You are about to leave the website of SDM Inc. ("SDM") and will be redirected to the website of SDM Financial Inc. ("SDM Financial"), a US affiliate of SDM providing crypto derivatives trading services.
Please be aware that SDM Financial's services are not intended for, and should not be used by, residents of Canada.
By clicking on the link to SDM Financial's website, you acknowledge and agree that: You are not a Canadian resident.
SDM Financial is not registered with any regulatory authority in Canada and is strictly prohibited from entering, or otherwise engaging in, any transactions with Canadian residents.
Non-Canadian residents who deal with SDM Financial do so at their own risk, and SDM will not be held liable for any losses or damages incurred as a result.
By clicking 'I Accept' below, you confirm that you have read, understand, and agree to the above . If you do not agree, please select 'I Decline' and you will be redirected back to SDM's website.
Celsius to Distribute $127M to Creditors in Second Bankruptcy Payout
Celsius will distribute $127 million in its second bankruptcy payout, covering roughly 60% of creditors’ claims from the petition date, according to a court filing. Payments will be made in cash or liquid cryptocurrency, with bitcoin priced at $95,836.23 for the distribution. This follows a $2 billion payout in January, which returned 57.65% of eligible claims. Celsius filed for bankruptcy in 2022 after a $1.2 billion balance sheet gap was uncovered. Former CEO Alex Mashinsky, facing fraud charges and up to 115 years in prison, recently lost a bid to dismiss two charges against him.
MARA Acquires $615M in Bitcoin, Expanding Holdings to 34,794 BTC
MARA Holdings, the largest publicly traded Bitcoin miner, purchased 6,474 BTC worth $615 million this month, raising its total holdings to 34,794 BTC, valued at $3.3 billion. The acquisitions follow the closure of MARA's $1 billion zero-coupon convertible notes offering, with proceeds allocated toward repurchasing 2026 notes and further Bitcoin purchases. MARA’s stock rose 7.81% to $26.92 on Wednesday, reflecting a 42.13% monthly gain. Meanwhile, MicroStrategy remains the top corporate Bitcoin holder, while SOS Ltd. announced a $50 million Bitcoin investment, signaling strong institutional interest in BTC.
Tether Ends EURT Stablecoin Support Amid MiCA Rules and Declining Demand
Tether will discontinue its Euro-pegged stablecoin EURT, urging users to redeem holdings by November 27, 2025. The move comes ahead of the European Union’s Markets in Crypto-Assets (MiCA) regulation, set to take full effect by December, which imposes stricter compliance requirements for stablecoin issuers. Tether cited falling demand and regulatory challenges as reasons for the decision, with EURT’s supply declining to $27 million from a peak market cap exceeding $500 million. Tether plans to focus on supporting MiCA-compliant stablecoins like EURQ and USDQ through its Hadron platform. The broader impact of MiCA on Tether’s USDT remains uncertain, as the issuer has yet to obtain a license under the new framework.
Trading Desk Insights
On Wednesday, BTC ascended beyond the $96,000 threshold, rebounding from a recent decline that temporarily interrupted its surge from peak levels. As the Thanksgiving holiday approaches, market participants are closely monitoring the potential for BTC to breach the $100,000 mark. With a year-to-date increase of 130%, expectations remain high for BTC to achieve this milestone within the current year. The recovery was anticipated at the 61.8% Fibonacci retracement level around $90,600. A descent beneath this pivot would potentially catalyze a downward trajectory, targeting the $85,000 support level.
In the altcoin sphere, SOLETH has faced significant selling pressure, as SOL has been underperforming ETH by more than 18% in the last ten trading sessions. The ETH/SOL ratio, maintaining above 0.063, suggests that the bullish trend for ETH persists, despite only growing by 60% this year, trailing BTC's impressive YTD gain.
The market capitalization of publicly listed BTC mining firms is on the verge of hitting $40 billion, having doubled in the past seven months alongside BTC's monumental rise to nearly six-figure valuations.
In broader market activity, equities retreated in a subdued Wednesday session as market participants adjusted positions following robust gains earlier in November. The pullback in major technology stocks, which have been stellar performers throughout the year, contributed to the Nasdaq's relative underperformance. With the U.S. market observing the Thanksgiving holiday and an early closure on Friday, trading volumes on the New York Stock Exchange were notably reduced, approximately 20% below average daily levels.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
.png)
.png)
