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More →Crypto Long & Short: Why real-world assets need fixed-rate loans onchain
You're reading <a href="/newsletters/crypto-long-short/" rel="nofollow" target="_blank">Crypto Long & Short</a>, our weekly newsletter featuring insights, news and analysis for the professional investor. <a href="/newsletters/crypto-long-short/" rel="nofollow" target="_blank">Sign up here</a> to get it in your inbox every Wednesday. This is your institutional newsletter, Crypto Long & Short. This week: <em>…and if you’re looking for more institutional insights: ETF Central’s <a href="https://www.etfcentral.com/global-etf-survey/2026" target="_blank" rel="noopener noreferrer">>Trackinsight Global ETF Survey 2026</a>, produced with Calamos Investments and S&P Dow Jones Indices, finds nearly 7 in 10 professional investors are reassessing their ETF holdings.</em> <em>Plus, CoinDesk’s latest <a href="/research/digital-assets-quarterly-review-and-outlook-q3" rel="nofollow" target="_blank">Digital Assets Quarterly Report</a> is out now.</em> <a href="https://www.linkedin.com/in/kim-klemballa-80101812/" target="_blank" rel="noopener noreferrer">>- Kim Klemballa</a> <em>by <a href="/author/peter-gaffney" rel="nofollow" target="_blank">Peter Gaffney, co-founder, O2O Capital Partners</a></em> Fixed-rate lending is the clearest growth lever for real-world assets (RWAs) in decentralized finance (DeFi). It unlocks a strategy that credit desks have run for decades but DeFi has never meaningfully implemented: buy a quality income asset, borrow against it at a locked rate below the asset’s yield and buy more of the asset. Stablecoins are steadily sitting around $300 billion in <a href="https://app.rwa.xyz/stablecoins" target="_blank" rel="noopener noreferrer">>supply</a> and aggregate <a href="https://o2ocapital.com/research/rwa-vaults-institutional-track-record" target="_blank" rel="noopener noreferrer">>vault assets</a> are nearing the $20 billion milestone. Morpho alone carries more than <a href="https://data.morpho.org/" target="_blank" rel="noopener noreferrer">>$16 billion</a> in deposits, most of it in variable-rate markets priced on pool utilization, which serve crypto-native traders who manage liquid positions in real time but leave longer-dated borrowers with uncertainty. Fixed-rate, fixed-term lending closes that gap by matching the term of the loan to the duration of the collateral, especially for RWAs whose redemptions can settle anywhere from T+7 to T+90. With the borrow cost and maturity known at entry, institutional counterparties can underwrite an RWA looping vault the same way they approve conventional term financing. This is the same bedrock foundation that formed and grew traditional credit markets to $51 trillion in US <a href="https://www.sifma.org/research/statistics/research-quarterly-fixed-income-outstanding" target="_blank" rel="noopener noreferrer">>fixed income</a> versus $1.6 trillion in <a href="https://www.lsta.org/content/morningstar-lsta-leveraged-loan-index-analysis-december-2025/" target="_blank" rel="noopener noreferrer">
South Korean stocks plunged 3.5% to their lowest close in six months, with chip stocks leading the decline.
South Korean stocks tumbled more than 3% on Thursday to close at a fresh over six-month low, as chipmakers slumped on profit-taking amid continued doubts over the global artificial intelligence investment boom. The KOSPI index closed down 201.89 points, or 3.52%, at 5,533.77, its lowest close since April 7. On Wednesday, the index had risen 3.3%, its biggest one-day gain in six weeks, buoyed by a rebound in chip stocks. "Semiconductor shares fell on profit-taking after rebounding in the previous session, while earnings from Meta and Tesla failed to provide a significant boost the way SpaceX and Super Micro Computer (SMCI.O) did," said Lee Kyoung-min, an analyst at Daishin Securities.
Bitcoin has a new advantage over gold.
Jesse Eckel, an analyst, stated that Bitcoin may have a significant advantage over gold, especially as scientists gradually achieve artificial synthesis of gold. In his tweet on October 21, he pointed out that technological breakthroughs could weaken the scarcity of gold, while Bitcoin's supply remains mathematically limited. Eckel believes that laboratory-synthesized gold will become a reality and be low-cost, but there will never be laboratory-synthesized Bitcoin. This comment was made in response to a statement by San Francisco startup Marathon Fusion, which claimed to have successfully converted mercury into real gold and demonstrated efficient alchemy. Marathon Fusion also developed a powerful plasma centrifuge, surpassing a forty-year-old Soviet-era record. Although its gold production ambitions have attracted attention, its experimental claims have not proven that artificial gold can be produced cheaply or on an industrial scale. Eckel's argument touches the core of Bitcoin's long-term investment appeal: predictable scarcity. Unlike gold, whose total supply can increase through mining discoveries and technological advances, Bitcoin has a maximum supply of approximately 21 million coins, with issuance following a predetermined schedule and mining rewards halving every four years.
Jensen Huang: AI provides funding support for the future of energy.
According to CoinWorld news, NVIDIA CEO Jensen Huang stated that artificial intelligence is helping to fund the future of energy.
HUMAIN: The two parties plan to collaborate on deploying up to 84 megawatts of AI computing infrastructure.
According to CoinWorld news, HUMAIN stated that the two parties plan to collaborate on deploying up to 84 megawatts of AI computing infrastructure, roughly equivalent to 27,000 NVIDIA GPUs. Deployment of NVIDIA Blackwell Ultra chips will begin in the fourth quarter of 2026, with plans to deploy NVIDIA Vera Rubin series chips in 2027.
AI commercialization faces a reality check: 1% of customers account for nearly half of Anthropic's revenue, token usage grows but spending stalls.
According to news from Bijie, AI commercialization is facing a real-world test: 1% of customers contribute nearly half of Anthropic's revenue. Data tracked by Ramp shows that about 80% of Anthropic's and OpenAI's enterprise revenue comes from top customers that account for only 1% of the total customer base, indicating a clear trend of customer concentration. In August and September, enterprise token spending showed almost zero growth for two consecutive months. Although it hit a record high in early October, it was only 1.5% higher than the August peak. Falling prices are an important reason for the stagnation in spending growth. Anthropic's actual token price index has dropped from above $1.70 in mid-September to $0.83, a decline of more than 50%. At the same time, growth in enterprise AI paid adoption has slowed. In September, the enterprise AI paid adoption rate rose by only 0.62 percentage points to 55.9%. Goldman Sachs warns that the growth rate of token demand must exceed the rate of price decline in order to support sustained computing power investment.
Philippine central bank governor: We remain open to further rate hikes.
CoinWorld news, Philippine central bank governor: We remain open to further rate hikes.
Aramco CEO: Demand is expected to increase to 3 million barrels per day after the crisis.
Aramco's CEO said he expects global oil demand to grow to 3 million barrels per day after the crisis ends, according to Bihang News.
Infineon, STMicroelectronics, Aixtron, Siltronic, ASML, BESI, ASM and Siltronic shares fell 2.4% to 5%, Cailian Press reported on October 22.
According to CoinWorld news, Caixin reported on October 22: Infineon, STMicroelectronics, Aixtron, Siltronic, ASML, BESI, ASM, and Soitec shares fell by 2.4% to 5%.
Aramco CEO: Current oil inventories are below the required level.
Saudi Aramco's CEO stated that current oil inventories are below the required level. This statement could have an impact on the global energy market.