Market Signal Briefing

Wall Street banks and crypto analysts issue sharply conflicting Bitcoin targets into 2026, underscoring uncertainty over “digital gold” and macro risks.

Summary

JPMorgan sees Bitcoin extending its “digital gold” role, eyeing upside if volatility eases and regulation firms up.​
Tim Draper targets outsized BTC gains by October 2026, framing it as a hedge against dollar debasement and legacy finance.​
Benjamin Cowen and Standard Chartered flag cycle risk and slower institutional demand, warning of a post-2025 reset and lower 2026 peak.

Major financial institutions and industry analysts have released divergent price projections for Bitcoin over the next 12 to 24 months, according to reports compiled by financial news outlet Finbold.

Digital gold to doom cycle
JPMorgan Chase & Co. has forecast significant appreciation for Bitcoin by 2026, positioning the cryptocurrency as a potential challenger to gold’s market dominance, according to the bank’s analysts. The projection assumes Bitcoin (BTC) continues to function as “digital gold,” with institutional capital inflows competing with gold’s market capitalization, the analysts stated. The bank identified a near-term price floor from which recovery could gain momentum, while noting that regulatory clarity and reduced volatility could support sustained growth. Economic slowdowns remain a risk factor, according to the analysis.

Venture capitalist Tim Draper has predicted substantial gains by October 2026, according to recent interviews. Draper attributed the forecast to Bitcoin’s potential role as a hedge against dollar debasement and its technological advantages over traditional currencies, stating the cryptocurrency could prove more impactful than the internet through broader adoption in retail payments and financial services.

Crypto analyst Benjamin Cowen has issued a more cautious outlook, predicting a potential market reset following a possible peak in late 2025, according to his analysis. Cowen’s forecast suggests Bitcoin could rise before declining in late 2026, entering a downturn similar to past market cycles. The analyst drew parallels to 2019 market conditions and warned that excessive optimism could trigger a sharp correction. Cowen extended the caution to alternative cryptocurrencies including Ethereum, arguing new all-time highs in 2026 remain unlikely due to Bitcoin’s market dominance and broader market fatigue.

Standard Chartered has reduced its Bitcoin forecast by half, now expecting a lower peak by the end of 2026 than previously projected, according to the bank’s Global Head of Digital Assets Research, Geoffrey Kendrick. Kendrick cited slower corporate treasury buying and increased reliance on spot exchange-traded fund inflows as reasons for the downgrade, describing the current market pullback as a “cold breeze” rather than a full downturn. The bank maintains a positive longer-term outlook, projecting higher levels by 2030 driven by supply constraints and portfolio reallocations away from traditional assets such as gold, according to the revised forecast.

The varied projections emerge as Bitcoin trades near key technical levels following a volatile year-end period.

Bitcoin is currently trading in a compressed environment following a sharp corrective move, with recent price action suggesting stabilization rather than trend continuation.

Both technical structure and on-chain behavior point toward a phase of digestion as the market assesses whether current levels will attract sustained demand.

Bitcoin Price Analysis: The Daily Chart
On the daily timeframe, BTC remains below the major resistance zone around the $95K area, which continues to cap upside attempts.

The cryptocurrency is trading within a broader corrective structure after failing to sustain above the prior high-value area. The recent candles show reduced volatility and overlapping ranges, signaling indecision rather than aggressive selling.

Importantly, downside momentum has slowed as price approaches the upper end of the multi-month descending channel at $90K and is poised to break above it.

Despite this stabilization, the daily structure has not yet shifted bullish. BTC is still trading below key dynamic resistance levels and has not convincingly reclaimed the $90K resistance. As long as the price remains below the $95K region, the daily bias favors consolidation within the current range rather than a trend reversal.

A sustained move above resistance would be required to confirm renewed upside momentum, while a failure to hold current levels could reopen the path toward deeper demand.

Source: TradingView
The 4-Hour Chart
The 4-hour chart highlights the most recent developments more clearly.

Bitcoin is consolidating tightly within a short-term range after a prolonged selloff, forming a base between rising local support and overhead resistance.

The most recent price action shows multiple attempts to push higher, but these have lacked follow-through, indicating that supply remains active on rallies.

At the same time, downside attempts are being absorbed near the lower boundary of the range, suggesting that sellers are losing momentum.

This balance between buyers and sellers reflects a classic compression phase, where liquidity is building on both sides.

Until a clear breakout above the $95K range occurs, the market is likely to remain range-bound, with short-term moves driven by liquidity grabs rather than directional conviction.

For the short-term, a clean break above the short-term resistance at $90K would improve the intraday outlook, while a rejection would likely accelerate a move toward the $82K region.

Source: TradingView
Sentiment Analysis
The spot average order size data provides important insight into participant behavior during this consolidation phase. Recent activity shows a noticeable presence of green dots, representing whale-sized spot orders, clustering around the current price range. This shift contrasts with earlier phases of the correction, where retail-sized orders were more dominant and larger players were largely absent.

The re-emergence of whale activity during consolidation suggests that larger participants are becoming more involved at these levels, potentially signaling early accumulation rather than distribution.

Unlike retail-driven rallies, spot whale participation typically reflects longer-term positioning, especially when it appears during low-volatility, range-bound conditions. This behavior implies that downside risk may be gradually decreasing as stronger hands absorb supply.

While this does not guarantee an immediate bullish reversal, the on-chain structure supports the idea that Bitcoin is transitioning from aggressive selling into a stabilization phase. If whale participation continues to increase while price holds above key demand zones, the probability of a more constructive price structure emerging in the coming sessions would rise.

Source: CryptoQuant

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The crypto market went through another minor roller-coaster.

It almost feels like a deja vu in the past few weeks, and it happened again on Monday morning as BTC pumped to just over $90,000, only to be rejected violently there and drive immediately south to its starting position.

Most larger-cap altcoins followed suit, with ETH going above and below $3,000 in the span of hours.

BTC Stopped (Yet Again)
The chart below will clearly demonstrate BTC’s inability to break through the $90,000 resistance despite several attempts in the past few weeks. In fact, it has been rejected at least six times since December 16.

In the previous business week alone, it tried twice but to no avail. Last Monday, it jumped to $90,500 when the bears stepped up and drove it south by four grand in the next couple of days. Another failed attempt took place on Friday, but this time BTC couldn’t even reach $90,000.

What followed were a few days of sideways trading, in which bitcoin remained between $87,000 and $88,000. The bulls went back on the offensive earlier today, driving the cryptocurrency to another weekly high of $90,400.

The scenario repeated once again, though. The dead-cat bounce scenario, which many feared, drove bitcoin back down to under $88,000 as of press time. Its market cap is back to $1.750 trillion, while its dominance over the alts is just over 57% on CG.

BTCUSD Dec 29. Source: TradingView
Alts Stopped Too
Ethereum followed the market leader earlier today, surging past $3,000 as it neared $3,050. However, it met the same fate as BTC and is now back to $2,960. BNB has returned to $856, while XRP is beneath the crucial support of $1.90.

On a daily scale, SOL, ZEC, and DOGE are slightly in the green, while BCH has lost the most value from the larger-cap alts. CC is up by almost 4% to nearly $0.125.

The total crypto market cap gained and lost $70 billion in hours today and is now back to $3.060 trillion on CG.

Cryptocurrency Market Overview Daily on Dec 29. Source: QuantifyCrypto

Cover image via www.freepik.com

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.

Two days remain until 2026, and the crypto market feels fine on the surface but still hides some intrigue on a smaller scale.

Bitcoin is holding up, but Zcash is back in full pump mode, and that is the same combo CryptoQuant keeps flagging as a BTC risk tell. XRP just printed a weird stat line, where shorts went to $0 in the one-hour liquidation window, while the 24-hour total sits near $2.63 million. At the same time, Monero emerges as a "dark horse" with a big cup-and-handle pitch and an "80% silver-style" upside target if the breakout is confirmed.

TL;DRZcash is pumping again, and the CryptoQuant read is that this has been a bad omen for Bitcoin more often than not.XRP printed a zero-short-liquidation window, meaning that bears were not there to be punished, and bulls took the damage.Monero is pressing a long-term cup-and-handle idea, with an 80% projection if a breakout confirms.Bitcoin raises new red flag as Zcash shines green againZEC’s move this week is hard to miss. In TradingView's view, it steps up fast from about $460 to $520 in a few hours with barely any pullback, the kind of burst you often see late in a Bitcoin run, when traders start hunting faster action elsewhere.

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CryptoQuant analyst Maartunn’s point is as follows: when Zcash starts running on its own like this, Bitcoin has a history of cooling off or taking a hit.

That is not magic, it is paternal behavior, as can be seen on the charts. Privacy coins tend to spike when the market rotates into volatility plays, and the heatmap lines up with that story: ZEC lights up while Bitcoin’s line starts to look flatter. You saw a similar mix in early 2021 and mid-2022, right before BTC spent weeks chopping instead of trending.

Derivatives activity fits the same picture. BTC perps look less aggressive, while ZEC interest is rising, which usually means traders are levering into the chase. Those moves can fade fast, but they often leave Bitcoin with less fuel in the tank right after.

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$0 for XRP: Liquidations without bearsIf Zcash signals excitement, XRP represents exhaustion. Over Monday, its liquidation sheet by CoinGlass turned absurd: one-hour data shows over $20,000 of long positions flushed and $0 shorts affected. For comparison, the 24-hour total climbed to $2.63 million, with shorts barely above $1.9 million.

That imbalance translates into a literal “$0 short liquidation” event; there were no bears left to get hit. When short interest collapses and price still drops, it means the entire pressure is coming from spot sellers and tired longs. The TradingView chart shows XRP sliding from $1.90 to $1.87 in a steady bleed, without the usual wick signature that accompanies short squeezes. 

Source: CoinGlassThis pattern often appears after periods of over-levered bull confidence. Traders front-run potential breakouts, shorts exit to avoid funding costs and the market loses its counterbalance. The result is a price that can drift down for hours without capitulation.

The timing is poor for momentum players heading into the holiday pause: funding rates on major XRP pairs have compressed, while open interest remains high, implying stuck positions with little liquidity to exit.

Unless a fresh catalyst arrives around year's end, XRP will likely trade sideways through the first sessions of 2026, waiting for wider market volatility to return.

Monero targets 80% silver-style moveWhile Zcash is making quick spikes and XRP is digesting messy leverage, Monero (XMR) is building a slow but serious setup.

Capo of Crypto, who got attention for a bad BTC-to-$12,000 call in late 2023, posted an XMR chart and argued that Monero is forming a big cup-and-handle that has been years in the making, and he compares it to how silver and gold looked before their big runs this year.

The idea behind the pattern is that XMR has been spending a long time absorbing selling pressure under a major resistance band around $417-$620. That zone has capped rallies since 2017, but the current “handle” is tighter and sitting on a higher floor, which is what traders like to see before a breakout attempt. 

Source: Capo of CryptoIf the price of XMR clears the 2021-area ceiling and can hold above about $650, the classic measured-move math points to something like $1,000-$1,100, which is where the “about 80%” upside talk comes from.

What makes this interesting is the timing. Privacy coins are back in the conversation in parts of Asia and Eastern Europe, and the flow into Monero looks more like steady accumulation than a bot-driven pump. 

Should Bitcoin stay stuck around the $90,000 area and money start rotating into "laggards with a narrative," XMR would become an obvious target. The heatmap shows Monero warming up but not overheating yet, which often means the move is still early if it is going to happen.

Crypto market outlook into 2026Right now, the market is not giving a simple bullish or bearish read, it is split. Bitcoin still sets the tone, but the ZEC signal is back on the board, and that is the same kind of backdrop that has shown up around previous local BTC tops. The rotation also looks picky: privacy coins and a few smaller coins are getting attention, while the usual big names are not leading.

What may happen next:

BTC pokes into the $78,000-$80,000 support area at least once, more like a test than a crash.ZEC stays wild above $500 because that is where the chase traders are parked now.Monero holds a bid around $390-$420 as rotation money looks for “next narrative” trades.XRP likely stays capped under $1.90 until the leverage imbalance resets.Early 2026 sessions decide if this is just year-end rotation or the start of a real privacy-coin mini-run that will keep BTC sideways for a bit.

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The billionaire is known for buying quality stocks and holding on for the long term.

Warren Buffett is heading into his final days as chief executive officer of Berkshire Hathaway, but his last message isn't completely cheerful. In fact, expressed not by words but through Buffett's recent moves, this message could be seen as a $381 billion warning to Wall Street.

It's important to note that Buffett isn't completely leaving the investing scene, as he'll continue on as Berkshire Hathaway's chairman, but, as of Jan. 1, he is handing over the investment decision reins to Greg Abel, who currently serves as the holding company's vice-chairman of non-insurance operations. This means that investors may be paying particularly close attention to Buffett's last moves as CEO.

In recent quarters through this very moment, Buffett's warning has been ringing out loud and clear. And history offers a strikingly precise picture of what may happen in 2026.

Image source: The Motley Fool.

Why investors care about Buffett's investing moves
First, though, a quick note about why investors care so much about Buffett's every investing move. This is because Buffett has been so successful over time that he's won the nickname the "Oracle of Omaha," a reference to his skill and his hometown. Buffett over nearly 60 years at the helm of Berkshire Hathaway has led market-beating returns, with Berkshire Hathaway delivering a compounded annual gain of almost 20% compared to the S&P 500's 10%.

This investing giant puts an emphasis on value investing -- the idea of buying a stock for less than what it's truly worth -- and holding on to stocks for the long term. He's joked around in the past, saying his ideal holding period is "forever."

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These principles have worked well for Buffett, and throughout the years, other investors have looked to him for guidance on what to do in certain market environments or which stocks to buy. And this brings me to Buffett's big warning to Wall Street.

The billionaire has been a net seller of stocks for the past 12 quarters, and as he's sold stocks and limited his purchases, he's built up a record level of cash. In the latest quarter, it reached $381 billion.

The element that may be guiding Buffett
This suggests that Buffett hasn't seen many opportunities in the stock market over that time period. Though the investing giant hasn't explained the reasoning for his moves, it's very likely that one element in particular may be guiding him. And that's valuation. Stocks have reached record levels in recent times, as we can see through the S&P 500 Shiller CAPE ratio. This is a measure of earnings per share and stock price over a 10-year period. Since we know Buffett refuses to buy stocks that are too expensive, this trend most certainly has put the brakes on his buying activity.

S&P 500 Shiller CAPE Ratio data by YCharts

Now let's consider what history tells us about the situation. Looking over the past 25 years, we can see that every time the Shiller CAPE has peaked, the S&P 500 has gone on to post declines. In some cases, these decreases are brief, and other times, they are longer-lasting. Considering the Shiller CAPE levels of today, this suggests that the S&P 500 could be in for declines in 2026. And we can't say Buffett hasn't warned us.

S&P 500 Shiller CAPE Ratio data by YCharts

What does this mean for you?
So, what does this mean for you as an investor right now? Does this mean you should stop buying stocks? No. It's important to remember that even though Buffett hasn't been a big buyer of stocks in recent times, he still has found some opportunities and added them to the Berkshire Hathaway portfolio. Buffett's moves simply mean that investors shouldn't just pile into certain stocks because they're popular, and instead, should pay close attention to valuation. If a stock is trading for a cheap or even reasonable price, go for it. But if it isn't, you may want to think of Buffett's recent moves before hitting the buy button.

Finally, a key thing to consider is that though history points to a potential drop in stocks next year, a decline may not result in the S&P 500 falling for the year. The index may pull back at some point, but finish the year on a positive note. Even better: History has shown us that after any decline, even the biggest ones, the index has always gone on to rebound and advance.

So, though Buffett's warning rings out loud and clear, the S&P 500 still could win in 2026 -- and the best news of all is it's well-positioned to roar higher over the long term.

, /PRNewswire/ -- iHuman Inc. (NYSE: IH) ("iHuman" or the "Company"), a leading provider of tech-powered, intellectual development products in China, today announced its unaudited financial results for the third quarter ended September 30, 2025.

Third Quarter 2025 Highlights

Revenues were RMB205.8 million (US$28.9 million), compared with RMB239.4 million in the same period last year.
Gross profit was RMB140.6 million (US$19.8 million), compared with RMB163.9 million in the same period last year.
Operating income was RMB16.7 million (US$2.3 million), compared with RMB20.7 million in the same period last year.
Net income was RMB21.6 million (US$3.0 million), compared with RMB25.1 million in the same period last year.
Average total MAUs[1] for the third quarter were 26.13 million, compared with 29.12 million in the same period last year.

[1] "Average total MAUs" refers to the monthly average of the sum of the MAUs of each of the Company's apps during a specific period, which is counted based on the number of unique mobile devices through which such app is accessed at least once in a given month, and duplicate access to different apps is not eliminated from the total MAUs calculation.

Dr. Peng Dai, Director and Chief Executive Officer of iHuman, commented, "Despite a complex market environment, we made steady progress this quarter in executing our strategy centered on product innovation and long-term value creation. Over the past few decades, iHuman has earned the trust of millions of families by guiding their children through critical early learning milestones, from recognizing their first Chinese characters to reading their first stories. Building on these strong family connections and our proven leadership in early childhood development, we are now strategically expanding several of our core offerings to serve older age cohorts by leveraging our rich content and technological expertise to address more advanced learning needs. This strategic initiative will deepen our user engagement, broaden our total addressable market, and reinforce the foundation for sustainable, long-term growth.

Our ongoing commitment to innovation continued to yield significant advancements across our portfolio. In iHuman English, we optimized both interface design and content to deliver a more seamless and inspiring learning journey for young learners. The main world map was redesigned for enhanced clarity and a more intuitive navigation, further improving the learning flow. We also added a curated selection of BBC Studios-licensed kids content, bringing dynamic storytelling, authentic language input, and high-quality visuals that enrich the program and create a compelling learning experience. Combined with interactive tasks and fun speaking prompts thoughtfully designed under our proprietary progressive learning framework, these improvements create a more seamless pathway that encourages deeper engagement and helps children steadily build their English skills and confidence through joyful exploration.

Complementing our digital products, our smart devices portfolio extends AI-driven learning and companionship deeper into the daily routines of children. We recently launched iHuman AI Pal, our first plush AI companion inspired by our beloved Cosmicrew characters. Designed as a soft, screen-free toy powered by large language model technology, it blends naturally into children's playtime, transforming everyday interactions into opportunities for discovery, imagination, and emotional connection. Beyond simple dialogue, iHuman AI Pal creates an adaptive English and Chinese environment that feels as natural and comforting as talking with a favorite plush friend. Through immersive stories, songs, and interactive fun experiences, it adjusts content to children's respective levels, helping them absorb new expressions effortlessly and build confidence in communication. It also supports holistic growth by fostering positive character, good habits, and safety awareness through memorable, story-based experiences. With built-in long-term memory, it recalls each child's preferences and past interactions, creating a familiar and lasting companionship that encourages open communication and builds confidence. Additionally, a connected mini program for parents keeps the family informed of the child's progress, provides personalized insights, and captures memorable moments — a testament to our vision of responsible, family-centric AI that supports children's development while giving parents peace of mind.

Following the remarkable success of its inaugural season, our Kunpeng Animation Studio launched the second season of Rainbow Crew in October, adding new depth and creativity to our expanding content library. Since its premiere, the series has consistently ranked among the top children's programs across major streaming platforms, validating its sustained audience appeal. The ongoing success of the Rainbow Crew franchise further strengthens our brand's cultural influence and supports the long-term expansion of our content and licensing portfolio.

Looking ahead, we will continue to prioritize strategic investment in innovation, technology, and creative excellence to meet the evolving needs of families. With a trusted brand, a loyal user base, and a strong product pipeline, we remain highly confident in our ability to drive strategic progress, deepen our leadership in the children's learning sector, and create lasting value for both users and shareholders."

Ms. Vivien Weiwei Wang, Director and Chief Financial Officer of iHuman, added, "We are pleased to report our 15th consecutive quarter of profitability, reflecting the solid financial performance and disciplined operational execution that further strengthens our foundation for sustainable growth. At the same time, we continued to expand our market reach by bringing our innovative offerings across a broader range of platforms and everyday lifestyle scenarios. During the quarter, we made meaningful progress in extending our offerings into the smart home ecosystem, with iHuman English now available on multiple leading smart speaker platforms. This expansion brings our content into additional family settings, enabling users to engage with our products more conveniently as part of their everyday home activities. We also expanded into new in-vehicle mobility experiences through cooperation with NIO, a well-recognized smart electric vehicle brand, making our core apps like iHuman Chinese and iHuman Pinyin available within their in-car systems. By expanding beyond traditional learning environments, these partnerships broaden user access to our products and strengthen our influence within the modern family lifestyle."

Third Quarter 2025 Unaudited Financial Results

Revenues

Revenues were RMB205.8 million (US$28.9 million), compared with RMB239.4 million in the same period last year. The decrease in revenues was primarily due to the decline in China's newborn population and more conservative consumer spending.

Average total MAUs for the quarter were 26.13 million, compared with 29.12 million in the same period last year. The decrease in MAUs was primarily due to the decline in China's newborn population.

Cost of Revenues

Cost of revenues was RMB65.1 million (US$9.1 million), compared with RMB75.5 million in the same period last year. The decline in cost of revenues was in line with the decrease in revenues.

Gross Profit and Gross Margin

Gross profit was RMB140.6 million (US$19.8 million), compared with RMB163.9 million in the same period last year. Gross margin was 68.3%, compared with 68.4% in the same period last year.

Operating Expenses

Total operating expenses were RMB124.0 million (US$17.4 million), a decrease of 13.4% from RMB143.2 million in the same period last year.

Research and development expenses were RMB55.3 million (US$7.8 million), a decrease of 6.8% from RMB59.3 million in the same period last year, primarily due to savings in payroll-related and outsourcing expenses.

Sales and marketing expenses were RMB45.7 million (US$6.4 million), a decrease of 24.9% from RMB60.9 million in the same period last year, primarily due to cost savings in marketing activities. 

General and administrative expenses were RMB22.9 million (US$3.2 million), compared with RMB23.0 million in the same period last year.

Operating Income

Operating income was RMB16.7 million (US$2.3 million), compared with RMB20.7 million in the same period last year.

Net Income

Net income was RMB21.6 million (US$3.0 million), compared with RMB25.1 million in the same period last year.

Basic and diluted net income per ADS were RMB0.42 (US$0.06) and RMB0.40 (US$0.06), respectively, compared with RMB0.48 and RMB0.47 in the same period last year. Each ADS represents five Class A ordinary shares of the Company.

Deferred Revenue and Customer Advances

Deferred revenue and customer advances were RMB230.4 million (US$32.4 million) as of September 30, 2025, compared with RMB283.3 million as of December 31, 2024.

Cash, Cash Equivalents and Short-term Investments

Cash, cash equivalents and short-term investments were RMB1,128.2 million (US$158.5 million) as of September 30, 2025, compared with RMB1,168.7 million as of December 31, 2024.

Extension of Share Repurchase Program

Given its confidence in the Company's business prospects, the board of directors (the "Board") has authorized an extension of the Company's existing share repurchase program, as authorized in December 2021 and extended to remain effective to the end of December 2025, by another twelve months through December 31, 2026. Pursuant to the extended share repurchase program, the Company's proposed repurchases may be made from time to time through open market transactions at prevailing market prices, in privately negotiated transactions, in block trades and/or through other legally permissible means, depending on the market conditions and in accordance with applicable rules and regulations. The timing and dollar amount of repurchase transactions will be subject to the Securities and Exchange Commission Rule 10b-18 and Rule 10b5-1 requirements. The Board will continue to review the extended share repurchase program periodically, and may authorize adjustments to its terms and size. The Company expects to continue to fund the repurchases under the extended share repurchase program with its existing cash balance.

Exchange Rate Information

The U.S. dollar (US$) amounts disclosed in this press release, except for those transaction amounts that were actually settled in U.S. dollars, are presented solely for the convenience of the reader. The conversion of Renminbi (RMB) into US$ in this press release is based on the exchange rate set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System as of September 30, 2025, which was RMB7.1190 to US$1.00. The percentages stated in this press release are calculated based on the RMB amounts.

Non-GAAP Financial Measures

iHuman considers and uses non-GAAP financial measures, such as adjusted operating income, adjusted net income and adjusted diluted net income per ADS, as supplemental metrics in reviewing and assessing its operating performance and formulating its business plan. The presentation of non-GAAP financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). iHuman defines adjusted operating income, adjusted net income and adjusted diluted net income per ADS as operating income, net income and diluted net income per ADS excluding share-based compensation expenses, respectively. Adjusted operating income, adjusted net income and adjusted diluted net income per ADS enable iHuman's management to assess its operating results without considering the impact of share-based compensation expenses, which are non-cash charges. iHuman believes that these non-GAAP financial measures provide useful information to investors in understanding and evaluating the Company's current operating performance and prospects in the same manner as management does, if they so choose.

Non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools, which possibly do not reflect all items of expense that affect our operations. Share-based compensation expenses have been and may continue to be incurred in our business and are not reflected in the presentation of the non-GAAP financial measures. In addition, the non-GAAP financial measures iHuman uses may differ from the non-GAAP measures used by other companies, including peer companies, and therefore their comparability may be limited. The presentation of these non-GAAP financial measures is not intended to be considered in isolation from or as a substitute for the financial information prepared and presented in accordance with GAAP.

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 iHuman's beliefs and expectations, are forward-looking statements. Among other things, the description of the management's quotations in this announcement contains forward-looking statements. iHuman may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors or employees to third parties. 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: iHuman's growth strategies; its future business development, financial condition and results of operations; its ability to continue to attract and retain users, convert non-paying users into paying users and increase the spending of paying users, the trends in, and size of, the market in which iHuman operates; its expectations regarding demand for, and market acceptance of, its products and services; its expectations regarding its relationships with business partners; general economic and business conditions; regulatory environment; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in iHuman's filings with the SEC. All information provided in this press release is as of the date of this press release, and iHuman does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

About iHuman Inc.

iHuman Inc. is a leading provider of tech-powered, intellectual development products in China that is committed to making the child-upbringing experience easier for parents and transforming intellectual development into a fun journey for children. Benefiting from a deep legacy that combines nearly three decades of experience in the parenthood industry, superior original content, advanced high-tech innovation DNA and research & development capabilities with cutting-edge technologies, iHuman empowers parents with tools to make the child-upbringing experience more efficient. iHuman's unique, fun and interactive product offerings stimulate children's natural curiosity and exploration. The Company's comprehensive suite of innovative and high-quality products include self-directed apps, interactive content and smart devices that cover a broad variety of areas to develop children's abilities in speaking, critical thinking, independent reading and creativity. Leveraging advanced technological capabilities, including 3D engines, AI/AR functionality, and big data analysis on children's behavior & psychology, iHuman believes it will continue to provide superior experience that is efficient and relieving for parents, and effective and fun for children, in China and all over the world, through its integrated suite of tech-powered, intellectual development products.

For more information about iHuman, please visit: https://ir.ihuman.com/

For investor and media enquiries, please contact:

iHuman Inc.
Mr. Justin Zhang
Investor Relations Director
Phone: +86-10-5780-6606
E-mail: [email protected]

Christensen
In China
Ms. Alice Li
Phone: +86-10-5900-1548
E-mail: [email protected] 

In the US
Ms. Linda Bergkamp
Phone: +1-480-614-3004
E-mail: [email protected]

iHuman Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$")

except for number of shares, ADSs, per share and per ADS data)

December 31,

September 30,

September 30,

2024

2025

2025

RMB

RMB

US$

ASSETS

Current assets

Cash and cash equivalents 

1,123,292

516,315

72,526

Short-term investments

45,457

611,844

85,945

Accounts receivable, net

52,030

64,034

8,995

Inventories, net

23,475

20,438

2,871

Amounts due from related parties

2,051

1,674

235

Prepayments and other current assets

89,512

84,141

11,819

Total current assets

1,335,817

1,298,446

182,391

Non-current assets

Property and equipment, net

3,476

2,375

334

Intangible assets, net

16,429

16,572

2,328

Operating lease right-of-use assets

14,885

12,063

1,694

Long-term investment

26,333

26,333

3,699

Other non-current assets

22,701

12,196

1,713

Total non-current assets

83,824

69,539

9,768

Total assets

1,419,641

1,367,985

192,159

LIABILITIES

Current liabilities

Accounts payable

30,233

27,024

3,796

Deferred revenue and customer advances

283,251

230,418

32,367

Amounts due to related parties

1,734

6,499

913

Accrued expenses and other current liabilities

126,501

109,000

15,311

Dividend payable

2,164

-

-

Current operating lease liabilities

3,661

2,166

304

Total current liabilities

447,544

375,107

52,691

Non-current liabilities

Non-current operating lease liabilities

11,252

9,610

1,350

Total non-current liabilities

11,252

9,610

1,350

Total liabilities

458,796

384,717

54,041

SHAREHOLDERS' EQUITY

Ordinary shares (par value of US$0.0001 per share,
   700,000,000 Class A shares authorized as of
   December 31, 2024 and September 30, 2025;
   125,122,382 Class A shares issued and 116,084,207
   outstanding as of December 31, 2024; 125,122,382
   Class A shares issued and 111,480,772 outstanding as
   of September 30, 2025; 200,000,000 Class B shares
   authorized, 144,000,000 Class B ordinary shares
   issued and outstanding as of December 31, 2024 and
   September 30, 2025; 100,000,000 shares
   (undesignated) authorized, nil shares (undesignated)
   issued and outstanding as of December 31, 2024 and
   September 30, 2025)

185

186

26

Additional paid-in capital

996,657

960,418

134,909

Treasury stock

(26,296)

(43,483)

(6,108)

Statutory reserves

8,395

8,395

1,179

Accumulated other comprehensive income

24,009

19,865

2,790

Retained earnings (accumulated deficit)

(42,105)

37,887

5,322

Total shareholders' equity

960,845

983,268

138,118

Total liabilities and shareholders' equity

1,419,641

1,367,985

192,159

iHuman Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$")

except for number of shares, ADSs, per share and per ADS data)

For the three months ended

For the nine months ended

September 30,

June 30,

September 30,

September 30,

September 30,

September 30,

September 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Revenues

239,407

200,162

205,764

28,903

689,517

616,365

86,580

Cost of revenues

(75,541)

(64,414)

(65,134)

(9,149)

(205,805)

(196,211)

(27,562)

Gross profit

163,866

135,748

140,630

19,754

483,712

420,154

59,018

Operating expenses

Research and development expenses

(59,307)

(52,834)

(55,294)

(7,767)

(184,449)

(163,513)

(22,969)

Sales and marketing expenses

(60,863)

(41,279)

(45,720)

(6,422)

(167,121)

(128,254)

(18,016)

General and administrative expenses

(22,998)

(22,146)

(22,949)

(3,224)

(75,148)

(70,634)

(9,922)

Total operating expenses

(143,168)

(116,259)

(123,963)

(17,413)

(426,718)

(362,401)

(50,907)

Operating income

20,698

19,489

16,667

2,341

56,994

57,753

8,111

Other income, net

8,024

14,774

5,318

747

26,444

28,092

3,946

Income before income taxes

28,722

34,263

21,985

3,088

83,438

85,845

12,057

Income tax expenses

(3,579)

(2,374)

(400)

(56)

(11,330)

(5,853)

(822)

Net income

25,143

31,889

21,585

3,032

72,108

79,992

11,235

Net income per ADS:

   - Basic

0.48

0.62

0.42

0.06

1.37

1.55

0.22

   - Diluted

0.47

0.60

0.40

0.06

1.33

1.49

0.21

Weighted average number of ADSs:

   - Basic

52,283,334

51,395,308

51,201,957

51,201,957

52,502,206

51,492,689

51,492,689

   - Diluted

54,011,420

53,478,410

53,434,919

53,434,919

54,332,011

53,596,640

53,596,640

Total share-based compensation expenses included in:

Cost of revenues

22

9

8

1

88

25

4

Research and development expenses

225

67

87

12

1,030

264

37

Sales and marketing expenses

39

16

16

2

130

48

7

General and administrative expenses

329

(5)

85

12

1,022

184

26

iHuman Inc.

UNAUDITED RECONCILIATION OF GAAP AND NON-GAAP RESULTS

 (Amounts in thousands of Renminbi ("RMB") and U.S. dollars ("US$")

except for number of shares, ADSs, per share and per ADS data)

For the three months ended

For the nine months ended

September 30,

June 30,

September 30,

September 30,

September 30,

September 30,

September 30,

2024

2025

2025

2025

2024

2025

2025

RMB

RMB

RMB

US$

RMB

RMB

US$

Operating income

20,698

19,489

16,667

2,341

56,994

57,753

8,111

Share-based compensation expenses

615

87

196

27

2,270

521

74

Adjusted operating income

21,313

19,576

16,863

2,368

59,264

58,274

8,185

Net income

25,143

31,889

21,585

3,032

72,108

79,992

11,235

Share-based compensation expenses

615

87

196

27

2,270

521

74

Adjusted net income

25,758

31,976

21,781

3,059

74,378

80,513

11,309

Diluted net income per ADS

0.47

0.60

0.40

0.06

1.33

1.49

0.21

Impact of non-GAAP adjustments

0.01

0.00

0.01

0.00

0.04

0.01

0.00

Adjusted diluted net income per ADS

0.48

0.60

0.41

0.06

1.37

1.50

0.21

Weighted average number of ADSs – diluted

54,011,420

53,478,410

53,434,919

53,434,919

54,332,011

53,596,640

53,596,640

Weighted average number of ADSs – adjusted

54,011,420

53,478,410

53,434,919

53,434,919

54,332,011

53,596,640

53,596,640

SOURCE iHuman Inc.

STOCKHOLM , Dec. 29, 2025 /PRNewswire/ -- Autoliv, Inc. (NYSE: ALV) (SSE: ALIVsdb), the worldwide leader in automotive safety systems, today announced that Fredrik Westin has agreed with the Company to amend his resignation date to be effective March 31, 2026. Mr. Westin will continue his employment as EVP, Finance and Chief Financial Officer of the Company through March 31, 2026.

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.

About Ian Lyall
Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually.
Prior to Proactive, Ian helped lead the business output at the Daily... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

I bought some great gifts for loved ones this season, but buying ASML stock will be a gift to myself.

Unlike chefs, who can prepare savory meals without precisely measuring ingredients, pastry chefs require exactness when crafting their sweet treats. Just a little too much of one ingredient -- or not enough of another -- can be the difference between pastry perfection and dessert disaster.

Similarly, the companies that manufacture the sophisticated semiconductors capable of handling artificial intelligence (AI) applications also require meticulous levels of precision in order to sustain high-volume production of those chips. For this reason, ASML (ASML +0.67%) is high on my buy list. The company plays a pivotal role in the semiconductor industry, and I've long recognized its stock as a compelling way to expand my AI industry exposure.

I plan to open a position in the coming weeks, and once it's initiated, I intend to click the buy button on ASML stock again during any dips.

Image source: Getty Images.

ASML provides a unique AI investment opportunity
Designing cutting-edge semiconductors -- the wheelhouse of companies like Nvidia and AMD -- is no small feat, yet it means little unless foundries can produce those chips at scale. This is where ASML comes in.

Today's Change

(

0.67

%) $

7.10

Current Price

$

1072.62

While ASML provides a variety of equipment, software, and services to enable the large-scale fabrication of microchips, the products that make it most appealing to investors are its extreme ultraviolet (EUV) lithography machines. These machines use light at a 13.5-nanometer wavelength to print the most sophisticated chip designs on the market, making them indispensable tools for foundry operators like Taiwan Semiconductor Manufacturing and Intel.

ASML is the only company capable of building EUV machines, giving it an unparalleled position in the chip industry and providing it with a robust competitive advantage over its rivals.

Kicking the tires on the company's financials provides even more reassurance
It's hard to argue with the allure of ASML, as it has a technological monopoly in a niche that is vital to the tech sector. The company's fundamentals further illustrate why its stock will be worth holding for the long term as the AI industry develops.

For one, the company generates extremely strong cash flow. In 2024 and 2023, for example, ASML reported free cash flow of $7 billion and $6.9 billion, respectively, according to Morningstar. Its results are even more impressive when stacked up against its semiconductor equipment peers, Lam Research and Applied Materials.

ASML Free Cash Flow Per Share (Annual) data by YCharts.

Over the past decade, ASML has consistently generated more free cash flow per share -- especially during the past two years as the AI industry has boomed.

Pair this with the fact that the company has a strong balance sheet with a conservative debt-to-equity ratio of 0.14 as of its most recent financial report, and its sound financial health becomes even more apparent.

Forget looking to Santa, I'm gifting ASML to myself this year
I was uninterested in waiting for shares of ASML to appear under the tree, so I've made a plan to buy the stock in the coming weeks to get some skin in the game, and then gradually build my position as dips occur. Should another company ever debut an EUV lithography system, I'll have to reevaluate my position. For the time being, though, I'm eager to broaden my AI sector exposure with ASML stock.

Scott Levine has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends ASML, Advanced Micro Devices, Applied Materials, Lam Research, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.

The bigger winner in 2025 may not be the better stock to own in the new year.

Nvidia (NVDA +1.09%) is on track to deliver another sizzling performance in 2025. The chipmaker's gain, though, won't come anywhere close to matching that of Palantir Technologies (PLTR 2.81%). Unless Palantir's stock implodes in the final trading days of the year, it should finish 2025 up more than 150%.

Does Palantir's momentum make it the more attractive choice going into the new year? I don't think so. Instead, I believe that Nvidia is the hands-down better stock to buy than Palantir for 2026.

Image source: Nvidia.

Two similar growth stories
Don't get me wrong: Palantir has an impressive growth story. In the third quarter of 2025, the software company reported that its total revenue increased 63% year-over-year and 18% quarter-over-quarter to $1.18 billion.

As it has in the past, Palantir continues to generate the majority of its revenue in the U.S. Over half of its U.S. revenue stems from contracts with the federal government. However, that might not be the case for much longer. The company's U.S. commercial revenue is growing at a much faster pace than its government revenue.

Today's Change

(

-2.81

%) $

-5.46

Current Price

$

188.71

Nvidia's growth is remarkably similar to that of Palantir. The GPU maker reported Q3 revenue of $57 billion, up 62% year-over-year and 22% quarter-over-quarter.

Which company has the stronger momentum as 2025 draws to a close? I'd give the nod to Nvidia, based on the revenue guidance from both companies. While Palantir forecasts quarter-over-quarter revenue growth of 12.5% in Q4, Nvidia projects quarter-over-quarter revenue growth of 14%.

Today's Change

(

1.09

%) $

2.05

Current Price

$

190.66

Both artificial intelligence (AI) leaders also have CEOs who hype their growth stories. Jensen Huang, founder and CEO of Nvidia, said in his company's Q3 update, "Blackwell sales are off the charts, and cloud GPUs are sold out." That seemed downright modest, though, compared to Palantir founder and CEO Alex Karp's proclamation that his company delivered an "unworldly growth rate" in the third quarter.

Two dissimilar valuations
I don't think that Nvidia's relatively small momentum advantage as 2025 draws to a close makes it a hands-down better stock to buy than Palantir in the new year. However, I believe that Nvidia's valuation does.

Granted, Nvidia doesn't seem to be cheap at first glance. The stock's forward price-to-earnings ratio is roughly 24.8. It's essential to factor in the company's growth prospects over the next few years, though. Nvidia's price-to-earnings-to-growth (PEG) ratio, based on analysts' five-year growth projections, is only 0.72, according to Yahoo! Finance. Any PEG multiple below 1.0 is typically considered an attractive valuation.

On the other hand, Palantir's valuation looks downright scary. The AI and data analytics software stock trades at 192.3 times forward earnings. Yes, Palantir's outstanding growth helps make its valuation somewhat more palatable. However, the stock's PEG ratio remains over 3.0, indicating that it appears to be significantly more expensive than Nvidia, even with growth projections taken into account.

Karp tried to shrug off his company's sky-high valuation in his Q3 letter to Palantir shareholders, stating, "It has indeed been difficult for outsiders to appraise our business, either its significance in shaping our current geopolitics or its value in the vulgar, financial sense." The problem, as I see it, with his perspective, though, is that valuing stocks must always be done using financials, whether one views doing so as vulgar or not.

Risk vs. reward
Ultimately, investing comes down to trading risk in exchange for potential rewards. Which of these two stocks provides the better risk-reward proposition? I think the answer is clearly Nvidia.

Although Palantir's revenue growth is impressive (and perhaps even "unworldly," as Karp argues), it's essentially on par with that of Nvidia. However, Nvidia's stock trades at a much lower valuation. That's true whether we incorporate growth projections for one year or five years from now.

To be sure, Nvidia faces some risks. The AI infrastructure boom could slow down. Customers could increasingly turn to chips from rivals. But these are "maybe" kind of risks. Palantir's valuation risk isn't so speculative.

After a few years of false starts, the gains enjoyed by the FTSE 100 and European peers like the DAX show that investors are catching onto the fact that the continent's equities might finally have something to shout about.

The performance of the blue-chip benchmarks in the past year has been more about a valuation-led catch-up, but UBS thinks 2026 will see, for the first time in three years, a return to earnings growth in Europe.

Several London-listed companies, including Aviva, NatWest, RELX and ITM Power have been highlighted among the Swiss bank's top trades and beneficial trends that should drive performance in the coming year. 

UBS strategists estimate a 7% rise in earnings per share on average for European stocks, compared to expectations from the wider analyst consensus nearer 10-11%.

As well as the long-awaited improvement in company earnings, the case for Europe also rests on policy support, undemanding valuations and improving sentiment.

“European equities are entering a new era in 2026,” the analysts argue, “underpinned by accelerating domestic growth, robust fiscal expansion, and a wave of structural investment.”

Banks, boards and buybacks
Insurers are among the standout sector for UK names, according to the UBS view of the "top themes" in the coming year.

Both Aviva PLC (LSE:AV.) and Admiral Group Plc (LSE:ADM) are flagged in the bank’s top-rated “REVS” stocks – those that screen well on regime, earnings, valuation, and sentiment.

Aviva, trading on 11 times 2026 earnings and yielding 5.5%, scores highly thanks to “resilient cash flows and high dividend yields”. Admiral is slightly more expensive on 13x, but offers a chunky 7.3% yield.

UBS also likes M&G, which trades on just 9x next year’s earnings and yields 7.5%. It’s one of the cheaper names in the sector and, in a market that still values defensiveness, that counts.

The banks get a tick too, with UBS seeing European banks as likely to continue outperforming US peers, supported by "accelerating loan growth, effective cost control, and robust capital positions".

NatWest Group PLC (LSE:NWG) also comes up in a GOTCHA stock screen, filtering for Global Opportunities for Thematic CHAmpions.

The GOTCHA acronym aims to group together stocks benefiting from structural tailwinds like electrification, renewables, and productivity gains. UK names in the mix include RELX PLC (LSE:REL), Sage Group PLC (LSE:SGE), Breedon Group Plc (LSE:BREE), ITM Power PLC (AIM:ITM).

Of these, RELX and Sage also feature companies seen as likely productivity winners from AI.

UBS says: “Early adoption is driving some margin expansion and operational efficiency,” and adds: “We focus on those in the sectors where AI might drive this further.”

RELX in particular is singled out as one of Europe’s “larger, well-capitalised firms with robust data, IT infrastructure, and a culture of innovation”.

While Europea is seen on lacking the big tech way into the AI story (apart from ASML and ARM), UBS sees this angle as being one that might actually deliver: not from flashy frontier tech, but from operational leverage and better margins in data-heavy businesses. “Productivity is Europe’s ‘unlock’. AI proliferation may help.”

Avoid autos, chemicals, or household
And what to avoid? UBS isn’t keen on autos, chemicals, or household products, seen as facing cyclical and structural headwinds, including inventory overhang, margin pressure and cost challenges.

The household category includes one big UK name: Unilever PLC (LSE:ULVR). While it benefits from strong brand equity and pricing power, the analysts are not convinced.

Unilever’s margin targets "look demanding as consumer elasticity rises,” they write.

Another area where the strategists are cautious is defence, as while security spending remains a multi-year theme, sector "valuations are elevated and positioning is crowded".

"This is a risk when positive earnings revisions have become quite variable rather than persistent. Recent trading around the index performance is likely to continue even as earnings growth is delivered.

"Investors may wish to rotate exposure towards less crowded themes with greater valuation headroom and more consistently positive earnings revisions support."

Technology-driven critical metals company advancing Western supply resistance through patented processing IP, strategic exploration assets, and global commercial partnerships. Highlights ~46.05 km2 of high-resolution airborne LiDAR ("Light Detection and Ranging") survey completed at both La Blache and Lac Brule Projects, delivering engineering-grade topographic data suitable to support future engineering and feasibility studies planning.

HomeStock IdeasLong IdeasFinancials 

SummaryUniCredit earns a strong buy rating due to robust profit margins, CEE market penetration, and attractive risk profile.UNCRY boasts a CET1 ratio near 15%, liquidity coverage above 140%, and investment-grade ratings, supporting balance sheet strength.Loan growth of 1.6% YoY and 13.3% CEE fee growth highlight organic upside, while profit margins outpace key European peers.Forward P/E of 9.84 and consensus EPS growth (+31% this year, +12% next) suggest undervaluation and 5–14% price upside potential.The risk of interest margin compression has also been discussed. Mrkit99/iStock Editorial via Getty Images

The Thesis: Plenty of Reasons For Bulls To Cheer It is one of Europe's largest financial brands and banking groups, headquartered in Milan but having grown a presence across the continent via local subsidiaries, with roots

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.

SoftBank has slowly been increasing exposure to the AI trade.

About Ian Lyall
Ian Lyall, a seasoned journalist and editor, brings over three decades of experience to his role as Managing Editor at Proactive. Overseeing Proactive's editorial and broadcast operations across six offices on three continents, Ian is responsible for quality control, editorial policy, and content production. He directs the creation of 50,000 pieces of real-time news, feature articles, and filmed interviews annually.
Prior to Proactive, Ian helped lead the business output at the Daily... Read more

About the publisher
Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the world’s key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Use of technology
Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

After years of eschewing big mergers, ServiceNow Inc. is on a deal spree. It has spent at least $12 billion this year on acquisitions or strategic investments.

Brian Armstrong, CEO of Coinbase , stated that Bitcoin BTC provides a way to keep the US dollar strong by acting as a possible choice for people when inflation or spending gets high.

At its core, the plan aims to turn on Uniswap’s long discussed protocol fees and use them to permanently reduce the supply of UNI, while reshaping how the entire Uniswap ecosystem operates. 
Uniswap is not a small experiment anymore. The protocol has processed nearly 4 trillion dollars in trading volume and is used by millions of wallets worldwide. Yet until now, UNI holders have not directly benefited from that scale. The proposal argues that moment has arrived, helped by a calmer US regulatory climate and the rise of DeFi as a serious alternative to centralized exchanges.

Turning Usage into Value
The centerpiece of the proposal is simple to explain. When users trade on Uniswap, a small protocol fee would be collected and used to burn UNI tokens. Burning means permanently removing tokens from circulation, which can increase scarcity over time. This fee switch already exists in Uniswap’s code but can only be activated through a governance vote.

UNIfication has passed

125M+ yes votes to turn on protocol fees, burn UNI, and establish a sustainable model for long-term protocol development

Protocol-aligned, fee-enabled, ready to scale pic.twitter.com/zxQcfZXHQR

— Uniswap Foundation (@UniswapFND) December 26, 2025

Fees would roll out slowly to avoid disruption. They would start with the most active pools on Ethereum and later expand to other versions, networks, and new features. On Uniswap v2, for example, liquidity providers would see fees shift from 0.30% to 0.25%, while 0.05% goes to the protocol and gets burned.

The proposal also directs Unichain sequencer fees into the same burn system. Unichain, launched less than a year ago, already processes about 100 billion dollars in annualized DEX volume and generates roughly 7.5 million dollars a year in sequencer fees. Instead of going to a company balance sheet, those fees would now reduce UNI supply.

UNIfication has officially been executed onchain

✓ Labs interface fees are set to zero

✓ 100M UNI has been burned from the treasury

✓ Fees are on for v2 and a set of v3 pools on mainnet

✓ Unichain fees flow to UNI burn (after OP & L1 data costs)

Let the burn begin pic.twitter.com/fcr3WY3gPc

— Uniswap Labs 🦄 (@Uniswap) December 27, 2025

A real world comparison helps here. Think of a stock buyback. When a company uses profits to buy and retire shares, remaining shareholders own a larger slice. This proposal applies that idea to a decentralized protocol.

Improving Liquidity and Alignment
Beyond fees, the proposal introduces new tools to improve returns for liquidity providers. One example is the Protocol Fee Discount Auction, designed to capture value from MEV, or maximum extractable value, which often leaks to bots and validators. Early estimates suggest these auctions could add 6 to 26 cents per 10,000 dollars traded for LPs, a meaningful boost in a business where margins are thin.

Voting has concluded on Unification 🦄

125,342,017 YES

742 NO

Unified, true to the name

After a ~2day vote timelock, 100m UNI will be burned, fee switches will be flipped, labs will turn off frontend fees and focus on the protocol, and more

Merry Christmas everyone 🎄 https://t.co/wpsEC8udlW pic.twitter.com/P0rJmLN9Cc

— Hayden Adams 🦄 (@haydenzadams) December 25, 2025

Another major change is organizational. Many roles currently handled by the Uniswap Foundation would move to Uniswap Labs. In return, Labs would set its interface, wallet, and API fees to zero and focus fully on growing protocol usage. An annual growth budget of 20 million UNI would fund development, partnerships, and ecosystem expansion, under strict alignment rules with token holders.

Why This Uniswap Proposal Matters nNow
The timing is not accidental. DeFi trading volumes are rising again, institutions are building onchain, and decentralized exchanges are closing the performance gap with centralized platforms. Turning on fees signals that Uniswap is ready to compete as infrastructure, not just software.

Disclaimer

The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.

Solana reserves held in ETF and treasury companies took up close to 5% of the circulating supply. The supply was partially used in staking, as well as supporting validators. 

In 2025, the Solana ecosystem saw another significant source of inflows. Close to 5% of the SOL supply is held in treasury companies or ETFs. The pace of buying was uneven in 2025, and SOL still faces price challenges. Despite this, the influence of those holders may continue to affect Solana in 2026. 

Solana treasuries expanded in 2025, but stopped new buying in December. | Source: Strategic SOL reserve.
Solana’s strategic entities built up over 20M SOL in their reserves, valued at $2.6B. Of those reserves, close to 9.5M SOL is staked with validators, increasing their influence. 

Solana treasury companies slowed down purchases
The Solana treasury companies seem to have completed their purchasing rounds for the year. In December, no net additions were made to the treasuries, despite the lower SOL price. 

The Solana treasury companies also lost on the stock market, following peak hype in Q3. Forward Industries, the leading treasury company, is on track to finish the year with around 40% net gains. However, FWDI is down from a $39 peak in September. 

The company’s SOL treasury is valued at $871M, while the stock market cap is down to $608.8M, showing decreased enthusiasm for proxy buying. 

Solana Company, with a treasury of 2.3M SOL, failed to see its stock bounce. The former biotech company is trading at $2.78, down from a March peak of $772.50. 

DeFi Dev Corp is down from a yearly high of $53.88, trading at $5.76 toward the end of 2025. The company holds the third-largest treasury of 2.19M SOL. 

Toward the end of the year, the treasury companies did not have new inflows and had to switch to relying on the internal Solana ecosystem and its fees. Staking with validators may provide some windfalls for those companies, provided the price of SOL remains relatively stable. 

Solana ETFs extend net buying streak
The relative novelty of Solana ETF extended the buying streak for funds. ETFs are not as reliable as treasuries for long term holding, as the trend may reverse at any time. 

The available Solana ETFs had mostly net inflows in the past three weeks. In total, the funds contain 7.86M SOL, breaking above the $1B tier in assets under management. The ETF may restart fees beyond that threshold. 

SOL remains relatively subdued, trading at $127.91. SOL’s mindshare is above 10% on social media, rising by 29.25% lately. Despite the price slowdown, Solana remains a key platform for decentralized activity and fast apps. The chain was among the biggest fee producers based on real economic activity for 2025. 

Despite the expansion of on-chain activity, SOL has been bound in a range for years, so far not fulfilling the expectations for four-digit valuations or even new price records. SOL is still pressured by the need for apps to realize profits, as some of the leading fee producers still sell on the open market.

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The cryptocurrency market is having a bullish start to the week as Bitcoin, Ether, and other major cryptos are currently in the green. The holiday period is marked by slow price action due to the low volume in the market.

TLDR:

Table of Contents

TLDR:Precious Metals Absorb Liquidity Before Risk AssetsBitcoin Stabilization After Systemic DeleveragingStructural Factors Reinforce the Current Setup

Capital typically flows into gold and silver first during early liquidity expansion phases
Bitcoin consolidation often follows major liquidation events and leverage resets
Historical cycles show Bitcoin rallies after metals pause and risk appetite improves
Structural changes and policy support may amplify Bitcoin’s delayed market response

Why Bitcoin lags while metals explode frames the current divergence between digital assets and precious metals as a function of liquidity sequencing. 

Bitcoin trades about 30% below its peak, while gold and silver approach record levels. Market participants are assessing whether this reflects weakness or timing. 

Historical cycles suggest capital rarely moves uniformly across asset classes. Instead, liquidity often settles into defensive instruments before rotating toward higher-volatility markets, shaping the present market structure.

Precious Metals Absorb Liquidity Before Risk Assets
Early-stage liquidity expansions often favor assets with long-standing monetary credibility. Gold and silver typically attract capital seeking protection against macro uncertainty. This behavior was visible after the March 2020 market shock.

Bull Theory recently referenced that period, noting that aggressive Federal Reserve actions restored confidence. 

Precious metals responded rapidly, while Bitcoin remained range-bound. The delay reflected capital prioritization rather than diminished interest in digital assets.

🚨 WHY IS BITCOIN DOWN -30% FROM ITS PEAK WHILE GOLD AND SILVER ARE GOING PARABOLIC?

Because Gold and Silver tops first, then Bitcoin starts its rally.

Here is what happened last time 👇

After the March 2020 crash, the Fed injected massive liquidity into the system. The first… pic.twitter.com/3Wvhd5lz3V

— Bull Theory (@BullTheoryio) December 29, 2025

Investors initially favored lower-volatility hedges. As metals advanced, risk appetite gradually rebuilt. 

This progression allowed capital to reposition later into assets offering asymmetric upside, following stabilization across broader markets.

Bitcoin Stabilization After Systemic Deleveraging
Post-liquidation environments tend to suppress speculative momentum. Bull Theory highlighted a major liquidation event on October 10, drawing parallels to earlier systemic resets. Such events typically compress price action across leveraged markets.

After deleveraging, Bitcoin often enters a prolonged stabilization phase. Trading ranges narrow as participants reassess positioning and risk tolerance. This phase contrasts with metals markets, which exhibit less sensitivity to leverage dynamics.

During these intervals, metals can continue advancing without competition for capital. According to Bull Theory, this divergence reflects recalibration rather than rotation away from crypto. Consolidation historically precedes renewed participation once leverage rebuilds responsibly.

Structural Factors Reinforce the Current Setup
The present cycle includes drivers beyond pure liquidity. Bull Theory noted that policy support has already resumed, with expectations for continued rate cuts. These conditions sustain accommodative financial environments.

Market structure has also evolved. Spot Bitcoin ETFs now provide simplified institutional access. Regulatory clarity has improved, reducing friction for large allocators. These changes broaden participation channels absent in earlier cycles.

Additional factors further shape allocation behavior. Bull Theory referenced potential dividend distributions under the Trump administration. 

Banks may receive balance sheet flexibility through SLR exemptions. Anticipated changes in Federal Reserve leadership also factor into expectations.

Combined, these elements suggest Bitcoin’s current lag reflects timing within a liquidity rotation framework, rather than erosion of demand or market relevance.

Ethereum’s staking queues have flipped for the first time in six months, with inflows outpacing exits as BitMine ramps up staking and Pectra-driven demand lifts sentiment.

Summary

Ethereum’s entry queue has grown while the exit queue has contracted, reversing a six-month trend and extending wait times for new validators.​
Abdul from Monad says a similar reversal in June preceded ETH’s run to new highs, while BitMine now controls roughly 3–3.4% of supply after heavy accumulation.​
Analysts cite treasury demand, deleveraging of leveraged staking, and the Pectra upgrade’s higher validator limits as drivers of renewed staking inflows.

Ethereum heading into inflows
Ethereum (ETH) staking inflows have surpassed exits for the first time in six months, according to data from the Ethereum Validator Queue, marking a shift in validator behavior as 2025 draws to a close.

The entry queue has expanded while the exit queue has contracted, with a substantial amount of Ether currently awaiting entry into staking with an estimated wait time of nearly two weeks, the data showed. The exit queue remains smaller with shorter delays.

The reversal occurred over the weekend when both queues briefly converged, according to the queue data. Since then, the entry line has accelerated while the exit queue has continued to decline.

Abdul, head of DeFi at layer-1 blockchain Monad, stated that the shift represents a historically significant signal. He noted that a similar reversal in June preceded a rally in Ether’s price, with the cryptocurrency trading lower at that time before climbing to an all-time high by late August. Ether is currently trading at higher levels than it was in mid-2025.

Under Ethereum’s proof-of-stake model, validators must lock up Ether to secure the network. Changes in staking behavior are frequently monitored as indicators of market sentiment, with rising exits potentially signaling intent to sell and increased staking suggesting longer-term commitment.

Abdul stated that the exit queue has served as a leading indicator of selling pressure throughout 2025. He estimated that approximately 5% of Ether’s total supply has changed hands since July, including a large September unstaking event by staking provider Kiln.

According to Abdul, around 70% of that unstaked Ether was acquired by BitMine, which now controls approximately 3.4% of the total supply.

Kiln initiated a withdrawal of its validators in September following an exploit involving digital asset platform SwissBorg, describing the action as a precautionary measure, according to statements from the company.

Abdul projected that if current trends continue, the validator exit queue could reach zero by early January, potentially easing selling pressure and stabilizing market conditions.

Members of the cryptocurrency community have attributed the surge in staking to growing demand from digital asset treasury firms, according to social media commentary. Blockchain data tracked by Lookonchain showed that BitMine staked a large amount of Ether over a two-day period.

Additional factors may include improvements related to Ethereum’s upcoming Pectra upgrade, which aims to streamline staking and increase validator limits, according to analysts. DeFi deleveraging, triggered by higher borrowing rates and the unwinding of leveraged staking strategies, may have also affected supply flows, some analysts stated.

A new advisory proposal recommends using a small portion of its unlocked WLFI treasury to actively support the growth of USD1, its flagship stablecoin. The idea is straightforward. Use limited token incentives today to accelerate adoption, partnerships, and real world usage tomorrow.
USD1 has already gained momentum. In just six months, it reached roughly 3 billion dollars in total value locked, or TVL, a common metric that shows how much capital is held in a protocol. That places USD1 among the fastest growing stablecoins in the market, at a time when demand for digital dollars continues to rise across trading, payments, and onchain finance.

Why Support USD1 Now?
The proposal argues that USD1 has reached a critical stage. Early traction came from strong community support and several large partnerships. To keep that momentum going, World Liberty Financial wants to deploy less than 5 percent of its unlocked WLFI tokens to support selected CeFi and DeFi partners. These incentives could help exchanges list USD1, encourage liquidity providers to support trading pairs, or motivate platforms to integrate USD1 into lending and payments.

A simple real world example helps. Credit card networks often subsidize merchants in new regions to encourage adoption. Once usage grows, the network becomes self sustaining. This proposal applies the same logic onchain.

🚨 VOTE IS LIVE 🚨

The WLFI governance vote is officially open.

This proposal authorizes the use of a portion of the unlocked WLFI treasury to accelerate USD1 adoption through targeted incentives.

Over the past few weeks we’ve shown real momentum — now as a community we will…

— WLFI (@worldlibertyfi) December 28, 2025

Transparency is a key part of the plan. World Liberty Financial commits to clearly listing every partner that receives WLFI incentives, both on its website and in public communications. That visibility aims to build trust with token holders and users alike.

How USD1 Growth Benefits WLFI Holders
USD1 is the first product in a broader ecosystem, and WLFI is the governance layer that ties everything together. Governance tokens give holders voting power over how the network evolves, from incentives to expansion across blockchains.

USD1 market cap has surpassed $3B. This is a big moment for our team and WLFI community.

But milestones aren’t the goal — building the future of financial rails is.

And we are just getting started. 🦅☝️📈

— WLFI (@worldlibertyfi) December 25, 2025

As USD1 adoption grows, more platforms, institutions, and chains integrate with World Liberty Financial infrastructure. That expansion increases demand for WLFI governed services, such as liquidity programs and ecosystem initiatives. In practical terms, WLFI holders gain influence over a larger and more active network.

What Comes Next
The proposal now moves to community discussion, followed by a governance vote. Token holders can vote for using under 5 percent of the unlocked treasury to grow USD1, against keeping tokens untouched, or abstain.

Disclaimer
The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.

Bitcoin's mining difficulty is once again edging closer to uncharted territory as the network prepares for its first adjustment of 2026.