Edgen Crypto·Nov 25 2025, 08:13
[1] Stablecoins as a Catalyst for Global Dollar Demand and Emerging ... (https://www.ainvest.com/news/stablecoins-cata ...)[2] Web3 Payment Research Report: How Stablecoins Will Evolve in ... (https://www.gate.com/learn/articles/web3-paym ...)[3] Grab, StraitsX partner for Web3-enabled payments infrastructure ... (https://finance.yahoo.com/news/grab-straitsx- ...)
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Nov 25 2025, 14:53
BitMine Immersion Stock Plummets 24% Amid Scrutiny of Crypto Treasury Strategy and Market Sell-Off
## Executive Summary BitMine Immersion Technologies (**BMNR**), a company focused on accumulating cryptocurrency for its corporate treasury, saw its stock price fall 24% following the release of its full-year financial results. The sharp decline occurred despite the company reporting a significant jump in net income, drawing attention to the inherent risks of its balance sheet strategy. The event unfolds against the backdrop of a severe downturn in the broader cryptocurrency market, which has intensified investor scrutiny of publicly-traded companies with heavy exposure to digital assets, including **MicroStrategy (MSTR)** and **Coinbase (COIN)**. ## The Event in Detail The catalyst for the stock's plunge was **BitMine's** full-year report, which announced revenue of $6.1 million and a net income of $348.58 million. However, the market appeared to look past the reported profit and focus on the firm's underlying financial structure. BitMine's core strategy involves holding digital assets, with its treasury reaching 3.6 million **Ether (ETH)** tokens and total crypto holdings valued at over $11.8 billion. This large, unhedged position makes the company's valuation highly sensitive to the price volatility of **Bitcoin (BTC)** and **ETH**. The 24% single-day collapse in its stock price indicates that investors are pricing in the significant unrealized losses from the recent crypto market crash, rather than accounting for the on-paper profits from previous periods. ## Market Implications The sharp decline in **BMNR** shares highlights a growing trend of "contagion" from cryptocurrency markets to equities. As more companies adopt strategies similar to the **MicroStrategy** playbook of holding crypto as a primary treasury asset, their stock prices become increasingly correlated with the volatile digital asset market. Other crypto-related stocks, including miners and exchanges, have experienced similar declines. The performance of these companies serves as a bellwether for institutional sentiment towards crypto. The recent market turbulence, which has seen **Bitcoin** fall to a seven-month low and over $1 trillion wiped from the total crypto market capitalization, has led to significant outflows from crypto-related investment vehicles and a risk-averse mood in broader markets. ## Expert Commentary Financial analysts have raised concerns about the long-term viability of **BitMine's** business model. Markus Thielen of 10x Research warned that the company is facing "steep unrealized losses on its ether holdings" and pointed to significant "structural issues." Thielen noted several red flags for investors, including: > "...an opaque, costly structure as high compensations, lackluster ETH staking yield and disappearing NAV premium linger." This analysis suggests that the reported net income may obscure deeper problems, such as high operational costs and underperforming investments. The concern is that shareholders could be trapped in a vehicle that is eroding value due to both market conditions and internal inefficiencies. ## Broader Context This event is not occurring in isolation but is part of a systemic deleveraging across the crypto sector in 2025. The downturn was exacerbated by worries over U.S. interest rate policy and a general "risk-off" sentiment in global financial markets, which has impacted speculative assets from tech stocks to cryptocurrencies. With listed companies now holding approximately 4% of all **Bitcoin** and 3.1% of all **Ether** in circulation, the financial health of these corporate treasuries has become a significant factor in the overall stability of the digital asset ecosystem. The slide in **BMNR's** stock serves as a case study in the high-risk, high-reward nature of corporate crypto adoption.
Nov 25 2025, 14:50
Bitcoin Price Falters at Key Trendline, Enters $94K–$96K Demand Zone
## Executive Summary Bitcoin (BTC) has entered a critical support level between $94,000 and $96,000 following a failed attempt to reclaim a previously held ascending trendline. This price action signals weakening bullish momentum and places the digital asset at a crucial juncture. The market is currently balanced between significant on-chain support and bearish technical signals, leading to a period of consolidation and heightened uncertainty. A decisive move from this zone is expected to dictate the market's direction in the near term. ## The Event in Detail The primary catalyst for the recent downturn was **Bitcoin's** break below a long-term ascending trendline, which had previously served as a structural support level. Following this break, an attempt to rally back above the trendline was met with significant selling pressure, confirming the line as new resistance. This rejection triggered a decline that drove the price directly into the $94,000–$96,000 demand block. This area is considered a significant structural support zone, reinforced by on-chain data showing it aligns with the realized price of mid-term holders, who may act as buyers at this level. ## Market Implications The market's response to the $94K–$96K zone is paramount. If this support level holds, it could form a new base for price consolidation, potentially absorbing selling pressure and setting the stage for a recovery. However, a definitive break below this demand area would signal a significant bearish continuation. In such a scenario, analysts have identified the next major support structure around the $80,000–$82,000 range. A drop to this level would represent a much deeper correction and a test of the broader market cycle's bottom boundary. ## Expert Commentary Technical analysts are presenting conflicting outlooks based on different chart patterns and indicators. Bearish sentiment is fueled by the recent trendline break and the formation of lower highs, which suggest that buying pressure is waning. Some analysts have also pointed to the emergence of a "death cross" pattern on certain timeframes, a classic bearish signal. Conversely, a more bullish long-term perspective highlights the potential formation of a weekly "cup-and-handle" pattern. This is a classic bullish consolidation setup that often precedes a significant upward breakout. Furthermore, on-chain analysis reveals that the market is caught between supply from loss-holding investors above the current price and strong demand from mid-term holders below, explaining the current range-bound activity. ## Broader Context The recent price action is characteristic of a wider market consolidation phase that has been in effect for several weeks. The market is experiencing a tug-of-war between different investor cohorts, with short-term holders and some ETF participants contributing to selling pressure while long-term holders appear to be accumulating. This dynamic of absorption has kept liquidity thin and prevented aggressive price moves in either direction. The resolution of this price compression, whether a breakout above key resistance or a breakdown below the current $94K support, will likely signal the market's next major directional trend.
Nov 25 2025, 14:18
Bitcoin's Puell Multiple Hits Discount Zone, Signaling Potential Bottom as Prices Erase 2025 Gains
## Executive Summary **Bitcoin** has experienced a significant price correction, erasing all gains for 2025 and briefly falling to levels near $86,000. This sharp decline has triggered substantial market liquidations. However, on-chain data presents a counter-narrative, with key indicators like the Puell Multiple and the Net Unrealized Profit (NUP) ratio entering zones that have historically signaled market bottoms. These metrics suggest that despite the negative price action, Bitcoin may be in an accumulation phase, with miner selling pressure remaining low and the asset potentially undervalued relative to historical trends. ## The Event in Detail The primary on-chain indicator flagging a potential market shift is the **Puell Multiple**. This metric, which is calculated by dividing the daily U.S. dollar value of issued bitcoins by the 365-day moving average of this value, has fallen into a "green zone" below the 0.5 threshold. According to analysis from **CryptoQuant**, this level was last seen in March 2025 and has historically preceded major market reversals. This signal is corroborated by **Bitcoin's Net Unrealized Profit (NUP)** ratio, which recently dropped to 0.476. The NUP measures the proportion of coins held in profit across the network and, at this level, has also historically marked short-term market bottoms. Despite the market turmoil, the actual selling pressure from miners remains low. A recent **Coinbase** research report noted: > If all newly issued bitcoin were immediately sold on the market each day, it would equate to only 900 BTC of selling pressure, which represents just 1%-1.5% of total daily volume. ## Market Implications The recent price collapse below the $90,000 mark resulted in over $500 million in liquidations, wiping out a significant portion of leveraged positions. The event has fueled widespread market fear, with discussions of a potential "crypto winter" re-emerging. However, the signals from the Puell Multiple and NUP ratio suggest this downturn could be a capitulation event that forms a cyclical bottom, rather than the start of a prolonged bear market. A Puell Multiple below 0.5 indicates that the profitability of mining new coins is low compared to the yearly average, a condition that often aligns with periods of undervaluation and subsequent accumulation by long-term investors. If historical patterns hold, the current levels could represent a strategic entry point before a new upward trend. ## Broader Context The current price action is testing a critical support area identified by some analysts as the "max pain" zone, estimated between $73,000 and $84,000. This range is significant because it aligns with the average cost basis for major institutional holders. Notable positions include **BlackRock's IBIT ETF** at approximately $84,000 and **MicroStrategy's** corporate treasury purchases near $73,000. A sustained drop below this zone could trigger further forced selling and ETF redemptions as these large-scale positions fall into an unrealized loss. Conversely, if the historical precedent of indicators like the Puell Multiple holds, this zone could serve as a firm support level, marking the end of the correction and the beginning of a recovery phase. The interplay between institutional cost bases and these reliable on-chain bottoming signals will likely determine the market's direction in the near term.