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Bitcoin ETF Inflows Signal Market Shift | Earnings Highlights & Market Valuation Trends – Nov 10, 2025 – eToro

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Analyst Weekly, November 11, 2025
After six straight days of ETF outflows, Bitcoin just flipped the script with nearly $240M in inflows marking its sharpest rebound in weeks. It is a sign that Bitcoin’s market structure is maturing.
The old four-year boom–halving–bust cycle is fading fast. With over 93% of Bitcoin already mined, halvings now move sentiment more than supply. Institutional players like BlackRock, Fidelity, and ARK are soaking up coins while leveraged traders exit. It’s a quiet transfer of power: from speculators to allocators.
A New Phase for Bitcoin
Roughly 400,000 BTC have shifted from long-term holders to institutional investors in just the past month. Each dip is met with accumulation, not panic. Volatility is compressing, now below 30%, a level unseen since pre-ETF days, signaling that Bitcoin is behaving more like a structural asset than a speculative one. It’s starting to decouple from gold and the Nasdaq, moving to its own rhythm.
If inflows hold and leverage stays muted, Bitcoin’s evolution from cyclical trade to long-term allocation could be underway. Recoveries are faster, drawdowns smaller, conviction stronger.
Crypto: Structural Rotation Underway
Institutional flows continue to favor Bitcoin’s clarity over Ethereum or Solana but that doesn’t make the latter any less critical. We stay structurally bullish on both: Ethereum and Solana are emerging as the two main roads to the tokenized future, powering stablecoins, real-world assets, and DeFi infrastructure.
Applied Materials (AMAT): Applied Materials (AMAT) will deliver its fiscal Q4 2025 earnings on Nov. 13 as the semiconductor equipment leader contends with US export curbs that have curtailed sales to China and a cautious chipmaking capex environment. Investors are focused on whether surging demand for AI server chip tools can offset softer orders from memory and logic customers. AMAT had warned of a drop in this quarter’s revenue due to Chinese chipmakers pausing new equipment purchases and if management’s guidance or comments on its backlog indicate that the industry downturn is bottoming, which would drive the stock’s reaction.
JD.com (JD): JD.com (JD) is slated to report Q3 2025 earnings on Nov. 13, and its results will show how China’s e-commerce environment is faring amid a lukewarm consumer and intense competition. Analysts expect roughly 13% YoY revenue growth but a sharp drop in profit as JD’s heavy investments in new services (like food delivery and instant retail) have squeezed margins. Investors will watch for signs that JD’s pivot to an “efficiency-first” strategy is paying off; if the company can translate solid sales growth into improved cash flow and margins, it could mark a turning point from recent cautious sentiment to renewed optimism on the stock.
Tencent Holdings (TCEHY): Tencent Holdings (TCEHY) is expected to post solid Q3 2025 growth, with forecasts for roughly 13–14% higher revenue and mid-teens earnings gains driven by a rebound in its gaming and online advertising businesses alongside improving margins. Market attention will center on whether Tencent’s heavy investments in AI and cloud (the company budgeted around RMB 100 billion in AI capex this year) are sustaining its momentum, new hit game launches and AI-enhanced ad technology have buoyed results, and how China’s macro environment or tech regulations might temper its outlook, as these factors will influence investor reaction.
Sea Limited (SEA): Sea Limited (SE) will release Q3 2025 results on Nov. 11, and the market is anticipating strong top-line growth (~40% YoY revenue surge to nearly $6 billion) driven by its Shopee e-commerce and SeaMoney fintech units. However, profitability is under the microscope, the company’s sales and marketing expenses have spiked (~30% YoY last quarter) and some analysts caution Sea is “likely to trade margins for growth” so investors will watch whether Sea can show improving margins or cost discipline even as it chases growth, which will be critical for the stock’s post-earnings reaction.
Occidental Petroleum (OXY): Occidental Petroleum is scheduled to post Q3 2025 results on Nov. 10, and Wall Street anticipates declines from a year ago (around $6.7 billion revenue, -6% YoY, and ~$0.48 EPS, -50% YoY) as last year’s oil price surge. Key focal points will be OXY’s production volumes and capital returns; the company has increased output in the Permian and aggressively cut debt (lowering interest expenses by $410 million) to bolster margins, along with any commentary on commodity price trends or shareholder payouts, which could sway the stock’s reaction.
Cisco Systems (CSCO): Cisco Systems (CSCO) will announce its earnings after the Nov. 12 close, with consensus around $14.8 billion in revenue (+~7% YoY) and $0.98 in EPS. Investors will be watching if Cisco’s core networking business can sustain robust growth, fueled by a multi-year upgrade cycle in AI infrastructure and enterprise campus refreshes and whether management’s guidance and order backlog confirm surging demand (Cisco nearly doubled its AI-related sales target last quarter), as those factors will heavily influence the stock’s post-earnings move.
Walt Disney Co. (DIS): Walt Disney (DIS) reports fiscal Q4 2025 results ahead of the Nov. 13 open, with consensus projecting about $1.02 in EPS (-10% YoY) on $22.8 billion revenue (+~1% YoY). Investors will be eyeing Disney’s streaming subscriber trends and theme park momentum versus continued weakness in its traditional TV networks, these metrics, along with any new cost-cutting or strategic updates (such as plans around ESPN or content spending), will set the tone for how the stock reacts to the earnings.
The top of the S&P 500 is still living large. The median price-to-earnings (P/E) multiple of the top five S&P 500 names sits at 30.2x, towering over the broader market’s 23x and the median stock’s 19x. Investors are still paying a steep premium for the biggest players.
What’s interesting this year, though, is that the average stock, not the megacaps, has seen the bigger valuation bump. The “S&P 493” (the rest of the index minus the Magnificent Seven) has actually experienced more multiple expansion, meaning investors are now willing to pay more for each dollar of earnings even outside Big Tech.
That’s helped lift the overall market multiple, but it’s also flashing a mild warning sign. At 19x, the median stock’s valuation is now just two turns below its 2021 peak of 21.3x, which marked the last major market top. Fundamentals remain strong, but valuation tailwinds are getting tired. Prices can’t keep rising just because investors feel good, eventually, earnings have to do the heavy lifting.
Corporate America is still cranking out profits. Third-quarter earnings season came in up 14% year-on-year, blowing past initial forecasts that called for mid-single-digit growth. That’s despite a backdrop of slowing job growth and a temporary government shutdown, both of which, surprisingly, barely dented earnings results. We expect a macro slowdown in Q4 is slower, as hiring cools down, yet the corporate bottom line hasn’t flinched. That has, so far, helped sustain investor confidence.
No surprise: the Magnificent Seven, Apple, Microsoft, Alphabet, Amazon, Meta, Tesla, and Nvidia, continue to dominate on both profits and performance. Their earnings growth has powered much of the S&P 500’s gains for several quarters. That said, by the second half of 2026, the gap in earnings growth between the Mag 7 and the rest of the S&P 500 (the “493”) could start to compress.
That means earnings breadth may finally widen as more sectors contribute to profit growth, not just tech titans. It’s the kind of shift that tends to make bull markets more sustainable and less top-heavy.

Bitcoin fell about 7% last week after support at $107,370 failed to hold. Sellers had already been putting pressure on the market in recent weeks. The cryptocurrency danced not only around the psychologically important $100,000 mark but also flirted with bear-market territory — at one point, the drop from the all-time high exceeded 20%.
Despite the pullback, the market showed some resilience. Bitcoin reacted to a well-known support zone, the Fair Value Gap between $96,950 and $99,730, which was already defended in June. The weekly close above the lower boundary of this zone suggests a degree of stabilization for now.
The long-term uptrend remains intact. In the short term, however, the chart would only improve if Bitcoin regains the broken support at $107,370. If the $96,950 level fails, the next major support zone could come into focus between $85,600 and $91,920.

Bitcoin, weekly chart. Source: eToro
 
Infineon shares fell about 3.5% last week, currently trading around €33. This halted the three-week recovery phase for now. Since September, the stock has attempted to rebound twice from the support zone between €30.46 and €32.15, but so far it hasn’t managed to test the medium-term resistance at €38. A level that has blocked any sustained move toward record highs since March 2023.
From a technical perspective, the chance of another upward move remains as long as the lower boundary of the Fair Value Gap at €30.46 holds. However, if this support breaks, investors should be prepared for a potential decline toward the €27.44–€28.17 range. Infineon will report its Q3 results on Wednesday, which could mark a decisive “make-or-break” moment for the stock.

Infineon weekly chart. Source: eToro

 
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XRP Outgains Bitcoin, Dogecoin With 9% Rally — Move To $10 Coming Soon? – Benzinga

XRP (CRYPTO: XRP) soared overnight Sunday fueled by broader optimism in the cryptocurrency market that the ongoing federal shutdown would soon end.
The fourth-largest cryptocurrency by market capitalization rallied over 9% in the last 24 hours, with trading volume spiking 38% to $3.89 billion.
In doing so, XRP overshadowed popular coins, such as Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE), which rose 4.16% and 5.26%, respectively, in the 24-hour period.
The rally got speculative traders excited, with open interest in XRP futures jumping 6.70% in the last 24 hours, according to Coinglass.
Additionally, over 70% of Binance traders holding open XRP positions expected the rally to continue, according to the Long/Short ratio.
See Also: Ripple (XRP) Price Prediction: 2025, 2026, 2030
Widely followed cryptocurrency analyst Ali Martinez noted a bullish flag formation for XRP, suggesting a correction to $1.90 could spark a rally toward $10.
Should this come to fruition, it would mean an upside of 309% from XRP's current level.
Meanwhile, the Moving Average Convergence Divergence indicator, which compares two exponential moving averages of an asset's price, flashed a "Buy" signal for XRP, according to TradingView.
The Bull Bear Power indicator, however, showed a "Neutral" reading, indicating a balance between buyers and sellers in the market.
The Senate moved toward a vote to end the record 40-day government shutdown, sending stock futures and cryptocurrencies higher.
Price Action: At the time of writing, XRP was exchanging hands at $2.44, up 9.72% in the last 24 hours, according to data from Benzinga Pro.
Read Next: 
Photo Courtesy: Vector-3D on Shutterstock.com
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Mistrial declared for MIT-educated brothers accused of $25 million cryptocurrency heist – The Hindu

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Published – November 10, 2025 08:59 am IST
The mistrial was confirmed by William Fick, a lawyer for Anton Peraire-Bueno at Fick & Marx [File] | Photo Credit: REUTERS
A federal judge on Friday declared a mistrial in the case of two Massachusetts Institute of Technology-educated brothers charged with carrying out a novel scheme to steal $25 million worth of cryptocurrency in 12 seconds that prosecutors said exploited the Ethereum blockchain’s integrity.
U.S. District Judge Jessica Clarke in Manhattan sent jurors home after they were unable to reach agreement on whether to convict or acquit Anton Peraire-Bueno and James Peraire-Bueno of charges that they carried out a first-of-its-kind wire fraud and money laundering scheme.
The mistrial was confirmed by William Fick, a lawyer for Anton Peraire-Bueno at Fick & Marx. A spokesperson for Manhattan U.S. Attorney Jay Clayton did not respond to a request for comment.
Both brothers attended Cambridge, Massachusetts-based MIT, where prosecutors say they studied computer science and developed the skills they relied on for their trading strategy.
They were indicted in May 2024, before U.S. President Donald Trump’s administration came into office, ushering in a new, crypto-friendly approach to enforcement. Despite the shift in priorities, the case against the brothers proceeded to trial.
Assistant U.S. Attorney Ryan Nees in his opening statement on October 15 accused the brothers of carrying out a “high-speed bait-and-switch” designed to lure trading bots into a trap and drain the accounts of other cryptocurrency traders.
Prosecutors said that for months, the Peraire-Bueno brothers plotted to manipulate and tamper with the protocols used to validate transactions for inclusion on the Ethereum blockchain, a public ledger that records each cryptocurrency transaction.
They did so by exploiting a vulnerability in the code of software called MEV-boost that is used by most Ethereum network “validators,” who are responsible for checking that new transactions are valid before they are added to the blockchain, prosecutors said.
“Then they planted a trade that looked like one thing from the outside, but was secretly something else,” Nees told jurors in his opening statement. “Then, just as the defendants planned, the victims took the bait.”
Katherine Trefz, a lawyer for James Peraire-Bueno at Williams & Connolly, countered that the trading strategy they executed was not just novel but legitimate and “consistent with the principles at play in this very competitive trading environment.”
Published – November 10, 2025 08:59 am IST
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Pi Network Reveals GCV Stability Mechanism for Maintaining Pi’s Value – CoinCentral

Pi Network has unveiled a new stability mechanism known as the Global Consensus Value (GCV), claiming that the value of one Pi coin will remain fixed at $314,159. While the community celebrates the technical achievement, doubts remain due to the gap between the GCV model and real-world market prices. The stability mechanism relies heavily on blockchain data and algorithmic control to maintain this value, but many questions about its practical application and market acceptance still linger.
On November 8, 2025, Pi Network released a technical report explaining the Global Consensus Value (GCV) mechanism. The report outlines how the system uses four primary data layers to determine Pi’s value, with a key focus on on-chain transaction data. This approach aims to keep Pi’s value stable without being influenced by external market fluctuations.
The GCV system relies on the Automated Market Maker (AMM) as the main data source, providing the highest trust weight for Pi-to-USDC swaps. Other data sources, such as the Oracle Aggregator, Chainlink Feed, and Mirror Feed, also contribute to the value but with varying trust weights. Together, these sources form a framework that adjusts Pi’s value in real time based on blockchain activity, not external exchanges.
According to the technical report, the formula behind the GCV mechanism is designed to stabilize Pi’s value quickly when deviations occur. The formula used is:
Vₜ = 314,159 + 0.9 (Vₜ₋₁ − 314,159) + ε
This equation ensures that the value of Pi always returns to $314,159, even after small fluctuations. Deviations are corrected through minting or burning of Pi and USDC, managed by PiDAO, the network’s decentralized autonomous organization. Deviations of less than 2% trigger a 70% correction, while larger deviations can trigger a 90% correction. This self-correcting behavior aims to maintain the value within a narrow range, ensuring stability.
An independent audit of the GCV system was conducted by Mr. Mario on November 4–5, 2025. The audit confirmed that the GCV model has achieved an R² value of 0.998, indicating near-perfect stability in its design.
The audit also validated the system’s ability to correct deviations efficiently and maintain stability without relying on data from centralized exchanges. This technical validation reinforces Pi Network’s claims about the mechanism’s potential effectiveness.
However, the audit results do not address the gap between the GCV value of $314,159 and Pi’s real-world market price, which remains significantly lower.
Despite the technical validation of the GCV mechanism, real-world market data tells a different story. Pi currently trades far below $1 on unofficial platforms, which raises questions about the feasibility of the GCV model as a true market benchmark. Analysts suggest that the GCV should be seen more as an internal valuation model rather than a reflection of Pi’s actual market price.
The Pi Network community, however, remains optimistic. Supporters view the GCV as a groundbreaking step toward creating a self-regulating digital economy. They believe that the Pi Network could disrupt traditional financial systems by removing the reliance on speculative market forces and providing a stable value for its currency.
Pi Network’s ultimate goal is to create a decentralized economy driven by community participation and consensus, rather than centralized control. The PiDAO acts as an “algorithmic central bank,” making transparent decisions based on a predefined set of rules to ensure value stability. This approach is positioned as a potential model for future decentralized financial systems, emphasizing trust and productivity over speculation.
As the GCV model continues to evolve, it may serve as a foundation for a new form of digital currency that could reshape how value is perceived and maintained in blockchain-based economies.
Kelvin Munene is a crypto and finance journalist with over 5 years of experience in market analysis and expert commentary. He holds a Bachelor’s degree in Journalism and Actuarial Science from Mount Kenya University and is known for meticulous research in cryptocurrency, blockchain, and financial markets. His work has been featured in top publications including Coingape, Cryptobasic, MetaNews, Coinedition, and Analytics Insight. Kelvin specializes in uncovering emerging crypto trends and delivering data-driven analyses to help readers make informed decisions. Outside of work, he enjoys chess, traveling, and exploring new adventures.
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Price of 1 Pi Network (PI) in Indonesia Today (11/09/25) – Pintu

Jakarta, Pintu News – The price of Pi Network (PI) in Indonesia as of November 9, 2025 is in the range of IDR 3,700-Rp 3,800, far below the Global Consensus Value (GCV) which is claimed to be equivalent to IDR 5.25 billion per Pi. This difference again highlights the GCV mechanism based on four layers of on-chain data-AMM, Oracle Aggregator, Chainlink Feed, and Mirror Feed-which is designed to maintain the stability of the Pi value without relying on external markets.
The Pi Network (PI) price chart above shows the price action over the last 24 hours on the CoinMarketCap platform, with the current price sitting at US$0.2242, down 0.4% from the previous day.
Pi’s market capitalization stood at around US$1.86 billion, with 8.3 billion Pi outstanding out of a total supply of 100 billion Pi. Trading activity declined considerably, with a 24-hour volume of US$21.44 million, down 45.43%, signaling weakening short-term interest in the spot market.
Visually, the chart shows a relatively flat daily volatility pattern with several price spikes above US$0.226 and a correction to near US$0.222, depicting a thin consolidation phase around the support level.
Community sentiment remains predominantly positive, with 88% bullish versus 12% bearish votes from over 4.3 million respondents. Despite the selling pressure, community support and internal transaction activity-including the transfer of 50 million PI from the Foundation wallet-show that the project remains active and closely monitored by investors.
Read also: Crisis at Pi Network: WorkforcePool Sold, What Impact for Developers?
The GCV mechanism operates based on a trust-weighted data structure derived almost entirely from blockchain transactions-not from external market prices. The four data layers used are: Automated Market Maker (AMM), Oracle Aggregator, Chainlink Feed, and Mirror Feed.
AMM records all Pi-USDC swaps and has a confidence weight of between 0.8 to 0.9, making it the primary source of data that makes up GCV. Due to the dominance of this weight, live activity on the blockchain forms the basis of the Pi value calculation.
Also read: Ripple (XRP) Announces Mega-Deal, Why Does XRP Price Remain Flat?
Oracle Aggregator aggregates data from dApps, merchants, and peer-to-peer marketplaces, with a confidence weight between 0.75 and 0.85. The Chainlink feed checks for discrepancies of more than 2% and corrects decimal errors, with a weight of 0.7 to 0.8.
While the Mirror Feed receives prices from the centralized exchange (CEX) with the lowest weight, which is between 0.1 to 0.25. This method is designed to make Pi less affected by external market volatility and still maintain internal consensus values.
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