Core Insights - Bitcoin is losing its appeal as a safe-haven asset during times of geopolitical uncertainty, contrary to its theoretical position as sound money that resists censorship [1] - Investors are increasingly selling Bitcoin in favor of gold, which has seen a price increase of 8.6% to near $5,000 since January 18, while Bitcoin has dropped 6.6% in value [2] Market Behavior - Bitcoin's liquidity and ease of trading make it a preferred asset to sell quickly for cash during market stress, while gold is typically held rather than sold [3][4] - The volatility of Bitcoin leads to it being sold reflexively as leverage is unwound, contrasting with gold's role as a liquidity sink in risk-off environments [4] Demand Dynamics - Central banks are purchasing gold at record levels, creating strong structural demand, while long-term Bitcoin holders are selling, contributing to a "seller overhang" that dampens Bitcoin's price support [5] - Onchain data indicates that vintage Bitcoin coins are moving toward exchanges, suggesting ongoing selling pressure [5] Risk Perception - Current market turbulence is viewed as episodic, with gold serving as a hedge against immediate risks, while Bitcoin is better suited for long-term concerns like fiat debasement [6][7] - Gold excels in situations of immediate confidence loss and geopolitical risks, whereas Bitcoin is more aligned with slow-moving trust erosion over years [7]

Core Insights - Freeport-McMoRan Inc. (FCX) is positioned to benefit from expansion activities that will enhance production capacity, supported by strong financial health that enables investment in growth projects and shareholder value enhancement [1][3] - However, a weaker sales volume outlook and anticipated higher unit costs necessitate caution [1] Production and Expansion - FCX has high-quality copper assets and is focused on executing organic growth opportunities, including a concentrator expansion at Cerro Verde in Peru, which is expected to add approximately 600 million pounds of copper and 15 million pounds of molybdenum annually [3] - A large-scale expansion evaluation at El Abra in Chile has been completed, with an estimated resource of around 20 billion recoverable pounds of copper [3] - Pre-feasibility studies for significant sulfide expansion opportunities are underway at Safford/Lone Star operations in Arizona, with completion expected in 2026 [4] - Expansion opportunities at Bagdad in Arizona aim to more than double the concentrator capacity [4] Financial Health - FCX maintains strong liquidity and cash flow generation, with operating cash flows of approximately $1.7 billion in Q3 2025 [9] - The company ended Q3 with $4.3 billion in cash and cash equivalents, $3 billion available under its revolving credit facility, and $1.5 billion under the PT-FI credit facility [9] - FCX's net debt stood at $1.7 billion, below its targeted range of $3-$4 billion, with no significant debt maturities until 2027 [10] Cost and Sales Volume Challenges - FCX's average unit net cash cost per pound of copper increased to $1.40 in Q3 2025, a 24% rise from $1.13 in the previous quarter, driven by declining copper sales volumes [11] - The company anticipates unit net cash costs to rise to $2.47 per pound in Q4, with a projected full-year average of approximately $1.68 [11] - Copper sales volumes fell about 6% year-over-year in Q3 to 977 million pounds, primarily due to the suspension of operations at the Grasberg Block Cave mine in Indonesia [12] - For Q4, FCX expects copper sales volumes of 635 million pounds, reflecting a 35% sequential and 36% year-over-year decline, alongside weaker guidance for gold sales volume [13]

Market Trends - CoinEx Research 预计到 2026 年，流动性将集中在蓝筹加密货币中 [1] - 多数另类币或将滞后，传统另类币季节可能不会出现 [1]

RT The Block Podcasts (@TheBlockPods)Jason DeSimone: “Liquid subscriptions on a bonding curve” 📈@TheArena CEO @jasonmdesimone told Layer One that its ticket system lets users monetize identity and access, turning creator subscriptions into tradable assets with immediate liquidity 💸 https://t.co/GD9LkVeN2L ...

🌉 Proposal for @Zcash trustless bridging goes liveWe proposed L2 upgrades to reduce trust assumptions and improve liquidity, opening the door to a more unified Zcash UX.https://t.co/PG4j0P7zlazooko🛡🦓🦓🦓 ⓩ (@zooko):ZKsync joins Starknet in proposing L2/trustless-bridge upgrades for Zcash: https://t.co/HeVliLIuQTSounds like it might be possible for Zcash to do better than current-Ethereum in concentrating liquidity and in minimizing trust assumptions? ...

The price action in this market since going back to October has been absolutely insane. But more so recently, it's been extremely painful because we are witnessing major wicks to the upside followed by cascading wicks to the downside. And this is very concerning especially if you hold altcoins because guess what? During this time they are getting absolutely hammered and we need to focus on this. We definitely need to talk about it. Um, just looking back on the oneweek view, roughly since October, we have ye ...

🔥 LATEST: BNB Chain announced that a new stablecoin aimed at powering liquidity across major application scenarios will be launching on its chain. https://t.co/vio8f8kucP ...

The Hong Kong stock exchange plans to standardize the trading units used by the 2,660 listed companies on its platform in a bid to increase liquidity, according to a consultation paper https://t.co/9qXbDvucE5 ...

Rating Framework - Moody's is establishing a framework to rate stablecoins, similar to its credit rating process [1] - The framework will utilize metrics such as liquidity and market value [1]

RT Adam Weitsman (@AdamWeitsman)If you are facing a possible liquidity situation on any larger NFT loan backed by quality collateral feel free to reach out to see if we can possibly work something out together before your maturity date. Full confidentiality guaranteed. DM me anytime ….. ...