Edgen Crypto·Nov 12 2025, 08:19
[1] Morgan Stanley: Bitcoin Enters 'Autumn' Phase, Advises Investors to Harvest Gains (https://www.techflowpost.com/newsletter/detai ...)[2] Morgan Stanley: Bitcoin has entered the "autumn" phase, investors advised to harvest profits | Bitget News (https://vertexaisearch.cloud.google.com/groun ...)[3] Morgan Stanley: Bitcoin Has Entered the "Autumn of the Four-Year Cycle," Now Is the "Harvest Season" | Bitget News (https://vertexaisearch.cloud.google.com/groun ...)
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Nov 12 2025, 15:23
Bitcoin Cash and Chainlink Lead CoinDesk 20 Index Higher
## Executive Summary The CoinDesk 20 index has observed an upward trajectory, driven by notable performances from **Bitcoin Cash (BCH)** and **Chainlink (LINK)**. This movement reflects a dynamic period within the cryptocurrency market, with specific altcoins demonstrating resilience and growth amidst broader trends. ## The Event in Detail **Bitcoin Cash (BCH)** led the CoinDesk 20, registering a 4.2% gain. Currently trading at $522.10, BCH maintains its position above its 20-day Simple Moving Average (SMA) of $520.59. Further financial mechanics highlight increased capital inflow into BCH futures, with Open Interest (OI) standing at $335.90 million, marking a 10.24% increase over the last 24 hours. The OI-weighted funding rate also climbed to 0.0074% from -0.0032%, indicating a premium paid by traders for long positions and signaling robust market confidence. **Chainlink (LINK)** initially rose by 4% but subsequently recorded a 4.7% decline in its price over the past 24 hours, trading at $15.35. This occurred despite significant institutional developments, including the listing of Bitwise's spot Chainlink ETF on the Depository Trust and Clearing Corporation's (DTCC) register under the ticker **CLNK**, categorized as both "active" and "pre-launch." Last week, LINK experienced an 11% surge following support near the lower trendline of its falling wedge pattern before the recent decline. The **CoinDesk 20 index** overall saw an increase of 1.2% (+29.84) to 2468.7 since 4 p.m. ET on Wednesday, with 18 of its 20 assets trading higher. Beyond BCH and LINK, **NEAR Protocol (NEAR)** also contributed significantly, gaining 3.7%. ## Market Implications The strong performance of **BCH** underscores its resilience, supported by aligning technical indicators. A comprehensive forecast for Bitcoin Cash suggests a bullish bias for the next two weeks, targeting $580, which represents an 11.1% upside potential. This prediction is based on a positive MACD histogram of 1.4573, neutral RSI positioning, and consistent trading above key moving averages. The %B position of 0.5142 indicates balanced positioning with upward movement potential. For **LINK**, the listing of a spot ETF by Bitwise on the DTCC represents a pivotal step towards institutional acceptance, potentially paving the way for broader integration of decentralized oracle networks into traditional finance. This institutional momentum is considered a significant long-term driver, even amidst short-term price fluctuations. While the CoinDesk 20 index experienced a 2.16% loss over a recent 24-hour period reflecting broader market volatility, the current gains in leading assets like BCH and NEAR indicate shifting market dynamics and targeted capital inflows. This suggests a nuanced market where specific digital assets can outperform, driven by technical strength and strategic developments. ## Expert Commentary Market analysis indicates that the current technical posture of **Bitcoin Cash**, characterized by a positive MACD histogram and a supportive funding rate, reinforces a bullish sentiment. The observed premium for long positions in BCH futures suggests that traders are positioning for continued upward momentum. ## Broader Context The current market movements occur within a broader landscape of increasing cryptocurrency adoption and maturation. Projections indicate that the total crypto market capitalization could exceed $4 trillion, with stablecoin supply surpassing $300 billion, driven largely by **Tether (USDT)** and **USDC**. The growing number of crypto mobile wallet users, up 20% year-over-year, alongside significant stablecoin transaction volumes, highlight the expanding mainstream integration of digital assets. These macro trends provide a foundational context for understanding the sustained interest and investment in key cryptocurrencies like BCH and LINK, positioning their individual performances as part of a larger, evolving financial ecosystem.
Nov 12 2025, 15:01
Auradine Unveils Teraflux Bitcoin Miner with 9.8 J/TH Efficiency, Intensifying Mining Hardware Competition
## Executive Summary Auradine introduced its Teraflux Bitcoin mining equipment on November 12, 2025, offering 9.8 J/TH efficiency across various cooling options, a move poised to impact mining profitability and reduce reliance on overseas hardware. ## The Event in Detail Auradine, a Silicon Valley-based blockchain and AI infrastructure provider, officially launched its next-generation **Teraflux** Bitcoin mining equipment on November 12, 2025. This new series boasts an energy efficiency of 9.8 Joules per Terahash (J/TH), a figure that places it among the most efficient miners in the industry. The Teraflux line comprises air-cooled, water-cooled, and immersion-cooled models, catering to diverse operational scales and environments. Notably, a water-cooled version is specified to achieve a computing power of 900 Terahashes per second (TH/s). Auradine has emphasized its advantage in developing and manufacturing these units within the United States. Samples of the Teraflux miners are anticipated to be available in Q2 2026, with mass production scheduled for Q3 2026. ## Financial Mechanics Auradine has secured over **$300 million in funding** to support its development and manufacturing initiatives. This substantial investment underscores the company's commitment to advancing Bitcoin mining technology and establishing a prominent position in the hardware market. The company also states it has an annual revenue run rate of $150 million. The Teraflux AH3880 model, specifically, is backed by **Marathon Digital Holdings (MARA)**, indicating strategic partnerships within the mining sector. ## Market Implications The introduction of the Teraflux series with its 9.8 J/TH efficiency is expected to intensify competition within the Bitcoin mining hardware market. This efficiency level is highly competitive when compared to existing and upcoming models. For instance, **Bitmain's Antminer S23 Hydro** offers 9.5 J/TH in its water-cooled version, while the **Antminer S21E XP Hydro** features 10.6 J/TH, and the **Antminer S21 XP+ Hyd** provides 11 J/TH. The **Bitdeer SealMiner A2 Pro Hyd** is noted at 14.9 J/TH. Auradine's advanced energy efficiency directly translates to reduced operational costs and increased profitability for miners, particularly given Bitcoin's estimated annual energy consumption of 173 TWh in 2025. Furthermore, Auradine's commitment to **US-designed and manufactured** hardware addresses critical supply chain vulnerabilities and aligns with broader geopolitical strategies. This domestic production model could mitigate customs and tariff issues, a significant factor as political figures like former President Donald Trump advocate for boosting domestic crypto innovation and making the U.S. a leading center for blockchain development. Such initiatives aim to reduce reliance on overseas hardware suppliers and bolster the United States' share of the global Bitcoin hashrate, which stood at approximately 37.8% in 2025. ## Expert Commentary Auradine CEO Rajiv Khemani has stated that hydro-cooled technology offers superior energy efficiency, sustainability, and performance, crucial elements for miners to remain competitive in a rapidly evolving industry. This perspective highlights the strategic importance of technological advancements in maintaining market leadership and operational viability. ## Broader Context The launch of Auradine's Teraflux series contributes to the ongoing trend of increasing energy efficiency in Bitcoin mining hardware. This focus on efficiency is critical as the industry faces scrutiny over its environmental impact, with renewable energy usage in Bitcoin mining reaching 52.4% in 2025. Innovations like the Teraflux are essential for the industry's sustained growth and its effort to integrate more sustainable practices. The advancements also support the growing dominance of the United States in the global mining landscape, which leads in hashrate contribution, further solidifying its position in the Web3 ecosystem.
Nov 12 2025, 14:58
Cryptocurrency-Linked Stocks Exhibit Mixed Performance; Corporate Treasury Deployments in ETH and BTC Intensify
## Executive Summary Cryptocurrency-linked stocks presented a mixed performance landscape, with individual equities experiencing varied movements. This backdrop saw notable corporate treasury management strategies unfold, including significant deployments of Ethereum (**ETH**) by **SharpLink Gaming (SBET)** and continued Bitcoin (**BTC**) acquisitions by entities like **MicroStrategy (MSTR)** and **KULR Technology (KULR)**. ## The Event in Detail **SharpLink Gaming (SBET)** declared its intention to deploy $200 million worth of **ETH** from its corporate treasury onto Linea, a blockchain platform developed by Consensys. Shares of **SBET** closed at $11.96. The stock's performance showed a 1-day increase of 7.07%, a 30-day decline of 31.93%, and year-to-date growth of 48.03%, with a 1-year total shareholder return of 36.53%. **MicroStrategy (MSTR)** continued its strategy of accumulating **Bitcoin**, acquiring an additional 487 **BTC** for $49.9 million between November 3 and 9. This latest purchase increased the company's total **Bitcoin** holdings to 641,692 tokens, valued at over $68 billion at current prices. The aggregate average purchase price for **MSTR**'s **Bitcoin** stash is approximately $74,100, compared to a reported current market price of $105,700. **BitMine Immersion (BMNR)** reported total crypto and cash holdings of $13.2 billion. These assets include 3.5 million **ETH** tokens, which constitute 2.9% of the total **ETH** supply, 192 **Bitcoin**, and $398 million in unencumbered cash. BitMine recently acquired 110,288 **ETH** tokens, pushing its holdings to 3.5 million **ETH**. According to Thomas "Tom" Lee of Fundstrat, Chairman of BitMine, "The recent dip in **ETH** prices presented an attractive opportunity and BitMine increased its **ETH** purchases this week." **BMNR** shares increased by 2.77% to $40.685. **KULR Technology Group (KULR)** has committed up to 90% of its surplus cash reserves to **Bitcoin**, having acquired 668 **BTC** to date. Additionally, **KULR** launched a blockchain-secured supply chain initiative, utilizing a customized rollup to **Coinbase**'s **Base** L2 chain, which is built on **Ethereum**. **KULR** shares increased by 1.17% to $3.025. Among other cryptocurrency-linked stocks, **Coinbase Global (COIN)** increased by 1.48% to $308.515, and **BTCS (BTCS)** increased by 3.75% to $3.040. Conversely, **Circle (CRCL)** experienced a decrease of 7.10% to $91.320. On August 1, 2025, **Circle Internet Group (CRCL)** saw a 7.6% drop to $169.54, reflecting heightened volatility. **Robinhood Markets (HOOD)** decreased by 1.25% to $130.285. **Tron (TRON)** also declined by 7.21% to $2.125. **MARA Holdings (MARA)** increased by 1.20% to $14.805, **Riot Platforms (RIOT)** increased by 0.09% to $16.155, and **Hut 8 (HUT)** increased by 1.34% to $44.500. ## Market Implications The strategic allocation of corporate treasuries into cryptocurrencies, as exemplified by **SharpLink Gaming**'s **ETH** deployment and the **Bitcoin** accumulation by **MicroStrategy** and **KULR Technology**, indicates a growing institutional acceptance and integration of digital assets. This trend mirrors **MicroStrategy**'s established playbook and suggests an evolving corporate finance approach towards managing capital reserves. The broader Web3 ecosystem is experiencing expansion through new infrastructure and accessibility initiatives. **Coinbase Global** has introduced a token-sale platform, facilitating retail investor participation in early-stage crypto offerings, with **Monad** as its inaugural feature. This platform leverages **USD Coin (USDC)** for purchases and incorporates Know Your Customer (KYC) verification and issuer lockup periods. Simultaneously, **Robinhood Markets** is expanding its Web3 offerings, including staking services for **ETH** and **SOL** in the U.S. and developing an **Arbitrum**-based Layer-2 blockchain for tokenized financial products in Europe. CEO Vlad Tenev stated that "Tokenization is the foundation of a new era in trading." Overall market sentiment remains cautious amid high volatility observed since mid-2025. The global cryptocurrency market capitalization stands at approximately $3.33 trillion, representing a 20-30% decrease from its peak earlier in the year. Trading volumes have contracted, and investor confidence has shown signs of decline. **Bitcoin**'s dominance has remained stable at around 55%, with its price trading between $102,476 and $105,500 over a 24-hour period, recently at $104,776. ## Expert Commentary Thomas "Tom" Lee of Fundstrat, Chairman of **BitMine Immersion**, highlighted the company's increased **ETH** acquisitions, stating, "The recent dip in **ETH** prices presented an attractive opportunity and **BitMine** increased its **ETH** purchases this week." This strategy underscores a long-term view on digital asset value despite short-term market fluctuations. The CEO of **Tether**, referencing **TRON**'s role in facilitating 15-20 million **USDT** transfers per week, lauded it as "the biggest financial inclusion achievement in history," emphasizing the platform's utility in regions with limited access to traditional U.S. dollar services. ## Broader Context The cryptocurrency market has endured significant volatility and downward pressure since mid-2025, with major asset prices experiencing declines and trading volumes diminishing. On-chain data from CryptoQuant indicates an approximately 8% decrease in **Bitcoin** reserves on exchanges since early August, alongside a drop in **USD** reserves from $300 billion to $250 billion by November, suggesting a trend of investors withdrawing funds. Following a rebound in the first half of 2025, mainstream tokens such as **SOL**, **ETH**, and **BTC** entered an adjustment phase starting in October, with prices returning to December 2024 levels, challenging the efficacy of the four-year cycle theory. Market liquidity is tightening, evidenced by a roughly 50% reduction in venture capital funding compared to 2024. Regulatory clarity, such as the US Senate's stablecoin legislation, has previously impacted company valuations, contributing to price fluctuations for entities like **Circle**.