Inverse AI ETFs Cash In While Longs Burn

Bittensor subnets hit $34.6M in annualised revenue from real customers, Blockonomi reported on Nov. 13. One subnet, Lium (Subnet 51), recorded $2.70M in GPU rentals from 2,394 customers over 31 days. That is the kind of line a crypto network publishes when it wants to be judged as a business, and it sells compute, the same commodity Nvidia and the neoclouds supply.

Annualising 31 days of one subnet's rentals gives roughly $31.8M for Lium, so the network-wide figure of $34.6M implies almost all of it comes from one subnet. That concentration is the number to question. It also puts a small token economy in direct competition with the neocloud model that Mizuho flagged as the AI trade's credit risk, though without the debt. Ether, for reference, traded above $1,950 on Nov. 13, with Binance spot at $1,952.

GRAM, the Telegram-linked token, fell about 6% on Nov. 13 despite Pavel Durov's prediction that it would become a top-three cryptocurrency, Coinpaper reported. The article also cites 1 million Telegram wallet activations. A prediction from the founder is a promotional statement, not a financial result, and the 6% decline is the market's score of it.

One million wallet activations sounds large and measures almost nothing about spending, holdings or retention. A top-three ranking would require passing assets worth far more than anything here can price, and the supplied material gives no market cap for GRAM. Elsewhere in crypto, the European Banking Authority took on supervisory responsibilities for USDC after it received significant e-money token status, a regulatory step that makes dollar stablecoins easier to treat as ordinary financial plumbing.

Three small caps filed exchange notices on Nov. 12. Toppoint Holdings was halted by NYSE American on Nov. 10 for a low share price over a substantial period, and its board approved a 1-for-5 reverse split on Nov. 11, to be effected by Nov. 23. Beeline Holdings received a Nasdaq bid-price notice with a grace period ending May 5, 2027. Rani Therapeutics moved to the Nasdaq Capital Market and received until May 10, 2027 to regain compliance.

A reverse split changes the price and not the company: Toppoint holders will own one-fifth as many shares at five times the price. Beeline needs ten consecutive closes at or above $1.00, and Rani's filing states there can be no assurance it will regain compliance. Sidus Space, at $0.9558 and restating eight periods of accounts, trades in the same neighbourhood. The exchanges keep the casino open on terms: stay above a dollar, or shrink the share count.

Cardinal Infrastructure Group fell 62.37% to $5.64, down $9.35 from $14.99, and ADI Global Distribution fell 49.85% to $9.82, down $9.76 from $19.58. Neither move comes with a reason in the data supplied: no filing, no dossier and no headline. A fall of that size in a single session is the market's version of a verdict arriving before the evidence.

Ohmyhome lost 36.75% to $5.06 and electroCore lost 31.39% to $5.29, and the losers list also shows Corteva at $9.195, down 24.26%, a figure that looks wrong for a company of that size and is flagged here as unverified. The gainers were as unexplained: Addex Therapeutics rose 83.05% to $5.29 and Polibeli rose 28.79% to $7.27. The table gives prices and percentages and nothing else, which is how most of these trades arrive.