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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">
Over $210 million in long positions were liquidated in the crypto market within 12 hours.
According to data from Bijie.com, over $210 million in long positions were liquidated in the crypto market in the past 12 hours, with BTC and ETH prices falling to approximately $81,000 and $2,300, respectively.
Espresso completes its mainnet upgrade, reaching a throughput of 1 million transactions per second.
Blockchain news outlet BiJie reports that Espresso, a blockchain base layer, has completed a mainnet upgrade. Benchmark tests show that its throughput has reached 1 million transactions per second, with an average transaction finality time of under 1 second.
India's silver imports are expected to rebound, with a quota of up to 6,000 tons.
CoinWorld data: As import restrictions are relaxed, India's silver imports are expected to rebound before the peak jewelry-buying season arrives. The government has issued a large number of new licenses, easing measures that had previously hindered exports to one of the world's largest markets. This week, traders and bank dealers obtained quotas for up to 6,000 tons of silver, with the relevant licenses valid for six months. Harshal Barot, chief consultant at precious metals consultancy Metals Focus, said the new licenses should easily meet any surge in demand, so the market's tightness is no longer pronounced, and premiums are expected to fall sharply ahead of Diwali.
Bybit launched PG, LMT, and MXL stock perpetual contracts today.
According to CoinWorld news, Bybit today added three new stock perpetual contracts: Procter & Gamble (PG/USDT), Lockheed Martin (LMT/USDT), and MaxLinear (MXL/USDT), with leverage of up to 20x. At the same time, a limited-time trading fee promotion is being offered: 0% fees for limit orders and 50% off for market orders.
Coindcx denies new round of hack allegations as Zachxbt questions wallet activity
CoinDesk news: Indian cryptocurrency exchange Coindcx has denied new security breach allegations involving nearly $16 million in cryptocurrency transfers, despite blockchain investigator Zachxbt questioning the company's explanation. In an October 22 statement, Coindcx said the circulating allegations were misleading because the transactions in question involved wallet addresses created in January 2025 that were compromised in a security incident in July 2025. The exchange insisted that customer funds are safe and that the addresses mentioned in the latest allegations are no longer part of its active wallet infrastructure. However, Zachxbt questioned this explanation, claiming that at least one address was still processing deposits and interacting with Coindcx's current hot wallets after the previous breach. Zachxbt also noted that the suspicious transactions that occurred on October 21 involved approximately 15.99 million USDT and 5,783.81 TRX.
A whale was liquidated for 121.33 BTC, incurring a loss of 9.91 million USD.
According to data from Bijie.com, a whale was liquidated for 121.33 BTC during the market downturn, with losses of approximately $9.91 million.
Gate Live will host a special AMA tonight, focusing on BTC's rebound, the Meme surge, and institutional moves by BlackRock and others.
According to CoinWorld news, Gate Live will host a themed AMA on October 22 at 20:00 (UTC+8), focusing on the BTC rebound, the surge in Meme coins, and institutional capital flows. The livestream will feature multiple guests, with discussions centered on whether BTC's current rebound can be sustained, whether the Meme coin rally still has room to continue, and how the moves of institutions such as BlackRock will affect market expectations.
Baseten overhauled Qwen in a week: the 27B decision model takes the top spot, and the 9B surpasses Jev
Baseten's research team Base Labs has released two open-source decision models, Mammoth-1 and Elephant-1, with 27 billion and 9 billion parameters respectively. The team completed post-training based on Qwen3.5-27B and Qwen3.5-9B in just one week, using 6.21 million training samples. On the Jev Decision Index 0.4 leaderboard, Mammoth-1 ranks first with a score of 71.24, leading 207 other decision models. Elephant-1, with a score of 62.65, surpasses Jev 1.14's 62.2 and becomes the highest-scoring 9B model on the leaderboard. The weights of both models have been released under the MIT license and support self-deployment.
Tesla's robotaxi safety report released: 4.99 million kilometers driven with no injuries
Tesla's first safety report for its robotaxi service was released on October 22. As of October 18, 2026, the fleet had accumulated 4.99 million kilometers of driving, during which there were no injuries, no airbag deployments, and no pedestrians or cyclists struck. Tesla stated that, based on estimates from local police accident data, human driving over the same mileage would be expected to result in about 9 injury-causing accidents and 4 airbag deployments. Tesla's robotaxi service currently operates in 7 cities across Texas, Florida, and California in the United States, and will expand in the future to Las Vegas, Nevada; Jacksonville, Florida; Phoenix, Arizona; and San Antonio, Texas. The Tesla Cybercab has joined Tesla's robotaxi operating fleet in Austin, with service hours running from 6 a.m. to midnight.