Market Signal Briefing

There are many exchange-traded products (ETPs) for investors looking to add MLP exposure to their portfolios. The first step in choosing a product is deciding between an exchange-traded fund (ETF) and an exchange-traded note (ETN).

The landscape of the space was largely defined by two early entrants that utilize different structures: The Alerian MLP ETF (AMLP) is an ETF, while the J.P. Morgan Alerian MLP Index ETN (AMJ) was the flagship ETN for the space for years. However, investors should note that AMJ reached maturation in 2024 and is no longer trading; it has since been followed by the JPMorgan Alerian MLP Index ETN (AMJB), which carries the legacy of the original ticker into a new ETN vintage.

Both ETFs and ETNs trade on an exchange and track an underlying index. Additionally, each issues a 1099, avoiding the hassle of a Schedule K-1. However, their similarities end there, and investors who understand these structural nuances can better determine which product fits their strategy.

The Evolution of the ETN
The first ETF launched in 1993, but ETNs didn’t enter the market until 2006. Barclays Bank originally developed the ETN structure to simplify retail access to hard-to-reach instruments, particularly in the commodities and currency markets.

ETNs are senior, unsecured debt securities issued by a bank. Unlike ETFs, ETNs do not own the underlying assets they track. Instead, the return is linked to the performance of a market index or benchmark. An MLP ETN may take its fee out of the coupons, lowering the yield, or out of its net asset value (NAV). Fees usually come out of NAV, though issuance documents detail the specific collection process.

Key Differences Between the MLP ETF and ETN Structure
The ETN structure minimizes tracking error because the issuer contractually commits to paying the index’s exact return. Furthermore, ETNs do not pay traditional dividends because they do not hold securities. Instead, MLP ETNs pay a variable coupon linked to the cash distributions of the MLPs within the index.

However, a risk unique to ETNs is the creditworthiness of the issuer. Since investors do not own the underlying securities, the return of their investment depends on the bank’s ability to fulfill its debt obligation. Furthermore, ETN coupons are taxed at ordinary income rates, so ETNs are best suited for tax-advantaged accounts. ETFs can work in taxable or tax-advantaged accounts. 

MLPs are attractive to investors because they offer tax-deferred distributions and typically provide a high yield, and ETFs like AMLP can offer that exposure in a familiar wrapper. Often, investors use MLP ETFs in income portfolios, as alternative investments, or for real asset exposure in an investment strategy.

Finally, ETNs tend to be less liquid than high-volume ETFs. While ETPs are popular, trading volumes vary significantly, which can impact an investor’s ability to enter or exit a position quickly.

For more news, information, and analysis, visit the Energy Infrastructure Content Hub.

vettafi.com is owned by VettaFi LLC (“VettaFi”). VettaFi is the index provider for AMLP, AMJ, and AMJB, for which it receives an index licensing fee. However, AMLP, AMJ, and AMJB are not issued, sponsored, endorsed, or sold by VettaFi, and VettaFi has no obligation or liability in connection with the issuance, administration, marketing, or trading of AMLP, AMJ, and AMJB.

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Gold mining funds led Direxion’s leveraged ETF lineup in 2025, outperforming the firm’s semiconductor and AI-focused products, according to ETF Database.

The Direxion Daily Junior Gold Miners Index Bull 2x Shares (JNUG) gained 547.3% this year through December 23, while the Direxion Daily Gold Miners Index Bull 2x Shares (NUGT) returned 484.2%, according to ETF Database. Both funds captured gold’s rally throughout 2025, turning defensive positioning into strong annual returns.

While Direxion’s leveraged products reset daily and are designed as short-term trading tools, the annual performance across the firm’s lineup reveals which sectors sustained momentum throughout 2025. The results show precious metals exposure delivered stronger gains than some technology bets within Direxion’s offerings.

Single-stock leveraged funds also ranked near the top of Direxion’s offerings, according to ETF Database. The Direxion Daily MU Bull 2X Shares (MUU), which offers 200% daily exposure to Micron Technology, Inc. (MU), led all Direxion funds with a 554.1% gain year-to-date. The fund’s $382 million in assets reflects continued interest in the memory chip maker.

The Direxion Daily PLTR Bull 2X Shares (PLTU) rose 284.4% year-to-date, according to ETF Database. The fund, which tracks Palantir Technologies Inc. (PLTR) with 200% daily leverage, attracted $83.21 million in flows over the same period as investors sought amplified exposure to the AI software company.

Investor Interest Beyond Top Leveraged Performers
International equity exposure also proved rewarding among Direxion’s lineup in 2025. The Direxion MSCI Daily South Korea Bull 3X Shares (KORU) returned 360.8%, according to ETF Database. The fund provides 300% daily exposure to the MSCI Korea 25/50 Index, covering large- and mid-cap South Korean companies.

While it didn’t rank among performance leaders, the Direxion Daily Semiconductor Bear 3x Shares (SOXS) attracted the most flows across Direxion’s lineup at $2.06 billion, according to ETF Database. The fund lost 86.3% as semiconductor stocks rallied. SOXS offers 300% inverse exposure to the ICE Semiconductor Index, meaning it rises when chip stocks fall.

JNUG ended the year with $649 million in assets while NUGT held $1.19 billion, according to ETF Database. Both funds saw net outflows despite strong performance, with JNUG experiencing $371.9 million in redemptions and NUGT losing $614.2 million.

For more news, information, and strategy, visit the Leveraged & Inverse Content Hub.

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The Investment Committee give you their top stocks to watch for the second half.

About Angela Harmantas
Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government. She earned a Bachelor of... Read more

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By

PYMNTS
 | 
December 26, 2025

 | 

Walmart is reportedly gaining a growing amount of online business in New York City.

The retailer is making these gains even as it has been blocked from building physical stores in the city due to opposition from labor unions and activists, the Financial Times reported Thursday (Dec. 25).

Over the past five years, Walmart’s eCommerce sales have increased in each of the city’s five boroughs, doubling in Manhattan; rising between 90% and 120% in the Bronx, Brooklyn and Queens; and increasing by 44% in Staten Island, the report said, citing data from Advan Research.

The report also said that SimilarWeb found that visits to Walmart.com by New York City users have seen double-digit year-over-year growth each month, and that Apptopia found that the number of times the Walmart app has been opened by customers in downstate New York, including New York City, is 7.1% higher than during the same period last year.

Walmart provides same-day delivery of fresh produce and shelf-stable food staples to at least parts of three boroughs from stores outside the city, and it offers other forms of delivery to the rest of those boroughs and the other two boroughs, according to the report.

Asked by the FT if Walmart would try again to open a store within New York City, a company spokeswomansaid, per the report: “We’re always looking for opportunities to expand and better serve customers and communities. We have no information to share at this time.”

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PYMNTS reported Dec. 4 that Walmart and other retail giants are racing to compress the distance between click and doorstep, with cost becoming both the accelerant and the constraint shaping their strategies. The more a retailer can lower the cost of fulfillment, the more volume it attracts, and the more volume it attracts, the lower its marginal cost to operate its logistics network and the greater the benefit to its customers.

The retailer is also becoming an artificial intelligence-laced eCommerce platform rather than purely a grocer, PYMNTS reported Dec. 11. This shift was highlighted by Walmart’s decision to trade on Nasdaq and not the NYSE, with Nasdaq having a technology focus.

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Brazilian union Sindipetro-NF, one of the largest representing Petrobras' workers, has rejected the most recent proposal by the state-run oil firm to end a 12-day-long strike, it said in a statement on Friday.

The bull market remains intact, and the opportunity set heading into 2026 is plentiful.

2025 delivered another year of strong equity performance, with the S&P 500 up roughly 16% and the Nasdaq 100 gaining nearly 21% as of this writing. As in recent years, artificial intelligence was a key driver of returns, cementing itself as the most important business and technological shift since the internet. And it wasn’t just hype. Steady sales and earnings growth and ample liquidity also played a meaningful role in supporting asset prices.

While equities posted healthy gains, the standout asset in 2025 was gold. Bullion rose approximately 68%, with gold mining stocks delivering multiples of that return. In contrast, Bitcoin declined roughly 5% over the year despite its growing prominence in institutional portfolios.

Looking ahead, there are few signs of an imminent economic slowdown. At the same time, the K-shaped nature of the economy remains a key tension, as elevated living costs for households stand in stark contrast to booming asset markets.

For investors, aligning portfolios with the durable economic megatrends has been a winning strategy. Technological innovation, geopolitical uncertainty, and abundant liquidity have driven returns in recent years, and we expect these forces to remain central as we move into 2026.

2026 Stock Market Outlook: Key Takeaways

Big Tech remains dominant – The largest technology platforms continue to combine strong revenue growth, rising profitability, and elevated yet defensible valuations. Growth opportunities continue to expand into adjacent areas such as cloud, wearables, autonomous driving, robotics, and other emerging technologies.

AI buildout continues; applications begin to surface – The AI infrastructure cycle is far from complete. The current phase still resembles the late-1990s infrastructure buildout, while early enterprise use cases are gaining traction and consumer-facing applications remain in their infancy.

Solar emerges as a quiet outperformer – Despite political headwinds, solar has shown notable relative strength. Economics continue to improve as panel efficiency and battery technology advance, making solar the fastest growing and most scalable source of new energy at a time when electricity demand is soaring.

Oil and gas remain essential – Natural gas demand is accelerating, while sentiment toward oil is near cyclical lows. Together, they remain critical pillars of the global energy system, despite the transition to alternative energy sources.

Gold and Bitcoin as monetary hedges – Central banks and institutional allocators continue to seek diversification amid rising geopolitical uncertainty. The gold bull market appears intact, and Bitcoin has historically delivered strong performance following down years.

Healthcare and biotech set up for a rebound – After years of underperformance, valuations and innovation trends are becoming more attractive. In the final quarter of the year, healthcare delivered notable market outperformance, a signal that investors are rotating back into the sector.

Core Economic Drivers of the 2026 Bull Market in Stocks

AI capital expenditures – Global AI-related capex is projected to exceed $500 billion, reflecting an ongoing, multi-year infrastructure buildout. Spending on data centers, compute, networking, and power remains a primary engine of investment and earnings growth across technology and industrial supply chains.

Abundant liquidity – Large fiscal deficits and an increasingly accommodative monetary backdrop continue to support risk assets. With the administration openly favoring lower rates and a more growth-tolerant Federal Reserve leadership, policy is biased toward keeping financial conditions loose.

Elevated geopolitical uncertainty – Ongoing tensions involving Russia and China, alongside a persistent cost-of-living crisis, continue to shape capital flows, investor behavior, and social cohesion.

Keep reading . . .

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New Report: 2026 Profit Predictions

Zacks’ just-released Special Report reveals a handful of surprising picks predicted to skyrocket in 2026 – including what may be the most transformative application of AI technology yet. 

This year, our team of experts closed gains such as +499%, +1,340% and +2,027%.¹ We anticipate our 2026 predictions will rival or even surpass this performance.

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Magnificent Seven Stocks Continue to Drive Market Leadership

The durability of the Magnificent Seven continues to stand out. Despite their immense scale, these companies still post growth rates that would be impressive for businesses a fraction of their size. Their competitive advantages, network effects, data dominance, and balance sheet strength remain intact. Forward growth expectations continue to reset higher.

These companies sit at the center of many of the world’s most essential and fastest-growing industries: cloud computing, digital advertising, semiconductors, electric vehicles, e-commerce, mobile devices, and enterprise software. The addition of generative AI meaningfully expands this opportunity set, both as a standalone product category and as a powerful driver of productivity gains. AI is not only creating new revenue streams, but also enhancing operating leverage by improving efficiency, and accelerating innovation across existing platforms.

According to Zacks Head of Research Sheraz Mian, total 2026 earnings for the Magnificent Seven are expected to rise 16.5% on 15% revenue growth, following estimated 2025 earnings growth of 21.7% on 11.9% higher revenues. While AI-related capital expenditures are temporarily pressuring margins, the data points to an acceleration in top-line growth and a deliberate reinvestment cycle rather than structural profitability erosion.

Earnings growth is also broadening beyond the Magnificent Seven. Earnings for the rest of the S&P 500 are projected to grow 10.8% in 2026, up from 8.3% in 2025, 4.4% in 2024, and a 4.8% decline in 2023. This steady improvement undercuts concerns about overly narrow market leadership and suggests a healthier, more durable earnings backdrop.

Image Source: Zacks Investment Research

Over the long term, the Magnificent Seven have compounded shareholder value at truly historic rates. As global pools of capital continue to expand, these dominant franchises are likely to remain natural destinations for both institutional and individual investor flows in 2026 and beyond.

The Next Phase of the AI Boom

Artificial intelligence has dominated market discussion for the past three years, yet the opportunity set continues to expand. We remain firmly in the infrastructure buildout phase, and the leading players in that layer should continue to benefit. Even within this phase, leadership has rotated across sub-verticals. The cycle began with Nvidia’s dominance in GPUs and Vertiv’s role in data center infrastructure, then broadened to custom silicon through companies like Broadcom and to power providers such as Bloom Energy as energy constraints moved to the forefront.

As total AI-related capital expenditures approach $1 trillion, additional opportunities across the infrastructure stack are likely to emerge. However, this phase represents only the foundation of the AI cycle. Historically, major productivity revolutions deliver their largest economic and earnings impact after the physical infrastructure is in place. Most large enterprises remain in early-stage experimentation with AI, suggesting that meaningful productivity gains and margin expansion still lie ahead.

Image Source: Zacks Investment Research

As the buildout matures, the opportunity set should increasingly shift from hardware and power toward software, services, and monetization. Enterprise AI adoption is still in its early innings, and consumer-facing applications remain underpenetrated. As interfaces improve and AI becomes more deeply embedded into daily workflows, adoption is likely to follow a trajectory similar to smartphones or cloud software – initially novel, then indispensable.

Importantly, while early AI investment has been somewhat margin-dilutive due to heavy capital spending, the next phase should be margin-accretive. AI-driven automation, labor substitution, and improved operational efficiency have the potential to structurally raise profitability across a wide range of industries. As adoption broadens across sectors and geographies, the AI boom is poised to evolve from an infrastructure-led cycle into a durable, economy-wide productivity engine, where the creativity of entrepreneurs and the scalability of software ultimately drive the largest long-term gains.

Solar Energy Stocks and the Power Boom

While solar has long been economically marginal, that reality has shifted meaningfully in recent years as the underlying technology and cost structure have improved, and perception is slowly following suit.

Solar is now among the cheapest sources of new power generation across much of the United States, driven by dramatic efficiency gains. At the same time, the urgency for scalable, quickly deployable energy has intensified as electricity demand rises for the first time in decades.

Cost declines have been the game changer. Over the past decade, photovoltaic module costs have fallen by roughly 90%. In many high-irradiance regions, solar is already cheaper than coal or natural gas.

Storage technology has also reached a critical inflection point. Lithium-ion battery pack costs declined another 20% over the past year, reaching a record low of approximately $108 per kilowatt-hour. With battery costs down nearly 90% over the past decade, pairing solar with storage is increasingly viable, enabling more consistent, round-the-clock power delivery and materially improving Solar’s reliability profile.

This shift has begun to register in markets, with the sector outperforming the broader market in 2H’25.

Oil and Gas Stocks Forming a Bottom

Over the past several years, the oil market has been defined by a shifting power dynamic. Abundant non-OPEC+ supply, driven by US production growth and the rapid development of Guyana’s fields have changed the leverage dynamics and limited OPEC’s ability to bully the market. That said, the bloc still moves the market. At its most recent meeting, it changed course, pausing planned output increases and signaling a move away from aggressive market-share gains toward price defense.

Absent a full-blown economic slowdown, oil now appears to be forming a floor. Even after a fresh wave of bearish headlines pushed crude to new multi-year lows, prices failed to stay down and quickly reversed back above key support. Last week’s sharp reversal and rising buying pressure suggest a potential final capitulation phase, after which bearish expectations may begin to unwind.

Image Source: TradingView

Oil equities have been severe underperformers for roughly three years, leaving sentiment washed out and valuations compelling.

Natural gas, by contrast, is already in a different phase of the cycle. Gas has rapidly become one of the dominant sources of utility-scale energy. After entering a clear bull market, natural gas prices underwent a sharp correction in the last couple of weeks, but the setup still favors another leg higher. Storage trends, expanding LNG exports, colder-than-normal seasonal patterns, and surging electricity demand from AI data centers are tightening the market faster than expected.

With US LNG export capacity set to expand meaningfully and domestic demand rising, natural gas has become a structurally bullish story. The divergence, oil potentially bottoming while gas remains in a bull trend, creates an attractive risk-reward backdrop across the energy complex.

Gold and Bitcoin: Alternatives in an Uncertain World

Gold has quietly delivered a remarkable run, rising nearly 70% this year and more than doubling the S&P 500’s return since the start of the AI boom roughly three years ago. That performance is discussed surprisingly little, which itself suggests gold remains under owned. Investor reactions to gold tend to be polarized, ranging from ardent gold bugs to purists who dismiss any asset without earnings. In reality, gold’s role is more nuanced. It functions best as a portfolio diversifier rather than a growth asset.

Bitcoin occupies a similar psychological space. It also provokes emotional reactions, yet it too has emerged as a legitimate and increasingly important diversifier. Both assets reflect the broader and somewhat uncomfortable reality that the world has become markedly more uncertain. From a portfolio construction standpoint, guarding against what can go wrong has become more important, and historically, gold has been one of the most effective hedges against complex risks.

Despite the lack of retail enthusiasm, gold clearly has strong buyers. Central banks and more recently, large institutions have returned aggressively to the metal. Gold performed well through COVID and has gained renewed appeal amid rising geopolitical tensions.

Morgan Stanley CIO Michael Wilson recently argued that the traditional 60/40 stock-bond portfolio no longer reflects today’s market realities and suggested a 60/20/20 approach, replacing half of the bond allocation with gold. As Wilson put it, “Gold is now the anti-fragile asset to own, rather than Treasuries. High-quality equities and gold are the best hedges."

Yet retail investors remain largely disengaged from the gold discussion. That lack of enthusiasm is itself a constructive signal. Historically, gold bull markets tend to peak only after widespread retail excitement. When newcomers begin loudly touting gold at new highs, that will be a reason for caution. That phase appears some distance away.

Bitcoin has emerged as a parallel alternative for hedging risk while also offering higher return potential. The “digital gold” narrative is increasingly compelling.

In just over a decade, Bitcoin has moved from an obscure experiment to a holding recommended by the world’s largest asset managers. It serves as an alternative store of value with overlapping catalysts to gold, remains insulated from direct government manipulation, and increasingly acts as a release valve for global liquidity.

While future returns are unlikely to match the multi-hundred-percent gains of earlier years, Bitcoin still appears early in its adoption cycle.

It’s worth noting that Bitcoin has never had two consecutive years of annual losses.

Healthcare

Healthcare stocks delivered meaningful outperformance in the final quarter of the year, driven by a combination of defensive rotation and genuine fundamental improvement. As volatility increased, investors gravitated toward sectors with stable demand and earnings visibility. Importantly, even as volatility has eased, healthcare names have held their gains and appear well positioned to resume their advance after consolidating near recent highs.

The Healthcare ETF (XLV) posted standout relative performance versus nearly every other sector over the past three months. Three-month relative momentum is among the more reliable short-to-intermediate forward indicators in markets, and in this case it appears supported by fundamentals that can extend into next year rather than fade quickly.

Image Source: Zacks Investment Research

Defensive demand, improving earnings visibility, regulatory clarity, and AI-enhanced productivity, healthcare’s recent strength looks structurally supported. Momentum is strong, but importantly, it is being carried by fundamentals that suggest durability rather than exhaustion.

What Can Investors Expect in the Year Ahead

The investment backdrop heading into 2026 remains constructive. While volatility and periodic drawdowns are inevitable, the core drivers of the bull market remain firmly in place. Leadership is broadening, earnings growth is improving beyond mega-cap technology, and multiple sectors are setting up for durable advances.

For investors, the opportunity is less about predicting short-term market moves and more about aligning with the dominant forces reshaping the global economy. AI-driven productivity gains, the re-pricing of energy and power assets, and improving fundamentals in historically cyclical sectors all point to a market rich in opportunity.

As promising as these trends are, it’s important to identify the companies with the highest probabilities of outsized gains.

That's why we've just released our new Special Report, 2026 Profit Predictions: 4 Big Opportunities. It explores the surprising stocks we believe will skyrocket in the new year and explains the cutting-edge advancements and key catalysts that make them impossible to ignore.

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Today you can access the 2026 Profit Predictions Special Report today for just $1. When you do, you'll also get 30-day access to all of Zacks private portfolios for the same dollar.

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Ethan

Ethan Feller is a Stock Strategist with more than a decade of experience. He invites you to access Zacks 2026 Profit Predictions to learn more about the trends and trades Zacks expects to dominate the new year – for a total cost of only $1.

¹ The results listed above are not (or may not be) representative of the performance of all selections made by Zacks Investment Research's newsletter editors and may represent the partial close of a position. Access grants you a comprehensive list of all open and closed trades.

, /PRNewswire/ -- AllianceBernstein National Municipal Income Fund, Inc. (NYSE: AFB), a registered closed‑end investment company, today announced earnings for the Fund's fourth fiscal quarter ended October 31, 2025.

Total net assets of the Fund* on October 31, 2025 were $350,811,480 as compared with $322,750,581 on July 31, 2025, and $361,430,563 on October 31, 2024. On October 31, 2025, the net asset value per share of common stock was $12.20 based on 28,744,936 shares of common stock outstanding.

October 31, 2025

July 31, 2025

October 31, 2024

Total Net Assets

$350,811,480

$322,750,581

$361,430,563

NAV Per Share

$12.20

$11.23

$12.57

Shares Outstanding

28,744,936

28,744,936

28,744,936

For the period August 1, 2025 through October 31, 2025, total net investment income was $3,811,647 or $0.13 per share of common stock. The total net realized and unrealized gain was $28,025,102 or $0.97 per share of common stock for the same period.

Third Quarter

Ended

October 31, 2025

Second Quarter

Ended

July 31, 2025

Third Quarter

Ended

October 31, 2024

Total Net Investment Income

$3,851,687

$4,015,722

$2,985,301

Per Share

$0.13

$0.14

$0.10

Total Net Realized/

  Unrealized Gain (Loss)

$28,025,102

($15,775,819)

($2,015,971)

Per Share

$0.97

($0.55)

($0.07)

* Total net assets include assets attributable to both common and preferred shares.

AllianceBernstein National Municipal Income Fund, Inc. is managed by AllianceBernstein L.P.

SOURCE AllianceBernstein National Municipal Income Fund, Inc.

Former Representative Denver Riggleman said that recent moves by the US military to sure up capabilities around Latin America are driven by oil and not drug trafficking, as the Trump administration ramps up aggression in the region. Riggleman also gives his perspective on the divisions within the Republican party as it contends differing views on the Epstein files and international conflict.

, /PRNewswire/ -- NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase" or the "Company"), a leading internet and game services provider, today announced that after 23 years with the Company, Yingfeng Ding has decided to retire from his position as Executive Vice President and head of the Interactive Entertainment Group, a part of NetEase's online games division, effective December 31, 2025. 

"We extend our sincere gratitude to Mr. Yingfeng Ding for his dedication and contributions," said Mr. William Ding, Chief Executive Officer and Director of NetEase. "He played a pivotal role behind the success of our flagship titles and was instrumental in building our R&D and operational capabilities."

Mr. Yingfeng Ding will remain a consultant to NetEase in 2026 following his retirement.

About NetEase, Inc.

NetEase, Inc. (NASDAQ: NTES and HKEX: 9999, "NetEase") is a leading internet and game services provider centered around premium content. With extensive offerings across its expanding gaming ecosystem, the Company develops and operates some of the most popular and longest-running mobile and PC games available in China and globally.

Powered by one of the largest in-house game R&D teams focused on mobile, PC and console, NetEase creates superior gaming experiences, inspires players, and passionately delivers value for its thriving community worldwide. By infusing play with culture, and education with technology, NetEase transforms gaming into a meaningful vehicle to build a more entertaining and enlightened world.

Beyond games, NetEase service offerings include its majority-controlled subsidiaries Youdao (NYSE: DAO), an intelligent learning and advertising solutions provider, and NetEase Cloud Music (HKEX: 9899), a well-known online music platform featuring a vibrant content community, as well as Yanxuan, NetEase's private-label consumer lifestyle brand.

For more information, please visit: http://ir.netease.com/.

Forward Looking Statements

This announcement contains statements of a forward-looking nature. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. You can identify these forward-looking statements by terminology such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar expressions. In addition, statements that are not historical facts, including statements about NetEase's strategies and business plans, its expectations regarding the growth of its business and its revenue and the quotations from management in this announcement are or contain forward-looking statements. NetEase may also make forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the "SEC"), in announcements made on the website of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange"), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. The accuracy of these statements may be impacted by a number of business risks and uncertainties that could cause actual results to differ materially from those projected or anticipated, including risks related to: the risk that the online games market will not continue to grow or that NetEase will not be able to maintain its position in that market in China or globally; risks associated with NetEase's business and operating strategies and its ability to implement such strategies; NetEase's ability to develop and manage its operations and business; competition for, among other things, capital, technology and skilled personnel; potential changes in regulatory environment in the markets where NetEase operates; the risk that NetEase may not be able to continuously develop new and creative online services or that NetEase will not be able to set, or follow in a timely manner, trends in the market; risks related to evolving economic cycles and geopolitical tensions, including the direct or indirect impacts of national trade, investment, protectionist, tax or other laws or policies as well as export controls and economic or trade sanctions; risks related to the expansion of NetEase's businesses and operations internationally; risks associated with cybersecurity threats or incidents; and fluctuations in foreign currency exchange rates that could adversely affect NetEase's business and financial results. Further information regarding these and other risks is included in NetEase's filings with the SEC and announcements on the website of the Hong Kong Stock Exchange. NetEase does not undertake any obligation to update this forward-looking information, except as required under applicable law.

Contact for Media and Investors:
Email: [email protected]
Tel: (+86) 571-8985-3378

SOURCE NetEase, Inc.

AVENTURA, Fla.--(BUSINESS WIRE)--Immersion Corporation (“Immersion”, the “Company”, “we”, “us” or “our”) (Nasdaq: IMMR), a leading provider of technologies for haptics, announced that on December 23, 2025, it received a delinquency compliance alert notice (the “10-Q Nasdaq Notification Letter”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it did not timely file its Quarterly Report on Form 10-Q for the fiscal quarter ended Octob.

NEW YORK, Dec. 26, 2025 (GLOBE NEWSWIRE) -- Brookfield Real Assets Income Fund Inc. (NYSE: RA) (the “Fund”) today announced that its Board of Directors (the “Board”) declared the Fund’s monthly distributions for January, February and March 2026.

Q1 2026 Distribution Schedule

MonthRecord DateEx-Dividend DatePayable DateAmount per ShareJanuary 2026January 8, 2026January 8, 2026January 22, 2026$0.1180
February 2026February 5, 2026February 5, 2026February 19, 2026$0.1180
March 2026March 12, 2026March 12, 2026March 26, 2026$0.1180

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This little altcoin could be worth accumulating over the next five years.

XRP (XRP 1.43%), which was launched in 2012, had its earliest trading price of $0.006 per token in Aug. 2013. Today, it trades at about $1.84.

That rally would have turned a $1,000 investment into nearly $307,000. Let's see why XRP generated such massive gains -- and four reasons it might be worth buying before 2030.

Image source: Getty Images.

Why did XRP's price soar?
The founders of Ripple Labs, a fintech company focused on blockchain-based payments, minted XRP's entire supply of 100 billion tokens on the XRP Ledger before its launch. Ripple originally held 80 billion of those tokens, and it gradually sold those coins to fund its own expansion. In response, the Securities and Exchange Commission (SEC) sued Ripple, accusing it of selling its XRP tokens as unlicensed securities in 2020. Ripple subsequently lost many of its top customers, and XRP was delisted from the major cryptocurrency exchanges.

That lawsuit weighed down XRP's price for years, but it finally concluded with a lighter-than-expected fine for Ripple in August. The court also ruled that XRP wasn't an unlicensed security when sold to retail investors on public exchanges, and the top crypto exchanges finally relisted the token. The SEC even approved the first spot price exchange-traded funds (ETFs) for XRP -- including Bitwise XRP (XRP 0.34%), Canary XRP ETF (XRPC 0.13%) -- which started trading in November and December. As of this writing, those XRP ETFs have posted net inflows for the past seven consecutive weeks.

Therefore, the conclusion of the SEC lawsuit, XRP's rising profile among retail investors, and its integration into Ripple's fintech ecosystem all contributed to its price increase in 2025.

Today's Change

(

-1.43

%) $

-0.03

Current Price

$

1.85

The four reasons XRP could soar higher by 2030
Analysts, on average, expect XRP's price to nearly triple to about $5 by 2030. Four catalysts could drive XRP toward that target.

First, it must be widely adopted as a "bridge currency" for cross-border remittances on the Ripple network. In such cross-border transfers, both fiat currencies are converted to XRP and then instantly converted back to the target currencies. That process is cheaper and faster than traditional SWIFT transfers because the two fiat currencies don't need to be directly converted.

Second, Ripple submitted its application for a U.S. bank charter in July. If Ripple evolves into a full digital bank and expands RippleNet (the network of financial institutions that use its software), its users could more widely adopt XRP for mainstream payments and transactions.

Third, XRP's recent addition of Ethereum (ETH 1.14%) compatible "sidechains" to its ledger could drive more developers of decentralized apps (dApps) to support its token. In the past, XRP only natively supported lightweight "hooks" to create simpler applications.

Lastly, the Fed should continue to cut its benchmark rates over the next few years as long as inflation remains under control. Those lower rates should drive growth-oriented investors back toward smaller cryptocurrencies like XRP. The approvals of more spot price ETFs would make it even easier for retail investors to increase their exposure to the token.

Should you invest in XRP today?
XRP might be worth considering over the next five years if those catalysts materialize. However, investors shouldn't bet the farm on XRP today because it still has a lot to prove.

For now, it can't be valued by its scarcity like Bitcoin (BTC 0.96%) because it can't be actively mined. It can't be valued by the size of its developer ecosystem like Ethereum, since it only recently added support for Ethereum-compatible sidechains. It could also face competition from stablecoins -- which are mainly pinned to the U.S. dollar -- as bridge currencies.

Therefore, XRP needs to gain more momentum in remittances, be more widely used in mainstream payments, and attract more attention from retail and institutional investors to double or triple in value by the end of the decade. If it checks those boxes, it could surpass the market's average price targets by 2030 and soar significantly higher over the next few decades.

Ethereum activity across the broader ecosystem has climbed sharply, while separate charts show a potential long term reversal structure and a short term pause near key averages. Together, the visuals point to heavier network use as price trades at a decision area.

Ethereum ecosystem activity jumps on growthepie chartA post from CryptoGoos on X said “Ethereum ecosystem activity is exploding now,” alongside a growthepie.com chart that tracks transaction count from mid 2020 through mid 2025. The graphic shows activity staying low for years, then turning higher through 2023 and accelerating in 2024 and 2025.

Ethereum Ecosystem Transaction Count. Source: growthepie. com / X

One line on the chart climbs sharply after early 2024, pushing past the 240 million mark and approaching the top of the scale near 480 million by 2025. Meanwhile, several other lines also trend upward, but they rise more gradually and remain far below the top line.

The chart does not explain what drives the jump, but the shape fits a broader shift toward heavier onchain usage, especially across multiple Ethereum related networks that can process transactions outside mainnet and then settle back to Ethereum. Even so, transaction count alone does not show how many unique users participated or how much value moved, so the surge needs more context before it signals wider adoption.

Ethereum weekly chart shows inverse head and shoulders setup near necklineMeanwhile, Bitcoinsensus said Ethereum is close to completing a macro inverse head and shoulders pattern on the weekly chart. The image marks a left shoulder in late 2024, a deeper “head” low in early 2025, and a possible right shoulder that formed after the mid 2025 peak and pullback.

Ethereum Inverse Head and Shoulders Pattern. Source: TradingView / X

The chart also draws a rising neckline labeled as resistance, with price action repeatedly stalling near that zone before the larger move higher. If ETH holds the higher low structure on the right side and then pushes through the neckline, the pattern’s textbook signal would be a breakout that confirms the reversal from the earlier downtrend.

Still, the right shoulder label includes a question mark, so the setup depends on follow through. If ETH fails to stay above the shoulder area and drops back toward the head region, the pattern loses structure and traders usually treat the neckline as unbroken resistance rather than a trigger.

Ethereum trades near key moving averages as RSI steadiesEthereum price action shows a mixed technical setup, with the asset moving close to its 50 day and 200 day simple moving averages. The chart places ETH below the shorter term average while it hovers near the longer term trend line, signaling a pause after the recent decline from earlier highs.

Ethereum 50 Day SMA, 200 Day SMA, and 14 Day RSI. Source: CoinCodex

The 50 day SMA has turned lower and now slopes toward the 200 day SMA, reflecting weaker momentum over recent weeks. At the same time, price has stabilized near the mid range, suggesting selling pressure has slowed rather than accelerated.

Meanwhile, the 14 day RSI remains near neutral levels. The indicator has recovered from earlier lows but has not reached overbought territory, which points to balanced conditions. Together, the signals show Ethereum consolidating as traders wait for a clearer directional move.

Solana is the leading chain for yearly revenues, as the chain carried several of the most prominent trends for the year. Hyperliqid’s native chain came second, with $816M in revenues. 

For 2025, Solana locked in $1.3B in generated revenues, becoming the leader in the most active on-chain economies. Solana went through several leading trends over the past 12 months, including a highly active meme season, AI agent creation, as well as DeFi in the latter part of the year. 

For more than seven months, Solana also led other chains in terms of app revenues, reflecting real-world usage. The exact numbers on Solana revenues differ, but the chain is among the top revenue producers from app usage. 

Over some months in 2025, Solana passed Ethereum’s economic activity, with more users, transactions, and apps. However, Ethereum still holds more value and settles larger sums based on its DeFi liquidity.

Solana becomes the leading all-purpose chain
Solana even passed Base, which was always pushing for more low-cost apps and seamless on-chain activity. Base is ranked seventh, with $76.4M in annual revenues. The latest Cryptorank data show a shift in chain rankings, as legacy networks were almost forgotten. Apps switched to a new set of chains. 

Even the most active Ethereum and BNB Chain fell to positions 4 and 5. Ethereum achieved $524M in yearly revenues, while BNB Chain locked in $257M. The year 2025 marked a watershed for crypto platforms, where usage shifted from novelty and hype to established products. 

This also led to more predictable revenues from apps, with clear leaders emerging on the most active chains. The leading chains for 2025 also relied on app adoption, instead of only airdrop farming or incentives. Apps on Solana became key infrastructure and went beyond just novelty or point-farming hubs.

Previous leaders from the past years, including Avalanche, Filecoin, and TON, did not re-enter the top 10 of the best revenue producers. The rankings showed a shift of apps to a new selection of L1 chains and L2, for both general and specialized usage. The EdgeX chain became a part of the top 10 based on its native DEX performance. Axelar, Bittensor, and Optimism joined the top 10 based on one or two outperforming leading apps. 

Hyperliquid ends its most active year
Hyperliquid ended its most active year, when it emerged as a first mover, and as a leader after the creation of several competing perpetual futures DEXs. 

Hyperliquid had its first full year as a prominent perpetual futures DEX, also becoming the second-best chain in terms of app revenues. | Source: Hyperscreener
The DEX drew in a total of $3.87B in deposits, with over 609K new users joining the platform. Based on the DEX self-reported results, the native HyperCore chain achieved over $908M in annual revenues.

Over $848M came from the main activity in trading perpetual futures. The top 100 whales spent $5.7M on gas fees going to the protocol’s reserves. Hyperliquid became one of the platforms with predictable revenues as a result of maturing crypto markets. 

Builders on the Hyperliquid ecosystem shared the revenues, with over $46M received for the past year. The platform also raised additional revenues from ticker auctions, with nearly $1M in fees for the GOD ticker.

Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.

TL;DR

Cardano founder predicts Bitcoin could reach $250,000 by 2026, driven by supply scarcity and institutional demand.
He cites growing access via ETFs and wealth managers, alongside Bitcoin’s nascent integration with DeFi.
Risks include high correlation with tech stocks and potential regulatory uncertainty.

Charles Hoskinson, founder of Cardano, believes Bitcoin could reach $250,000 by 2026, supported by economic fundamentals rather than speculation. His view rests on a basic principle: limited supply meets growing demand. With Bitcoin’s total issuance capped at 21 million coins, and large investors steadily increasing their exposure, Hoskinson argues that the price structure naturally favors upward pressure.

He explained that institutional and governmental adoption continues to expand, while traditional finance is simplifying access for retail investors. Morgan Stanley, for instance, now permits its private wealth advisers to recommend Bitcoin to their clients. Hoskinson emphasized that even small portfolio allocations from funds and wealth managers can heavily influence price, given Bitcoin’s constrained supply.

Institutional capital sustains long-term demand
Hoskinson stated that the same macro forces that once drove Bitcoin to six-figure territory remain intact. Institutional investors, unlike short-term traders, maintain a steady accumulation strategy, creating consistent buying pressure. The ongoing development of financial products tied to Bitcoin — such as ETFs and custodial solutions — continues to expand access, further amplifying market depth.

He also highlighted a new dimension of Bitcoin’s evolution: its gradual integration into decentralized finance (DeFi). Emerging systems now allow holders to earn yield without relinquishing custody of their coins. Should these tools succeed, a substantial portion of Bitcoin’s idle value could circulate into broader crypto markets, supporting liquidity and innovation across sectors.

Hoskinson pointed out that the intersection of traditional finance and DeFi infrastructure may define the next growth phase. “Institutional buyers tend to act with patience and scale,” he noted. “They’re not chasing momentum; they’re repositioning global portfolios.”

Altcoin and macroeconomic risks
While Hoskinson acknowledged that capital could flow from Bitcoin into altcoins, he cautioned that the pattern may differ from 2021. During that cycle, Bitcoin’s $68,000 peak coincided with Ethereum’s record highs and Cardano’s $3 valuation. This time, the global backdrop is more uncertain.

He referenced regulatory ambiguity in the United States, ongoing scrutiny of crypto exchanges, and a potential overvaluation within artificial intelligence (AI) equities, particularly in companies like Nvidia, which recently achieved record market capitalization.

Hoskinson warned that if the tech sector corrects, digital assets could face parallel declines, as crypto remains correlated with technology stocks. However, he reiterated that Bitcoin’s monetary properties — fixed supply, growing institutional presence, and increasing financial integration — distinguish it from speculative assets.

“Bitcoin isn’t driven by excitement anymore; it’s driven by structure, scarcity, and macroeconomic need,” he said.

For Hoskinson, 2026 could represent a maturation phase rather than a speculative boom. If institutional inflows continue and on-chain finance matures, Bitcoin’s trajectory could reflect a shift toward utility-based valuation, placing it at the core of both digital and traditional financial systems.

// Price

Reading time: 2 min

Published: Dec 26, 2025 at 19:26

Cardano's (ADA) price is declining and approaching the bottom of the chart.

ADA rice long-term forecast: bearish

The cryptocurrency has already broken the November 21 price threshold of $0.38. The price retested the $0.38 barrier before falling to a low of $0.35. On the downside, if bearish momentum continues, the altcoin will reach its bottom price of $0.30.

However, although the ADA price has fallen, it is currently consolidating above the $0.35 support. On the upside, the altcoin will resume its bullish trend if buyers keep the price above the moving average lines. Meanwhile, the formation of Doji candlesticks has delayed price movement. Cardano is currently trading at $0.358.

Technical Indicators

Key Resistance Zones: $1.20, $1.30, and $1.40

Key Support Zones: $0.90, $0.80, and $0.70

ADA price indicator analysis

The price bars have dropped back below the 21-day SMA after briefly rising above it. Price bars below the moving average lines indicate a decline in the cryptocurrency.

On the 4-hour chart, the price bars have remained below the downward-sloping moving average lines. The altcoin is now trading at the bottom of the chart.

What is the next move for ADA?

Cardano is returning to the bottom of the chart. Since December 18, the altcoin has traded above the $0.35 support and below the $0.38 high.

Today, the ADA price remains above the $0.35 support level as it approaches the moving average lines. However, selling pressure will resume if the altcoin moves away from the moving average lines and falls below $0.35. support level.

Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.

The OG altcoin’s price gradually unwinds following a leverage crunch on the globe’s largest crypto exchange.

Market Sentiment:

Bullish

Bearish

Neutral

Published:
December 26, 2025 │ 7:26 PM GMT

Binance’s leverage ratio on Ripple (XRP) coin has just tumbled to a two-year low, raising eyebrows among the XRP community. The globe’s leading crypto exchange saw a stupendous drop in Open Interest (OI), which basically is the amount of unsettled plays on XRP’s price with leverage.

Binance’s XRP Leverage Dwindles To $453M
The sudden shift could have multiple implications on XRP’s future price. Firstly, this signifies rebalancing, latest research from Crypto Quant notes. The $453 million figure on the Open Interest (OI) ratio could also hint at XRP’s price stabilizing as all the excessive leverage got shaken out.

Previously, Ripple coin’s (XRP) leverage count hit yearly peaks twice – at the beginning of 2025 when the SEC concluded its 6-year legal battle against Ripple Labs for the alleged sales of unregistered securities. Then, another sharp OI spike happened in mid 2025, when Ripple’s (XRP) price hit $3.65.

Healthy Shake-Out Doesn’t Stop XRP Sell-Offs
The all-time high was later overshadowed by the price volatility of the broader crypto markets. As Bitcoin (BTC) is still battling the $85K support floor for a bigger rebound, XRP’s next key target is to restore $2 – a crucial psychological level that’s been proven to serve a boost in rallies if held during the storms. For this, whale sentiment has to flip back to buying mode, which is not the case now, judging from the negative CMF index.

On one hand, the massive downswings in leveraged XRP positions on Derivatives markets portray a story of mitigating abnormal pressures when it comes to excessive leverage. Surely, the healthy structural development could put XRP coin among the top long-term investment vehicles without the need to speculate on its price.

Dig into DailyCoin’s juiciest crypto scoops today:
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People Also Ask:
What does CryptoQuant say about XRP open interest on Binance?

Open interest has dropped to ~$453 million. This is the lowest since late 2024. It signals major derivatives re-balancing and less leverage.

How does it compare to 2025 levels?

OI topped $1 billion multiple times early and mid-2025 on speculative surges. Now it’s declined gradually, then sharply, as traders exit.

What does this mean for XRP price?

Lower leverage weakens momentum. Price faces volatility without breakouts. It now depends more on spot demand than derivatives hype.

Why is XRP coin leverage unwinding?

Speculators are fleeing. Holiday thin liquidity and year-end derisking drive it. This cuts risky positions that risk liquidations.

What’s next for XRP coin trading?

Expect a calmer phase. Lower liquidation risks. Prices may stabilize. But real demand is needed for any recovery.

DailyCoin's Vibe Check: Which way are you leaning towards after reading this article?

Market Sentiment

100% Bearish

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon in 2025 maintained his skeptical stance towards Bitcoin (CRYPTO: BTC), even as JPMorgan launched a $100 million Ethereum (CRYPTO: ETH) fund.

The Verbal Offensive ContinuesDimon’s public statements in 2025 maintained his reputation as a prominent crypto skeptic. 

Earlier in January, during a CBS “60 Minutes” interview, he asserted Bitcoin has no intrinsic value and linked it to sex trafficking, money laundering, and ransomware. 

By July, he compared Bitcoin ownership to smoking, saying JPMorgan clients can buy digital assets, but the bank won’t provide custody.

Meanwhile, JPMorgan Built Crypto InfrastructureBehind the harsh words, JPMorgan executed one of the most aggressive blockchain expansion strategies of any major U.S. financial institution.

In mid-December, JPMorgan Asset Management launched the My OnChain Net Yield Fund (MONY)—the bank’s first tokenized money-market fund built on the Ethereum blockchain.

The bank seeded the fund with $100 million before opening it to qualified investors on December 16.

Days later, JPMorgan reportedly considered offering cryptocurrency trading to institutional clients, including spot and derivatives. 

This marks a dramatic shift from Dimon’s 2017 threat to fire any employee caught trading Bitcoin.

The 2025 Crypto BuildoutThe institutional buildout accelerated throughout the year. 

In October, JPMorgan announced plans to allow institutional clients to use Bitcoin and Ethereum as collateral for secured loans. 

A month later in November, the bank officially launched JPM Coin for institutional clients, enabling instant money transfers on Coinbase‘s Base blockchain.

The competitive landscape drove urgency. 

BlackRock‘ BUIDL fund leads the tokenized money-market space with approximately $1.8 billion in assets. 

Meanwhile, the total tokenized treasury market reached approximately $7.3 billion in 2025, representing a 256% year-over-year increase.

The Softening: “Blockchain Is Real”Despite maintaining his Bitcoin criticism, Dimon’s tone toward blockchain technology evolved noticeably. 

At the Fortune Most Powerful Women Summit in October, he made a significant concession: blockchain technology is legitimate and will be widely adopted.

Later that month at Saudi Arabia’s Future Investment Initiative, he went further, acknowledging that crypto technologies including blockchains, stablecoins, and smart contracts are genuine innovations. 

The nuance became clearer: Dimon distinguishes between Bitcoin, which he views as speculative and fraudulent, and blockchain infrastructure, which he sees as transformative for institutional finance.

Read Next:

XRP Crashes 48% From July High: Did Ripple Spend $2.7B In Vain In 2025?
Image: Shutterstock

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The privacy limitations of blockchains have been apparent since Satoshi Nakamoto wrote the white paper, when the first cryptocurrency’s creator noted that, although pseudonymous, Bitcoin addresses can be linked back to real-world identities.

Ever since, this type of crypto pseudonymity has largely continued to be treated as “good enough,” with most blockchain privacy projects being put in the backseat. 

This year, however, saw renewed interest in blockchain privacy, with Zcash becoming one of the year’s best-performing assets, and the Ethereum Foundation launching several end-to-end encryption initiatives.

The idea of “pragmatic privacy,” which balances personal privacy with compliance considerations, has also taken root. 

New privacy chains 
2025 saw the launch of several new privacy-focused blockchains in various stages of development. 

Perhaps the most notable was the mainnet launch of the Aztec Network’s Ignition Chain in November, which was significant not only for its many consensus-level and ZK-tech innovations as the "first fully decentralized L2 on Ethereum," but also for overcoming previous hurdles since the project kicked off in 2017.  

Ignition also raised 19,476 ETH (~$61 million) from 16,741 participants using a novel Continuous Clearing Auction mechanism developed jointly with Uniswap Labs earlier this month. 

Nillion is another blockchain project to mainnet in 2025. The so-called “blind computer,” designed to perform calculations on encrypted data, is integrated with several networks like the Layer 1 Near and Layer 2 Arbitrum to boost dapp-level privacy. 

Cosmos-based Namad also rolled out its mainnet Layer 1 in June, focusing on “composable privacy” to support several blockchain ecosystems, like the Bitcoin L2s Lombard and Babylon, as well as Ethereum and Solana, through cross-chain bridges.

Under development since at least 2022, Miden is gearing up for a mainnet launch next year. That said, the project took a massive step towards independence this year by spinning out of Polygon and raising $25 million to build Edge, a privacy-focused blockchain.

Likewise, Umbra, a privacy protocol powered by Arcium, has raised $154.9 million in an initial coin offering on MetaDAO in October. Umbra plans to launch alongside Arcium's Mainnet Alpha, becoming one of the first privacy protocols on Solana to use its infrastructure.

Horizen, one of the oldest crypto privacy projects, also completed a major transition this year after sunsetting its dedicated Layer 1 and L2 incubator in lieu of relaunching as a Layer 3 privacy solution on the Coinbase-incubated Base network. 

Grayscale, which manages a ZEN token fund, also filed a registration statement with the Securities and Exchange Commission to convert its Grayscale Zcash Trust into the first ZEC ETF. Zcash, which rolled out its Zebra 3.1 upgrade, has been a top-performing token in the latter half of the year.

Corporate privacy initiatives
Coinbase has signaled several times this year that privacy isn’t just an afterthought for Base. Earlier this year, the company announced it had hired the development team at Iron Fish, an old proof-of-work privacy initiative, to provide "privacy-preserving primitives" for Base.

The largest U.S.-based stablecoin issuer, Circle, also made waves when it announced it is testing a privacy-preserving wrapped version of USDC, called USDCx, using the Aleo testnet. USDCx appears to be focused on “configurable compliance” for supporting corporate use cases like payroll management and e-commerce.

Meanwhile, networks like the Goldman Sachs and BNY Mellon-backed Canton Network and EY-incubated Nightfall Ethereum Layer 2 are focused on enterprise blockchain solutions, which require a high degree of confidentiality. Nightfall has already announced support for two blockchains, the Plume RWA network and CELO.

The Ethereum Foundation has launched several privacy initiatives this year, signaling that the topic has emerged as a niche research area to become a primary focus for Ethereum developers. In October, the foundation formed the so-called “Privacy Cluster,” a dedicated team of dozens of engineers, to consolidate its privacy efforts, including a roadmap to achieve end-to-end native encryption. The foundation launched the Institutional Privacy Task Force to onboard institutions and enterprises onto Ethereum.

Vitalik Buterin also debuted Kohaku, an open-source privacy-centric wallet framework that aims to foster "default but compliant" privacy features. 

Pragmatic privacy
The idea of pragmatic privacy has perhaps been taken furthest at the app-level. This year, 0xbow launched Privacy Pools, a tool for everyday blockchain users to wipe their blockchain transaction history without running into legal issues. 

Privacy Pools is based on research published by Buterin and several other high-level cryptographers on “association lists,” which are designed to prevent bad actors from benefiting from crypto mixers. The 0xbow team recently raised a $3.5 million seed round, extended support for Sky’s USDS stablecoin, and rolled out a way for Tornado Cash users to maintain anonymity without “helping the hackers.” It is also part of the Ethereum Foundation’s Kahaku software package. 

Likewise, Railgun is also listed on Kahaku’s GitHub repo to be used as a way to shield funds. Railgun enables blockchain privacy through a “proof of innocence” system where users generate ZK proofs showing their funds/transactions are not part of a pre-set list of flagged/bad addresses. 

Finally, it's worth noting that Zcash, perhaps the flagbearer for crypto privacy, has seen its shielded supply grow to nearly 25%, marking a steady progression in network privacy adoption. Zcash provides users with functional privacy, with the ability to achieve compliance by selectively revealing information. 

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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.

NEW YORK CITY, NEW YORK / ACCESS Newswire / December 26, 2025 / Public markets tend to anchor valuation debates to price history. A stock moves quickly, financing follows, and the terms of that financing are often treated as an implied ceiling rather than a tool. That shortcut can work when companies are dependent on frequent raises just to stay operational. It fails once capital access becomes durable and strategic rather than reactive.

That transition is now underway for SMX (NASDAQ:SMX). With shares currently trading near $125 and the outstanding share count still close to 1.05 million, the conversation has moved beyond whether the stock has run too far. The more relevant question is whether SMX's capital framework supports valuation at scale, especially as comparable sectors, including thermal and industrial energy storage, have begun to command materially higher enterprise values once financing risk is removed.

At roughly $131 million in implied market capitalization on Friday, SMX sits at an inflection point. On one hand, it no longer trades like a neglected microcap. On the other hand, it is still being evaluated as if its operating future depends on uncertain market access. That mismatch between perception and structure is where the valuation discussion now resides.

Why Financing Visibility Rewrites Valuation Math

Valuation compression in small-cap stocks is rarely driven by business fundamentals alone. More often, it reflects uncertainty around funding continuity. Markets discount companies not because they lack technology or relevance, but because the timing and cost of capital remain unclear.

SMX's recently disclosed capital framework materially alters that equation. The company has established access to more than $111 million through a combination of institutional non-toxic convertible notes and a discretionary equity facility. This is not a one-off raise. It is a standing framework designed to support execution over time.

Once financing visibility is established, valuation math changes. Discount rates fall. Operating timelines extend. Market participants begin modeling outcomes over multiple years rather than multiple quarters. That shift alone can support higher valuation ranges even before revenue acceleration becomes visible.

Importantly, the presence of capital does not require immediate deployment. Optionality itself carries value. A company that can choose when and how to raise capital is evaluated differently from one that must raise capital when market conditions allow. That distinction separates speculative valuations from infrastructure-style valuations.

SMX Financing Structure Matters

Critical in SMX's respect is that not all capital facilities behave the same way in public markets. Nor should they. Structures that embed rolling discounts, warrants, or automatic issuance mechanisms tend to exert persistent pressure on share prices. In those cases, valuation becomes tethered to capital mechanics rather than business progress.

SMX's framework is designed differently. The facility it has provides capacity without mandating issuance and does not rely on incentive structures that require continuous selling to function. That reduces the likelihood that capital access itself becomes a dominant driver of trading behavior.

This distinction is paramount when considering post-raise share count scenarios. Even under conservative assumptions, a sizable equity raise, if tapped in 2026, would likely result in total shares outstanding in the low two-million range. In absolute terms, that remains a scarce public float.

Scarcity changes market dynamics. When dilution is finite and future financing needs are largely addressed, supply becomes more predictable. In that environment, valuation is shaped less by fear of future issuance and more by demand for exposure to the platform.

That is why institutional pricing and public-market valuation should not be conflated. Institutional terms reflect negotiated risk allocation. Public valuation reflects how risk is perceived after capital is secured. Once structural risk declines, valuation frameworks tend to rebase higher rather than gravitate toward transaction pricing. That's happening in other sectors.

Similar Valuation Models Across Sectors

Across thermal heat storage and broader industrial energy infrastructure, valuation benchmarks have expanded materially in recent years. Companies with secured funding and scalable platforms have increasingly been valued on strategic relevance rather than early revenue metrics.

In many of those cases, meaningful re-ratings occurred before commercialization reached maturity. The catalyst was not revenue inflection. It was the removal of existential risk. Once capital durability was established, markets reassessed what those platforms could become rather than what they currently produced.

SMX now sits closer to that category than to traditional early-stage microcaps. Its capital structure supports multi-year execution while preserving share scarcity. That combination aligns more closely with infrastructure-style valuation frameworks than with speculative trading models.

The implication is not that valuation should be extrapolated mechanically from peers. Rather, it suggests that the floor under valuation is increasingly supported by structure rather than sentiment. As financing uncertainty recedes, downside risk becomes less about balance-sheet fragility and more about execution quality.

That is how capital frameworks influence valuation without dictating price. They do not set ceilings. They establish support. For SMX, the transition now underway is less about what the stock has done and more about what the capital structure allows the company to do next.

About SMX

As global businesses face new and complex challenges relating to carbon neutrality and meeting new governmental and regional regulations and standards, SMX is able to offer players along the value chain access to its marking, tracking, measuring and digital platform technology to transition more successfully to a low-carbon economy.

Forward-Looking Statements

This information contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934. These statements are based on current expectations, estimates, forecasts, and assumptions regarding future events involving SMX (NASDAQ: SMX), its technologies, its partnership activities, and its development of molecular marking systems for recycled PET and other materials. Forward-looking statements are not historical facts. They involve risks, uncertainties, and factors that may cause actual results to differ materially from those expressed or implied.

Forward looking statements in this editorial include, but are not limited to, its announced capital facility and its terms, expectations regarding the integration of SMX's molecular markers into U.S. recycling markets; the potential for FDA-compliant markers to enable recycled PET to enter food-grade and other regulated applications; the scalability of SMX solutions across diverse global supply chains; anticipated adoption of identity-based verification systems by manufacturers, recyclers, regulators, or brand owners; the potential economic impact of turning recycled plastics into tradeable or monetizable assets; the expected performance of SMX's Plastic Cycle Token or other digital verification instruments; and the belief that molecular-level authentication may influence pricing, compliance, sustainability reporting, or financial strategies used within the plastics sector.

These forward-looking statements are also subject to assumptions regarding regulatory developments, market demand for authenticated recycled content, the pace of corporate adoption of traceability technology, global economic conditions, supply chain constraints, evolving environmental policies, and general industry behavior relating to sustainability commitments and recycling mandates. Risks include, but are not limited to, changes in FDA or international regulatory standards; technological challenges in large-scale deployment of molecular markers; competitive innovations from other companies; operational disruptions in recycling or plastics manufacturing; fluctuations in pricing for virgin or recycled plastics; and the broader economic conditions that influence capital investment and industrial activity.

Detailed risk factors are described in SMX's filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on forward-looking statements. These statements speak only as of the date of publication. SMX undertakes no obligation to update or revise forward-looking statements to reflect subsequent events, changes in circumstances, or new information, except as required by applicable law.

EMAIL: [email protected]

SOURCE: SMX (Security Matters) Public Limited

The Bitcoin-to-silver price ratio is emerging as a key macroeconomic signal, offering insight into shifting risk appetite as capital rotates between digital and traditional hard assets.

Summary

Falling ratio signals risk-on behavior favoring Bitcoin.
Rising ratio reflects defensive rotation into silver.
Ratio provides macro context, not direct trade signals.

As global markets navigate ongoing macro uncertainty, the relationship between Bitcoin and silver prices is drawing increased attention. The Bitcoin–silver price ratio, which measures how many ounces of silver are required to purchase one Bitcoin, provides valuable insight into investor behavior.

Rather than acting as a direct trading signal, the ratio reflects broader risk-on and risk-off dynamics, revealing how capital is positioned across asset classes.

Understanding the Bitcoin–Silver price ratio
XAGBTC Chart, Source: TradingView
As the price of silver increases, the price of Bitcoin, measured in silver, also rises. This occurs because Bitcoin is often compared to hard assets, such as silver, to assess relative value. When silver becomes more expensive, it takes more value (or purchasing power) for Bitcoin to outperform it.

In other words, even if Bitcoin’s dollar price stays the same, Bitcoin can become more expensive in silver terms when silver rises. This reflects a shift in market dynamics, in which investors are placing greater value on physical assets such as silver.

As silver strengthens, the benchmark for Bitcoin rises as well, implying that Bitcoin must gain further strength merely to maintain its relative position.

Risk-on conditions favor Bitcoin
Periods during which the Bitcoin–silver price ratio declines typically coincide with improving liquidity conditions. During these phases, investors are more willing to allocate capital toward higher-volatility assets, favoring Bitcoin over traditional hard assets.

Historically, declining ratios have coincided with Bitcoin bull phases, during which expanding liquidity and speculative demand drive strong upside momentum. In these environments, silver often underperforms as capital rotates away from defensive hedges and toward growth-oriented assets.

This dynamic reinforces Bitcoin’s role as a liquidity-sensitive asset, responding quickly to shifts in monetary expectations.

Rising ratio signals defensive rotation
Conversely, when the Bitcoin–silver price ratio rises, it indicates that silver outperforms Bitcoin. This typically reflects a risk-off environment, where investors prioritize capital preservation over growth.

Such periods often emerge during macro stress, tightening financial conditions, or heightened uncertainty around inflation and interest rates. Silver’s tangible nature and industrial utility make it more attractive in defensive phases, while Bitcoin’s volatility becomes less appealing.

Importantly, a rising ratio does not necessarily signal bearish conditions for Bitcoin outright. Instead, it often reflects temporary caution, where capital rotates defensively before risk appetite eventually returns.

Mean reversion at extremes
Extreme readings in the Bitcoin–silver price ratio have historically preceded mean reversion. When Bitcoin becomes significantly undervalued relative to silver, it can indicate exhaustion in defensive positioning, setting the stage for renewed inflows into crypto assets.

Likewise, when Bitcoin becomes excessively overextended compared to silver, consolidation or corrective phases often follow as markets rebalance. These extremes are most useful for cycle analysis rather than short-term trading.

Macro liquidity is the primary driver
The Bitcoin-macro liquidity conditions heavily influence the silver price ratio. Silver reacts to real yields, industrial demand, and inflation expectations, while Bitcoin responds more directly to monetary policy, liquidity expansion, and institutional flows.

Divergences in the ratio can therefore serve as early signals of shifts in liquidity regimes, sometimes preceding visible changes in broader risk markets. For this reason, macro-focused traders closely monitor the ratio alongside indicators such as real interest rates, the U.S. dollar index, and Bitcoin dominance.

What the ratio tells investors today
The Bitcoin-silver price ratio highlights the ongoing tug-of-war between digital scarcity and traditional hard assets. While it should not be used in isolation, it provides critical insight into how capital is rotating beneath the surface. The current price rally in Silver indicates a potential more extended consolidation phase in Bitcoin as it is largely seen as a risk-on asset.

In an increasingly interconnected macro environment, understanding this relationship can help investors better navigate shifting market sentiment.

USX suffered one of 2025’s sharpest stablecoin depegs, plunging to $0.10 before market makers restored liquidity.

The USX stablecoin on Solana lost its dollar peg on December 26, collapsing to just $0.10 on secondary markets.

This sudden drop, caused by a severe lack of liquidity, marks one of the most extreme depegs for a major stablecoin this year.

Market Strain and Rapid Response
According to blockchain security firm PeckShield, which raised an alert about the event, the depeg was a direct result of a liquidity drain on trading platforms.

The stablecoin’s developer, Solstice, responded quickly. In a statement posted on X, the team confirmed the issue was isolated to secondary markets, noting that the funds backing USX in its primary system were “entirely unaffected and >100% collateralized.” They emphasized that 1:1 redemptions through their primary market remained operational.

The situation stabilized after Solstice and its market makers injected fresh liquidity, pulling the price back to approximately $0.94. Despite this recovery, the brief crash established a new all-time low of $0.8285 for USX, as recorded by CoinGecko.

The stablecoin has since returned near its $1.00 target, currently trading around $0.995. While the 24-hour price change shows only a minor 0.3% decline, the dramatic intraday swing from $0.8285 to a high of $1.01 highlights the volatility triggered by the liquidity shortfall.

A Recurring Challenge for Algorithmic Stablecoins
This incident is a reminder of the persistent fragility of certain stablecoin designs when faced with secondary market pressures. It echoes other significant depegs in 2025; for example, the one in April where Synthetix’s sUSD stablecoin fell below $0.70 following protocol changes that altered its collateral mechanics. At the time, founder Kain Warwick darkly joked about the situation by renaming his social account to “kain.depeg.”

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More recently in November, Stream Finance’s XUSD stablecoin crashed to $0.30 after the protocol revealed a $93 million loss from an external fund manager.

The USX event differs in that its underlying collateral was not compromised, framing it purely as a secondary market liquidity failure. Meanwhile, Solstice has committed to obtaining a third-party attestation report, in what some market observers believe is an attempt to rebuild trust.

However, for investors and the wider crypto community, these repeated events serve as a stark reminder of the risks that remain even in stablecoins backed by verifiable assets, where market structure can sometimes fail before the fundamentals do.

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Arthur Hayes has forecast that Bitcoin could surge to $200,000 within the next three months, arguing that a fresh wave of disguised monetary easing is setting the stage for another powerful liquidity-driven rally.

In a recent essay, Hayes focused on what he describes as the Federal Reserve’s evolving “love language,” a euphemistic acronym used to mask large-scale money creation, with the latest example being Reserve Management Purchases (RMP).

Hayes argues that RMP is functionally equivalent to quantitative easing (QE), even though policymakers insist otherwise. While QE involved the Fed buying longer-dated bonds, RMP centers on the purchase of Treasury bills, primarily from money market funds.

According to Hayes, this distinction is mainly cosmetic. In both cases, the Fed creates money out of thin air, enabling the Treasury to issue more debt and fund spending, which ultimately fuels inflation across financial assets and the real economy.

The BitMEX co-founder notes that money market funds hold roughly 40% of outstanding T-bills, far more than banks do, and that when the Fed buys those bills under RMP, the resulting cash does not simply sit idle. It either finances new Treasury issuance or flows into the repo market, thereby indirectly supporting the purchase of longer-dated bonds.

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Hayes contends that this allows the government to keep borrowing cheaply while quietly expanding liquidity.

Drawing on historical parallels, Hayes points to the post-2009 period, when QE helped propel stocks, gold, and Bitcoin out of what he calls the deflationary river Styx.

The entrepreneur believes a similar setup is now forming. Although Bitcoin has initially lagged gold since the launch of RMP, Hayes sees this as a temporary divergence rather than a contradiction of his thesis.

In Hayes’ outlook, Bitcoin is likely to consolidate between $80,000 and $100,000 until markets fully recognize that RMP is effectively QE. Once that realization sets in, he expects Bitcoin to rapidly reclaim previous highs near $124,000 and then accelerate toward $200,000, potentially as early as March.

Hayes adds that broader global easing, as other central banks respond to a weakening dollar, could further amplify this move.