. Holders use exchanges for trading purposes, so it’s possible that the large investor may be looking to exit.

ADA Price
At the time of writing, Cardano is floating around $0.79, down almost 4% over the last seven days.

The price of the coin seems to have moved sideways during the last few days | Source: ADAUSDT on TradingView
Featured image from Dall-E, whale-alert.io, chart from TradingView.com

Journalist

Posted: October 1, 2025

Key Takeaways
What does Bitcoin’s declining Taker Buy Volume suggest?
It signals weak demand and increased caution among buyers, risking a trend reversal.

Which groups are driving the selling pressure on Bitcoin?
Sharks and retail traders are leading the sell-offs, adding to market weakness.

Since staging a comeback four days ago, Bitcoin [BTC] has shown a promising upward movement, reaching a weekly high of $114,800. 

In fact, at the time of writing, Bitcoin was trading at $113,541, after moderately rising by 1.16% over the past 24 hours. 

Despite the recent market recovery, Bitcoin still shows considerable weakness on the demand side. 

Bitcoin’s Taker Buy Volume hits 2024 lows
According to CryptoQuant, Bitcoin’s Taker Buy Volume has dipped for ten consecutive months, reaching the lowest levels seen in early 2024. 

Source: CryptoQuant

A sustained decline like this typically signals weak demand and growing caution among buyers. The drop is especially pronounced on Binance, highlighting traders’ lack of confidence and mounting selling pressure.

Selling activity has notably increased. According to Axel Adler, Bitcoin’s SOPR has consistently failed to break above 1.

When SOPR rises above 1, breakeven holders become profitable, often triggering profit-taking and amplifying selling pressure.

Source: CryptoQuant

With sellers active in the market while there is low buying pressure, the current trend reversal is at risk. 

Historically, such a significant drop in buyers’ dominance has preceded a shift in market momentum. Thus, BTC risks a drop or entering into another prolonged consolidation. 

Who is selling, though?
Notably, AMBCrypto noted that the rising selling pressure is primarily arising from sharks and retail traders.

While Whales and Mega Whales have recently recorded more outflows than inflows, sharks have sold more. 

According to Checkonchain, the Sharks to Exchange Balance Change has remained positive despite a decline in the overall market. 

Source: Checkonchain

At press time, this cohort’s Exchange Balance Change was 109k BTC, indicating more exchange deposits than withdrawals. 

Also, retail traders have exhibited a similar market behavior. According to Checkonchain, Retail Holder’s Balance Change has remained largely negative throughout September. 

Source: Checkonchain

At press time, wallet cohorts showed notable outflows: Fish Balance Change was -7.9K BTC, Crabs -3.9K BTC, and Shrimps -1.7K BTC.

Historically, sustained selling from these groups has signaled mounting downward pressure—often acting as a precursor to further price declines.

What’s next for BTC?
According to AMBCrypto, Bitcoin is facing two key warning signs: buyers are pulling back, while sellers are growing more aggressive.

This dynamic places BTC at a critical juncture—either a sharp decline or extended sideways movement could follow. If selling pressure intensifies, Bitcoin may erase recent gains and fall toward $111,054.

However, if current conditions persist, BTC could remain range-bound between $111K and $114K for an extended period.

To break out of this range and confirm a sustained uptrend, buyers must push BTC above $114K and secure a close near $115K.

The U.S. Securities and Exchange Commission (SEC) has signaled a major step forward for the crypto industry by issuing a no-action letter to DoubleZero, a decentralized physical infrastructure network (DePIN) startup. The decision reassures blockchain innovators that certain token-based activities will not face enforcement, provided they remain within the outlined boundaries.

SEC Commissioner Hester Peirce, long regarded as a crypto advocate, highlighted that projects like DoubleZero do not trigger the Supreme Court’s Howey Test because tokens are earned for work or services rendered rather than purchased with expectations of profit from others’ efforts. She emphasized that forcing blockchain into traditional financial frameworks could stifle innovation, while decentralized models enable participants to provide real-world services such as storage, mapping, bandwidth, and energy.

DoubleZero’s native token, 2Z, is designed to incentivize companies with excess network infrastructure, encouraging growth in distributed service networks. Co-founder Austin Federa praised the SEC’s decision, saying it reduces the legal uncertainty that has historically drained time and resources from blockchain startups. Instead, founders can now focus on building decentralized ecosystems without being hindered by unnecessary securities classifications.

The no-action letter also drew support from the DeFi community. Amanda Tuminelli of the DeFi Education Fund called the move a constructive approach to regulatory uncertainty, showing that productive engagement with regulators is possible.

This decision comes as the SEC, under Chairman Paul Atkins, intensifies its efforts to establish clear rules for digital assets. Peirce, who previously led the agency’s crypto task force, has long championed clearer policies to support blockchain innovation. With this move, the SEC demonstrates its willingness to adapt and foster growth in decentralized technologies, while clarifying the line between securities and utility tokens.

By offering regulatory clarity, the SEC has given blockchain developers and investors renewed confidence, potentially setting the stage for wider adoption of decentralized infrastructure solutions.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

Ripple’s Chief Technology Officer, David Schwartz, has announced that he will step down from his role at the end of the year after more than 13 years with the company. In a statement, Schwartz explained that the decision comes as he wishes to spend more time with his family and return to personal hobbies he had set aside. He described his journey at Ripple as “one of the greatest honors and experiences” of his life.

Schwartz has been a key figure in Ripple’s growth and technological direction since being appointed CTO in July 2018, succeeding Coil CEO Stefan Thomas and Ripple/Stellar co-founder Jed McCaleb. During his tenure, he became a prominent voice in the crypto community, guiding Ripple through years of innovation and regulatory challenges.

While he is stepping down from his day-to-day responsibilities, Schwartz confirmed he is not cutting ties with the company. Instead, he will join Ripple’s board of directors and continue to contribute as CTO Emeritus. He emphasized his commitment to staying engaged with the XRP community, noting, “I look forward to seeing the rest of you at XRP community events around the world.”

Ripple’s leadership responded with praise and gratitude. CEO Brad Garlinghouse called Schwartz “the smartest (and maybe the funniest) person” he knows and hailed him as a “legend” in the crypto space, even joking that Schwartz will now be his boss after joining the board. President Monica Long highlighted his impact on the XRP ecosystem, acknowledging his ingenuity, humor, and humility as essential to Ripple’s success.

Schwartz also expressed deep appreciation for Ripple’s co-founders Chris Larsen and Arthur Britto, as well as the RippleX team. His transition marks the end of an era but also ensures his continued influence on Ripple’s direction.

With Schwartz shifting roles, Ripple prepares for a new chapter while maintaining continuity with one of its most influential leaders.

<Copyright ⓒ TokenPost, unauthorized reproduction and redistribution prohibited>

XRP price is showing signs of recovery after finding solid support near the $2.72–$2.77 range. The token, like Bitcoin and Ethereum, has begun to retrace higher, pushing back above the $2.80 and $2.85 levels.

The SEC's groundbreaking no-action letter on Doublezero's 2Z token signals regulatory clarity, fueling confidence, compliance, and momentum for U.S. crypto innovation, token distribution, and industry-wide growth opportunities. SEC Clears Path for 2Z Token With Landmark No-Action Letter The U.S.

Journalist

Posted: October 1, 2025

Key Takeaways
Is Ethereum about to trigger a short squeeze?
Over $10 billion in ETH shorts are at risk if price moves toward $4,359.

Are traders ignoring bullish signs?
Despite negative sentiment, whales are buying, and bearish momentum is fading.

Ethereum [ETH] might be on the edge of something big, and short sellers are sweating.

Over $10 billion worth of ETH shorts are now hanging by a thread. If price breaks toward the $4,359 mark, it could spark a liquidation cascade that sends ETH flying.

The recent downtrend looks like it’s losing steam, and bullish momentum is rising.

Where do we go from here?

Fear in the air, but ETH is unfazed
Despite the gloom in the market, Ethereum’s starting to push higher, and that’s no coincidence.

Funding Rates stayed negative throughout last week, meaning traders were paying to stay short. That kind of bearish sentiment often shows up right before a reversal.

Source: Cryptoquant

And it’s not just the charts, whales are moving too. Just yesterday, Bitmine bought a jaw-dropping 234,846 ETH (worth $963 million), bringing their total stash to over $10.8 billion.

Source: X

When the market’s leaning bearish, and the smart money starts buying? That’s usually not the time to be asleep at the wheel.

$10B in shorts and they’re on thin ice

Will institutions follow Bitcoin onto other chains? Gino Matos · 42 seconds ago · 6 min read

Structural changes, such as the approval of altcoin ETFs, might change how Wall Street sees Bitcoin.

Oct. 1, 2025 at 2:00 am UTC

6 min read

Updated: Oct. 1, 2025 at 1:38 am UTC

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

The success of spot Bitcoin (BTC) exchange-traded funds (ETFs) and major BTC treasury companies marked another step in the institutional adoption of crypto.

US-traded spot Bitcoin ETFs captured $518 million on Sept. 29 and have accumulated $57.3 billion in net flows since their launch in January 2024, according to Farside Investors data.

BlackRock’s iShares Bitcoin Trust (IBIT) crossed $80 billion in assets by July 2025, becoming the fastest ETF to reach that threshold in just 374 trading days. Adding to the stellar performance, names such as Harvard Management Co. and the Abu Dhabi sovereign wealth fund Mubadala disclosed investments in Bitcoin through IBIT.

The digital asset treasury movement expanded in tandem with the adoption of ETFs. Strategy increased its Bitcoin holdings to 649,031 BTC worth $72.67 billion as of Sept. 29. Meanwhile, Metaplanet up-sized its share offering to $1.4 billion in September to fund aggressive Bitcoin acquisitions, targeting 210,000 BTC by 2027.

Institutions now face a choice between cold storage and yield generation. Max Gokhman, deputy CIO at Franklin Templeton Investment Solutions, noted that yield is a major driver for institutional adoption of crypto.

And the SEC is clearing pathways for yield through regulated products. On Aug. 6, a staff statement confirmed that liquid staking tokens do not constitute securities by default, while the Sept. 17 generic listing standards expedited crypto ETF approvals.

As more altcoin ETFs are set to launch in the US, potentially offering yields through staking, institutions will gain exposure to the returns that crypto has to offer. This change might impact how Wall Street sees Bitcoin.

Bitcoin options fragment across chainsBitcoin is scattered across 365,958.79 BTC in synthetic forms totaling $41.8 billion as of Sept. 30, according to Bitcoin Layers.

As Bitcoin does not have native smart contract capabilities, the idea of a synthetic token, commonly referred to as a wrapper, is to allow the usage of BTC in DeFi protocols built on other blockchains.

Babylon leads native staking with 58,271.77 BTC, generating a 0.29% APR through a self-custodial protocol that secures proof-of-stake chains.

Using Babylon’s infrastructure, chains and applications can tap a security layer maintained by BTC staking.

Lombard’s LBTC token transforms Bitcoin into a liquid staking asset with 0.82% APY and $1.3 billion in total value locked (TVL), compatible with Ethereum, Base, Solana, BNB Smart Chain, Katana, Sonic, Starknet, and Sui through native Chainlink and canonical bridge integrations.

Threshold operates tBTC v2 across Ethereum, Starknet, Sui, and MezoChain with 6,335.31 tBTC bridged and $717.7 million in TVL.

ProtocolTVLYield/APRCompatible NetworksBabylon $6.61 billion0.29% APRBitcoin native (secures PoS chains via Bitcoin staking)Lombard (LBTC)$1.3 billion0.82% APY13 networks: Ethereum, Base, Solana, BNB Smart Chain, Katana, Sonic, Starknet, Sui, and othersThreshold (tBTC v2)$717.7 millionN/A4 networks: Ethereum, Starknet, Sui, MezoChainSolv Protocol (solvBTC)$1.7 billion0.79%-13.28% APY12 networks: Arbitrum, Mantle, Bitcoin mainnet, and othersb14g$300 million~5% APR (average)Multiple networks (dual-staking with native tokens)Zeus Network (zBTC)$58.7 million4.52% APYBitcoin-to-Solana bridge (via Multi-Party Computation)Thorchain$74 millionN/ACross-chain native swaps (multiple blockchains)Lightning Network$438 millionN/ABitcoin Layer-2 payment channelsSolv Protocol offers its solvBTC across 12 chains, including Arbitrum, Mantle, and the Bitcoin mainnet, with $1.7 billion in total value locked (TVL).

Meanwhile, b14g offers an average of 5% APR through dual-staking mechanisms that combine BTC with native protocol tokens, across a $300 million TVL.

Zeus Network bridges Bitcoin to Solana via the zBTC wrapper, with $58.7 million in TVL using Multi-Party Computation for trustless cross-chain interoperability. It offers 4.52% APY on staking via Fragmetric.

Thorchain facilitates native Bitcoin swaps for assets across different chains with $74 million locked. Bitcoin bridges processed $1.87 million in September 2025.

Regarding chains with the largest amounts of wrappers, Ethereum holds 178,458.67 BTC as of Sept. 30, followed by BNB Smart Chain at 24,082.67 BTC and Base at 21,647.85 BTC.

Besides the wrapper domination in established blockchains, Lightning Network presents itself as a significant rail for BTC usage.

Lightning maintains $438 million in TVL despite a 20% decline in public capacity from 5,400 BTC in late 2023 to 4,200 BTC by August 2025.

Coinbase reported that 15% of Bitcoin withdrawals were routed through Lightning by mid-2025, and CoinGate documented that Lightning accounted for 16% of Bitcoin orders in 2024, compared to 6.5% two years prior.

Additionally, Tether deployed USDT over Lightning via Taproot Assets in January 2025, enabling dollar-denominated payments without locking BTC in channels.

Practical difficultiesDespite the plurality of networks and wrappers that institutions could use to add composability to Bitcoin if they wish to, the key point of access remains through ETFs.

Using BlackRock’s IBIT S-1 filing as an example, the document specifies that Coinbase Custody Trust Company holds Bitcoin in segregated cold storage wallets with multi-signature authentication, separate from all other Coinbase assets.

In January 2025, BlackRock filed an amendment to IBIT’s structure to allow in-kind creation and redemption, requiring Coinbase Custody to process withdrawals to public blockchain addresses within 12 hours.

Currently, there is limited room to incorporate yield pathways into Bitcoin ETFs, which would involve exploring the DeFi ecosystem using BTC.

ProtocolStructure TypeCustody ModelTrust AssumptionsBabylonBitcoin-native staking protocolSelf-custodial (non-custodial time-locks on Bitcoin)Trust-minimized: Uses Bitcoin’s native time-lock scripting. BTC remains on Bitcoin blockchain in user’s control. Relies on Bitcoin’s security model. No bridging, wrapping, or third-party custody. Slashing possible for validator misbehavior.Lombard (LBTC)Liquid staking token (LST) built on BabylonConsortium model with decentralized custodyFederated trust: Built on Babylon’s security layer. Uses Security Consortium of institutional custodians. Multi-party validation required for minting/burning LBTC. Relies on finality providers and signers. Proof-of-reserves via Chainlink/Redstone oracles. 9-day unbonding period (Babylon 7-day + Lombard 2-day rebalancing).Threshold (tBTC v2)Decentralized bridge protocolDistributed multi-signature custody (100-of-100 threshold)Honest-majority assumption: Randomly selected group of 100+ node operators hold keys via threshold cryptography. Requires 51-of-100 signers to approve operations. Relies on probabilistic security and staked T tokens for economic security. Forward security protects existing deposits. SPV proofs verify Bitcoin state. No single custodian controls funds.Solv ProtocolMulti-chain Bitcoin LST platformVaries by integrationMulti-chain trust: Relies on security of each integrated chain (12 chains). Cross-chain bridge dependencies. Structured product framework with yield aggregation. Trust assumptions vary by destination chain and vault strategy.b14gBitcoin restaking protocolDual-staking (BTC + native token)Merge restaking model: Combines staked BTC with protocol native tokens. No BTC slashing risk (only native token subject to slashing). Relies on security of underlying networks being secured. Trust distributed across validator sets.Zeus NetworkCross-chain bridge (Bitcoin to Solana)Multi-Party Computation (MPC) custodyFederated MPC trust: Uses threshold signature scheme requiring multiple parties to cooperate. Decentralized node network manages zBTC minting/burning. Trust distributed across validator set. Depends on Solana network security for destination assets.ThorchainDecentralized liquidity protocolThreshold Signature Scheme (TSS) with bonded validatorsEconomic security model: Validators post bonds (2-3x value of pooled assets). Continuous Liquidity Pools (CLPs) enable native swaps. Slashing mechanism for malicious behavior. Trust distributed across economically incentivized validator set. No wrapped tokens—native asset swaps.Lightning NetworkBitcoin Layer-2 payment channelsSelf-custodial (channel-based)Channel counterparty trust: Users maintain custody via pre-funded payment channels. Bilateral trust between channel partners. Can route through multiple channels. Time-locked smart contracts enforce settlement. Trust-minimized for direct channels; routing adds complexity. No bridging or wrapping.Additionally, the Financial Action Task Force’s Travel Rule mandates financial institutions and Virtual Asset Service Providers to transmit originator and beneficiary identifying information with virtual currency transactions.

This standard requires end-to-end transparency to aid law enforcement and mitigate financial crime risks. ETF issuers must maintain segregated custody with regulated entities that are capable of producing audit trails that satisfy the travel rule requirements.

Wrapped Bitcoin protocols introduce trust assumptions that conflict with institutional custody standards.

Threshold’s tBTC relies on decentralized node operators to maintain the bridge between Bitcoin and Ethereum, creating a multi-signature custodial model where no single entity controls funds.

Although this is positive from a decentralization perspective, it introduces a security dependency on the integrity of the validator set. Lombard utilizes Babylon’s Bitcoin Staking Protocol, combined with a consortium model for custody, which distributes risk across multiple parties.

Again, there is an effort to decentralize single points of failure; however, this adds coordination requirements that complicate audit procedures.

A Bitcoin ETF holding LBTC on Base would face scrutiny on Optimism’s fraud-proof system, Base’s sequencer centralization, and the bridge’s oracle dependencies.

Each wrapped BTC variant trades off security assumptions. BitGo’s wBTC utilizes centralized custody with legal agreements, whereas Threshold’s tBTC distributes custody across validators, who must maintain uptime and adhere to honest behavior.

These layered risks multiply audit surfaces beyond what segregated cold storage presents.

Yield profiles and cost-benefitBabylon’s 0.29% APR on staked Bitcoin compares unfavourably to Ethereum’s 3.2% staking yield or Solana’s 7.1% APY available through liquid staking derivatives.

Lombard’s 0.82% return requires institutions to accept exposure to 13 different blockchain networks, each with distinct security models and potential failure modes.

These examples reveal the challenge that a 1% yield advantage on a 5% Bitcoin allocation contributes just five basis points to total portfolio returns.

Institutions might find insufficient compensation for introducing bridge risk, oracle dependencies, and cross-chain settlement complexity.

Franklin Templeton’s Gokhman observed that institutions increasingly view Bitcoin as a cyclical, high-beta risk asset that correlates with traditional financial markets as institutional adoption grows.

This framing suggests that portfolio managers prefer to separate their Bitcoin holdings from yield generation, maintaining BTC as a pure exposure play while sourcing returns from assets with more established DeFi infrastructure.

An institution could hold Bitcoin through IBIT’s segregated cold storage while deploying capital into Ethereum ETFs that will potentially offer staking yields through proven liquid staking tokens approved by the SEC’s August 2025 guidance.

Dividing exposure requires allocating capital across multiple positions but preserves custody clarity and simplifies compliance reporting.

The alternative of bridging Bitcoin to access DeFi yields forces institutions to evaluate whether Threshold’s node operators or Lombard’s decentralized consortium provides equivalent security to Coinbase Custody’s federally regulated cold storage.

Each bridge introduces a new counterparty, and each destination chain adds another risk surface that chain risk committees must review. The fragmented liquidity across 365,958 BTC, spread across different protocols and chains, compounds this complexity, as no single venue offers the depth that institutions require for entry and exit without market impact.

In conclusion, Bitcoin layer-2 and alternative layer protocols offer technical solutions for yield generation. However, it is up to regulators to find a way to accommodate these paths into regulated products, and it is up to institutions to decide whether direct exposure is worth the risk.

Mentioned in this articleLatest Bitcoin Stories

On Sep. 30, Ripple CTO David “JoelKatz” Schwartz announced he’s stepping back from his daily activities at Ripple Labs after more than 13 years at the firm.

He shared that over the last few months, he has been researching other use cases for XRP besides what Ripple is focused on. Still, he noted that he isn’t leaving Ripple permanently and will continue to remain active in the company’s activities. Schwartz joined the company in 2011 as a cryptographer and was promoted to Chief Technology Officer in 2018. 

“The time has come for me to step back from my day-to-day duties as Ripple CTO at the end of this year,” Schwartz wrote on X. “I’m really looking forward to spending more time with the kids and grandkids and going back to the hobbies I set aside. However, be warned, I’m not leaving the XRP community. You haven’t seen the last of me (now, or ever).

Schwartz steps back but remains on the Ripple board 
Schwartz will remain at Ripple as Chief Technology Officer Emeritus, an honorary title, and will also join the company’s board of directors. CEO Brad Garlinghouse praised the move on X, calling Schwartz a “true OG in crypto.” A Ripple spokesperson noted that Dennis Jarosch, Senior Vice President of Engineering, will lead the team going forward.

Data from the blockchain analytics platform Nansen showed that the price of XRP surged about 1.4% to $2.87 from $2.83 in the hours following Schwartz’s announcement. The token reached an all-time high price of more than $3.50 in July. It is currently the fourth-largest cryptocurrency by market capitalization, with a value of roughly $172 billion.

Ripple is one of the leading blockchain tech and crypto payments firms in the world. Notably, Schwartz had been associated with both Ripple and the XRP Ledger since their inception.

The blockchain firm has established itself as a massive presence in the crypto space, with a loyal fan base they’ve dubbed the “XRP Army.” The company has also dabbled in political efforts; along with Coinbase, it recently donated approximately $70 million to a United States-backed political action committee, Fairshake, that influenced the 2024 election and the 2026 midterms. In a 60 Minutes interview, Garlinghouse said the PAC was formed in part as a counter to the SEC’s enforcement action against Ripple.

Novogratz surprised by XRP’s survival
The SEC’s case, brought under the leadership of Jay Clayton in December 2020, concluded in March when the regulator abandoned a key appeal. Recently, Galaxy Digital CEO Mike Novogratz stated that he did not expect Ripple’s token to survive the SEC lawsuit against the California-based blockchain company. Novogratz made this declaration on a podcast with Kyle Chasse.

The SEC initially accused Ripple of selling unregistered securities in the form of XRP worth $1.3 billion. Following years of litigation, the court finally approved the settlement reached by the parties in August 2025. Novogratz said that this development came as a surprise, as he did not think XRP would last so long.

The entrepreneur continued to say that he previously regarded Ripple’s token with disdain, partly due to its community, which he likened to a cult. Still, he admitted that over time, he concluded that this could generally apply to fans of most successful cryptocurrencies who are completely devoted. The Galaxy head mentioned an example of one of his own employees, who considers Bitcoin a central part of their life.

Novogratz acknowledged the role of Ripple CEO Brad Garlinghouse in the successful resolution of the legal dispute, as well as maintaining the integrity of the community, which he called “one of the strongest” in the industry.

He also noted that XRP turned out to be the best asset to invest in after November 2024, considering its rally.

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AeroVironment, Inc. - Special Call

Company Participants

Denise Pacioni - Director of Investor Relations
Wahid Nawabi - Chairman of the Board, President & CEO
Scott Bowman - CTO & Senior VP of Global Engineering
Trace Stevenson - President of Autonomous Systems
William Ferguson - President of Space, Cyber & Directed Energy
Mary Clum - Executive Vice President of Space & DE Mission Systems
Church Hutton - Chief Growth Officer
Kevin McDonnell - Executive VP & Chief Financial Officer

Conference Call Participants

Andre Madrid - BTIG, LLC, Research Division
Austin Moeller - Canaccord Genuity Corp., Research Division
Colin Canfield - Cantor Fitzgerald & Co., Research Division
Kenneth Herbert - RBC Capital Markets, Research Division
Peter Arment - Robert W. Baird & Co. Incorporated, Research Division
Louie Dipalma - William Blair & Company L.L.C., Research Division

Presentation

Denise Pacioni
Director of Investor Relations

Good morning, everyone. It's wonderful to see so many of you here in beautiful Albuquerque, New Mexico.

Welcome to our Space and Directed Energy facility, where we've developed and built products such as the BADGER, Locust and laser communication terminals.

Before we get started, please take a moment to review our safe harbor statement located on the screens to your left and right. As a reminder, this event is being webcast live and will be archived on our website under the Events and Presentations section. Wi-Fi passwords are located on the tables in front of you, and we ask that you please silence your phones at this time. In the event of an emergency, exits are located on your right, restrooms are located to your left at the back of the auditorium.

As you can see, we have a full agenda for today. You'll gain perspective on our view of the overall defense industry and specifically the defense tech sector, learn more about both of our segments as well as take a deeper

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