November 5, 2025
Crypto Twitter kept noticing that prices kept falling, a company sold from its Bitcoin Treasury, and the White House said something.
Welcome to the Meridian Update. The market drifted down most of yesterday, but seemed to calm overnight. Let’s dive in.
The sky kept falling!
No it did not. That was just prices of on-chain assets, as we talked about yesterday. But actually, things seemed to have steadied.
Anyway, Crypto Twitter was quite focused on prices yesterday. Here’s an example from a Jito Labs founder:
“long way until the $8 moment”
This was a reference to a chilling moment in Solana network history. The price of SOL, Solana’s native token, dropped below $9 in December of 2022. This came about a year after its price had eclipsed $250 for the first time. Many in the on-chain world remember this moment. The Jito Labs founder was simply noting that Solana remained about 20x above that December 2022 low and about in line with its price from 1 year ago. There’s some Solana lore for you.
A developer at Helius struck a funnier tone. Helius is a company some people in the on-chain world know about. In simple terms, Helius helps other companies tap into the Solana network. A lot of companies use it. Anyway, here’s what the developer had to say:
guide to happiness:
1. stop checking price
2. get off twitter
3. use @heliuslabs' getTransactionsForAddress to query transaction history 10x faster than alternative endpoints
We applaud the humor. We will stop checking the price.
Some times people sell from their Bitcoin treasuries
A surprisingly popular thing for companies to do over the last few years was to buy BTC (Bitcoin, or another on-chain asset, to hold. They would hold this BTC instead of, say, US dollars or US treasuries. We have talked about digital asset treasuries (DATs) before. The basic concept is that a company with a publicly traded stock might be converted into a company with a publicly traded stock but that only holds a digital asset.
Anyway, something a company that holds a lot of BTC might do is to sell that BTC. That makes news:
“Sequans Communications, a fabless semiconductor company that adopted Bitcoin (BTC) as a reserve asset, has sold 30% of its holdings to reduce convertible debt.
This marks the first instance of a BTC digital asset treasury (DAT) firm selling its holdings. The move has sparked greater scrutiny of digital asset treasury strategies.”
DATs buyeth, DATs selleth. Something to keep an eye on.
What is the White House saying about the on-chain world?
This:
“White House says President Trump has ‘officially ended the Biden administration's war on the cryptocurrency industry.’”
The general regulatory landscape for the on-chain world in 2025 has been historically favorable. So the White House saying things like this should come as no surprise to Meridian Update readers. But things like this do still catch Crypto Twitter attention.
We have talked about a lot of other things happening in Washington, D.C., or in US regulation that have caught Crypto Twitter attention just in this last month.
That’s a wrap
Crypto Twitter kept noticing that prices kept falling, a company sold from its Bitcoin Treasury, and the White House said something. We’ll see you tomorrow morning.
Think we missed something today? Send us a note: email@meridianupdate.com.