Group 1 - Bitcoin and Ethereum exchange-traded funds (ETFs) experienced significant outflows totaling $439 million, primarily due to investor repositioning around the Federal Reserve's rate cut and anticipation of upcoming inflation data [1][2] - Bitcoin ETFs faced the largest outflows of $363.1 million, with Fidelity's FBTC and ARK 21Shares' ARKB being the most affected, losing $276.7 million and $52.3 million respectively [1][2] - Ethereum funds recorded $76 million in redemptions, led by Fidelity's FETH with $33.1 million, Bitwise's ETHW at $22.3 million, and BlackRock's ETHA at $15.1 million [2] Group 2 - The recent outflows are interpreted as a phase of profit-taking and de-leveraging rather than indicating a structural bear market, as noted by analysts [3][5] - If ETF flows turn positive in the near term, Bitcoin could rebound above $113,000 and Ethereum could approach $4,200; however, persistent outflows may lead Bitcoin to retest $108,000 and Ethereum to drop to $3,900 [4] - Over $354 million in crypto positions were liquidated recently, including $44 million in Bitcoin and $53 million in Ethereum, indicating a significant market adjustment [4] Group 3 - The macro environment for digital assets remains bullish despite short-term bearishness, supported by the Fed rate cut and stock indices at all-time highs [5] - Options traders are optimistic about the fourth quarter, despite the current market turbulence, as indicated by the put-call delta skew reaching its highest since early August [6]

Company Performance & Strategy - MAC aims to become a +50 ktpa copper producer by 2026[10] - The company has repaid approximately US$168 million in interest-bearing liabilities since acquiring CSA on June 16, 2023[58] - Q3 2024 copper production reached 10,159 tonnes at 4% Cu[58] - The company is on track to meet its full-year 2024 production guidance of 38-43 kt[58] - The company's strategy includes delivering operationally at CSA, executing on an organic growth plan for +50ktpa within two years, and continuing to de-lever and improve the balance sheet[97] Financial Highlights - The company's enterprise value is approximately US$1.3 billion[57] - Pro-Forma Liquidity is approximately US$226 million[58] - The company achieved a 50% Underlying EBITDA Margin in 1H24[58] - The company's Q3 2024 C1 Cash Costs were US$1.90/lb, a 6% decrease compared to Q2 2024[58] CSA Copper Mine - Current copper reserves base is +102% larger than 2015 despite c362kt Cu produced[85]