[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.

[Dallas Fed Business Index Drops, International Spot Gold Breaks $4,100] The Dallas Fed Business Index has dropped significantly, drawing market attention to the possibility of a rate cut in December. The price of international spot gold has strongly broken through $4,100, with the group of gold investors continuing to expand.