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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
The United States has ordered the departure of non-emergency government employees and their family members from Saudi Arabia.
According to a report by CNBC, as Houthi attacks on Saudi Arabia escalate, the United States has ordered the evacuation of non-emergency government employees and their family members from Saudi Arabia. This move comes after the U.S. and Israeli militaries formulated specific strike plans against Iran, which are scheduled to be implemented after next month's midterm elections.
iFlytek's Liu Qingfeng: Solving the contradiction between large model security and cost-effectiveness through device-cloud integration
According to a CoinWorld report, Liu Qingfeng, Chairman of iFlytek, stated at the 2026 iFlytek Global 1024 Developer Festival that iFlytek's newly released device-cloud integrated iFlytek Spark x2.6 large model is designed to resolve the contradiction between the security and cost-effectiveness of large models. He noted that an estimated 60% of applications will be completed locally, with data remaining on-device and no inference costs; 30% of applications will be completed through cloud-device collaboration; and the remaining 10% will require separate training of cloud-based large models. He emphasized that the solution should be carried out on a fully self-controllable full-stack platform.
DeepSeek's first search test scores 69 points: factual Q&A close to first place, complex retrieval third from last
According to CoinWorld news, DeepSeek Search received a composite score of 69 in testing by the independent evaluation agency Artificial Analysis, ranking 17th and approaching the top-ranked factual question-answering capability. The evaluation included 27 search products, with Exa and Perplexity topping the list, both scoring 80. DeepSeek charges only $0.75 per 1,000 successful searches, making it the cheapest among all paid search APIs tested. After integrating DeepSeek, the composite score rose from 33 when not connected to the internet to 69. It performed relatively well in directly looking up facts, with an accuracy rate of 70%, but in complex retrieval it scored only 63%, ranking third from the bottom. Each search returns an average of about 7,000 tokens; although the information is rich, this increases the model's processing cost. Completing one evaluation task costs an average of about $0.032, of which the search fee is $0.0085, and model invocation costs account for about 73% of the total cost.
mgbx将上线mstuusdt、rdwusdt永续合约
According to CoinWorld news, mgbx will officially launch mstuusdt and rdwusdt perpetual contract trading pairs at 18:00 SGT on October 22, 2026, to meet the needs of a wide range of traders.
According to reports, the Bank of Japan may announce that the inflation rate has reached the target level of 2%.
According to a report by Caixin, citing a report on October 22, the Bank of Japan may announce that the inflation rate has reached the target level of 2%.
The Bank of Japan is expected to pause consecutive rate hikes at its October meeting.
According to Nikkei News, the Bank of Japan plans to keep its policy interest rate unchanged at 1.25% at its monetary policy meeting scheduled for October 29-30. Having decided to raise interest rates at its previous meeting in September, the BOJ will now observe the effects of that hike. The BOJ is likely to say that underlying inflation, after excluding temporary fluctuations, has effectively reached the 2% target. Going forward, the BOJ will focus its policy on preventing inflation from rising further above 2% and keeping it stable, while looking for an appropriate时机 to raise interest rates further. The nine policy board members are expected to vote by majority to keep the policy rate unchanged.
NVIDIA CEO Jensen Huang calls for more granular governance of AI agents
According to CoinWorld news, NVIDIA CEO Jensen Huang called for more refined regulation of AI agents.
Cailianshe, October 22 — Tesla and Nvidia will invest $2.8 billion in Samsung's machinery plant.
According to a CoinWorld report, Caixin reported on October 22 that Tesla and Nvidia will invest $2.8 billion in a Samsung machinery factory.