Market Signal Briefing

Good defense stocks aren't just found in the U.S.

Investors looking for something outside the artificial intelligence (AI) craze may want to consider hopping across the Atlantic Ocean for a closer look at the European defense industry. Developments there have created a powerful secular trend that could continue for some time, and investors should consider putting their money behind the trend.

February 2026 will mark the four-year anniversary of Russia's invasion of Ukraine, which is considered part of Eastern Europe. This escalation of a conflict into outright war has understandably changed the attitude many European countries have had toward maintaining their own military capabilities.

Members of NATO, Europe's main military alliance, have a collective agreement to defend each other in the event of an attack. As such, they are supposed to commit a percentage of their gross domestic product (GDP) toward defense spending.

But maybe because of an overreliance on the U.S. military, or the fact that Europe has been mostly peaceful for years, that agreement has been loosely enforced. Now, spending is increasing to as much as 5% of GDP for each of NATO's 32 members. The Ukraine war is a big reason defense spending is increasing in Europe.

Here are three suggestions for defense stocks that could grow for years to come.

Image source: Getty Images.

1. Rheinmetall
Rheinmetall (RNMBY 0.37%) (RNMB.F 0.39%) is based in Germany, which is the largest economy in Europe (with a GDP of $2.5 trillion). A confluence of factors favors investing in Rheinmetall, which has already been significantly impacted by the Ukraine conflict. Its stock has jumped more than 12 times in value since Russia invaded Ukraine, but it still has plenty of upside. Analysts project annual sales growth above 30% for at least the next couple of years, and annual earnings to jump around 50% over this period.

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Rheinmetall has already become the largest defense firm in Europe, with an $81.5 trillion market capitalization, but it can continue its growth path. Germany is boosting public spending to help support its economy, which is struggling because it is focused on exporting vehicles, machinery, and electrical equipment, a tough go with higher tariffs, trade wars, and Chinese competition. Germany is also situated very close to Russia and is increasing its NATO spending targets. All these represent more tailwinds for Rheinmetall.

Rheinmetall's only real downside for investors is its valuation. Its current forward price-to-earnings ratio is a lofty 39, which is much higher than the European defense average of 28. In other words, investors have already priced in quite a few more years of rapid growth. But the growth projections are very strong, and the stock is trading 24% below its highs over the past year, so I think it's worth a look.

2. Kongsberg Gruppen
In Northern Europe, Kongsberg (KBGG.Y +3.92%) (NSKFF +3.02%) is sitting pretty as Norway's national defense champion. It too has grown quickly in response to the Ukraine conflict and is projected to grow sales in the midteens over the coming couple of years. It works with drones, missile projects, and air defense systems, including a recent system being deployed to Poland, which shares a border with Belarus, a Russian ally.

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In April 2026, Kongsberg plans to spin off its slower-growing maritime business. This should leave a pure play capable of growing more than 20% annually.

The company has a forward P/E of 28, right on par with the rest of the European defense industry. Its market cap is $21 billion, placing it at half of the industry average of $42 billion, which to me indicates it can grow more easily from its smaller base.

3. BAE Systems
BAE Systems (BAES.F 0.08%) (BAES.Y +0.21%) is based in the United Kingdom and is one of the country's largest defense firms. Annual sales growth is projected to be around 7% over the next two years. This is a slower growth rate than the other companies on my list, but the forward P/E ratio, based on next year's earnings estimate, is a more reasonable 21.

BAE's sales are also arguably more stable and predictable because nearly half of its sales stem from purchased by the U.S. Department of Defense. This is a good hedge, as the relationship between the U.S. and Europe will likely remain close. This includes a position as a leading supplier for the F-35 fighter jet, which has amounted to hundreds of billions of dollars in sales over its lifetime. BAE gets between 13% and 15% of the work on each jet.

My take
For better or worse, defense spending has become big business in Europe. These firms are growing their sales robustly and have reasonable valuations, given the expected growth. They also already generate healthy free cash flow, which offers downside protection.

HomeDividends AnalysisDividend IdeasEnergy Analysis

SummaryEnbridge remains a top Buy for income-focused investors, underpinned by a 6% yield and 31 consecutive annual dividend increases.ENB's transformation into North America's largest gas utility stabilizes earnings, with regulated returns of 9–10% and robust exposure to data center-driven demand.Take-or-pay contracts and over 95% investment-grade customers insulate ENB's EBITDA from commodity price risk and counterparty defaults.Major LNG and Mainline expansion projects, alongside proven management execution, support long-term distributable cash flow growth despite higher leverage and energy transition risks. Photawa/iStock Editorial via Getty Images

Introduction Enbridge (ENB) has been relatively flat since my last analysis, though I was relatively bullish on the company's investment plans, mainly on the Mainline. With my current trend of reviewing midstream companies, I

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, Dec. 22, 2025 (GLOBE NEWSWIRE) --

WHY: Rosen Law Firm, a global investor rights law firm, announces that it has filed a class action lawsuit on behalf of purchasers of securities of Klarna Group plc (NYSE: KLAR) pursuant and/or traceable to the registration statement and related prospectus (collectively, the “Registration Statement”) issued in connection with Klarna’s September 2025 initial public offering (the “IPO”). If you wish to serve as lead plaintiff, you must move the Court no later than February 20, 2026.

SO WHAT: If you purchased Klarna securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement.

WHAT TO DO NEXT: To join the Klarna class action, go to https://rosenlegal.com/submit-form/?case_id=48971 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than February 20, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.

WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs’ Bar. Many of the firm’s attorneys have been recognized by Lawdragon and Super Lawyers.

DETAILS OF THE CASE: According to the lawsuit, the Registration Statement contained false and/or misleading statements and/or failed to disclose that: (1) Defendants materially understated the risk that its loss reserves would materially go up within a few months of the IPO, which they either knew of or should have known of given the risk profile of many individuals agreeing to Klarna’s buy now, pay later (“BNPL”) loans; and (2); as a result, defendants’ public statements were materially false and misleading at all relevant times and negligently prepared. When the true details entered the market, the lawsuit claims that investors suffered damages.

To join the Klarna class action, go to https://rosenlegal.com/submit-form/?case_id=48971 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action.

No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor’s ability to share in any potential future recovery is not dependent upon serving as lead plaintiff.

Follow us for updates on LinkedIn: https://www.linkedin.com/company/the-rosen-law-firm or on Twitter: https://twitter.com/rosen_firm or on Facebook: https://www.facebook.com/rosenlawfirm.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

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The dominant tech titan continuously puts up impressive growth and profits.

Since its initial public offering in May 2012, Meta Platforms (META +0.41%), formerly called Facebook, has seen its share price rise 1,640% (as of Dec. 19). That means that had you invested $58,000 in the business at the time it hit the public markets, you'd have $1 million today. That's a great gain in less than 14 years.

These days, the investment community isn't doubting how wonderful a company this is. Meta is one of the most dominant technology enterprises in the world, with impressive growth and profitability. And it continues to operate at a high level.

If you've been watching the "Magnificent Seven" stock from the sidelines, you're probably wondering what the future will bring. Could Meta Platforms help you become a millionaire?

Image source: Getty Images.

Founder and CEO Mark Zuckerberg views AI as a big opportunity
We are in the middle of what could shape up to be one of the major technological shifts in history. Companies are scrambling to basically go all-in on artificial intelligence (AI). Like other tech giants, Meta is not hesitating to spend on its AI efforts. The business is projecting $70 billion to $72 billion of capital expenditures in 2025, which "will be notably larger in 2026," according to CFO Susan Li. The money will go toward technical infrastructure.

Meta also spent heavily to assemble an AI all-star team earlier this year to help create Meta Superintelligence Labs, bringing on top scientists and researchers. Founder and CEO Mark Zuckerberg's objective is to achieve personal superintelligence, essentially being a tool for people to achieve and do more.

The strategic rationale makes sense. Meta must spend copious amounts of capital or it will risk falling behind in the AI race. At the end of the day, what matters most for this business is how AI will drive more users and engagement on its apps, as well as higher ad spend from ad customers.

When it comes to digital advertising, Meta is performing extremely well. Ad revenue increased 26% year over year during the third quarter. Zuckerberg believes AI will expand the total addressable market for digital ads.

"I think that the increased productivity from AI will make advertising a meaningfully larger share of global GDP than it is today," he said on the Q1 2025 earnings call. That's if Meta can continue to make progress on improving ad capabilities for its customers. Investors will surely want to see a positive long-term impact on earnings and free cash flow from this huge AI focus.

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Meta Platforms shares are worth owning
If you say that Meta is one of the best businesses on Earth, you wouldn't find many people who disagree with you. The company's defining attribute is the presence of unbelievably powerful network effects. During the third quarter, its family of apps counted an astonishing 3.54 billion daily active users. People want to use these platforms because everyone they know is using them. And with more users, the platforms improve over time.

Meta's unrivaled reach, as exemplified by its immense user base, might be enough of a reason for investors to consider owning shares. When a network effect has become this robust, it's incredibly difficult (maybe even impossible) to disrupt.

To be fair, though, this doesn't mean rival social media platforms can't enter the mix. Think about Snap or TikTok. This shows that competition for attention is fierce. However, Meta can observe certain features and tactics that are working well for its peers and immediately integrate those into its own apps, with broad adoption occurring instantly. This helps it maintain such a dominant position.

The business should be on every investor's watch list. The stock could do well over the next five or 10 years, thanks to a compelling valuation and strong earnings growth. But Meta isn't some small, early-stage company whose stock is going to skyrocket, so unless you have a six-figure sum to invest today, this isn't a millionaire-maker opportunity.

BALTIMORE--(BUSINESS WIRE)--A Baltimore city jury has returned a verdict in favor of Cherie A. Craft, awarding her over $1.5 billion after finding that Johnson & Johnson and its subsidiaries exposed her to asbestos through talc-based personal care products and caused her to develop peritoneal malignant mesothelioma, an incurable cancer. The verdict is believed to be the largest ever returned against Johnson & Johnson for a single plaintiff. Ms. Craft, a mother and the founder, CEO and e.

Meanwhile, 10-year Japanese Government Bond (JGB) and US Treasury yields pulled back, bolstering demand for risk assets. However, the yen was on intervention watch. USD/JPY dropped 0.46% to 156.301, capping gains for the Nikkei 225.

Improving US-China trade relations and rising bets on a Fed rate cut support a constructive bias for US equity futures.

Below, I’ll outline the key market drivers, the medium-term outlook, and the key technical levels traders should watch.

Nvidia H200 Chip Shipments to China Set to Resume
A shift in US trade policy lifted risk sentiment on Tuesday, December 23, as reports circulated of the Trump administration allowing Nvidia to resume H200 shipments to China. CN Wire reported:

“Nvidia has told Chinese clients it plans to ship H200 AI chips to China before the mid-February Lunar New Year, sources said. […] It follows a Trump administration policy shift allowing H200 sales to China with a 25% fee, reversing an earlier ban.”

The latest trade developments followed upward revisions to China’s GDP growth projections. Goldman Sachs raised China’s 2025 GDP growth forecast from 4.5% to 5.0%, matching Beijing’s GDP growth target.

March Fed Rate Cut Bets Hold Above 50%
Positive trade developments coincided with renewed hopes for a March Fed rate cut. Lower borrowing costs would increase company earnings and share prices. Cooling US inflation and a softer labor market have fueled speculation about a more dovish Fed rate path.

US unemployment rose from 4.4% in October to 4.6% in November, while headline inflation unexpectedly dropped from 3.0% in September to 2.7% in November. (There was no October CPI report because of the government shutdown.)

According to the CME FedWatch Tool, the chances of a March cut increased from 51% on December 15 to 52.9% on December 22.

Crucially, expectations of a more dovish incoming Fed Chair have raised expectations of further Fed policy easing, in contrast with the Dot Plot’s one-rate cut projection.

US GDP and Labor Market in Focus
US futures were steady during the Asian morning session on Tuesday, December 23. The Nasdaq 100 E-mini and the S&P 500 E-mini advanced 28 points and 5 points, respectively, while the Dow Jones E-mini was flat.

Later on Tuesday, US economic data will influence demand for US stock futures, with GDP and labor market figures in focus.

According to first-estimate data, the US economy expanded by 3.2% quarter-on-quarter (Q3) in Q3, cooling from 3.8% GDP growth in Q2. A lower GDP reading would likely raise expectations of a March Fed rate cut, reinforcing the bullish short- to medium-term outlook for US equity futures.

Meanwhile, the ADP will report weekly employment figures, following last week’s jobs report. The Kobeissi Letter commented on a weakening US labor market, stating:

“The US economy lost 983,000 full-time jobs in October and November, bringing the total down to 134.2 million, the lowest since December 2021. As a result, just 78.2% of the labor force is now employed full-time, the lowest since June 2021. This percentage has now declined 2.5 points since the June 2023 peak. In the past, such a trend has usually been seen during recessions. […] The labor market needs more rate cuts.”

Key Technical Levels for Dow Jones, Nasdaq 100, and S&P 500
Despite a steady Asian-session performance on Tuesday morning, the Dow Jones E-mini, the Nasdaq 100 E-mini, and the S&P 500 E-mini remained above their 50-day and 200-day EMAs. The EMAs indicated a positive medium-term bias.

Near-term trends will hinge on US data, Fed rhetoric, and Bank of Japan chatter. Key levels to monitor include:

Dow Jones

Resistance: The December 12 record high of 48,917, and then 49,000.
Support: 48,500 and then the 50-day EMA (47,484).

S&P500 – Daily Chart – 231225
Bullish Medium-Term Outlook Hinges on US Data and the Fed
In my opinion, the short-term outlook remains bullish given the alignment of technical indicators and fundamentals. Higher expectations of a March Fed rate cut reinforce the positive medium-term outlook.

Nevertheless, several scenarios may invalidate the constructive medium-term outlook, including:

Bank of Japan signals a neutral interest rate of between 1.5 and 2%, triggering a yen carry trade unwind.
Better-than-expected US data dampen bets on a Fed rate cut.

Conclusion: Outlook Bullish
In summary, recent US economic data and a dovish BoJ rate hike support a bullish short- to medium-term outlook for US stock futures.

However, over the next 72 hours, traders should monitor USD/JPY trends, intervention warnings, and the Nikkei 225. A BoJ threat to raise interest rates to strengthen the yen could weigh on sentiment.

Key levels include a USD/JPY drop below 150 and 10-year JGBs sustainably at the December 22 high of 2.2%, an important level to watch. These levels would likely send Nikkei 225 sharply lower, weighing on broader risk sentiment.

Follow our live coverage and consult the economic calendar for real-time market updates.

The Goldman Sachs Mid Cap Growth Fund underperformed its benchmark, the Russell Midcap Growth Index (net), during the quarter. United Rentals, Inc. released a positive quarterly earnings report, surpassing earnings expectations and raising future guidance, which the street responded favorably toward. Roivant Sciences Ltd.'s stock price soared during the period following the release of positive data for a drug it is developing that aims to treat inflammatory autoimmune diseases.

HomeStock IdeasQuick Picks & Lists

SummaryWe believe Monolithic Power Systems may harness beneficial tailwinds of the growing demand for energy-efficient electronics and continue to see its stock price rise.Ross Stores' recent ability to mitigate tariff impacts and deliver strong fiscal performance, especially under new leadership, has reinforced our conviction in Ross Stores’ competitive strength.Equitable Holdings reported a disappointing quarterly earnings report, driven by weakness in its retirement and protection solutions businesses, which weakened our long-term conviction in the company.Following its latest earnings results, Gartner’s stock price declined as its Annual Contract Value fell below expectations.

The Australian Retirement Trust (ART) will acquire a near 20% stake in Scentre Group's iconic Westfield Sydney shopping mall for A$864 million ($575.68 million), the shopping centre owner said on Tuesday.

Analyst’s Disclosure:I/we have no stock, option or similar derivative position in any of the companies mentioned, but may initiate a beneficial Long position through a purchase of the stock, or the purchase of call options or similar derivatives in PAX over 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 car sales in Europe rose year-on-year in November for a fifth consecutive month, helped by an increase in EV registrations in markets including Germany, Italy and Spain, data from the European auto lobby ACEA showed on Tuesday.

Terrill Dicki
Dec 23, 2025 03:28

Mask Network and Firefly kick off 2026 with the WAGMI New Year Lucky Drop, featuring a community-driven prize pool on Firefly. Join the event for a chance to win USDC.

As 2026 approaches, Mask Network and Firefly are set to launch the WAGMI New Year Lucky Drop, a community-centric giveaway aimed at fostering collaboration and optimism. This event, hosted on the Firefly platform, encourages participants to engage with their community and start the new year with a win, according to Mask Network.

What’s Happening?
The WAGMI New Year Lucky Drop is a giveaway event where partners within the Mask Network ecosystem distribute on-chain red packets to their communities via Firefly. Participants are encouraged to log into Firefly, either through the web or the app, to claim these red packets before they run out.

Community-Powered Prize Pool
The event features a prize pool of 1,000 USDC, contributed by five confirmed partners, each adding 200 USDC. This pooled fund aims to spread prosperity and good fortune among the community as they enter the new year.

Participating Partners
The initiative includes contributions from several partners:

Firefly: A social aggregator app for Web3 enthusiasts.
Mask Network: Facilitating the transition to an open internet.
Openledger: An AI blockchain solution for monetizing data and models.
Web3.bio: Connecting identity and reputation across Web3.
World3: A platform for AI and blockchain collaboration.

About Lucky Drops on Firefly
Launched in 2020, Mask Network's crypto red packets bring the tradition of gifting to the digital realm. The 2026 edition continues this tradition, emphasizing community and shared success.

Event Schedule
The main event is scheduled for Friday, January 2, 2026, with red packets available all day. Participants are encouraged to act quickly to secure their share.

How to Participate
To join, users should log into Firefly via the web or app, look for Lucky Drop posts from partners, and claim their red packets before they run out. Keeping some gas in the wallet is advised for quick transactions.

The WAGMI New Year Lucky Drop symbolizes the spirit of unity and new beginnings, inviting participants to embrace the opportunities of 2026 with optimism and community spirit.

Image source: Shutterstock

mask network
firefly
wagmi
crypto giveaway

2 mins mins

Key Points:

El Salvador’s Bitcoin plans clash with IMF restrictions amidst fiscal talks.Key players include President Nayib Bukele and IMF’s Mr. Torres.El Salvador claims of BTC purchases spark transparency concerns.
The International Monetary Fund (IMF) reports progress in El Salvador’s Bitcoin and Chivo wallet negotiations, highlighting transparency initiatives amid ongoing economic discussions as of December 2023.

This marks significant fiscal adjustments, impacting market dynamics and underscoring El Salvador’s controversial Bitcoin strategy amid IMF calls for fiscal prudence and public sector participation limitations.

IMF Scrutinizes El Salvador’s Bitcoin Claims Amid Transparency Issues
The IMF’s assessment of El Salvador’s involvement in Bitcoin highlights increased transparency as a priority. Discussions about the Chivo e-wallet’s future are ongoing, with the IMF steering talks towards fiscal goals and ensuring public resources are safeguarded. The government’s fiscal plan indicates adherence to the IMF’s directives.

Conflicting claims about Bitcoin purchases create challenges for the IMF. Official sources indicate a halt in public sector BTC buys, yet the El Salvador Bitcoin Office reports daily acquisitions. This inconsistency impacts the IMF’s perception of transparency, posing accountability questions.

Community reactions highlight skepticism toward El Salvador’s Bitcoin stance. Influential Bitcoin advocate Max Keiser and Stacy Herbert claim continuous BTC accumulation, despite contrary official reports.

Ehrenmann, from My First Bitcoin, questions El Salvador’s transparency and Bitcoin policy alignment through social media.

Historical Context: Lessons and Market Data Reaction
Did you know? El Salvador’s Bitcoin holdings of 7,509 BTC starkly contrast with IMF recommendations to suspend new purchases, reflecting ongoing policy tensions.

Bitcoin’s latest market data from CoinMarketCap reveals key figures: BTC trades at $88,023.67 with a market cap of $1.76 trillion. Despite a 0.54% 24-hour decline, the 7-day price has risen by 2.67%. The circulating supply stands at 19.97 million according to CoinMarketCap.

Bitcoin(BTC), daily chart, screenshot on CoinMarketCap at 03:13 UTC on December 23, 2025. Source: CoinMarketCap

The Coincu research team suggests ongoing IMF oversight could forge new dynamics in El Salvador’s economic policies. As transparency issues unfold, El Salvador may face challenges balancing Bitcoin ambitions with fiscal goals imposed by the IMF. This could lead to adjustments in future investment strategies.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Crypto derivatives markets are heating up as Glassnode reports perpetual open interest has risen in anticipation of a big move at the end of this year.

Perpetual open interest (OI) has risen from 304,000 to 310,000 Bitcoin (BTC) as its price briefly touched $90,000 on Monday, Glassnode said on Monday.

The funding rate has also “heated up” from 0.04% to 0.09%, which suggests derivatives traders are anticipating a potential market move by the end of the year. 

“This combination signals a renewed buildup in leveraged long positioning, as perpetual traders position for a potential year-end move,” Glassnode said.

Bitcoin perpetuals are futures contracts that don't expire and can be held indefinitely. They track Bitcoin’s spot price through a mechanism called the funding rate, which is a periodic payment between traders holding long and short positions.

Increased funding rate signals bullishness When funding rates are increasing, it typically means the perpetual price is rising above spot, and more traders are bullish as they are willing to pay premiums to hold long positions. 

However, it can also signal potential market overheating as extremely high rates can indicate overleveraged longs and possible correction risk.

Bitcoin failed to make progress above $90,000 and had fallen back to $88,200 at the time of writing. 

Bitcoin perp funding rates have increased recently. Source: GlassnodeMassive end-of-year options expiry Market volatility could also be amplified by the massive end-of-year Bitcoin options expiry event on Friday, Dec. 26.

More than $23 billion in notional value Bitcoin options contracts will expire in one of the largest options expiry events of all time. End-of-quarter and end-of-year expiries are much larger than regular weekly or monthly events. 

Calls, or long contracts, are clustered around the $100,000 and $120,000 strike prices while puts, or short contracts, are concentrated around $85,000, according to Deribit.

The put/call ratio is currently 0.37, which means there are a lot more long contracts expiring than shorts. Max pain, or the strike price at which most losses will be made, is currently $96,000, according to Coinglass.

If spot prices do not move higher, the majority of these contracts will be worthless on expiry. A $7,500 gap to max pain suggests bullish bets, or calls at higher strikes, were overly optimistic and will realize losses.

There is a lot of OI at higher strike prices. Source: Deribit 
Magazine: Bitcoin’s critical level is $82.5K, Ethereum ‘not done yet’: Trade Secrets

Bitcoin’s recent bounce may look like a sign of renewed strength, but the price action tells a more deceptive story. With downside liquidity still thin and support holding firm, the market appears primed for a move that draws in eager bulls rather than rewarding them. This rally could be less about recovery and more about setting the stage for maximum pain when sentiment flips.

Aligning The Mid- And Long-Term Bitcoin Outlook
During an in-depth technical and psychological analysis, Mr. Wall Street explained that his broader outlook on Bitcoin had already been clarified a week earlier, after some confusion around his mid and long-term stance. With those time horizons now clearly defined, he turned his focus to the short-term picture, outlining current market behavior.

He reiterated that while his mid-term bias on Bitcoin remains bearish, the short-term structure has turned bullish. The reason centered on insufficient downside liquidity to justify market makers initiating the next major leg lower. This imbalance supported the case for a temporary relief move to the upside.

BTC’s bounce to inject pain | Source: Chart from Mr. Wall Street on X
Thus, Mr. Wall Street placed long positions around the Value Area Low between $80,000 and $84,000 on a bounce that could later evolve into a bull trap. Shortly after, Bitcoin dipped and successfully retested the $84,000 level, which aligns with the weekly MA100, following several deceptive upside moves.

As a result, his long orders were filled as planned, leaving him holding a position from $84,550. The analyst noted that he plans to exit only in the $98,000–$104,000 zone, where a Fair Value Gap converges with heavy liquidity, making it an ideal area to take profit.

Being In Longs Doesn’t Change The Macro Bearish Thesis
Mr. Wall Street clarified that holding long positions does not signal a bullish shift on Bitcoin. The broader outlook remains bearish, with expectations for the next major downside move toward the $64,000–$70,000 region. In the short term, Bitcoin is sitting at strong support while downside liquidity is limited, which reduces the probability of an immediate continuation lower.

A more logical scenario involves market makers engineering a bullish move to attract retail participation. As late buyers enter long positions, they gradually become exit liquidity, setting the stage for a larger downside move once sufficient liquidity is built.

He also mentioned the $68,000–$74,000 zone had become too widely anticipated to function as a true “maximum pain” area capable of resetting market structure. For that reason, the downside target was revised lower to the $64,000–$70,000 range, with expectations that this zone could be reached in late Q1 or early Q2 of 2026. This level represents an initial major target rather than the final bottom.

Recent price action was highlighted as a clear example of these dynamics. Bitcoin’s rapid move from $87,000 to $90,000, followed by a sharp drop to $85,000 within hours, resulted in widespread liquidations. Many traders chased the upside and were quickly trapped, and fake moves in both directions are likely to continue as liquidity is built ahead of a larger move lower.

BTC trading at $89,810 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from Pixabay, chart from Tradingview.com

XRP price started a decent increase above $1.920. The price is now correcting gains and might struggle to stay in a positive zone.

XRP price started a downside correction and tested the $1.880 zone.
The price is now trading below $1.90 and the 100-hourly Simple Moving Average.
There is a declining channel or a possible bullish flag pattern forming with resistance at $1.9250 on the hourly chart of the XRP/USD pair (data source from Kraken).
The pair could start another increase if it clears $1.950.

XRP Price Fails At Resistance
XRP price started a downside correction from the $1.950 zone, like Bitcoin and Ethereum. The price dipped below the $1.920 and $1.90 levels to enter a consolidation phase.

The price even dipped below the 23.6% Fib retracement level of the upward move from the $1.770 swing low to the $1.9578 high. However, there is a declining channel or a possible bullish flag pattern forming with resistance at $1.9250 on the hourly chart of the XRP/USD pair.

Source: XRPUSD on TradingView.com
The price is now trading below $1.90 and the 100-hourly Simple Moving Average. If there is a fresh upward move, the price might face resistance near the $1.90 level. The first major resistance is near the $1.920 level, above which the price could rise and test $1.950. A clear move above the $1.950 resistance might send the price toward the $2.00 resistance. Any more gains might send the price toward the $2.050 resistance. The next major hurdle for the bulls might be near $2.120.

More Losses?
If XRP fails to clear the $1.920 resistance zone, it could start a fresh decline. Initial support on the downside is near the $1.8650 level and the 50% Fib retracement level of the upward move from the $1.770 swing low to the $1.9578 high. The next major support is near the $1.8420 level.

If there is a downside break and a close below the $1.8420 level, the price might continue to decline toward $1.8150. The next major support sits near the $1.770 zone, below which the price could continue lower toward $1.720.

Technical Indicators

Hourly MACD – The MACD for XRP/USD is now gaining pace in the bearish zone.

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

Major Support Levels – $1.8650 and $1.8420.

Major Resistance Levels – $1.920 and $1.950.

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Bitcoin is once again attempting to reclaim the $90,000 level, as bulls cautiously rebuild a recovery narrative after weeks of volatility and heavy selling pressure. While sentiment remains fragile and many investors are still positioned defensively, recent price stabilization has opened the door for a short-term upside scenario. Rather than relying on optimism alone, analysts are increasingly pointing to structural indicators that suggest the balance of risk may be shifting.

According to a report by on-chain analyst Axel Adler, Bitcoin’s current setup shows tactical upside potential when viewed through the combined lens of market regime indicators and derivatives liquidation dynamics.

Adler highlights that Bitcoin’s Regime Score has recently transitioned into the +15 to +30 zone, a range that has historically delivered positive average returns. This zone represents an early recovery phase, where downside momentum has faded but euphoria has not yet returned, often creating favorable conditions for asymmetric upside.

At the same time, derivatives data show a clear dominance of short liquidations, meaning that recent price moves have forced bearish positions to close. This creates mechanical buying pressure, which can amplify upward moves even in the absence of strong spot demand. Together, these signals suggest that Bitcoin’s current attempt to reclaim $90,000 is not purely speculative but supported by an improving internal market structure.

Regime Score and Liquidations Point to Tactical Upside
Adler explains that Bitcoin’s composite Regime Score aggregates multiple market dimensions into a single framework, including taker imbalance, open interest pressure, funding rates, ETF flows, exchange flows, and price trend.

Bitcoin Regime Score | Source: CryptoQuant
The result is a unified indicator ranging from −100 to +100, designed to capture shifts in market structure rather than short-term noise. Currently, the Regime Score stands at +16.3, placing Bitcoin in the upper part of the neutral zone, defined between +15 and +30.

Backtesting data for 2025 shows that this specific subzone has historically delivered average returns of around +3.8% over a 30-day horizon. This contrasts sharply with the −15 to 0 zone, where expected returns were negative, averaging -1.5% over seven days. Importantly, the indicator has recently rebounded from a bearish extreme, after dropping to −27 just a week ago, signaling a structural recovery rather than a random bounce.

Adler highlights a critical nuance: transitions into the formal bull regime above +30 have historically coincided with local tops, often followed by negative short-term returns. This makes the current +15–30 range more attractive for tactical positioning, while aggressive accumulation above +30 may carry elevated risk.

This view is reinforced by derivatives data. The long/short liquidation dominance oscillator has turned negative at −11%, indicating a surge in forced short closures, while its 30-day average remains positive. With long liquidation dominance at just 44%, short liquidations are clearly prevailing, providing additional mechanical fuel for upside.

Bitcoin Tests Key Support as Volatility Compresses
Bitcoin is currently trading around the $90,000 area after a sharp corrective move from recent highs, and the chart highlights a market at an important inflection point. Following the breakdown from the $105,000–$110,000 range, BTC experienced a swift decline that pushed the price below the short- and medium-term moving averages.

The blue and green moving averages have rolled over, confirming a loss of upside momentum and signaling a shift toward a more defensive market structure.

BTC testing critical supply level | Source: BTCUSDT chart on TradingView
However, price is now stabilizing just above the psychologically critical $88,000–$90,000 zone, which has acted as a reaction level over recent sessions. This area aligns closely with prior consolidation and represents a short-term support cluster where buyers are attempting to regain control. Notably, selling pressure appears to be moderating, as the most aggressive downside move has already occurred, and recent candles suggest consolidation rather than continuation.

The red long-term moving average remains well below the current price, indicating that Bitcoin is still structurally above its broader trend support. This reduces immediate downside risk, unless the $88,000 region fails decisively. Volume has also tapered off compared to the sell-off peak, suggesting that panic-driven liquidation may be subsiding.

In this context, Bitcoin appears to be transitioning from an impulsive downside into a stabilization phase. A sustained hold above $90,000 would strengthen the case for a relief rally, while a breakdown below support would reopen the door to deeper retracements.

Featured image from ChatGPT, chart from TradingView.com

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

Bitwise says shifting crypto narratives are really bullish for Ethereum, Solana, and stablecoins, citing structural demand, ETF accumulation exceeding issuance, and regulatory momentum that could drive the market's next growth phase into 2026 and beyond.

The founder and CEO of on-chain analytics firm CryptoQuant has revealed how Bitcoin on-chain capital inflows have stalled over the last couple of months.

Bitcoin Realized Cap Has Witnessed A Slowdown Recently
In a new post on X, CryptoQuant founder and CEO Ki Young Ju has talked about how on-chain capital inflows have been weakening for Bitcoin recently. “After about 2.5 years of growth, realized cap has stalled over the past month,” noted Young Ju. The “Realized Cap” here refers to an on-chain capitalization model for Bitcoin that calculates its total value by assuming the value of each coin in circulation is equal to the price at which it was last transacted on the blockchain.

Since the last transaction of any coin is likely to represent the last instance of it changing hands, the price at that time can be considered as its current cost basis. Therefore, the Realized Cap is just a sum of the cost basis of the entire BTC supply. In other words, it tracks the capital that the investors used to purchase their tokens.

Realized Cap had been enjoying growth for the last couple of years, but as the CryptoQuant founder has revealed, capital inflows have dropped off. This suggests a decline in sentiment around Bitcoin.

The turnaround in sentiment is also visible through the analytics firm’s PnL Index, which incorporates key on-chain indicators to build a single valuation metric for BTC.

The indicators in question are the MVRV Ratio, NUPL, and STH/LTH SOPR. The first two both deal with the amount of unrealized profit or loss held by the investors as a whole, while the latter provides a look into investor profit-taking.

Below is the chart shared by Young Ju that shows the trend in the 365-day moving average (MA) of the Bitcoin PnL Index over the history of the asset.

The value of the metric seems to have been declining in recent days | Source: @ki_young_ju on X
From the graph, it’s visible that the Bitcoin PnL Index saw its 365-day MA reach a high earlier in the year, implying that the coin had potentially become overvalued.

Since then, the metric has seen a reversal to the downside. Currently, its value is still notably positive, so the cryptocurrency may be considered to be in a bullish phase, but historically, drawdowns have tended to lead into bear markets.

Though there were a couple of instances where this pattern didn’t hold. One being the aftermath of the COVID crash and the other the decline that occurred in the early months of 2025.

So far, the indicator hasn’t shown signs of any turnaround back to the upside, although it should be noted that it’s an average over the past year, so there is some delay attached.

Based on the on-chain trend, Young Ju has said, “Sentiment recovery might take a few months.”

BTC Price
Bitcoin has made recovery from last week’s plunge as its price is now back at $89,800.

The trend in the price of the coin over the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com

Ethereum’s transparency has long been one of its greatest strengths, but for many real-world applications, it has also become a structural limitation. From MEV-driven trading inefficiencies to data leakage in DeFi, gaming, and AI-driven workflows, the assumption that everything must be public in order to be verifiable is increasingly being challenged.

TEN Protocol is built around a different premise: that computation can remain provably correct without forcing users, developers, and businesses to expose sensitive inputs, strategies, or logic to the entire market.

In this CryptoSlate Q&A, the team behind TEN Protocol explains its concept of “compute in confidence” and why they believe privacy-first execution is a missing primitive in Ethereum’s scaling roadmap.

Rather than launching a separate privacy ecosystem, TEN is designed as a full EVM environment anchored to Ethereum settlement and liquidity, allowing developers to selectively choose what should remain public and what should execute confidentially.

The discussion explores how this hybrid model reshapes user experience, mitigates MEV, enables sealed-bid markets and hidden order flow, and unlocks new categories of applications, from verifiable AI agents to provably fair iGaming.

It also addresses the security and governance trade-offs of using Trusted Execution Environments, and how TEN’s architecture is designed to make failures detectable, contained, and recoverable rather than silently catastrophic.

Together, the Q&A offers a detailed look at how selective confidentiality could redefine trust, composability, and usability across the Ethereum ecosystem. 

For readers who are new to TEN Protocol, how do you explain in simple terms what “compute in confidence” means and what problem TEN is actually solving that existing Ethereum L2s do not?

At its simplest, “compute in confidence” means you can use a dapp without broadcasting your intent, your strategy, or your sensitive data to everyone watching the chain.

On most Ethereum L2s today, transparency is the default. Every transaction, its parameters, the intermediate execution steps and often even the “why” behind an action are visible. That level of openness is powerful for verification, but in practice it creates very real problems. Trades get front-run or sandwiched. Wallets and dapps leak behavioural and economic data. Games and auctions struggle to stay both fair and private. And many real-world or enterprise workflows simply cannot operate if inputs and logic have to be public by design.

This is the core structural limitation TEN addresses. Ethereum was built on the assumption that data must be visible in order to be verifiable. TEN keeps verifiability intact, but removes the idea that data itself has to be exposed. With the right privacy technology, you can prove computation is correct without revealing the underlying inputs or logic.

What that means in practice is confidence. Confidence that node operators can’t front-run you. That games aren’t quietly rigged. That bids aren’t being copied in real time. That competitors aren’t spying on strategy. That dapps aren’t extracting or monetising private user inputs.

You still get Ethereum-grade security and verification. You just don’t have to put everything on display to get it.

There are other privacy-focused and TEE-oriented projects in crypto; what is concretely different about TEN’s architecture and threat model compared to things like privacy L1s, rollups with off-chain proving, or MPC-based approaches?

TEN is built as privacy-first Ethereum execution, not as a parallel ecosystem. The goal is very narrow and very intentional: run EVM-style applications with selective confidentiality, while keeping settlement, composability, and liquidity anchored to Ethereum itself.

That design choice is what really sets TEN apart in practice.

If you look at privacy L1s, they often ask developers to move into a new world. New tooling, new execution semantics, and different assumptions around composability are common. TEN takes the opposite approach. It is meant to feel like Ethereum, not replace it. Developers keep the EVM, the standards they already use, and access to existing liquidity, while gaining confidentiality only where it actually matters.

ZK-based private execution offers extremely strong privacy guarantees, but those guarantees usually come with trade-offs for general-purpose applications. Circuit complexity, performance constraints, and developer friction can make everyday app development harder than it needs to be. TEN uses TEEs instead, targeting general-purpose confidential compute with a very different performance and developer-experience profile.

MPC-based approaches avoid trusting hardware vendors, which is a real advantage, but they introduce their own challenges. Coordination overhead, latency, and operational complexity can quickly translate into a poor user experience for normal applications. TEN accepts a hardware-rooted trust assumption, and then focuses on mitigating it through governance, redundancy, and rigorous security engineering.

At the core, the differentiator is this hybrid model. Things that should be public, like finality, auditability, and settlement, stay public. Things that must be private, like inputs, order flow, strategies, and secret state, remain confidential.

You talk about TEN making crypto feel like “normal apps” for end users, private, simple, trustworthy; what does that look like from a UX perspective, and how will using a TEN powered dapp feel different from using a typical Ethereum dapp today?

At a user level, it removes the constant feeling that everything you do is visible and potentially exploitable.

In a TEN-powered dapp, that shows up in small but meaningful ways. There’s no mempool anxiety and no watching your trades get sandwiched in real time. Intent is private by default, whether that’s bids, strategies, or execution thresholds. Users don’t have to rely on defensive workarounds like private RPCs or manual slippage hacks just to feel safe using an app.
What you’re left with is a much cleaner mental model, one that’s closer to Web2. You assume that your inputs and the application’s business logic aren’t automatically public, because in most software, they aren’t.

The shift itself is subtle, but it’s fundamental. Privacy stops being a bolt-on feature or an advanced setting only power users understand, and instead becomes a core product primitive that’s simply there by default.

Trusted Execution Environments introduce a different kind of trust assumption, namely reliance on hardware vendors and enclave security; how do you address concerns about side-channel attacks, backdoors, or vendor-level failures in your security and governance model?

That’s exactly the right kind of skepticism. TEN’s position isn’t that TEEs are magic or risk-free. It’s about being explicit about the threat model and designing the system so that a compromise is never silently catastrophic.

TEN assumes enclaves provide confidentiality and integrity within defined bounds, and then builds around that assumption rather than pretending it doesn’t exist. The goal is to make failures detectable, contained, and recoverable, not invisible.

From a security perspective, this shows up as defense-in-depth. There are strong remote attestation requirements, controlled code measurement and reproducible builds, and strict key-management practices, including sealed keys, rotation, and tightly scoped permissions. The enclave attack surface is deliberately minimized, with as little privileged code as possible running inside it.

Redundancy and fail-safe design are just as important. TEN avoids architectures where one enclave effectively rules the system. Where possible, it relies on multi-operator assumptions and structures protocols so that even a compromised enclave cannot rewrite history or forge settlement on Ethereum.

Governance and operational readiness complete the picture. Security isn’t only about cryptography; it’s also about how quickly and transparently a system can respond. That includes patching, revocations, enclave version pinning, and clear incident playbooks that can be executed without ambiguity.

The bottom line is this: TEN isn’t asking users to “trust nothing.” It’s about reducing the practical trust you need to place in operators and counterparties, and concentrating the remaining trust into a much narrower, auditable surface.

On the DeFi side, how do sealed-bid auctions, hidden order books, and MEV-resistant routing actually work on TEN in practice, and how can users or regulators gain confidence in systems where the core trading logic and order flow are intentionally encrypted?

At a high level, TEN works by changing what is public by default.
Take sealed-bid auctions. Instead of broadcasting bids in the clear, users submit them in encrypted form. The auction logic runs inside a TEE, so individual bids are never exposed during execution. Depending on how the auction is designed, bids may only be revealed at settlement, or not revealed at all, with only the final outcome published on-chain. That single change eliminates bid sniping, copy-trading, and the strategic leakage that plagues open auctions today.

The same idea applies to hidden order books. Orders aren’t visible in a way that lets others reconstruct intent or strategy in real time. Traders are protected from being systematically copied or exploited, while the system still produces execution results that can be verified after the fact.
MEV-resistant routing follows naturally from this model. Because user intent is never broadcast to a public mempool, the classic MEV pipeline of see, copy, and sandwich simply doesn’t exist. There’s nothing to front-run in the first place.

That naturally raises the trust question. If the core logic and order flow are encrypted, how can users or regulators be confident the system is behaving correctly?

The answer is that TEN separates privacy of inputs from verifiability of outcomes. Even when inputs are private, the rules are not. Anyone can check that the matching engine followed the published algorithm, that clearing prices were computed correctly, and that no hidden preference or manipulation took place.

On top of that, there are clear audit surfaces and mechanisms for selective disclosure. Regulators or auditors can be granted access under defined conditions, while the public still sees cryptographic commitments and on-chain proofs that execution was correct.

The result is a combination that’s rare in today’s DeFi: confidentiality of order flow paired with accountability of outcomes.

Verifiable AI agents are one of your flagship use cases; can you walk through a concrete example of an AI agent running on TEN, what stays private, what is publicly verifiable on-chain, and why that is better than running the same agent entirely off-chain?

A simple way to think about this is an AI-driven treasury rebalancer for a protocol.

When that agent runs on TEN, a lot of what makes it valuable stays private by design. The model weights or prompts, which are often the core intellectual property, never have to be exposed. Proprietary signals and paid data feeds remain confidential. Internal risk limits, intermediate reasoning, and decision logic aren’t leaked to the market. Even the execution intent stays private until the moment it’s committed.

At the same time, there’s a clear set of things that are publicly verifiable on-chain. Anyone can check that the approved code actually ran, via attestation. They can verify that an authorized policy module enforced the relevant constraints, and that the resulting actions respected the defined invariants. The final state transitions and settlement still happen on Ethereum, in the open, as usual.

That combination is what makes this meaningfully better than running the same agent entirely off-chain. Off-chain agents ultimately ask users to trust logs, operators, or unverifiable claims that “the bot followed the rules.” TEN removes that blind trust. It lets agents keep their competitive edge private, while still proving to users, DAOs, and counterparties that they acted strictly within their mandate.

iGaming has historically been plagued by trust issues, bots, and opaque RNG; how does TEN enable provably fair games while still keeping RNG seeds, anti bot logic, and game strategies private, and how do you see this fitting into existing regulatory frameworks for online gaming?

iGaming has always been built around a fundamental conflict: transparency is required to prove fairness, but secrecy is essential to protect RNG systems, security controls, and anti-bot logic. Expose too much, and the system is gamed. Hide too much, and trust collapses.

TEN resolves that conflict through selective confidentiality. Sensitive components stay private, while the rules and outcomes remain provable.
On randomness, this allows “provably fair” to be literal rather than aspirational. Games can use commit-reveal and verifiable randomness schemes where randomness is committed to in advance, outcomes are independently verifiable by players, and RNG seeds remain private until it’s safe to disclose, or are only partially revealed. Players get confidence in fairness without attackers gaining a usable blueprint.

The same principle applies to anti-bot and risk controls. Bot-detection heuristics and fraud systems run confidentially, which matters because once these mechanisms are public, sophisticated actors adapt immediately. Keeping them private preserves their effectiveness while still allowing the system to produce verifiable outcomes.

More broadly, this enables provable game integrity. Players can verify that a game followed its published rules and that outcomes weren’t manipulated, without exposing sensitive internals like security logic, thresholds, or strategy parameters.

From a regulatory perspective, this maps cleanly onto existing frameworks. Regulators typically care about auditability, fairness guarantees, and enforceable controls, not about forcing every internal mechanism into the open. TEN’s model of verifiable outcomes combined with selective disclosure aligns naturally with those requirements.

From a developer’s point of view, what does building a “selectively private” smart contract on TEN look like, how do they mark functions for TEE execution, and how do they test and debug logic that they cannot just log out to a public mempool?

From a developer’s point of view, the easiest way to think about TEN is that you’re building with two execution zones.

There’s a public zone, which feels like normal Ethereum development: standard EVM logic, public state, and composable contracts that behave the way you expect on any L2.

Then there’s the confidential zone, where specific functions and pieces of state execute inside TEEs, with encrypted inputs and tightly controlled disclosure.

In practice, developers explicitly decide what should run “in confidence” and what should remain public. The confidential side is where you’d put things like trade matching, RNG, strategy evaluation, or secret storage, while everything else stays in the open for composability and settlement.

The workflow shift shows up most in testing and debugging, because you can’t treat the public mempool as your always-on debug console. Instead, testing and debugging typically leans on local devnets with enclave-like execution, deterministic test vectors, and controlled debug modes during development. And rather than relying on public logs, you validate behaviour through verifiable commitments and invariants, proving that the system stayed within the rules even when the inputs are private.

The key change is moving away from mempool introspection as a debugging crutch, and designing for provable correctness from the start.

You highlight composability between private and public components as a key differentiator; what new application patterns do you expect to emerge from this hybrid model, and how can existing Ethereum protocols integrate TEN without completely rewriting their stack?

TEN’s hybrid model unlocks application patterns that are either extremely difficult or simply not possible on chains that are transparent by default.

One obvious pattern is private execution with public settlement. Sensitive logic like trade matching, strategy evaluation, RNG, or risk controls can run confidentially, while the final outcomes still settle publicly on Ethereum. You get privacy where it matters, without giving up verifiability or composability.

Another area is protected price discovery and dark liquidity. Sealed bids, hidden order books, and private routing make it possible to run fairer markets, while still producing outcomes that are verifiable on-chain. The market gets integrity without turning every participant’s intent into public data.

Games and AI agents are another natural fit. Hands, strategies, prompts, or model internals can remain private, while fairness, correctness, and settlement stay provable. That combination is very hard to achieve in a fully transparent execution environment.

You also start to see selective disclosure applications emerge. Things like identity, reputation, compliance, or eligibility checks can stay private, while still enforcing public rules and producing auditable results.

What makes TEN distinct is that none of this requires abandoning Ethereum. TEN is a full EVM, so existing Ethereum smart contracts deploy on TEN out of the box and behave exactly as developers expect. The difference is that they immediately gain the option to run parts of their logic in confidence.

For many protocols, integration can be straightforward. Teams can deploy the same contracts to TEN alongside Ethereum, keep the public version unchanged, and then progressively enable confidential execution where it adds the most value.

That naturally creates two adoption paths. Some teams will take the minimal-effort route, deploying existing contracts unchanged and gaining both a public and confidential instance with almost no extra work. Others will take a progressive approach, selectively moving high-value flows like order flow, auctions, games, or agent logic into confidential execution over time.

The key point is that TEN doesn’t force developers to choose between composability and confidentiality. It lets them keep Ethereum’s ecosystem, liquidity, and tooling, while making privacy a first-class capability rather than a bolt-on.

Who operates the enclaves and infrastructure that power TEN, how do you avoid centralization around a small set of operators, and what does the roadmap look like for decentralizing the network, bootstrapping the ecosystem, and attracting the first breakout apps on TEN?

Like most new networks, TEN starts with a practical bootstrap phase. Early on, that means a smaller, more curated set of operators and infrastructure, with the focus squarely on reliability and security. The goal at this stage isn’t maximal decentralization on day one, but making sure the system works predictably and safely as developers start building real applications on it.

Avoiding long-term centralization is where the architecture and incentives really matter. The roadmap is built around permissionless operator onboarding, paired with strong attestation requirements so operators can prove they’re running the right code in the right environment. Economic incentives are designed to encourage many independent operators rather than a small cartel, and there’s an explicit emphasis on geographic and organizational diversity. On top of that, performance and security criteria are transparent, and the protocol itself is structured to prevent any single operator from dominating execution.

In terms of how the roadmap unfolds, the first phase is about bootstrapping reliability and developer tooling. Once that foundation is solid, the focus shifts to shipping flagship applications that genuinely need confidentiality, things like iGaming, protected DeFi workflows, and verifiable AI agents. From there, operator participation expands, governance decentralizes, and the security posture continues to harden as more value flows through the network and the stakes rise.

That’s what sets up the ecosystem flywheel. Builders don’t come to TEN just because it’s another EVM; they come because it offers capabilities they can’t get elsewhere.

The breakout app thesis is straightforward. The first truly successful TEN-native application will be something that either cannot exist, or cannot be competitive, on transparent-by-default chains. In that case, confidentiality isn’t a checkbox feature. It’s the product itself.

Cais Manai

Co-Founder & CPO TEN Protocol

Cais Manai is a product and technology leader who has spent his career bridging global finance and blockchain.

1 hour ago

Bitmine's Ether haul now exceeds 4 million tokens worth over $12 billion after the company purchased nearly 100 million Ether in the past week.

Ethereum treasury company Bitmine has hit a key milestone after its Ether stash surpassed 4 million tokens this week following the firm’s latest $40 million purchase.

Bitmine said on Monday that its holdings now sit at over 4.06 million Ether (ETH), with Lookonchain noting earlier in the day that the company bought 13,412 ETH, worth $40.61 million.

The latest buy takes Bitmine’s total haul over the past week to almost 100,000 ETH, with the company adding it has bought all of its tokens at an average purchase price of $2,991 each.

“Bitmine continues to add steadily to its ETH holdings, adding 98,852 ETH in the past week, and Bitmine holdings now exceed the crucial 4 million ETH tokens,” said Bitmine chairman Tom Lee. “This is a tremendous milestone achieved after just 5.5 months.”

Source: Bitmine With the price of ETH climbing back to $3,000 over the weekend, Bitmine’s Ether stash has tipped back into profit, after being in the red since the October market crash.  

The firm’s goal is to own 5% of the total ETH supply, with the firm highlighting a strong conviction in the asset and the Ethereum ecosystem on several occasions. 

With its current holdings, worth around $12.2 billion at current prices, Bitmine is 67% of the way there, according to data from Strategic ETH Reserve.

“We are making rapid progress towards the 'alchemy of 5%' and we are already seeing the synergies borne from our substantial ETH holdings,” Lee said. 

Shares in Bitmine (BMNR) are up a 606% over the past six months, with its its Ether play launched in June a major boon for the company. 

The company has outlined plans to connect staking as part of its Ether haul in early 2026 as it looks to generate more value for investors. 

"We continue to make progress on our staking solution known as The Made in America Validator Network (MAVAN). This will be the 'best-in-class' solution offering secure staking infrastructure and will be deployed in early calendar 2026," Lee said. 

Magazine: 11 critical moments in Ethereum’s history that made it the No.2 blockchain

Bitcoin price started a decent recovery wave above $88,000. BTC is now consolidating below $89,000 and might aim for a fresh increase.

Bitcoin started a recovery wave above the $87,500 zone.
The price is trading above $87,500 and the 100 hourly Simple moving average.
There is a bullish trend line forming with support at $87,900 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair might continue to move up if it settles above the $89,100 zone.

Bitcoin Price Eyes More Gains
Bitcoin price attempted a fresh recovery wave above $87,500 and $88,000. BTC even cleared the $88,800 resistance and tested the $90,500 hurdle.

A high was formed at $90,552 and the price is now consolidating gains. There was a minor decline below $89,000 and $88,500. The price dipped below the 23.6% Fib retracement level of the upward move from the $84,420 swing low to the $90,552 high.

Bitcoin is now trading above $87,800 and the 100 hourly Simple moving average. There is also a bullish trend line forming with support at $87,900 on the hourly chart of the BTC/USD pair.

Source: BTCUSD on TradingView.com
If the price remains stable above the trend line, it could attempt more gains. Immediate resistance is near the $89,100 level. The first key resistance is near the $89,500 level. The next resistance could be $90,500. A close above the $90,500 resistance might send the price further higher. In the stated case, the price could rise and test the $92,000 resistance. Any more gains might send the price toward the $92,500 level. The next barrier for the bulls could be $93,200 and $93,500.

Another Decline In BTC?
If Bitcoin fails to rise above the $89,500 resistance zone, it could start another decline. Immediate support is near the $88,000 level and the trend line. The first major support is near the $87,500 level.

The next support is now near the $86,750 zone and the 61.8% Fib retracement level of the upward move from the $84,420 swing low to the $90,552 high. Any more losses might send the price toward the $85,450 support in the near term. The main support sits at $84,500, below which BTC might accelerate lower in the near term.

Technical indicators:

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

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

Major Support Levels – $88,000, followed by $87,500.

Major Resistance Levels – $89,500 and $90,500.

XRP enters the final days of 2025 trading in a narrow and tense range, with market participants split between expectations of a rebound and concerns over a deeper breakdown.

After a volatile year that included sharp rallies, extended pullbacks, and growing institutional participation, the token is now hovering near levels that have repeatedly defined sentiment. Price action around the $1.8–$2.0 zone has become the focal point, as traders assess the long-term prospects.

XRP's price trends to the downside on the daily chart. Source: XRPUSD on Tradingview
XRP’s Technical Structure Tests Trader Conviction
From a technical perspective, XRP remains under pressure despite holding above its key support level. The $1.87 level has been tested multiple times in recent weeks, with each bounce showing reduced momentum. Analysts note that repeated defenses of the same zone often weaken its reliability.

A confirmed daily close below $1.6 is widely viewed as a critical downside trigger. Below that area, the chart structure offers limited historical support, opening the door to faster declines toward $1.2 or even the psychological $1.0 level. Similarly, Momentum indicators are mixed rather than decisively bearish.

Short-term optimism has been fueled by a TD Sequential buy signal within the current $1.9 area, a pattern that has historically preceded relief rallies. However, XRP continues to trade below major moving averages, keeping the broader trend tilted to the downside unless resistance near $2.5 is reclaimed.

Fundamentals and Institutional Signals Offer Contrast
While price action remains fragile, developments around Ripple continue to shape longer-term narratives. Institutional exposure through U.S. spot XRP exchange-traded products has grown steadily, with assets under management exceeding $1 billion.

Ripple’s regulatory positioning has also evolved. CEO Brad Garlinghouse has publicly dismissed claims of price manipulation, pointing to XRP’s deep liquidity and broad market participation.

The company’s move to seek approval for a federally regulated national trust bank further signals a strategy focused on operating within established financial frameworks, rather than operating outside of them.

Cross-Chain Speculation and Market Sentiment
Speculation has added another layer of intrigue. Comments from Charles Hoskinson have reignited discussions about potential collaboration between XRP-related ecosystems and Cardano, particularly in the areas of decentralized finance and privacy-focused infrastructure.

While no formal partnership has been confirmed, the dialogue reflects growing interest in interoperability beyond the XRP Ledger itself, highlighting broader discussions around XRP’s potential role within global financial infrastructure.

XRP remains caught between improving fundamentals and unresolved technical pressure. Traders are watching closely to see whether the current consolidation resolves into a breakout above $2 or a breakdown below long-defended support.

Cover image from ChatGPT, XRPUSD chart from Tradingview

Ethereum price started a recovery wave above $2,980. ETH is now consolidating and faces a key barrier near the $3,080 level.

Ethereum started a decent upward move above the $3,000 zone.
The price is trading above $2,980 and the 100-hourly Simple Moving Average.
There is a rising channel forming with support at $2,975 on the hourly chart of ETH/USD (data feed via Kraken).
The pair could continue to move up if it settles above the $3,080 zone.

Ethereum Price Faces Important Resistance
Ethereum price started a decent increase above $2,880, like Bitcoin. ETH price was able to surpass the $2,920 and $2,950 resistance levels to enter a positive zone.

The bulls pushed the price above the 61.8% Fib retracement level of the downward move from the $3,175 swing high to the $2,775 low. The price even spiked above the $3,050 resistance zone. However, the bears remained active near $3,080.

Ethereum price is now trading above $2,980 and the 100-hourly Simple Moving Average. There is also a rising channel forming with support at $2,975 on the hourly chart of ETH/USD.

If there is another upward move, the price could face resistance near the $3,050 level. The first key resistance is near the $3,080 level and the 76.4% Fib retracement level of the downward move from the $3,175 swing high to the $2,775 low.

Source: ETHUSD on TradingView.com
The next major resistance is near the $3,150 level. A clear move above the $3,150 resistance might send the price toward the $3,220 resistance. An upside break above the $3,220 region might call for more gains in the coming days. In the stated case, Ether could rise toward the $3,250 resistance zone or even $3,265 in the near term.

Another Decline In ETH?
If Ethereum fails to clear the $3,080 resistance, it could start a fresh decline. Initial support on the downside is near the $2,980 level and the trend line. The first major support sits near the $2,915 zone.

A clear move below the $2,915 support might push the price toward the $2,840 support. Any more losses might send the price toward the $2,800 region. The next key support sits at $2,775.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is now below the 50 zone.

Major Support Level – $2,915

Major Resistance Level – $3,080

Bragar Eagel & Squire, P.C. Litigation Partner Brandon Walker Encourages Investors Who Suffered Losses In F5 (FFIV) To Contact Him Directly To Discuss Their Options

If you purchased or acquired F5 securities between October, 28 2024 and October 27, 2025 and would like to discuss your legal rights, call Bragar Eagel & Squire partner Brandon Walker or Melissa Forunato directly at (212) 355-4648.

Click here to participate in the action.

NEW YORK, Dec. 22, 2025 (GLOBE NEWSWIRE) --

What’s Happening:

Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, announces that a class action lawsuit has been filed against F5, Inc. (“F5” or the “Company”) (NASDAQ: FFIV) in the United States District Court for the Western District of Washington on behalf of all persons and entities who purchased or otherwise acquired F5 securities between October, 28 2024 and October 27, 2025, both dates inclusive (the “Class Period”). Investors have until February 17, 2026 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
What are the Allegation Details?

According to the complaint, defendants provided overwhelmingly positive statements to investors while, at the same time, disseminating materially false and misleading statements and/or concealing material adverse facts concerning the true state of F5’s security capabilities; notably, that it was not truly equipped to safely secure data for its clients as F5 itself was, for all relevant times, experiencing a significant security breach (the “Security Breach”) of some of its key offerings and, further, that the revelation of this breach would significantly impact F5’s potential to capitalize on the security market.
On October 27, 2025, F5 announced their fourth quarter fiscal year 2025 results after the market closed, providing significantly below-market growth expectations for fiscal 2026 due in significant part to the Security Breach as the Company announced expected reductions to sales and renewals, elongated sales cycles, terminated projections, and increased expenses attributed to ongoing remediation efforts. Pertinently, defendants also disclosed that BIG-IP, the product that was the subject of the Security Breach, is the company’s highest revenue product, elevating the scope of the impact from the original disclosure as F5 does not otherwise provide revenue contributions by product line.
Following this news, the price of F5’s common stock declined dramatically. From a closing market price of $290.41 per share on October 27, 2025, F5’s stock price fell to $258.76 per share on October 28, 2025, a decline of an additional 10.9% in the span of two days.
What are the Next Steps?

If you purchased or otherwise acquired F5 shares and suffered a loss, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
About Bragar Eagel & Squire, P.C.:

Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, South Carolina, and California. The firm represents individual and institutional investors in securities,
derivative, and commercial litigation as well as individuals in consumer protection and data privacy litigation. The firm has a nationwide practice and routinely handles cases in both federal and state courts. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Contact Information:

Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
[email protected]
www.bespc.com