[Bitcoin Mining Profitability Under Pressure, Mining Company Stocks Rise Due to Target Price Upgrades] The Miner Mag report shows that the Bitcoin mining industry is facing profitability pressure. In October, network hash rate hit a record high of 1.16 ZH/s, but Bitcoin's price fell to around $81,000, and hash price dropped to $35/PH/s, below the median of $45/PH/s for publicly listed mining companies, with some nearing breakeven. The payback period for mining machines has extended to over 1,200 days, and financing costs have risen. Although mining companies are accelerating their shift to AI and high-performance computing (HPC), related revenues remain insufficient to offset the decline in Bitcoin mining income. After JPMorgan raised the target prices for CleanSpark, Cipher Mining, and IREN, the stock prices of the top ten publicly listed mining companies rose across the board on Monday. In November, IREN signed a five-year $9.7 billion GPU cloud service agreement with Microsoft.

[Copper Prices Rise Amid Tight Supply and Rate Cut Expectations] Copper prices edged up due to recent supply tightness and rising expectations of a Federal Reserve rate cut next month. Copper futures rose to around $10,860 per ton on Tuesday, after remaining flat in the previous trading session. Federal Reserve Governor Waller advocated for a rate cut due to weakness in the U.S. labor market, boosting market confidence in monetary easing. Meanwhile, the spot copper price and the three-month futures price spread widened to over $20 per ton, hitting a five-week high, indicating that traders are paying higher prices for immediate supply.

**["Calm Order King" Experiences 31 Consecutive Liquidations on Short Positions, Weekly Loss Reaches $15.37 Million]** On November 25, Coinbob monitoring data revealed that the "Calm Order King" once again opened a ZEC short position in the past half hour and increased the size of his SOL short position to average down. Due to BTC's continuous rise since early morning today, his BTC and SOL short positions were liquidated 31 times within hours, resulting in a cumulative loss of $2.78 million. Despite the address adding $440,000 in margin to Hyperliquid today, more than half of the positions were still liquidated. Specific data is as follows: - **BTC short position**: Position size decreased from $41.72 million to $22.05 million, unrealized loss of $1.09 million (-194%), liquidation price $89,900; - **SOL short position**: Position size decreased from $30.89 million to $15.12 million, unrealized loss of $1.18 million (-156%), liquidation price $142. This trader once turned an initial capital of $3 million into over $30 million in profits, but has recently suffered two consecutive large-scale liquidations, leaving the account balance at only $1.24 million, with a weekly loss of $15.37 million.

[Wintermute Founder Says BlackRock's Transfer of Coins to Coinbase Shows Lag] Wintermute founder Evgeny Gaevoy commented on the X platform regarding 'BlackRock transferring large amounts of BTC and ETH to Coinbase,' stating that this is a highly lagging indicator. The sell-off has already been completed within the ETF, and similar situations often occur with market makers' on-chain transfers.

[BONK ETP under Bitcoin Capital to be listed on the Swiss Stock Exchange on November 27, 2025] Bitcoin Capital announced that its regulated BONK ETP will be listed on the Swiss Stock Exchange on November 27, 2025, providing European investors with one-to-one exposure to the Solana ecosystem Meme coin BONK.