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BlockBeats News, Oct. 25 — According to the Financial Times, Mercuria, one of the world’s largest commodity traders, is suing the 282-year-old Baltic Exchange.
The UK High Court will begin hearing the case on Monday. The central dispute is whether, after the US and Israel went to war with Iran this year, the Baltic Exchange should have continued publishing benchmark freight rates for oil tankers passing through the Strait of Hormuz. Dubbed the “Dow Jones of the shipping industry,” the Baltic Exchange publishes freight rates that commodity traders rely on to price and hedge derivatives worth tens of billions of dollars.

BlockBeats News, October 25: Market focus shifted twice in the past week. Early in the week, U.S. chip and AI stocks rebounded from a sharp sell-off, and funds began rotating into healthcare and financial stocks. After Meta announced its massive capital expenditure plans on Wednesday, concerns about AI valuations and returns were reignited. On Thursday, the sell-off spread across the broader technology sector, while safe-haven funds flowed into U.S. Treasuries and the yen. On the same day, Houthi militants attacked Saudi energy facilities, pushing Brent crude to a five-month high. Here are the key developments the market will be watching in the coming week (all times are Beijing time):

BlockBeats news, October 25: According to Ember's monitoring, ETH fell to a low of $2,282 at 11 p.m. last night, leaving a whale/institution with an exceptionally large ETH long position just $30 away from liquidation.
It urgently added $9.21 million in USDC collateral in the early hours of the morning, lowering the liquidation price of its ETH long position from $2,256 to $2,181 and temporarily moving out of danger.
It now holds BTC and ETH long positions worth as much as $396.5 million, including 115,473 ETH (approximately $272.1 million), with a liquidation price of $2,181, and 1,539.5 BTC (approximately $124.4 million), with a liquidation price of $70,396.

BlockBeats News, October 25: According to Ember monitoring, 25 minutes ago Arthur Hayes again transferred 14 million ENA (about $2.73 million) to Cumberland to sell. Arthur Hayes is currently in the process of liquidating his positions. Since yesterday, he has transferred various tokens worth a total of $28.81 million to exchanges, and has now withdrawn 14.15 million USDC from exchanges.
The tokens he sold include ETH, ENA, UNI, ETHFI, AERO, PENDLE, and ZAMA.
Yesterday, Arthur Hayes said he had closed out his directional trading positions and decided to temporarily step aside and wait, re-entering only after clear signs that the risks had subsided.

BlockBeats News, October 25: The global metals trading industry is enjoying its second consecutive year of explosive profit growth. Several major traders have posted record earnings, with metals traders making billions of dollars.
According to people familiar with the matter, Trafigura Group, which is vying with Glencore for the title of the world’s largest metals trader, posted record profits of about $2 billion from its metals trading business in the fiscal year ended in September. Glencore also reported one of its best-ever profit performances, though its overall results were weighed down by a $480 million provision related to its exposure to iron ore trader Radiant World. The huge profits made for an especially buoyant atmosphere at LME Week, which wrapped up on Friday. Champagne flowed freely at this annual gathering, the most important event in the global metals industry. Several metals traders said privately that they were earning more than at any other time in their careers, while receiving a steady stream of job offers from competitors and newcomers hoping to share in the metals market boom.

BlockBeats News, October 24: According to Bloomberg, the Democrats’ Senate battleground map in the midterm elections is expanding, while Republicans are stepping up defenses of states where they have traditionally held an advantage. With less than two weeks until Election Day on November 3, Trump is campaigning in Republican strongholds such as South Carolina and Mississippi, while affiliated groups are also investing in deep-red states such as Texas. Polls and early voting trends point to momentum favoring Democrats, but the party still needs a net gain of four seats to retake control of the Senate.
According to a Democrat involved in the Senate races, in early 2025 Democrats viewed only North Carolina and Maine as realistic pickup opportunities. Ohio and Alaska were added later, and Texas, Iowa and Kansas have recently been identified as potential targets. Republicans, meanwhile, consider Iowa, Ohio and Alaska “red wall” states they must hold; Trump won each of them by double digits two years ago.

BlockBeats News, October 24: According to an official announcement from Web3 social product Gold House, its payment and settlement product Caihuitong will officially launch at 12:00 noon (UTC+8) on October 26, 2026, providing individual and business users with a gateway to payment and settlement services connecting digital assets with traditional finance.
At launch, Caihuitong will integrate products related to FinChain, a Web3 brand incubated by Fosun Wealth Holdings, as well as BitUnion, part of the CFX (Conflux) ecosystem. It will provide services for needs such as settling digital assets into fiat currency and account payments and collections.

BlockBeats News, October 24: According to Bloomberg, the United States is increasing its deployments in preparation for a possible resumption of military strikes against Iran. Trump has repeatedly hinted that the U.S. military could resume strikes against Iran after the November 3 U.S. midterm elections. The U.S. has already sent a third carrier strike group and an additional 10,000 sailors and Marines toward the Persian Gulf, giving commanders more operational options, though the timing remains uncertain.
U.S. Defense Secretary Pete Hegseth made an unannounced visit to Israel this week and met with Netanyahu. Israel will hold elections on October 27. Meanwhile, after Iran-backed Houthi forces widened the conflict to Saudi Arabia and attacked airports and energy facilities, the U.S. State Department ordered some U.S. diplomatic personnel and their families in Saudi Arabia to leave.