Ethereum’s Liquidation Rush

And, Firefly Aerospace’s sales sink.

September 23, 2025

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Today is Tuesday, September 23, 2025.

The Early Bird Index today is 94.29.

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Ethereum’s Liquidation Rush

Most public markets performed well on Monday, except for cryptocurrency. In particular, the price of Ethereum $ETH.X ( ▼ 6.34% ) fell about 5%.

Details: Over $1.5 billion in bullish crypto wagers were liquidated on Monday, including over 400,000 traders liquidated to mark the highest losses in recent months, according to CoinDesk.

Powering the Story: Many leveraged crypto positions expired, including for Ethereum, where traders converted profits into cash payouts from the big gains that Ethereum has seen recently, according to Motley Fool.

Bigger Picture: It wasn’t just Ethereum. Most altcoin prices fell on Monday for the same reason, but Ethereum’s decline was more obvious since it is the second most popular cryptocurrency.

Early Bird’s Nest Egg Gains: Ethereum investors generally do not need to be overly concerned about the long-term impact from Monday’s price drop.

  • The event is widely seen as a natural correction within a volatile but fundamentally strong market. 

  • The recent decline is tied to leveraged derivatives liquidations, macroeconomic concerns, and broader market sentiment, not a failure in Ethereum’s underlying technology or adoption case.

Final Thoughts: Despite Monday’s drop, Ethereum is still up about 26% in 2025.

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Notables

Notable Earnings Today: AutoZone (NYSE: AZO), Micron (Nasdaq: MU), AAR (NYSE: AIR), Worthington Enterprises (NYSE: WOR), MillerKnoll (Nasdaq: MLKN), Aytu BioPharma (Nasdaq: AYTU).

Notable IPOs Today: CompoSecure, Inc. (NYSE: CMPO), Resolute Holdings Management, Inc. (NYSE: RHLD), VirnetX Holding Corp Common Stock (Nasdaq: VHC).

Notable Equity Crowdfunding Campaigns Ending Today: CoinPela (FundingHope).

Notable Economic Events Today: U.S. Current Account (8:30 a.m. ET), S&P Global Manufacturing PMI (9:45 a.m. ET), S&P Global Services PMI (9:45 a.m. ET), S&P Global Composite PMI (9:45 a.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).

Firefly Aerospace’s Sales Sink

The space and technology defense company Firefly Aerospace $FLY ( ▲ 9.56% ) plunged 12.40% in after-hours trading on Monday after posting bad financial results.

Financials: Firefly reported a loss of $5.78 per share in the past quarter and revenue of $15.54 million. Both were lower than expected.

Background: The company went public last month following the recent uptick of tech companies entering the public markets.

Powering the Story: Revenue for Firefly in the period was down year-over-year, which is not a good sign for the company.

Final Thoughts: Since its IPO, the stock is down over 17%.

Royal Caribbean Cruises Prices Senior Notes

Royal Caribbean Cruises $RCL ( ▲ 0.2% ) dipped down 0.38% in after-hours trading on Monday after announcing pricing of a $1.5 billion offering of senior unsecured notes.

Final Thoughts: Royal Caribbean’s stock is up over 43% this year.

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The contents of Early Bird are intended for informational and entertainment purposes only. They do not constitute trade or investment recommendations, and they are not financial or legal advice. Readers are encouraged to consult licensed professionals for personalized guidance regarding their financial or legal situations.