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• Pendle (PENDLE) has surged by over 12% to see bulls retest levels above $2.45.
• Gains come amid a broader market bounce, and technical indicators point to a potential breakout.
• PENDLE price could rally to its psychological $6 resistance, an area buyers tested in August.

Pendle’s 12% rally over the past 24 hours allowed bulls to climb to above $2.54.

It came as cryptocurrencies notched gains following an uptick on Monday across risk asset markets.

As US stocks surged on November 24, 2025, a rebound for Bitcoin ensued.

Bulls across Wall Street are also targeting further gains in this Thanksgiving-shortened trading week, with hopes of an interest rate cut in December injecting optimism.

Tokens such as Kaspa have also rallied amid these factors.

Why did the PENDLE token rally?

For Pendle, the uptick aligns with a broader rebound for decentralized finance tokens.

Aave, Ondo, Ethena and Jupiter are among the top gainers on the day.

Meanwhile, gains that see Bitcoin stabilised above $87,000 and Ethereum hovering near $2,900 have bulls poised.

The launch of several spot crypto ETFs has also attracted fresh liquidity, and yield-focused protocols are among the top performers in this environment.

Notably, Pendle price gains as excitement builds following the inclusion of the PENDLE token in the Bloomberg Galaxy DEFI Index.

The inclusion adds to the overall recognition of top crypto assets across leading TradFi platforms and benchmarks.

This is “another step toward bringing institutional attention to Pendle’s fixed yield markets,” the team posted on X.

Since people couldn’t actually tell if this was real or not…

Link to actual PDF: https://t.co/IYSa8O8efz https://t.co/7FyqDtsYBp pic.twitter.com/FKmS6Pkd3q

— Pendle (@pendle_fi) November 25, 2025

On-chain activity points to the growing enthusiasm.

Per DeFiLlama, Pendle generated over $16 million in fees last quarter, with this more than double the $7.52 million in Q2, 2025.

PENDLE price outlook: a key pattern points to a 100% rally

A look at the daily chart shows that PENDLE is a classic bullish reversal formation.

The falling wedge pattern signals exhaustion of sellers and accumulation by buyers as the price has corrected from just over $2.02 to above $2.54.

The jump to above $2.40 means that if bulls successfully retest and break above $3.00 could allow for a steady climb towards $6.

Hitting these levels would imply a price rally of over 100% from the key level.

On the daily chart, the Relative Strength Index (RSI) has climbed to near 50 from oversold territory.

Entering neutral ground with upward momentum and no immediate overbought risks gives buyers the upper hand.

Meanwhile, the Moving Average Convergence Divergence (MACD) shows a bullish crossover.

The histogram has flipped positive. indicating strengthening buying pressure.

Pendle’s expansion into real-world yield tokenisation and layer-2 integrations is a major bullish catalyst for the long term.

However, for traders, any slip below $2.00 could jeopardise immediate recovery.

• The company used common equity, preferred equity, and convertible debt this year.
• Preferred equity became a major part of the 2025 structure.
• Structured offerings included STRF, STRC, STRE, STRK, and STRD.

Strategy has entered 2025 with a funding approach that looks markedly different from its previous cycle, using a wider mix of securities to accelerate its capital inflows.

The company confirmed that it has raised $20.8 billion year-to-date in 2025.

The pace brings Strategy close to its entire 2024 total despite being recorded within a shorter period.

The latest breakdown signals how the firm’s financing activity is now tightly linked to its position in the corporate Bitcoin market, where it remains one of the largest holders globally.

New mix

Company data showed that Strategy raised $20.8 billion so far this year through a combination of common equity, preferred equity, and convertible debt.

The largest component was $11.9 billion in common equity, followed by $6.9 billion in preferred equity and $2.0 billion in convertible debt.

The preferred equity portion marks a notable shift for Strategy.

In 2024, the company relied on common equity and convertible debt, raising $16.3 billion and $6.2 billion, respectively.

The absence of preferred equity at scale in the previous cycle makes the new mix stand out as a structural change rather than a one-off adjustment.

The company also detailed activity across structured offerings.

These included $1.18 billion in STRF, $2.68 billion in STRC, $0.71 billion in STRE, $1.25 billion in STRK, and $1.07 billion in STRD.

Each of these securities contributed to the overall capital formation that pushed the year’s total to $21 billion.

Capital strategy

The broader mix in 2025 indicates that Strategy is increasing its reliance on varied securities to support its plans linked to digital assets.

Previous company statements have described Bitcoin as a treasury reserve asset, and the firm continues to align its fundraising operations with this approach.

Industry tracking data shows that Strategy holds one of the largest corporate Bitcoin positions worldwide.

This has drawn institutional participation into its offerings, as noted by the company.

The expansion of preferred equity and the continued use of convertible debt point to a funding structure designed to maintain access to capital while supporting the company’s cryptocurrency allocation strategy.

Although the company did not reference specific future goals in the latest update, the steady pace of fundraising and the widened mix suggest a model that can scale alongside digital asset accumulation.

The company’s method offers flexibility in market conditions, allowing it to tap investors through different instruments depending on demand.

Momentum

Figures showed that Strategy’s 2025 capital raising is approaching its 2024 total of $22.6 billion.

The rapid accumulation implies that if the current level continues, Strategy may exceed last year’s amount by year-end.

The pace adds further weight to the shift in how the firm uses capital markets to manage its treasury positioning and broader financial structure.

Investors have continued to participate across the company’s offerings as Strategy builds on its role in the Bitcoin market.

With the capital raised this year coming from a wider range of instruments, the company has positioned itself to keep drawing institutional demand while supporting its ongoing cryptocurrency acquisition strategy.

• Ethereum price struggles below $3,000 with buyers defending $2,750–$2,800 support.
• Open interest rises as leveraged longs increase, raising volatility risk.
• Fusako upgrade sparks interest, but market remains cautious amid outflows.

Ethereum price remains under pressure after a week of sharp declines, institutional outflows, and renewed macro uncertainty.

The cryptocurrency has attempted several intraday rebounds, but none have been strong enough to shift the broader downtrend.

As investors assess shifting liquidity conditions and await the upcoming Fusako upgrade, the key question is whether Ethereum (ETH) is preparing for a relief rally or bracing for another leg lower.

Selling pressure meets fragile support

Ethereum has fallen nearly 12% over the past seven days, extending a multi-month decline and keeping price action locked inside a steep descending channel that has guided every move since early autumn.

The latest rebound from the $2,525 liquidity pocket lifted sentiment briefly, yet the overall structure remains heavy as sellers continue to defend each approach toward the channel’s upper boundary near $3,050 to $3,120.

Momentum indicators highlight this tension, with the daily RSI hovering near oversold territory, signalling exhaustion but not a confirmed reversal.

Earlier rebounds at similar RSI levels failed to build strength, giving sellers repeated opportunities to push Ethereum lower.

ETH also trades beneath the 20-day, 50-day, and 200-day EMAs, which have compressed tightly above price and formed a broad resistance zone.

This overhead pressure has pinned Ethereum below the $2,947 to $3,000 region, which remains the market’s first and most critical barrier.

A decisive break above this area is needed to shift momentum, because without it, each recovery attempt risks fading as seen throughout November.

Ethereum price squeezes between key levels

The wider technical picture shows Ethereum caught between fragile support and heavily defended resistance levels.

The $2,750 to $2,800 band has served as a demand shelf throughout the year, and buyers are once again fighting to maintain it.

Losing this zone would open a path toward deeper support levels at $2,450, $2,300, and possibly $2,150.

A clean breakdown below $2,500 would expose thin liquidity and could drive ETH toward the broader accumulation range between $2,050 and $2,200.

A sustained move above $2,947 would clear the first obstacle and potentially spark a rally toward $3,132, where the 200-day EMA converges with heavy volume resistance.

A breakout above that level could extend recovery efforts toward $3,450 and ease pressure heading into December.

Derivatives data show traders increasing exposure during the recent bounce, with the Ethereum futures open interest climbing above $34 billion and signalling that market participants are adding positions rather than unwinding them.

Long-short ratios on major exchanges have leaned toward longs, suggesting optimism but also raising the risk of sharper volatility if resistance levels hold and leveraged buyers become trapped.

Institutional flows continue to weigh on sentiment, with ETH investment products seeing more than half a billion dollars in outflows last week, led by US spot ETFs.

The retreat highlights ongoing caution among large investors who remain sensitive to interest-rate expectations and regulatory developments.

Also, Ethereum’s correlation with equity markets remains elevated, leaving the cryptocurrency exposed to broader macro swings even as the upcoming Fusako upgrade draws interest but has yet to shift market mood.

• Bitcoin drops 31% as investor belief weakens and risk sentiment fades.
• Fed uncertainty, regulation stalls, and ETF outflows deepen BTC’s slide.
• Long-term holders take profits, marking a shift from prior Bitcoin crashes.

Bitcoin has tumbled sharply from its recent record highs, with strategists at Deutsche Bank pointing to a weakening in investor conviction as a key force behind the cryptocurrency’s downturn.

The world’s largest digital asset, which suffered its worst weekly loss since February, continues to face pressure from shifting market conditions, regulatory uncertainty, and profit-taking across both institutional and long-term holders.

Bitcoin edged higher over the weekend but remained down 0.79% at $85,933 at the time of writing.

The cryptocurrency is now 31% below its all-time high of $126,272 reached on Oct. 6.

According to Deutsche Bank strategists Marion Laboure and Camila Siazon, the most significant factor driving the selloff is that “investor belief is crucial for continued gains — and right now the faithful are wavering.”

The strategists revived their “Tinkerbell effect” theory from 2021, which argues that bitcoin’s valuation is driven heavily by sentiment and what investors collectively believe it is worth.

In their view, sentiment-driven selling has re-emerged, shaking confidence in bitcoin’s ability to remain a stable part of diversified portfolios.

They noted that bitcoin’s “portfolio integration is being tested,” adding that the shift could be temporary or persist depending on broader financial conditions.

The bank shared 5 reasons behind the cryptocurrency’s sell-off.

Broader decline in stocks and risk appetite

The first major factor weighing on Bitcoin is a pullback in global risk sentiment.

Deutsche Bank notes that the cryptocurrency continues to behave like a risk asset rather than a safe-haven hedge, despite some investors hoping it would evolve into a defensive store of value.

The broader selloff in equities has spilled into digital assets, reinforcing that Bitcoin’s performance remains tethered to overall market mood.

Uncertainty over the Federal Reserve’s next moves

The second pressure point comes from uncertainty surrounding US monetary policy.

Investors have become less confident that the Federal Reserve will continue easing this year.

This shift has introduced volatility into multiple asset classes, including cryptocurrencies, as traders reassess risk-taking amid the possibility of a more restrictive policy stance.

Deutsche Bank strategists warn that further hesitation or hawkish signals from the Fed could deepen Bitcoin’s decline.

Regulatory momentum has stalled

Regulatory uncertainty is also contributing to the downturn.

According to Laboure and Siazon, momentum behind crypto-related regulatory progress has slowed since the summer.

This stagnation has complicated Bitcoin’s “portfolio integration,” making institutions more cautious about increasing exposure.

The lack of clear, forward-moving regulatory frameworks has left investors in a holding pattern, weakening one of the key drivers of Bitcoin’s mainstream financial adoption story.

Institutional outflows and thinning liquidity

A fourth driver of the selloff is rising institutional outflows.

Deutsche Bank notes that several Bitcoin exchange-traded funds have experienced withdrawals, reducing liquidity across the market.

Thinner liquidity amplifies price declines and increases volatility.

This dynamic marks a significant difference from previous crashes, many of which were predominantly driven by retail traders rather than institutions.

Long-term holders taking profits

Finally, long-term Bitcoin holders — often referred to as the most steadfast participants in the market — have begun taking profits.

This behavior, the strategists say, has not been observed in earlier downturns and underscores the unusual nature of the current correction.

Selling from such investors adds to market pressure and signals that even committed holders are reassessing their positions.

While the strategists say it remains unclear when or whether Bitcoin will stabilize, they emphasize that this year’s pullback is distinct.

Unlike prior crashes fueled by retail speculation, the current slump is unfolding amid a complex mix of institutional activity, shifting macroeconomic conditions, and evolving policy landscapes — leaving the market’s next move uncertain.

• Pump.fun’s $436M USDC outflow fuels Solana investor caution.
• Currently, SOL struggles near $121–$123 support amid death cross risks.
• Technical setups, however, hint at $160 target, but momentum remains weak.

Solana price has struggled to sustain its recent recovery after a volatile week, as concerns over ecosystem stability and broader market pressures weighed on the cryptocurrency.

Despite technical signals that had hinted at a potential rebound, investor caution has surged following a massive USDC outflow from Pump.fun, Solana’s leading meme coin platform.

The unexpected move has cast a shadow over the network’s short-term outlook, challenging bulls and reigniting debate over whether Solana (SOL) can regain momentum in the current market environment.

Pump.fun outflow rattles the market

The spotlight has shifted squarely onto Pump.fun after on-chain data from Lookonchain revealed a substantial transfer of 436.5 million USDC to the Kraken crypto exchange.

This outflow, originating from mid-October, comes amid growing uncertainty over the platform’s financial strategy and public silence.

Notably, investor confidence has visibly waned, with the PUMP token falling more than 22% over the past week, and the USDC movement has been interpreted as a potential cash-out, adding downward pressure on Solana’s broader ecosystem.

Furthermore, the USDC outflow is not an isolated event.

The same Lookonchain report indicates that Pump.fun also offloaded a large portion of Solana (SOL) holdings in recent months, including 3.93 million SOL moved to Kraken and 264,373 SOL sold on-chain.

These actions, combined with declining activity on the platform’s Mayhem Mode, signal reduced engagement, which could translate into lower network fee revenue for Solana and dampened investor sentiment.

The sharp decline in new tokens created under Mayhem Mode, from over 1,400 to fewer than 20 on November 21, according to data from the Dune platform, further illustrates the erosion of user participation.

This wave of uncertainty arrives as Solana navigates a broader market landscape marked by extreme fear, with the crypto Fear & Greed Index registering 12/100.

On-chain volume data shows that while SOL remains active, liquidity pressures and ecosystem jitters are weighing heavily on the short-term outlook.

Solana price recovery prospects

Earlier, technical analysts had pointed to a potential rebound in Solana’s price.

They noted that SOL reclaimed its 4-hour trend line, signalling momentum recovery ahead of other major assets.

Trader Cobb highlighted a breakout above short-term resistance levels near $143–$145, while GTradeCrypto identified a breakout from a symmetrical triangle and a possible incoming inverse head and shoulders breakout.

$SOL 1H:
Broke $130 resistance.
Broke EMA Ribbon.

Now ready to break the wedge and inverse H&S.

$140 next.

Solana https://t.co/9ekxVui0uL pic.twitter.com/nan6tp6CuQ

— Da’ G (@GtradeCrypto) November 23, 2025

This pattern pointed to a measured move toward $160, raising hopes of a more sustained recovery.

But despite these bullish indicators, SOL remains confined within a descending channel that has dictated price action since mid-September.

SOL/USDT 4H$SOL is still camped at the channel bottom. With top & bottom trendlines converging, volatility is compressing — energy is building for a one-sided move.
A clean reclaim above Demand Zone 3 sets up a run toward Demand Zone 2 / upper TL;
failure to hold → fresh leg… pic.twitter.com/cF4uDKB4VH

— CryptoKoon (@Cryptokoon_) November 24, 2025

The formation of a death cross on the daily chart, with the 50-day moving average crossing below the 200-day moving average, has added caution to the technical outlook.

While recent candlesticks display long lower wicks, indicating aggressive buying at support levels between $121–$123, the market has yet to demonstrate sustained momentum.

A close above $144–$146 would be needed to validate early strength, with a breach of $172 signalling a meaningful trend shift.

Meanwhile, the broader technical structure hints at a potential cup-and-handle formation, with the weekly price range between $128–$180 remaining intact.

On-chain volume supporting the network’s activity suggests that underlying demand persists despite near-term volatility.

• The price of Hedera bounced nearly 10% to above $0.15, leading a broader altcoin flip.
• Bitcoin was also slightly up, with altcoins eyeing major gains
• HBAR price could bounce to $0.20 and see bulls eye July 2025 highs.

Cryptocurrency traders were battered amid recent market volatility, but Hedera (HBAR) looks poised for gains after surging nearly 10% in the past 24 hours.

HBAR has outpaced many of its altcoin peers, flipping higher as the potential of a broader recovery across stocks and crypto buoys investors.

Trading at highs of $0.15 on Monday, as volume spiked 220% to over $530 million, now sees bulls targeting further gains.

Bitcoin and altcoins eye gains, HBAR soars 10%

Bitcoin is hovering near key resistance around $86,000 after rebounding from last week’s lows.

The broader tone remains weak, but altcoins such as HBAR appear comparatively well-positioned to rally if the market’s recent bounce gains traction.

Cryptocurrencies sold off sharply last week, with a modest recovery into Friday’s close helping steady sentiment heading into this week.

Concerns surrounding Nvidia and the US jobs report weighed on risk assets, driving Bitcoin down to $80,000 and sending altcoins sharply lower.

Hedera (HBAR) fell to $0.12 at the trough.

However, risk assets could look past the September payrolls blip.

A notable factor is the market reaction to New York Federal Reserve President John Williams’ interest rate commentary.

Williams said the Fed may lower rates, and stocks popped.

Futures were up on Monday. Bitcoin is also looking to break above $87,000. Meanwhile, the HBAR price touched $0.15.

The chart below highlights Hedera’s technical outlook and potential support and resistance levels.

Notably, the token has climbed from the critical support level above $0.12 as seen in June.

Technically, HBAR is near a key resistance line, and if momentum holds, a push toward $0.20 and higher will open up a path to highs last seen in July 2025.

What could catalyse HBAR price gains?

Short-term upticks across crypto could help most top altcoins, including Hedera’s price.

However, the token could also benefit from other key sentiment boosters, including adoption amid factors like the Axelar partnership.

Last week, the Hedera Foundation had integrated Axelar’s cross-chain interoperability protocol to bring more than 60 major blockchains to Hedera.

These include Arbitrum, Solana, and XRPL, and HBAR users can now transfer assets from other chains.

Integration expands users’ options for cross-chain capabilities.

HBAR is also up amid continued anticipation around 24/7 futures trading on Coinbase.

Amid increased attention on Hedera with spot ETFs in the market, Coinbase is poised to launch HBAR futures trading in early December. Price action for Hedera was upward in the wake of a similar move earlier this year. As such, the buzz is growing around HBAR.

Traction in the market amid real-world adoption is also helping catalyze the bullish resilience.

• Tensor (TNSR) surges after major whale accumulation signalled strong buyer confidence.
• Technical breakout and soaring open interest amplify the bullish momentum.
• Tensor’s market speculation drives gains despite weak Solana NFT activity.

Tensor (TNSR), the governance token powering the fast-growing Solana NFT marketplace, has stunned traders after soaring more than 152% from $0.1201 to an intraday high of $0.3027.

The rally pushed TNSR to its highest level since mid-September and flipped weeks of bearish sentiment on its head, igniting renewed interest in Solana’s broader NFT ecosystem.

While the price jump has excited traders, the forces behind this surge reveal a story driven as much by speculation and technical momentum as by fundamentals.

Whale moves sparked the sudden surge

The first spark came from clear whale accumulation. A newly created wallet purchased more than $3.7 million worth of Tensor (TNSR) at roughly $0.08 per token, sweeping up over 16.5 million TNSR in a short period.

$TNSR Nearly 800% Pump in 24 Hours

The NFT trading platform token on Solana has suddenly come back to life, exploding almost +800% in a single day.

The move wasn’t random.
On-chain data shows consistent, synchronized accumulation throughout the entire rally.

A fresh wallet has… pic.twitter.com/SqQSIPdT3e

— Evening Trader Group (@Eveningtraders) November 20, 2025

The aggressive buying triggered immediate attention, especially because the Solana NFT marketplace operates in a relatively low-liquidity environment.

With few large buyers active, a move of this size carried enough weight to tilt market sentiment almost instantly.

The wallet’s rapid accumulation acted like a signal to retail traders, and many interpreted it as a vote of confidence, even though TNSR had no major product releases or partnership updates during the period.

That lack of fundamental catalysts suggests the market was primed for a reaction.

In an ecosystem where daily NFT trading volume sits around $20,000, a concentrated buy of several million dollars can reshape the order books in minutes.

Multi-month descending channel breakout

As the whale activity set the stage, TNSR’s price broke through a multi-month descending channel, a pattern many analysts had been tracking.

The breakout aligned with rising enthusiasm across Solana, adding further fuel to the move.

Momentum indicators lit up quickly. The Relative Strength Index (RSI)shot above 90 before pulling back slightly to 86.94 at press time, showing intense buying pressure that rarely sustains for long without some form of pullback.

The Awesome Oscillator also turned decisively green, signalling that bullish conviction was heating up as TNSR pushed through resistance levels.

At the same time, open interest in TNSR derivatives exploded nearly tenfold, jumping close to 960%.

Traders were not just buying spot tokens; they were leveraging up and betting on continued upside.

Rising open interest during a price rally often supports the trend, and it did so again here, helping TNSR hold above the key $0.17 threshold after experiencing the sharp pullback after rising above $0.30.

Speculation outruns Solana’s NFT reality

The rally stood in sharp contrast to broader signals from the Solana NFT landscape.

Activity across the Solana NFT ecosystem remains muted, with active addresses near yearly lows and marketplace fees trending downward.

Tensor, despite being a major force in Solana’s NFT sector, has not seen a major surge in platform usage to match the token’s price spike.

This disconnect suggests that Tensor’s price rally was largely speculative rather than reflective of sudden organic growth.

Nevertheless, Tensor’s position in the Solana NFT marketplace cannot be ignored.

Since launching in 2022, the platform has built a reputation as a professional-grade trading hub, offering analytics, bulk trading, AMM pools, creator tools, and even social trading through Vector.fun.

That foundation provides a narrative backdrop that traders often lean on during volatile swings like this one.

Tensor price outlook

In the end, Tensor (TNSR)’s sudden surge reflects a perfect storm of whale accumulation, a timely technical breakout, and heightened trader speculation.

Whether it can sustain this momentum will depend on how long buyers remain confident, and whether the Solana NFT marketplace begins to show signs of genuine revival rather than short-term excitement.

With TNSR now holding above the crucial Fibonacci 0.382 level, the path toward $0.35 could be possible if momentum continues.

Technical indicators such as the DMI, BBP, and ADX show buyers still holding control, though all remain in high-risk territory.

However, if volatility picks up and profit-taking accelerates, TNSR could revisit support near $0.078, a level that previously acted as a springboard for the current rally.

• Metaplanet issues $135M in preferred shares to scale its Bitcoin treasury strategy.
• Saylor defends Bitcoin treasury models despite volatility and possible index exclusions.
• Treasury firms face premium compression as adoption slows and valuations slip below reserves.

Tokyo-listed Metaplanet has approved a ¥21.25 billion ($135 million) perpetual preferred share issuance as part of its ongoing effort to scale its Bitcoin-focused corporate treasury strategy, even as sector volatility intensifies.

The move comes amid heightened scrutiny of publicly traded firms with digital asset-heavy balance sheets and follows renewed defence of such strategies by Strategy founder Michael Saylor.

Metaplanet raises capital through perpetual preferred shares

The Japanese company’s board approved the issuance of 23.61 million Class B preferred shares on November 20 through a third-party allotment to overseas institutional investors.

Net proceeds are estimated at ¥20.41 billion ($130 million) after expenses, with payments scheduled for December 29, pending shareholder approval at an extraordinary general meeting on December 22.

The preferred shares—branded “MERCURY” (Metaplanet Convertible for Return & Yield)—carry a 4.9% fixed dividend and a conversion price of ¥1,000 per share.

Each preferred share entitles holders to annual dividends of ¥12.25 ($0.08), distributed quarterly, although the initial period ending December 31 will pay only ¥0.40 ($0.003) per share.

With the conversion price set well above Metaplanet’s November 19 closing price of ¥375 ($2.40), near-term dilution concerns remain limited.

Representative Director Simon Gerovich said the structure is designed to “minimize dilution from common share issuances while continuing to expand BTC holdings,” calling the offering a significant step in scaling Metaplanet’s Bitcoin treasury strategy.

Despite trading below the value of its Bitcoin reserves, Metaplanet has continued to build its digital asset position and recently deployed a ¥75 billion share repurchase program backed by a $500 million credit facility.

Saylor reaffirms commitment to Bitcoin treasury model

Meanwhile, Strategy founder and executive chairman Michael Saylor dismissed concerns about market turbulence during a November 14 CNBC interview.

He said Strategy “can withstand an 80%–90% drawdown and keep operating,” citing minimal leverage of just 1.15 times and long-dated debt maturities of 4.5 years.

Saylor argued that Bitcoin’s historical performance—averaging 50% annual returns over the past five years despite multiple major drawdowns—supports its role as a corporate treasury asset.

He highlighted that Strategy’s five-year performance of 71% outpaced Nvidia, asserting that no S&P 500 company has matched its returns.

However, Strategy faces potential removal from the MSCI USA and Nasdaq 100 indexes after index providers proposed excluding companies whose digital asset holdings exceed 50% of total assets.

JPMorgan estimates that MSCI exclusion alone could trigger up to $2.8 billion in passive outflows, with decisions expected by January 15.

Strategy’s stock has dropped more than 60% from its November 2024 peak but remains up over 1,300% since it began acquiring Bitcoin in August 2020.

Bitcoin treasury firms navigate premium compression

The broader Bitcoin treasury sector has entered what Coinbase Research describes as a “player-versus-player” environment.

Premiums to net asset value have compressed from 3.76 times in April to 2.8 times, while corporate Bitcoin adoption has fallen 95% since July.

Of 168 listed treasury companies, 26 now trade below the value of their digital assets.

Metaplanet was the first major firm to consistently trade below its reserves, a trend that accelerated its capital restructuring efforts.

The company plans to cap preferred share issuance at 25% of its Bitcoin net asset value, aiming to build credibility in the preferred equity market while expanding its treasury.

Strategy continues to accumulate aggressively, purchasing 8,178 Bitcoin this week at an average price of $102,171, raising its holdings to 649,870 BTC.

Saylor maintains Bitcoin will continue to outperform traditional assets, describing it as “digital capital” suited for long-term investors.

• Mainnet glitch slowed Cardano block production but didn’t stop the chain.
• The ADA price has dropped sharply as market pressure and criticism intensified.
• Concerns rise over network readiness ahead of the Midnight launch.

Cardano is facing scrutiny after a mainnet glitch slowed block production, weighing heavily on the already bearish market sentiment.

The disruption arrived during a tense period for the broader crypto market, pushing the ADA price deeper into decline and raising fresh questions about the network’s readiness for upcoming milestones.

Mainnet glitch triggers network jitters

The block production slowdown began after Cardano (ADA) experienced a technical issue on its mainnet, echoing a similar problem that appeared in the Preview environment only a day earlier.

According to Intersect, the member-based organisation helping coordinate development across the ecosystem, the glitch did not halt block production entirely but caused it to slow significantly.

Engineers from Intersect, the Cardano Foundation and Input Output Global moved quickly to diagnose the issue and coordinate a fix.

Node operators running version 10.3.1 or higher were advised to upgrade to Cardano Node 10.5.2, a release designed to address hash size inconsistencies and a networking bug linked to peer selection.

Operators on older software versions did not need to take action, and wallet users on Daedalus remained unaffected.

Despite the reassurance, the visible congestion raised concern among community members who were monitoring the chain’s activity closely.

Following an issue identified in the Preview environment yesterday, Cardano is currently experiencing a technical issue now on Mainnet.

Currently block production has slowed, and we’re working closely with @Cardano_CF and @InputOutputHK as we coordinate a technical response.…

— Intersect (@IntersectMBO) November 21, 2025

The timing of the glitch was particularly sensitive because the network is preparing for increased activity tied to the upcoming Midnight sidechain launch on December 8.

While some users have pushed back the concerns after the glitch, noting that only specific node versions experienced interruptions and that the broader network continued functioning, albeit at a reduced pace, other users express concern that the slowdown hints at deeper scalability challenges.

Market reacts as ADA extends losses

The glitch landed during an already fragile moment for crypto markets, and ADA quickly became one of the session’s biggest underperformers.

Cardano (ADA) has fallen 12.86% in 24 hours, sliding from $0.4697 to as low as $0.3911 before staging a mild rebound.

This drop far exceeded the broader market’s decline of 7.76%, intensifying worries about ADA’s short-term resilience.

The negative sentiment was compounded by the return of the long-running “ghost chain” narrative, revived by critics who pointed to Cardano’s relatively small stablecoin footprint and modest decentralised exchange volumes compared with larger networks.

With adoption metrics under renewed scrutiny, the Cardano mainnet glitch added another layer of pressure, creating what analysts described as a “perfect storm” that accelerated the sell-off across trading platforms.

Technically, ADA’s breakdown below the key $0.40 support zone has triggered algorithmic selling and additional liquidations.

Indicators such as the RSI falling to deeply oversold territory and a bearish MACD crossover signal a fading momentum.

The next major support now sits near $0.33 unless ADA can reclaim $0.44, a level that previously served as a short-term pivot.

Key takeaways

• Solana is down by less than 1% and is currently trading below $140.
• Canary Capital and Fidelity announced the launch of their spot Solana ETFs SOLC and FSOL on Tuesday.

SOL down 1% despite positive fundamentals

SOL, the native coin of the Solana blockchain, is down by less than 1% in the last 24 hours and is currently trading below $140. This bearish performance comes despite Canary Capital and Fidelity announcing the launch of their spot Solana Exchange Traded Funds (ETFs), SOLC and FSOL, on Tuesday.

BREAKING: @Fidelity, one of the world’s largest asset managers with $6.4 Trillion AUM, launches Solana ETF on @NYSE: FSOL 🔥 pic.twitter.com/m9DhhOlfUt

— Solana (@solana) November 18, 2025

The news boosted market sentiment amid growing institutional investors. However, it didn’t translate into a positive rally for SOL, as the coin continues to eye the weekly support level around $128. 

Fidelity became the fourth asset manager to launch an SOL ETF and also added a staking feature to the fund. This latest development indicates growing institutional interest in Solana-based investment products, which could become a bullish outlook for SOL in the long term. 

SOL could retest the $128 low as bearish momentum persists

The SOL/USD daily chart is bearish and efficient as Solana has underperformed over the past few days. SOL faced rejection at the daily level of $168.79 last week and has lost over 22% of its value since then. At press time, SOL is trading above $136 per coin after hitting the $144 level on Tuesday. 

If the current support level at $128.68 continues to hold, SOL could extend the recovery toward the next major resistance and TLQ level at $160. The RSI on the daily chart currently stands at 34, indicating that the bearish trend remains strong.

However, if SOL’s daily candle closes below $128.68 over the next few hours, the coin could extend its decline toward the next daily support at $118. Currently, the trend and order flow are negative, indicating that sellers are in control.