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As retirees transition from accumulating wealth to living off it, the most challenging aspect can be moving from a steady paycheck to a fluctuating portfolio. It’s often difficult to make this transition, especially if you have relied on and planned for a biweekly income to pay your bills for decades. 

The good news is that the financial landscape has evolved to offer a “paycheck replacement.” The goal here is simple in that you want to have a reliable income every month that doesn’t force you to sell assets, especially at the wrong time. High-yield ETFs can make this very easy by packaging income, diversification, and professional management into a single holding and offering you a “paycheck” that feels familiar. 

Why the Shift to Monthly Income Is Critical Now
At the very core of a high-yield ETF strategy is the recognition that market volatility is a feature, and not a bug, of investing. The traditional 4% rule withdrawal strategy sounds great on paper and remains a Reddit favorite idea in the financial independence, retire early world, but this often means selling assets regardless of market conditions. 

Ultimately, an income-focused strategy sidesteps any risk associated with selling at bad times by instead focusing on a high-yield ETF strategy that allows for an easier retirement through income generation. This is especially true with 2026 right around the corner, as you look for investments that can keep pace with inflation while providing a comfortable living. 

Amplify CWP Enhanced Dividend Income ETF
Any retiree who is looking for a blend of growth and income should look closely at the Amplify CWP Enhanced Dividend Income ETF (NYSE:DIVO). Instead of simply tracking an index, the Amplify CWP Enhanced Dividend Income ETF tries a two-pronged strategy. 

The first is that it holds a portfolio of high-quality large-cap stocks with strong earnings histories. The second is that it tactically writes covered calls on individual positions, and both approaches allow the fund to capture market upsides while generating income. Currently, the Amplify CWP Enhanced Dividend Income ETF offers a 4.55% dividend yield, pays a $2.08 annual dividend per share, and has returned 13% over the last three years. 

Virtus Infracap U.S. Preferred Stock ETF
Standing out for its high yield, which is currently sitting at 9.36%, the Virtus Infracap U.S. Preferred Stock ETF (NYSE:PFFA) is a great choice for retirement. Driven by preferred securities that are issued primarily by financial institutions, preferred stocks sit above common equity, which offers retirees something of an added layer of protection compared to regular dividends. 

This ETF is going to work best for investors who understand that having higher yields does come with sensitivity toward rates. If you can stomach this truth, you can find an income stream that can provide a healthy boost to overall retirement cash flow. 

iShares Flexible Income Active ETF
With a 6.13% dividend yield, the iShares Flexible Income Active ETF (NYSE:BINC) focuses on a flexible approach to income earning for retirees by combining bonds, credit, and other strategies to drive this same yield. On the plus side, the fund is actively managed, which allows it to shift allocations as interest rates rise or fall, as well as make similar changes as the market changes. This flexibility can be invaluable during uncertain rate cycles. 

Overall, this ETF is going to appeal to retirees who are searching for income but also want to reduce their overall risk. The iShares Flexible Income Active ETF isn’t locked into a single sector, which should help reduce stress when market volatility is at play. 

iShares Broad USD High Yield Corporate Bond ETF
The iShares Broad USD High Yield Corporate Bond ETF (BATS:USHY) offers a broad exposure to a wide basket of U.S. high yield corporate bonds with a yield of 6.81%. This comes from interest payments on below investment-grade corporate debt, which is a lot of busy words to say that, for retirees, it should hold up well when the economy is strong. 

The fund holds hundreds of bonds across various industries, so you are not beholden to any single sector or industry. For retired investors who want higher income than core bond funds without taking on risk, the iShares Broad USB High Yield Corporate Bond ETF should do nicely to keep income flowing, allowing for a more comfortable retirement. 

CNBC's MacKenzie Sigalos joins 'Money Movers' to discuss the OpenAI and Amazon deal valued at more than $10 billion.

Key Takeaways BASFY signed a deal to divest its optical brightening agent business as part of its Winning Ways strategy. The sale includes the Monthey, Switzerland facility and about 80 employees, with financial terms undisclosed. Catexel will integrate the business into its specialty chemicals portfolio, with closing expected in Q1 2026.
BASF SE (BASFY - Free Report) has signed a definitive agreement to divest its optical brightening agent business to Catexel, aligning with the company’s ongoing portfolio transformation under its ‘Winning Ways’ strategy. Optical brightening agents — specialty ingredients used predominantly in laundry detergent formulations to enhance whiteness and brightness — have been part of BASFY’s Care Chemicals division. 

The transaction includes the international business unit, notably the production facility at Monthey in Switzerland and around 80 employees, and reflects BASF SE’s focus on strategically prioritizing businesses that are more closely integrated into its core value chains. 

The companies did not disclose the financial details of the transaction, which is subject to standard regulatory and closing conditions, with the deal anticipated to close in the first quarter of 2026. 

BASFY emphasized that the divestment supports its strategy to actively manage its portfolio and prioritize key segments, while entrusting the business to a new owner with dedicated focus and capabilities to further develop its potential. Catexel, the Care Chemicals platform of the International Chemical Investors Group, will integrate the optical brightening agent business into its expanding portfolio of specialty chemicals for detergents, cleaning products, personal care and industrial applications. 

Catexel stated that the acquisition represents a strategic milestone, providing a foundation for further growth and innovation by leveraging the Monthey facility and the experienced workforce. BASF SE affirmed that it will remain a leading supplier and innovator of ingredients for the home care and industrial & institutional cleaning markets even after the closing of the divestiture. 

Shares of BASFY have gained 8.9% in the past six months against the industry’s 12.4% decline. 

Image Source: Zacks Investment Research

BASFY’s Zacks Rank & Key PicksBASFY currently carries a Zacks Rank of #3 (Hold). 

Some better-ranked stocks in the Basic Materials space are LSB Industries, Inc. (LXU - Free Report) , Equinox Gold, Corp. (EQX - Free Report) and OR Royalties, Inc. (OR - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

The Zacks Consensus Estimate for LXU’s current-year earnings is pegged at 36 cents per share, indicating a 57% year-over-year increase. Its earnings beat the Zacks Consensus Estimates in two of the trailing four quarters and missed twice, with the average earnings surprise of 141.3%. 

The Zacks Consensus Estimate for EQX’s current fiscal-year earnings stands at 54 cents per share, reflecting a 170% year-over-year increase. Its earnings beat the Zacks Consensus Estimates in two of the trailing four quarters and missed twice, with the average earnings surprise of 87%. 

The Zacks Consensus Estimate for OR’s current fiscal-year earnings is pegged at 83 cents per share, indicating a 60% year-over-year increase. Its earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and missed once, with the average earnings surprise of 4%. 

Andersen Group's shares jumped about 31% in their debut on the NYSE on Wednesday, valuing the tax advisory firm at $2.3 billion, as investors bet on the brand long-associated with audit quality outweighing its reputational baggage.

Kinder Morgan (KMI) has provided financial guidance for 2026, offering investors insight into how rising natural gas demand is driving growth for the midstream sector. 

The energy infrastructure company expects to generate nearly $8.7 billion in adjusted EBITDA for 2026, a 4% increase over its 2025 guidance. This projection underscores the durability of the fee-based business model, even as broader energy markets navigate volatility.

Strong fundamentals in its natural gas pipelines segment propel the company’s outlook. Notably, this segment remains its leading growth engine. Next year, Kinder Morgan plans to invest approximately $3.4 billion in discretionary capital expenditures. Internal cash flow will substantially fund these expansion projects and joint ventures. Management also anticipates ending 2026 with a Net Debt-to-Adjusted EBITDA ratio of 3.8x. Thus, sitting at the lower half of its long-term target range of 3.5x to 4.5x.

For income-focused investors, Kinder Morgan’s guidance offers continued visibility on shareholder returns. The company plans to raise its annualized dividend to $1.19 per share in 2026, an increase from $1.17 annualized in 2025. This commitment to dividend growth is supported by stable, fee-based cash flows that have historically shown low sensitivity to commodity price fluctuations. This defensiveness is a distinctive advantage midstream companies hold relative to the rest of the energy space.

Kinder Morgan and Natural Gas Demand
Kinder Morgan’s outlook has been strengthened by the robust demand for natural gas infrastructure, fueled by U.S. LNG exports and the surging energy needs of AI data centers. As a result, natural gas projects dominate Kinder Morgan’s backlog, positioning the company to capitalize on these secular trends. As demand for reliable baseload power increases, the value of existing pipeline networks and storage assets continues to rise.

Investors looking to add exposure to midstream may look to the Alerian Energy Infrastructure ETF (ENFR). ENFR tracks the Alerian Midstream Energy Select Index (AMEI), a composite of North American midstream energy infrastructure companies. Companies primarily focused on natural gas pipeline transportation represent 37.9% of the index by weighting as of December 12. Additionally, companies that gather and process natural gas make up 26.8% of the index.

For the latest updates on the energy infrastructure space as well as a look ahead, don’t miss our next webcast “What’s in the Pipeline for MLPs/Midstream in 2026?” on Wednesday, January 14, 2026 at 2:00 pm ET. Follow the link here to register.

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 ENFR, for which it receives an index licensing fee. However, ENFR is 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 ENFR.

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BALTIMORE--(BUSINESS WIRE)--Sinclair's free, over-the-air multicast networks CHARGE, Comet and ROAR delivered exceptional ratings performance throughout November, driven by a combination of hit programming, franchise expansions, broadened national distribution, upgraded channel positions, and increased household reach across key DMAs. Across the month, each network delivered standout viewership gains. Supported by continuous national footprint expansion, including upgraded broadcast positions,.

Key Takeaways Agnico Eagle agreed to buy 26M Osisko Metals shares at C$0.48 in a non-brokered placement.AEM's holdings rise to 67.21M shares, equal to 9.85% non-diluted and 12.49% partially diluted ownership.AEM gains investor rights, including future financing participation and conditional board nomination.
Agnico Eagle Mines Limited (AEM - Free Report) has announced that it further strengthened its strategic equity interest in Osisko Metals Incorporated by acquiring 26 million common shares through a non-brokered private placement at C$0.48 per share, representing a total investment of C$12.48 million. 

The transaction aligns with Agnico Eagle’s disciplined capital allocation framework, under which it selectively invests in businesses with strong geological potential to complement its internally generated growth pipeline. The company’s ownership stake in Osisko Metals increases, highlighting AEM’s continued support for Osisko’s development plans and its exposure to potential long-term value creation as it advances its assets. 

Before the transaction, Agnico Eagle owned 41.21 million common shares and 20.61 million warrants of Osisko Metals. Following the closing, its holdings increased to 67.21 million common shares, while the warrant position remained unchanged. This translates into an ownership interest of approximately 9.85% on a non-diluted basis and about 12.49% on a partially diluted basis, reflecting Agnico Eagle’s strengthened strategic stake and continued commitment to Osisko Metals’ long-term growth potential. 

Concurrently with the private placement, Agnico Eagle and Osisko Metals have an investor rights agreement that provides Agnico Eagle with certain participation rights in future equity financings and conditional rights to nominate directors. 

Agnico Eagle may acquire additional common shares or other securities of Osisko or dispose of some or all of the Osisko shares or other securities, depending on market conditions, strategic priorities and other factors. 

Shares of AEM have gained 35.8% in the past six months compared with the industry’s 58.3% rise. 

Image Source: Zacks Investment Research

AEM’s Zacks Rank & Other Key PicksAEM flaunts a Zacks Rank #1 (Strong Buy) at present. 

Some other top-ranked stocks in the Basic Materials space are AngloGold Ashanti Plc. (AU - Free Report) , Royal Gold, Inc. (RGLD - Free Report) and Centerra Gold, Inc. (CGAU - Free Report) , each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here. 

The Zacks Consensus Estimate for AU’s current-year earnings is pegged at $5.51 per share, indicating a 149.32% year-over-year increase. Shares of AU have surged 74.6% over the past six months. 

The Zacks Consensus Estimate for RGLD’s current fiscal-year earnings stands at $7.97 per share, reflecting a 52% year-over-year increase. Its earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and missed once, with the average earnings surprise of 4%. 

The Zacks Consensus Estimate for CGAU’s current fiscal-year earnings is pegged at 97 cents per share, indicating a 37% year-over-year increase. Its earnings beat the Zacks Consensus Estimates in three of the trailing four quarters and missed once, with the average earnings surprise of 22%. 

Key Takeaways CRMD is ramping DefenCath sales after the 2024 launch, while Puma Biotechnology leans on Nerlynx.CRMD posted $167.6M DefenCath sales in the first nine months of 2025, with patent protection to 2033.PBYI lifted 2025 Nerlynx sales guidance, but reliance on one product and competition persist.
CorMedix (CRMD - Free Report) and Puma Biotechnology (PBYI - Free Report) are small-cap biotech companies focused on the successful commercialization of their core products as they work to establish leadership within their respective domains. Both companies have a market capitalization of less than $1 billion and exhibit some common attributes of small-cap biotech companies, notably limited product portfolios and high dependence on their existing marketed products.

While CorMedix is in the early commercialization cycle, focusing on infection prevention and the initial ramp-up of its marketed product DefenCath, Puma Biotechnology targets breast cancer and other tumor types and holds a relatively more established commercial footprint.

CorMedix’s lead therapy, DefenCath (Taurolidine + Heparin), was approved by the FDA in late 2023 as the first and only antimicrobial catheter lock solution available in the United States. Puma Biotechnology’s sole marketed product, Nerlynx, is approved for treating certain patients with breast cancer.

But which stock presents a better investment opportunity right now? Let’s dive into their fundamentals, growth outlook and potential challenges to make a well-informed comparison.

The Case for CRMD StockDefenCath is indicated to lower the risk of catheter-related bloodstream infections (CRBSIs) in adults with kidney failure undergoing chronic hemodialysis via a central venous catheter. The product was launched in 2024 in both the hospital inpatient and outpatient hemodialysis settings.

DefenCath is the first approved product in CorMedix’s marketed portfolio, giving the company a regular income stream. The product has witnessed a strong market adoption so far, and the momentum is expected to continue in 2026.

In the first nine months of 2025, DefenCath recorded $167.6 million in net sales, reflecting strong market adoption in its early commercial journey. Importantly, DefenCath holds a unique market position as the only FDA-approved therapy for a niche condition, supported by patent protection through 2033. This exclusivity is likely to offer a long runway for revenue generation.

Looking ahead, sales are expected to grow steadily as CRMD expands its commercial footprint and strengthens its marketing infrastructure, driving continued momentum for DefenCath. Per management, higher-than-expected utilization of DefenCath by outpatient dialysis customers is likely to drive growth in future quarters. CorMedix is also planning future potential label expansion of DefenCath into total parenteral nutrition to increase its customer base.

Meanwhile, CorMedix took a significant step toward diversifying its revenues and reducing dependence on DefenCath with the $300 million acquisition of Melinta Therapeutics. The acquisition, which closed in August 2025, added seven approved therapies to CRMD’s portfolio, strengthening its presence in hospital acute care and infectious disease markets. The Melinta acquisition underscores CorMedix’s long-term strategy to accelerate growth by expanding its hospital-focused offerings while building a more durable, diversified commercial platform.

Reflecting the growing momentum with DefenCath and early Melinta portfolio contributions, the company raised its full-year 2025 pro forma net revenue guidance to $390-$410 million, up from the prior expectation of at least $375 million.

Although CorMedix currently holds a first-mover advantage in the United States with DefenCath, the company’s heavy reliance on the product for revenues remains a concern. Also, competition from major players like Pfizer (PFE - Free Report) , Amphastar Pharmaceuticals, B. Braun, Baxter and Fresenius Kabi USA that already market heparin for multiple uses remains a worry.

If either Pfizer or Amphastar expands its anticoagulant portfolio into catheter-related infection prevention, CorMedix could encounter significant competitive pressure within its primary therapeutic space.

The Case for PBYI StockThe majority of PBYI’s revenues is currently being driven by Nerlynx sales.

Nerlynx is approved for treating early-stage HER2-positive breast cancer in patients previously treated with Herceptin-based adjuvant therapy. The drug is also approved in combination with Xeloda (capecitabine) for treating certain patients with advanced or metastatic HER2-positive breast cancer.

In the first nine months of 2025, Nerlynx recorded sales worth $144.2 million, increasing 2.4% on a year-over-year basis. The company expects continued demand-driven growth in Nerlynx sales heading into the new year.

Reflecting the increasing sales of Nerlynx, Puma Biotechnology increased its full-year 2025 revenue guidance to $220-$223 million, up from the previous expectation of $212–$222 million.

Net product sales from Nerlynx are now expected to be in the range of $198-$200 million compared with the earlier projection of $192-$198 million.

Despite the significant commercial potential of the breast cancer market, Puma Biotechnology’s heavy dependence on Nerlynx for revenue growth exposes the company to heightened risk. Any regulatory setbacks related to Nerlynx will be a major setback.

In addition, Nerlynx sales have declined in certain past quarters due to weaker demand, and while performance has since improved, a recurrence could materially pressure the company’s outlook. Intense competition from well-established players in the target market remains an ongoing headwind.

PBYI is developing its pipeline candidate, alisertib, an aurora kinase A inhibitor, in separate mid-stage studies for treating hormone receptor-positive breast cancer as well as small-cell lung cancer. Though still in the early days, management believes that the successful development of the candidate is likely to enhance the company’s position in the anti-cancer drug market. However, failure in ongoing studies will be a significant disappointment from the investors’ perspective.

How Do Estimates Compare for CRMD & PBYI?The Zacks Consensus Estimate for CorMedix’s 2025 sales and earnings per share (EPS) implies a year-over-year increase of around 613% and 1057%, respectively. EPS estimates for 2025 and 2026 have been trending upward over the past 60 days.

CRMD Estimate Movement
Image Source: Zacks Investment Research

The Zacks Consensus Estimate for Puma Biotechnology’s 2025 sales and EPS implies a year-over-year decrease of around 4% and 10% respectively. While EPS estimates have increased for 2025, the same for 2026 have been trending down over the past 60 days.

PBYI Estimate Movement
Image Source: Zacks Investment Research

Price Performance and Valuation of CRMD & PBYIIn the past six months, shares of CRMD have declined 15.8%, while those of PBYI have surged 66.7%. In comparison, the industry has returned 22.1%, as seen in the chart below.

Image Source: Zacks Investment Research

From a valuation standpoint, Puma Biotechnology looks more expensive than CorMedix. Going by the price/book (P/B) ratio, PBYI’s shares currently trade at 2.48 times trailing book value, higher than 2.40 for CRMD.

Image Source: Zacks Investment Research

CRMD vs. PBYI: Which Stock Holds the Edge?Between the two stocks discussed above, CorMedix sports a Zacks Rank #1 (Strong Buy) and can be backed as the better pick over Puma Biotechnology, which currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.

CRMD’s strong commercial execution with DefenCath in the first nine months of 2025 and the upbeat guidance for 2025 present an optimistic outlook. The Melinta acquisition also helps the company to diversify its business goals. Analysts expect CRMD’s 2025 sales and EPS to substantially rise on a year-over-year basis, highlighting its strong upside potential.

On the contrary, Puma Biotechnology’s high reliance on Nerlynx for revenues is not a risk-free strategy and underlines the company’s vulnerability to regulatory and competitive risks. Although Nerlynx sales are rising, stiff competition in the breast cancer market from established players with huge resources remains a worry.

In a market favoring near-term results, CorMedix’s unique positioning, strategic diversification, improving earnings estimates and a cheaper valuation make it the more compelling small-cap biotech pick for investors over Puma Biotechnology heading into 2026.

West Virginia's Water and Wastewater Infrastructure Received Low Marks from ASCE

, /PRNewswire/ --Today, the American Society of Civil Engineers (ASCE) released its 2025 Report Card for West Virginia's Infrastructure. Drinking water infrastructure in the state received a D+, with wastewater infrastructure receiving a D.

Scott Wyman, President of West Virginia American Water, issued the following statement in response:

"West Virginia's lagging infrastructure grades are a clear warning sign that the state's water systems need more investment," said Wyman. "West Virginia American Water has made considerable investments to strengthen service and upgrade water systems across the state, but lasting progress will require all of us."

The EPA's 2023 Drinking Water Infrastructure Needs Survey and Assessment previously indicated that West Virginia must invest approximately $4.5 billion in drinking water infrastructure over the next two decades, with significantly greater resources required for wastewater systems. These findings highlight the severity of the state's ongoing water infrastructure challenges.

"Meeting these needs will take sustained investment and coordinated action by utilities, regulators, legislators and local leaders," Wyman added. "No community should have to shoulder this challenge alone. By planning smartly, supporting struggling systems and investing in the right projects, we can see better grades and build a stronger, more resilient water future for West Virginia."

West Virginia American Water is committed to providing safe, clean and reliable water service to its customers. Throughout the past decade, the company has invested more than $736 million in water infrastructure improvements. Its parent company, American Water, plans to invest more than $46 billion across its footprint, including West Virginia, throughout the next ten years.

About West Virginia American Water
West Virginia American Water, a subsidiary of American Water (NYSE: AWK), is the largest regulated water utility in the state, providing safe, clean and reliable water and wastewater services to approximately 583,000 people.

SOURCE American Water

The Polish financial regulator (KNF) has given a green light to Erste Group Bank AG's purchase of a controlling stake in Santander Bank Polska , it said in a statement on Wednesday.

ARCHBOLD, Ohio, Dec. 17, 2025 (GLOBE NEWSWIRE) -- F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), is pleased to announce the promotion of Mike Schnitkey to Agri-Finance and Northwest Ohio Market President.

Mike, a respected leader within F&M Bank, has been a dedicated member of the team since September 1995. A graduate of The Ohio State University, he has built an accomplished career in agricultural finance while becoming a trusted partner to farm families and agri-businesses across Northwest Ohio.

In his current role as Agri-Finance Manager, Mike oversees the Bank’s agricultural lending operations, leads a high-performing team, and manages a robust customer portfolio. In addition to his agricultural expertise, he brings extensive commercial banking experience, partnering with business owners across a range of industries to provide customized financing solutions that support growth, expansion, and long-term success. As an operator of a cash grain farm, Mike combines deep industry knowledge with real-life experience, giving him firsthand insight into the needs, challenges, and opportunities faced by today’s producers.

“Mike brings unmatched agricultural expertise, proven leadership, and a genuine commitment to the communities we serve,” said David Gerken, Chief Lending Officer at F&M Bank. “His long-standing relationships, both inside and outside the Bank, make him an exceptional fit to lead our Agri-Finance division and our Northwest Ohio market. We are confident Mike will continue to elevate the Bank’s presence and service to customers across the region.”

Throughout his nearly 30-year career with F&M, Schnitkey has demonstrated a strong commitment to community involvement. He has served in various leadership roles and currently sits on the boards of Henry County Soil & Water and the Ridgeville Telephone Company.

“Our investment in experienced market leadership reflects the Company’s commitment to combining disciplined growth with the community-banking principles that have defined our success for more than a century,” said Lars Eller, President and CEO of F&M. “Throughout 2025, F&M has strategically expanded and strengthened our roster of Market Presidents to ensure that each community benefits from empowered, local decision-makers who understand the unique needs of their customers and businesses. This latest promotion reinforces that approach, aligning local expertise with the Bank’s broader growth strategy, while enhancing execution across our footprint, and supporting long-term value creation.”

As Agri-Finance and Northwest Ohio Market President, Schnitkey will oversee market strategy, customer relationships, and the continued growth of agricultural and commercial services throughout the region. His transition into the role is underway.

Schnitkey and his wife, Stephanie, reside in Northwest Ohio and are the proud parents of three children: Kaity, Kara, and Kaleb.

About F&M Bank

F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Muncie, Indiana, and Perrysburg and Bryan, Ohio.

Safe harbor statement

Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “seek,” “estimate,” “project,” “target,” “goal,” “will,” “would,” and similar expressions. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, deposit flows and pricing, liquidity and access to wholesale funding, interest rate and asset-liability management, credit quality (including commercial real estate exposures), collateral values, inflation and macroeconomic conditions, changes in laws and regulations (including capital and liquidity requirements and the implementation of “Basel III Endgame”), FDIC assessments, stress testing and supervisory expectations, cybersecurity and third-party/vendor risks, competition and technological change, geopolitical events, severe weather and natural disasters, agricultural sector conditions, the accuracy of CECL estimates and other accounting judgments, capital and dividend restrictions, and other risks described in F&M’s filings with the SEC. F&M undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Company Contact:Investor and Media Contact:Lars B. Eller
President and Chief Executive Officer
Farmers & Merchants Bancorp, Inc.
(419) 446-2501
[email protected] M. Berger
Managing Director
SM Berger & Company, Inc.
(216) 464-6400
[email protected]

Key Takeaways Amphenol's Harsh Environment Solutions segment rose 27% YoY to $1.52B in Q3 2025, driven by new offerings.
APH launched TS1 connectors and TEMPER-GRIP contacts to meet growing industrial and energy demands.Amphenol projects Q4 2025 revenue of $6B-$6.1B, implying 39%-41% growth over the prior-year period.

Amphenol (APH - Free Report) is benefiting from strong growth in its Harsh Environment Solutions segment, which accounted for 24.5% of third-quarter 2025 net sales, driven by an expanding portfolio. Harsh Environment Solutions sales jumped 27% year over year to $1.52 billion in the third quarter of 2025. The segment offers electronics solutions appropriate for ruggedized as well as extreme vibration, temperature, and pressure environments.

Amphenol is expanding its Harsh Environment portfolio with the launch of the TS1 series, a high-performance industrial power connector platform developed to support reliable electrification under harsh environmental conditions. TS1 supports a wide range of platforms across the industrial, transportation, and commercial sectors, as well as energy storage systems used in applications like data centers and power transformers. Amphenol Socapex is launching the TEMPER-GRIP Power Contacts, which are designed to meet the growing demand for higher current-carrying capacity and superior performance in harsh environments.

The expanding portfolio is expected to boost the Harsh Environment Solution segment. The addition of Trexon is noteworthy in this regard. The Amphenol expects fourth-quarter 2025 revenues between $6 billion and $6.1 billion, suggesting growth in the 39-41% range. The Zacks Consensus Estimate for the fourth quarter of 2025 is pegged at $5.84 billion, indicating 35.2% growth from the figure reported in the year-ago quarter.

Intensifying Competition Hurts APH’s ProspectsAmphenol is facing stiff competition from the likes of TE Connectivity (TEL - Free Report) and Belden (BDC - Free Report) .

TE Connectivity is expected to benefit from strong demand for its solutions in the AI domain as well as energy applications. The company is benefiting from strength in Asia in the Transportation segment, where increased data connectivity trends and the ongoing growth of the electrified powertrain. TE Connectivity expects fiscal first-quarter 2026 net sales to increase 17% year over year and 11% organically year over year to $4.5 billion.

Belden competes with Amphenol by concentrating on innovation and capability upgrades in enterprise networking and industrial automation. Belden’s acquisitions, including Precision Optical and Voleatech, reinforce its strength in data-center and digital-factory markets. Collaboration with Accenture and NVIDIA is noteworthy.

APH’s Share Price Performance, Valuation & EstimatesAmphenol shares have jumped 84.2% in the trailing 12-month period, outperforming the broader Zacks Computer and Technology sector’s return of 24.1%.

APH Stock’s Performance
Image Source: Zacks Investment Research

APH stock is overvalued, with a forward 12-month price/earnings of 32.73X compared with the broader sector’s 27.76X. Amphenol currently has a Value Score of F.

APH Valuation
Image Source: Zacks Investment Research

Amphenol expects fourth-quarter 2025 earnings between 89 cents and 91 cents per share, indicating growth between 62% and 65% year over year. The Zacks Consensus Estimate for fourth-quarter 2025 earnings is pegged at 92 cents per share, unchanged over the past 30 days, suggesting 67.3% year-over-year growth.
 

Amphenol currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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Micron Technology (NASDAQ:MU) is scheduled to release its fiscal first-quarter earnings today after the market closes, and Wall Street is expecting nothing short of spectacular. It follows on the heels of an already impressive year that saw shares surge 176% in 2025, making it the best-performing stock in the Nasdaq 100 index.

As the Q1 report will provide a critical update on demand for memory chips, particularly in AI applications, investors will be watching to see if it continues to drive this momentum. Analysts certainly think so, with consensus estimates predicting revenue of $12.9 billion, a 48% year-over-year increase, and adjusted earnings more than doubling to $3.94 per share. 

Multiple analysts also raised their price targets to $300 per share or higher in recent weeks, so let’s see whether the memory chip maker can live up to these lofty expectations.

AI-Driven Demand Powers Bullish Outlook
The primary reason behind analyst optimism ahead of today’s earnings is Micron’s exposure to high-bandwidth memory (HBM), essential for artificial intelligence (AI) accelerators. The company has sold out its HBM capacity for 2025 and much of 2026, with commitments from major customers securing visibility. Analysts say that HBM3E production is ramping up as planned, contributing to higher margins due to the premium pricing it commands compared to standard DRAM.

The overall DRAM and NAND markets also show improving conditions, with spot prices rising significantly in recent months and contract pricing following suit. Industry supply discipline has helped tighten availability, supporting revenue growth across data center, mobile, and other segments. Micron’s fiscal 2025 results underscored this shift, with annual revenue reaching $37.4 billion, up nearly 49% year-over-year, and data center sales now representing more than half of total revenue.

Micron also made strategic moves to narrow its focus, such as announcing earlier this month that it would exit the lower-margin consumer products business under the Crucial brand by early 2026. This allows Micron to reallocate its capacity to higher-value AI and enterprise opportunities, aligning with analyst projections for continued bit growth in advanced nodes, such as one-gamma DRAM.

Confidence in a Multi-Year Cycle
Recent analyst actions underscore the bullish sentiment. Firms including Wedbush, Stifel, Susquehanna, and Needham all raised their price targets to $300 per share, emphasizing Micron’s accelerating gross margins, which could potentially hit 60% in coming quarters. Moreover, they see full-year earnings approaching $25 per share by 2027, with high-end estimates well over $30 a stub. Consensus ratings lean strongly toward a buy, with average one-year targets implying 29% upside from its current price.

The tight supply in HBM and DRAM, combined with no signs of a slowdown in AI infrastructure spending from hyperscalers, supports the belief that Micron will beat estimates and provide upbeat guidance again. 

Micron’s capital expenditure plans, while increasing for advanced facilities, remain disciplined compared to previous memory cycles, as it aims to avoid the oversupply issues of the past. With a diversified manufacturing footprint minimizing geopolitical concerns, its position as a key supplier in the AI ecosystem positions it for sustained demand growth through at least 2027.

Key Takeaway
Micron Technology has a solid track record of beating Wall Street’s expectations, beating consensus EPS estimates in each of the last four quarters, including a 6% surprise in Q4. This history, paired with recent analyst revisions and rising memory prices, contributes to the market’s optimism.

While the stock is down almost 8% in the past week and 12% off its all-time high, shares are up over 3% in premarket trading this morning, reflecting investor anticipation of another strong report and upbeat guidance. Barring a collapse in demand — which currently shows no signs of happening — the structural shift toward data center and AI memory suggests its upward trajectory will continue. Buying Micron stock either before or after the earnings release is a smart move.

In brief
Bitcoin mining firm Hut 8 landed a $7 billion deal for an AI data center with Google's financial backing.
The deal has renewal options that can expand the total value to $17.7 billion.
Hut 8 shares have now soared more than 15% since the opening bell.
Shares in publicly traded Bitcoin miner Hut8 (HUT) are soaring after the firm booked a new $7 billion, 15-year deal with Fluidstack—backstopped by Google—to provide power for high-performance computing via a 245MW data center at its River Bend campus in Louisiana. 

HUT was recently changing hands at $42.55 shortly after the opening bell on Wednesday, a gain of more than 15%. HUT is up nearly 13% in the last month, and better than 150% in the last six months.

“This agreement is the result of disciplined, patient execution as we focused on securing the right transaction, not just the first,” said Hut8 CEO Asher Genoot, in a statement. 

 “Together with the State of Louisiana, Entergy, JPMorgan, Goldman Sachs, Vertiv, and Jacobs, we expect to deliver next-generation AI and high-performance computing infrastructure at scale, and we are committed to applying the same rigor and long-term focus as we advance commercialization across our broader development pipeline,” he added. 

The firm’s deal also includes up to 15 years of renewal options that can take the contract value to $17.7 billion. While Google is providing the financial backstop, the firm’s latest initiative will also hold ties to JPMorgan and Goldman Sachs on deal financing and loan underwriting. 

“River Bend demonstrates how, when Hut 8 brings together the combination of innovative thinking, an aligned team, and institutional discipline to a rapidly evolving sector, it translates into real, enduring value,” said JPMorgan Global Chairman of Investment Banking Noah Wintroub, in a statement.

The deal is the latest in a trend that has seen Bitcoin miners expand significantly into AI compute, some with Google’s backing. 

In September, Cipher Mining shares boomed on a $3 billion AI cloud hosting deal that was backstopped by Google. Bitcoin miner TeraWulf similarly had a deal with Fluidstack backed by Google, and the tech giant upped its stake in the miner in August.

Other miners like MARA are expanding their AI services alongside Bitcoin mining, while Bitfarms is completely winding down its BTC operations to focus on providing AI compute. 

Hut8 anticipates that the construction of its new site will create up to 265 jobs in Louisiana. The first data hall at River Bend is expected to be completed in Q2 2027. The firm operates five Bitcoin mining sites across the United States and Canada.

A representative for the firm did not immediately respond to Decrypt’s request for comment.

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Bitcoin (BTC) returned to $90,000 after Wednesday’s Wall Street open as traders eyed vulnerable short positions.

Key points:

Bitcoin erases recent losses with a fresh trip to the $90,000 mark.

Liquidity games remain the key driver of short-term BTC price action, with shorts this time getting punished.

Bearish price predictions include a “breakdown” below the 100-week moving average cloud.

Liquidity-hungry Bitcoin grills late shortsData from Cointelegraph Markets Pro and TradingView showed erratic BTC price action sparking 2.5% daily gains before a reversal.

BTC/USD one-hour chart. Source: Cointelegraph/TradingView
The momentum copied Tuesday’s US open, which saw a “battle” unfold between buyers and sellers. Then, as now, liquidity on both sides of the price was in the firing line.

“A great move upwards on $BTC and there are a lot of shorts ready to be taken out,” crypto trader, analyst and entrepreneur Michaël van de Poppe reacted on X, calling price action “great.” 

“The $88K breakout is crucial, I think that it's very likely that we'll start moving all the way to $93-94K.” BTC/USDT four-hour chart with RSI, volume data. Source: Michaël van de Poppe/X
Commentator Exitpump likewise praised a “strong” start to the US session, eyeing shorts getting “squeezed” above $88,000.

$BTC Quick pump right above 88K as mentioned earlier, some shorts got squeezed here, strong NYO https://t.co/IDIhLYLB3h pic.twitter.com/X48EC2Bq5U

— exitpump (@exitpumpBTC) December 17, 2025
The latest data from monitoring resource CoinGlass showed crypto short liquidations over the four hours to the time of writing passing $120 million.

Total crypto liquidations (screenshot). Source: CoinGlass
“$BTC Pretty much back to where it traded about 6 months ago. Liquidity taken on the way up and on the way down,” trader Daan Crypto Trades summarized about longer timeframes. 

“The biggest liquidity cluster in relatively close proximity sits at $95K. But all in all it's pretty empty all things considered.” BTC liquidation heatmap. Source: Daan Crypto Trades/XBTC price “breakdown” still expectedFor Caleb Franzen, creator of trading resource Cubic Analytics, Bitcoin’s 100-week simple (SMA) and exponential (EMA) moving averages were key.

As Cointelegraph reported, these levels, now both just below $85,000, were already on the radar as a form of last-ditch support level.

“Bitcoin is on the verge of breaking below its 100-week moving average cloud, Franzen warned Tuesday.

Franzen thus joined those expecting a BTC price breakdown, saying that this should occur “soon” but that it would also provide an opportunity to buy the dip using dollar cost averaging (DCA).

BTC/USD three-day chart with 100-week SMA, EMA. Source: Cointelegraph/TradingView
Others continued to see new macro lows on the horizon, including $76,000, which trader Roman described as “coming in the near future.”

— Roman (@Roman_Trading) December 16, 2025
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. While we strive to provide accurate and timely information, Cointelegraph does not guarantee the accuracy, completeness, or reliability of any information in this article. This article may contain forward-looking statements that are subject to risks and uncertainties. Cointelegraph will not be liable for any loss or damage arising from your reliance on this information.

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According to Wall Street veteran and mathematician Fred Krueger, Bitcoin bear markets happen for exactly two reasons: first, when global liquidity turns negative, in the case of Fed tightening; second, forced selling from a Bitcoin-specific shock (in the instances of Mt. Gox, miners or fraud).

Krueger backs up his assertion with figures, adding that everything else remains noise. Traders define a "bear market" to refer to a price drop of 20% or more for an asset; as such, prices are low and projected to continue dropping for an extended period. 

Bitcoin bear markets happen for exactly two reasons:

1. Global liquidity turns negative (Fed / dollar tightening)
2. Forced selling from a Bitcoin-specific shock (Mt. Gox, miners, fraud)

Everything else is noise.

Let's examine the data, shall we? 1/

HOT Stories

— Fred Krueger (@dotkrueger) December 17, 2025 Krueger outlines a number of instances when Bitcoin entered bear markets, and the triggers behind it. 

In 2011, when BTC fell from $32 to $2, a 93% drop coincided with the end of quantitative easing alongside dollar tightening. The stock market also entered a stealth bear zone in this period.

From 2013 to 2015, when Bitcoin fell from nearly $1,100 to $200, marking an 85% drop, this period coincided with the collapse of Mt. Gox and massive forced selling.

From 2017 to 2018, when the Bitcoin price fell from $20,000 to $3000, an 84% drop, this period coincided with the start of Fed rate hikes alongside quantitative tightening. The global dollar liquidity also peaked, while ICO leverage saw a violent unwind.

In March 2020, when Bitcoin fell from $9,000 to $3,800, dropping about 60% in a matter of days, this period saw global margin calls as well as dollar shortage. 

Between 2021 and 2022, when Bitcoin fell from about $69,000 to $15,500, a 77% drop coincided with quantitative tightening, which saw the fastest rate hikes in 40 years. The strings of internal failures in the crypto industry marked by the collapse of Terra (LUNA), 3AC,  Celsius and FTX triggered a cascade of forced selling on the market.

No exceptions?Krueger noted that with the exception of the 2019 pullback, which was a rally failure, not a bear market; the 2021 China mining ban, which could be deemed a correction and not a cycle reset; and the 2023-2025 drawdowns — which saw no tightening and forced sellers — there were no post-2013 Bitcoin bear markets without a negative liquidity impulse, or forced liquidation overwhelming demand.

Bitcoin extended a downtrend that started in early October with a series of lower highs. At press time, Bitcoin was trading up 3.21% in the last 24 hours to $90,015, down 28.84% from an all-time high of $126,198 reached in October. The leading cryptocurrency had previously fallen to lows near $80,000 in late November.

Pi Coin has faced sustained selling pressure over recent weeks, pushing its price to a multi-week low. The altcoin has declined sharply alongside broader market weakness, with Bitcoin acting as a key drag. 

Waning investor support and rising withdrawals have intensified downside pressure, limiting any meaningful recovery attempts.

Pi Coin Follows BitcoinOn-chain indicators reflect deteriorating sentiment among Pi Coin holders. The Chaikin Money Flow shows heavy withdrawals, with the indicator dropping to an eight-month low. This reading signals strong capital outflows, suggesting investors are reducing exposure amid continued price weakness.

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The sustained selling reflects fading confidence following repeated failed recovery attempts. Many holders appear unwilling to wait for a rebound, choosing instead to exit positions. 

Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.

Pi Coin CMF. Source: TradingViewPi Coin’s macro momentum remains closely tied to Bitcoin’s performance. The correlation between PI and Bitcoin currently stands at 0.42. This relationship turned positive after steadily improving over nearly three weeks, mirroring the period of Pi Coin’s recent price decline.

This alignment has worked against PI. As Bitcoin corrected, Pi Coin followed lower, magnifying losses. A rising correlation during a downtrend often increases vulnerability, as independent recovery becomes less likely without broader market stabilization or asset-specific catalysts.

Pi Coin Correlation To Bitcoin. Source: TradingViewPI Price Falls To Its Critical SupportAt the time of writing, Pi Coin trades at $0.201, reflecting a 25% decline over the past 20 days. The drop followed a failed attempt to break above the $0.272 resistance. Rejection at that level marked a clear shift toward sustained bearish momentum.

Pi Coin is now testing the $0.198 support, an eight-week low that has previously acted as a floor. This level remains critical. However, bearish signals persist, and a breakdown could push PI toward $0.188 or even $0.180, extending the downtrend.

Pi Coin Price Analysis. Source: TradingViewA recovery scenario remains possible if historical patterns repeat. A successful bounce from $0.198 could restore short-term confidence. If Pi Coin reclaims $0.208 as support, the bearish thesis would weaken. Such a move may allow PI to rise toward $0.217, signaling temporary relief.

After failing to reclaim key resistance zones, Bitcoin continues to show weakness across multiple timeframes. The market remains under pressure as buyers struggle to step in with strength, while broader sentiment and derivatives data hint at further downside risk in the short term.

Technical Analysis
By Shayan

The Daily Chart
On the daily chart, BTC remains locked inside a well-defined descending channel. The recent rejection near the channel’s higher boundary, around the $90K mark, confirms continued bearish control. The asset is now hovering around $87K, with the 200-day and 100-day moving averages acting as dynamic resistance just above $100K.

As attempts to reclaim the $96K–97K supply zone failed, the structure remains bearish unless price can break and hold above that level. For now, the next key demand zone sits at the $80K area. Meanwhile, momentum remains weak, with RSI unable to push above 50, making more downside likely in the short term.

The 4-Hour Chart
The 4H chart shows a clear breakdown from the ascending wedge pattern that had formed over the past few weeks. After multiple rejections at the $95K resistance zone, BTC finally broke down from the wedge and is now trading below both the wedge support and short-term range.

The current structure is bearish, and any retest of $88K–$89K zone may act as a short-term resistance before further downside continuation. With the RSI also showing a bearish momentum reset and no signs of bullish divergence, a drop toward the $80K demand zone is the most probable scenario.

Sentiment Analysis
Bitcoin Open Interest
Open Interest continues to trend lower, falling from its peak. The chart shows a sharp decline in leverage as BTC price dropped below $90K, suggesting long liquidations and an ongoing reduction in speculative exposure.

This persistent decline in Open Interest while price grinds down reflects weak conviction from bulls and a lack of new leveraged longs entering the market. Historically, a large open interest flush followed by a clean reset is needed for the price to bottom. This has not been seen yet.

Until either a sharp liquidation event occurs or signs of new accumulation are seen, sentiment remains cautious, and the risk of another leg down remains elevated.

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Stablecoins

BNB Chain has confirmed plans to introduce a native stablecoin, marking a strategic shift toward deeper financial self-sufficiency.

This development suggests the network wants tighter control over liquidity flows as on-chain activity scales.

Rather than relying on external stablecoins bridged from other networks, BNB Chain appears to be building a base-layer monetary asset tailored for its own applications.

A Native Asset Designed For Scale, Not Speculation
The upcoming stablecoin is positioned as infrastructure, not a trading novelty. BNB Chain describes it as a low-volatility unit meant to function across decentralized exchanges, lending platforms, and everyday dApp payments. By keeping liquidity native, the network aims to reduce bridge risk and simplify user flows.

一個全新的穩定幣將基於BNB Chain正式上線。

目標是整合各應用場景的流動性——專為大規模應用打造。

敬請期待👀 pic.twitter.com/o6JfoUGBOK

— BNB Chain 華語 (@BNBCHAINZH) December 16, 2025

This design could make the stablecoin a default settlement layer for activity on platforms like PancakeSwap and other DeFi protocols. Large-scale usage, rather than niche adoption, seems to be the target.

Speculation Swirls, But Details Remain Limited
Community attention has turned toward a project informally referred to as “U”, following recent social media activity from Changpeng “CZ” Zhao. However, no official link has been confirmed. CZ has repeatedly cautioned that social media follows should not be interpreted as endorsements.

BNB Chain has also not disclosed how the stablecoin will be backed. Whether it uses fiat reserves, crypto collateral, or another model remains unknown. An exact launch timeline has yet to be published.

What Comes Next
For now, the announcement signals intent rather than execution. If delivered as described, the stablecoin could become a core utility asset within the BNB Chain economy. Final clarity will depend on upcoming documentation and official releases.

Until then, the market is left with a clear message: BNB Chain wants its own monetary anchor—and it wants it built at home.

Author

Alexander Zdravkov

Reporter at CoinsPress

Alexander Zdravkov interessiert sich leidenschaftlich für Bedeutungsfragen. Er ist seit mehr als drei Jahren im Kryptobereich tätig und hat ein Auge dafür, aufkommende Trends in der Welt der digitalen Währungen aufzuspüren. Ob er nun tiefgreifende Analysen liefert oder tagesaktuell über alle Themen berichtet, sein tiefes Verständnis und seine Begeisterung für das, was er tut, macht ihn zu einer wertvollen Ergänzung für das CoinsPress-Team.

Bitcoin (CRYPTO: BTC) hasn’t evolved in a straight line from experiment to asset class as a recap of its history shows.

What Happened:  In a detailed post on X dubbed “love letter to Bitcoin”, analytics firm Santiment traced Bitcoin's origins to 2009, when Satoshi Nakamoto mined the Genesis Block and launched an idea with no market value and no clear future.

Early moments, from the famous 10,000 BTC pizza purchase to free faucet giveaways, reflected curiosity and experimentation, not profit-seeking.

The 2014 Mt. Gox collapse became a turning point, exposing the risks of centralized platforms and reinforcing the importance of self-custody.

While exchanges failed, Bitcoin itself kept running, a critical proof of resilience.

As infrastructure matured, wallets improved, exchanges expanded globally, and smartphones made access frictionless.

Bitcoin proved it could function across borders, transitioning from a niche experiment into a global financial network.

Also Read: Is Bitcoin Headed For ‘Bear Market Blues’? Just ‘Trade The Market You Have’, Expert Says

Why It Matters: The 2017 bull market pushed crypto into the mainstream, reframing Bitcoin from “interesting tech” into a serious financial asset, before excess speculation triggered another brutal reset.

Since then, crypto has become deeply intertwined with traditional finance.

Institutions, ETFs, regulation, and macro forces like Federal Reserve policy now shape price action.

Yet despite the transformation, Bitcoin's core principles, openness, choice, and financial independence, remain intact.

From pizza money to portfolio allocation, Bitcoin's story is one of survival.

Its future will hinge on balancing freedom with responsibility, and innovation with real-world trust.

Read Next:

Bitcoin, Ethereum, XRP, Dogecoin Remain Weak On Fresh ETF Outflows
Image: Shutterstock

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BTC was rejected at $90,000 again.

The overall bearish sentiment in the cryptocurrency market came to a halt briefly, as BTC, joined by most altcoins, exploded by several grand in minutes.

However, it was another fake-out, and the largest digital asset plummeted to its starting point just as quickly.

BTCUSD Dec 17. Source: TradingView
The chart above demonstrates a clear picture. BTC was previously rejected at $90,000 on Monday and plunged below $85,500 in the following hours. It stood below $88,000 for the following 48 hours but went on the run earlier today.

In a matter of minutes, it jumped by over three grand to just over $90,000. However, the subsequent retracement was just as quick, and BTC is back at its starting point.

Many altcoins followed suit, with immediate price increases and instant rejections. Naturally, this has caused roughly $300 million worth of wrecked positions, according to CoinGlass data, with almost an equilibrium between longs and shorts ($140 million vs $152 million).

The number of liquidated traders stands at over 100,000, while the single largest wiped out position was on Binance and was worth almost $4 million.

Popular crypto analyst CryptoJelleNL commented on BTC’s major move, claiming that this rejection could spell further trouble for the cryptocurrency and outlined a potential drop to and below $83,000.

You may also like:

Is Bitcoin Entering a Supercycle? Here’s Why This One Looks Different

Bitcoin (BTC) Collapses to $85K, Aster (ASTER) Crashes by 12%: Market Watch

Veteran Analyst Explains Why Bitcoin Is Not Pumping

Another exact tag of the Monthly open – getting rejected harshly.

Lows at $83,000 ain’t looking too safe.

Main idea remains short-term downside for $BTC to lock in the HTF divs, then up for a while. ⌛️ pic.twitter.com/MqFAIZa9dX

— Jelle (@CryptoJelleNL) December 17, 2025

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About the author

Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017 and now serves as CryptoPotato's Assistant Editor-in-Chief. He has managed numerous crypto-related projects and is passionate about all things blockchain.

Polygon Labs, the group developing the eponymous blockchain, is making a strategic investment in web3 media project Boys Club.

Boys Club will work closely with the R&D lab to help "advance Polygon's mission of making crypto more practical, accessible, and valuable for everyday people through products, payments, and meaningful storytelling."

"Boys Club brings a cultural intelligence and creative voice that perfectly complements our vision for the future of crypto," Head of Marketing at Polygon Labs Leon Stern said in a statement, noting Boys Club will contribute across events, social strategy, editorial development, and narrative design.

The investment comes amid a reevaluation of marketing across tech, especially in web3, which has seen rising prices without corresponding adoption. Last week, the Wall Street Journal published an article that found even big tech firms like Google and Microsoft are hiring "storytellers" as large language models drive the marginal cost of copy to practically zero.

Noting that "storytelling" has become a "buzzword," Polygon said it is looking for assistance in gaining cultural capital, particularly as blockchain-based use cases like stablecoin payments and neobanking find a wider audience.

Strategic investment or partnership?
It is unclear why the relationship is being called a "strategic investment," rather than an undisclosed payment for services rendered. Terms of the deal were not disclosed, though Boys Club stressed it will continue to operate as an "independent and neutral media organization."

The Block reached out to Boys Club for a comment and asked a Polygon representative if Polygon Labs will receive equity in Boys Club.

“Central to this partnership is Boys Club’s continued editorial independence and neutrality. Boys Club will retain full control over its creative direction, voice, and business operations,” and maintain its client roster, including potential competitors, including protocols like Aptos, Base, Solana, Stellar, and others, the statement reads.

Launched in 2021, Boys Club has published newsletters, podcasts, and other forms of media, and has produced events, including through partnerships with leading crypto firms like a16z crypto, Coinbase, Kraken, and Polymarket. At publication time, Boys Club has not posted about the investment on its main X account.

Many sides of Polygon
Notably, Polygon has had an evolving brand image over the years. Launched in 2017 as a Plasma-based sidechain called Matic Network, the team shifted strategy to align as an Ethereum Layer 2 in 2021 while rebranding to Polygon. The project converted MATIC tokens to POL, and launched an SDK and the Agglayer to become a hub for interoperable chains.

Even today, debate persists as to whether Polygon is a true Layer 2. In October, Polygon co-founder Sandeep Nailwal commented on the phenomenon of the "Ethereum community" embracing Polygon-based apps like Polymarket and Polygon SDK chains like Katana and XLayer, while discounting Polygon's allegiance to Ethereum.

Earlier this year, Nailwal took "unilateral control" as the CEO of the Polygon Foundation and is the last remaining Polygon co-founder. Polygon's multi-chain framework has made notable contributions to zero-knowledge tech and proof-of-stake operations, including research supporting open-source Plonky2 and Plonky3 proof systems.

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.

In brief
DTCC plans to tokenize U.S. Treasuries on Canton.
It marks the first step in a yearslong roadmap for DTCC.
DTCC is expected to provide a list of other approved networks.
The Depository Trust & Clearing Corporation unveiled plans on Wednesday to issue tokenized securities on Canton Network, the privacy-enabled blockchain built for financial institutions.

The infrastructure company, which processed $3.7 quadrillion in transactions last year, said the process will initially involve the creation of tokens representing U.S. Treasuries. The move marks DTCC’s first step in a years-long roadmap, according to a press release.

The securities will be held by DTCC for safekeeping, underscoring efforts on Wall Street to tap blockchains for financial efficiencies, while accommodating existing rules. Still, DTCC’s announcement showcased its deepening ties to the digital realm.

DTCC said that it will assume a leadership position within Canton’s decentralized governance structure. Moving forward, DTCC will be co-chair of Canton Foundation alongside Euroclear, the Belgium-based infrastructure provider servicing overseas markets.

In a statement, DTCC CEO Frank La Salla said the endeavor creates a framework to bring “high-value tokenization use cases to market,” which will expand to other networks and assets.

The U.S. Securities and Exchange Commission approved a three-year pilot for DTCC last week, allowing the company to issue tokens on public or private blockchains. Although Canton was named first, a list of supported networks is expected at a later date.

Canton’s ecosystem boasts $6 trillion assets, with over 600 participating institutions, Digital Asset, the company behind the blockchain, said in a press release earlier this month. The network is designed to have configurable privacy and “institutional-grade compliance.”

Canton’s native cryptocurrency CC, which began trading last month, rose 2.6% to $0.075 on Wednesday, according to CoinGecko. Its price has fallen 56% since its debut.

Earlier this month, Digital Asset disclosed strategic investments from BNY, among the U.S.’s oldest banks, fintech iCapital, Nasdaq, and S&P Global. Earlier this year, the company reported $135 million in funding from names including Goldman Sachs.

Canton supports privacy by default through sub-transaction privacy. On most blockchains, transactions are public for all to see. But Canton’s users can only see aspects of transactions that directly apply to them, on a need-to-know basis.

On X, Don Wilson, CEO of trading firm DRW, described Wednesday’s announcement as a harbinger for Wall Street’s incremental embrace of digital assets that reflects “a fundamental shift in how markets will operate going forward.”

“The transformation is accelerating, and this is just the start,” he added.

Daily Debrief NewsletterStart every day with the top news stories right now, plus original features, a podcast, videos and more.

According to data from Glassnode, whale activity has neared record levels in the past month, with a total of 269,822 BTC tokens bought.

This is the largest spike in whale buying in 13 years. The last time this happened was in 2012 when BTC traded at just $10. Just a year later, the token’s price had spiked to nearly $300 – a 2,900% return in just a year.

Whale Activity Indicates Strong Confidence in Long-Term Growth
Bitcoin was merely an experiment back in 2012, and it took less than $3 million to buy that many tokens at those prices. However, this historic spike shows an even stronger commitment from whales as the stakes are much higher now with that much money on the line.

We all know what has happened with Bitcoin since then. That said, this might not be a short-term signal to buy and cash out a month later. Instead, it might mark a pivotal moment in terms of adoption.

Back in 2012, the world was starting to wake up to the benefits of blockchain technology, and tech-savvy investors and pioneers were starting to realize its true potential.

BTC/USD Daily Chart (Coinbase) – Source: TradingView

The first target in this scenario is the $78,000 level, meaning that BTC can still drop by another 10.3% in the next few weeks.

The Relative Strength Index (RSI) is still on a free fall in this higher time frame, indicating that negative momentum continues to be strong as bears are in control of the price action.

Meanwhile, if BTC breaks below this short-term support area, the price could continue to move lower to $58,000. Now, this bearish outlook seems to point to the fact that whales are wrong. Aren’t they looking at the charts?

Most probably, deep-pocketed investors are focused on the big picture. They think BTC is cheap at $80,000. It can drop to much lower levels, sure, but they might keep buying if they believe that the fundamentals remain strong.

Now, that does not mean they will not suffer a strong setback in their positions if our bearish scenario unfolds to its full potential. The last time that BTC moved below its 50-week EMA, it lost 62% of its value in just a few months.

If this happens again, we may see BTC trading at as low as $36,000. This means that whales who bought at $80K will experience a 45% loss.

In this scenario, Saylor’s Strategy treasury may tumble, and the market might be shocked to its core. This reduces the likelihood that such a sharp correction occurs. In addition, whales will probably hedge their positions by buying long-dated puts with extreme strike prices to protect their trades.

In the short term, BTC seems ready to drop by another 10%. Nonetheless, in the long term, the “smart money” seems to be preparing for another historic climb.

Journalist

Posted: December 17, 2025

Ethereum is entering one of its tightest supply eras ever, with new data showing that exchange balances have dropped to their lowest point since 2016, just as corporate and institutional entities increase their ETH holdings at the fastest pace in years.

Ethereum’s exchange supply ratio has fallen to 0.137, according to CryptoQuant — a level last seen in the network’s earliest days. 

Source: CryptoQuant

In previous cycles, similar supply squeezes have preceded major price expansions, as less ETH available on exchanges reduces immediate sell-side pressure and signals growing conviction among long-term holders.

Supply leaves exchanges as institutions accumulate Ethereum
New data reveals a clear counter-trend: while ETH on exchanges continues to contract, entities holding ETH in treasury are steadily rising.

Figures from Coingecko show:

27 public companies and government-linked entities now hold ETH
Combined holdings total 5,961,187 ETH
Treasury ETH is valued at $17.7bn, up nearly 50% from the previous reporting period
Treasury ownership accounts for 4.94% of all ETH

The list includes U.S.-listed firms such as Tom Lee’s BitMine Immersion, SharpLink, Coinbase Global, and others. 

Notably, BitMine Immersion added 407,331 ETH in the last 30 days alone — one of the most aggressive accumulation streaks by a public entity in ETH’s history.

This expansion of corporate ETH reserves adds a layer of structural demand that did not meaningfully exist in previous cycles.

Why Ethereum’s supply is tightening
Multiple forces are contributing to the decline in exchange balances:

Staking: Nearly 37 million ETH remains locked in validators
L2 ecosystems: Base, Arbitrum, Optimism, and others continue absorbing ETH liquidity
Treasury adoption: Corporates increasingly view ETH as an operational and strategic asset
Long-term holding behavior: Investors are withdrawing to self-custody rather than actively trading

With sell-side supply dwindling and institutional absorption rising, Ethereum appears to be entering a low-liquid, high-demand environment — one that historically precedes strong upward volatility.

What this could mean for ETH’s price
Ethereum recently traded around $2,900, stabilizing after a choppy few weeks. While short-term price action remains tied to broader market sentiment, the supply structure is shifting beneath the surface.

If exchange balances continue to fall and treasury accumulation remains steady, Ethereum could face a classic “supply shock” scenario — where even moderate demand triggers outsized upside.

Final Thoughts

Ethereum is experiencing its tightest exchange-supply conditions since 2016, setting the stage for a potential supply squeeze.
Institutional accumulation of nearly 6 million ETH adds strong long-term support and introduces a new demand engine not present in earlier cycles.