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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">
Ken Griffin Says AI Is 'Almost Certainly' in a Bubble—And Compares GPUs to Airline Seats
Ken Griffin, founder of the Wall Street giant Citadel, <a href="https://www.marketwatch.com/story/ai-stocks-are-probably-in-a-bubble-but-might-be-worth-holding-onto-says-citadels-ken-griffin-87f535ce" target="_blank" class="sc-adb616fe-0 dJryYS" rel="nofollow">said</a> Tuesday that investors are “almost certainly” in an AI bubble—though he isn’t telling them to dump their AI stocks. “What’s left in the wake of these bubbles, if we want to use that word, is often game changing for the world. And the companies that are on the other side of that bubble are the market leaders for decades to come,” Griffin said at Citadel’s Future of Global Markets Conference in New York on Oct. 20 This reaches beyond tech investors, since the AI buildout has <a href="https://decrypt.co/359175/nvidia-earnings-steady-markets-ai-spending-debate-intensifies" target="_blank" class="sc-adb616fe-0 dJryYS" rel="nofollow">underpinned equity markets</a> over the past year, so many index funds and retirement accounts hold a slice of it. A bubble is what happens when prices climb far faster than the businesses behind them can justify, until reality catches up. Citadel is a hedge fund, a private firm that invests money for wealthy clients and institutions. But the fact that it seems like a bubble isn’t <i>that</i> big a deal if you look at the big picture, according to Griffin. “Any radical transformation of our economy is generally intertwined with a bubble,” he said, recalling the internet boom and adding that he wishes he had kept his Amazon stock. The companies that emerge on the other side of a bubble tend to lead markets for decades, he argued, though he stopped short of predicting a collapse. His own firm is a case study: Griffin said AI agents, software that carries out multistep tasks on its own, cut some high-level Citadel research from weeks to a couple of hours. Griffin compared GPUs, the graphics chips that many companies use to train and run AI models, to airline seats. Both have a very low marginal cost to run, meaning the extra expense of serving one more customer is tiny, so prices can collapse once supply outstrips demand. He pointed to the telecom boom around 2000, when companies laid more fiber-optic cable than demand required and communication prices fell. He also doubted that chips five or six years old, which still earn rental rates he called extraordinary, will keep doing so for another five or six years. Buyers are getting pickier, Griffin said, sorting which jobs justify premium models from OpenAI and Anthropic and which can run on cheaper open-source alternatives, meaning models anyone can download and run on their own computers. Corporate America has been uneven at extracting value from AI, he added, with companies studying their bills from the labs and asking where the productivity is. Gartner forecasts worldwide<a href="https://www.gartner.com/en/newsroom/press-releases/2025-09-17-gartner-says-worldwide-ai-spending-will-total-1-point-5-trilli
中国DeepSeek融资约150亿美元，挑战Anthropic和OpenAI
CoinWorld news, according to Bloomberg, China's DeepSeek has raised about $15 billion in one of the largest funding rounds in the country's history, aiming to compete with Anthropic and OpenAI.
Hong Kong's Hang Seng Tech Index fell more than 4%, and Zhipu dropped over 9%.
According to CoinWorld news, the Hong Kong stock market continued to decline, with the Hang Seng Index falling 2.7% intraday and losing the 23,000-point mark, while the Hang Seng Tech Index dropped 4.38%. The artificial intelligence sector saw notable declines, with Iluvatar CoreX (09903.HK) and Zhipu (02513.HK) both falling more than 9%.
Governor of the Bank of Korea: The timing of further rate hikes will depend on the assessment of upcoming data.
Bank of Korea governor: The timing of further rate hikes will depend on the assessment of upcoming data.
Goldman Sachs cuts Hua Hong Semiconductor's target price by 14%, maintains "Buy" rating.
Goldman Sachs released a report downgrading the target price of Hua Hong Semiconductor (01347.HK) by 14%, from HK$335 to HK$289, while maintaining a "Buy" rating. The bank said that to reflect the integration of its subsidiary Huali Microelectronics, it has cut net profit for fiscal years 2026 to 2027 by 5% and 2%, and raised it by 3% for 2028. It expects investment in the generative AI sector and customer strategy to drive strong market demand for embedded and standalone non-volatile memory and power management integrated circuits. Although increased depreciation and initial integration costs will pressure short-term profitability, the continuous expansion of 12-inch manufacturing capacity is expected to bring economies of scale and enhance operating leverage in the long term.
Bloomberg: DeepSeek completes second round of 10 billion yuan financing, with Tencent and CATL contributing the most
According to a report by BNN Bloomberg, DeepSeek has completed a second round of funding worth 100 billion yuan, with Tencent and CATL among the largest investors. The round was initially planned to raise 50 billion yuan, with the target raised twice afterward. Despite the doubling of the funding size, the pre-money valuation remains at approximately 500 billion yuan. At the end of June this year, DeepSeek had just completed a first round of funding of about 51 billion yuan, with founder Liang Wenfeng personally contributing about 20 billion yuan. Based on the scale reported for this round, the two rounds combined total approximately 150 billion yuan. In this round, the proposed contributions from new and existing shareholders each account for about half. CATL added about 10 billion yuan, and Tencent also continued to contribute about 10 billion yuan. New investors include Shixi Capital, SMIC Juyuan, CPE Yuanfeng, Legend Capital, and Geely, among others. DeepSeek is also preparing for an IPO on the STAR Market, planning to submit its listing application as early as the end of this year and aiming to list in 2027.
Seven new wallets received 2,217 BTC from Wintermute within two days.
CoinWorld data: Seven new wallets have cumulatively received 2,217 BTC from Wintermute over the past two days, with a total value of approximately $184 million.
Nasdaq-listed stocks with unchanged prices reported 241.
CoinWorld US stock data: Nasdaq securities unchanged on the day totaled 241. Compared with the same-caliber snapshot 24 hours earlier, this is up 11.06%; compared with the same-caliber snapshot 7 days earlier, it is down 13.62%.
JPYC signs memorandum of understanding with SBJ Bank and LINE NEXT on yen stablecoin partnership
Coin World News reports, according to an official announcement from JPYC, the Japanese yen stablecoin issuer JPYC has signed a memorandum of cooperation with SBJ Bank, a Japanese bank under South Korea's Shinhan Bank, and LINE NEXT, planning to carry out a proof of concept (POC) for direct top-ups of yen stablecoins from bank accounts to digital wallets. Under the agreement, SBJ Bank will be responsible for providing bank accounts and payment infrastructure, LINE NEXT will provide Web3 technologies such as its Unifi wallet and Unifi Pay, and JPYC will provide issuance and redemption support for the yen stablecoin. JPYC is a regulated Japanese yen stablecoin issuer in Japan, and its token is pegged 1:1 to the Japanese yen, backed by bank deposits and Japanese government bonds.