“Metals remain a leading theme for the year while bitcoin trades independently, suggestive of its growing role as a standalone risk asset.”, — write: www.coindesk.com
Three-month copper futures on the London Metal Exchange (LME) fell nearly 4% from Thursday’s peak above $14,500 a ton, settling closer to $13,000 amid technical disruptions at the LME, and a sharp shift in positioning by Chinese traders. The move marked a pause after a relentless run driven by Chinese demand, energy transition optimism and a weaker US dollar.
Gold and silver prices fell by 4% and 5.9%, respectively.
That retrenchment showed up quickly in crypto markets. Tokenized metals products tied to copper, gold and silver saw an usually-high spike in losses as their spot prices cooled.
Across exchanges, derivatives and spot-style products linked to metals logged roughly $120 million in combined liquidations over the past 24 hours. Silver-linked contracts led the pack at $32 million in losses, followed by gold- and copper-linked futures. Prices for tokenized bullion products like XAU and XAUT dropped over 7%.
These liquidations reflect how crypto venues are increasingly being used as complementary rails for macro trades.
When metals were ripping higher earlier this week, traders leaned into crypto-native contracts for speed, leverage and round-the-clock access. As prices rolled over, those same markets became a release valve for risk.
Dollar strength hurtsThe broader pullback in metals came as the US dollar strengthened on speculation that the Trump administration may be preparing to nominate Kevin Warsh as the next Federal Reserve chair.
A firmer dollar tends to pressure commodities priced in greenbacks, and Friday’s move hit metals across the board. Gold fell sharply from record highs, while silver, crude oil and iron ore also moved lower.
Even with the setback, however, metals remain one of the strongest themes of the year so far. Copper is still headed for a strong weekly gain, having recently rallied on supply constraints and electrification demand, while gold continues to attract flows as investors hedge political and fiscal uncertainty.
Crypto markets are increasingly along for that ride – not as a separate trade, but as a parallel venue where global macro bets now play out in real time.
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Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
- Binance will convert the stablecoin holdings in its $1 billion Secure Asset Fund for Users to bitcoin over the next 30 days, with plans for regular audits.
- The exchange has pledged to replenish the fund to $1 billion if bitcoin price swings cause its value to fall below $800 million.
- Binance framed the change as part of its long-term industry-building efforts.
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