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More →Crypto Long & Short: Why real-world assets need fixed-rate loans onchain
You're reading <a href="/ja/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="/ja/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 norefe
The long-short ratio of large ETH accounts is 1.6889.
CoinWorld data: The latest 4-hour snapshot for ETHUSDT shows that among the top 20% of accounts by margin balance, the long/short account ratio is 1.6889, with net long accounts outnumbering net short accounts among large holders. Compared with the same-metric snapshot 24 hours earlier, it is down 0.4013; compared with the same-metric snapshot 7 days earlier, it is down 0.8459.
Blockchain markets drive 200% growth in trading volume of tokenized stock products.
According to Blockworks, the number of tokenized stock products has surpassed 360, growing 200% this year. Currently, about 60% of trading volume occurs outside regular market hours, and this surge reflects growing investor demand for stock exposure beyond Wall Street's opening hours, with blockchain markets extending trading into nights and weekends.
Wang Xingxing of Unitree Robotics: At present, physical AI is already showing signs of being broken through.
According to a CoinWorld report, Wang Xingxing, founder of Unitree Robotics, said at the 2026 World Physical AI Conference that the world still does not place enough emphasis on AI, and that with the release of GPT-6, physical AI has begun to show signs of being breached. He believes that within the next 1-2 years, or 2-3 years, embodied intelligence will face the core challenge of aligning AI model inputs and outputs with real robots, and that commercial services will be deployed faster than in the home and industrial sectors.
Unitree Technology's Wang Xingxing: Aligning AI model inputs and outputs with real robots is the core challenge.
According to a CoinWorld report, Wang Xingxing, chairman of Unitree Robotics, stated at the 2026 World Physical AI Conference that aligning the inputs and outputs of AI models with real robots is the core challenge for embodied intelligence to pass the ChatGPT moment. He pointed out that top large-model companies have basically achieved self-evolution of models internally, where models can write programs and collect data on their own, with humans only needing to provide appropriate guidance and participation. However, it will take 5 to 10 years from technological breakthrough to widespread adoption. Wang Xingxing also mentioned that physical AI has now shown signs of being broken through.
Microsoft CEO Nadella's total compensation for fiscal year 2026 was $90.6 million, a decrease of 6.11% from last year.
BiJie Network News, according to ITHome, Microsoft CEO Satya Nadella's total compensation for fiscal year 2026 was $90.6 million, a decrease of 6.11% from $96.5 million in fiscal year 2025. Although Microsoft's cloud computing and most of its AI businesses met expected targets, a decline in revenue from the Xbox gaming business affected Nadella's performance bonus. Nadella's base salary remained at $2.5 million per year, with the remainder of his income coming mainly from stock options and performance bonuses.
Kyiv mayor: Russian overnight attack on Ukraine's Kyiv injures 15 people
Kyiv mayor: Russian overnight attack on Kyiv, Ukraine, injures 15 people.
South Korean Deputy Prime Minister Lee Hyung-il: Decision on cryptocurrency taxation will be made after gathering opinions from the industry and the National Assembly.
According to CoinWorld news, South Korean Deputy Prime Minister and Minister of Economy and Finance Lee Hyung-il stated during a parliamentary audit that the government will gather opinions from the industry and the National Assembly and make a judgment on cryptocurrency taxation after careful consideration. The National Tax Service of South Korea pointed out that data on overseas and decentralized transactions is difficult to fully grasp. Regarding the cryptocurrency taxation originally scheduled to be implemented next year, the South Korean government convened the heads of the five major cryptocurrency exchanges on the 20th to hear opinions on postponing the tax.
BTC large holder account long-short ratio is 1.1035
CoinWorld data: The latest 4-hour snapshot for BTCUSDT shows that among the top 20% of accounts by margin balance, the long-short account ratio is 1.1035, with more net long accounts among large holders. Compared with the same-metric snapshot 24 hours ago, it is down 0.4798; compared with the same-metric snapshot 7 days ago, it is down 0.7643.
Jensen Huang's GTC keynote interrupted by environmental group: How Nvidia chips ended up in Russian military drones
At the Berlin GTC conference, Jensen Huang was presenting the new generation AI computing platform when, about 20 minutes into his speech, protesters from the international environmental organization Greenpeace suddenly stood on chairs and questioned him about why Nvidia chips appeared in Russian military drones, demanding that Nvidia clean up environmental issues in its supply chain. The protesters also projected "Nvidia, clean up your dirty business" onto the stage screen. Huang said these issues are important but hoped to finish his speech first. Greenpeace pointed out that Nvidia's indirect supply chain carbon emissions have grown 725% since 2020. The organization demands that Nvidia expand its renewable energy targets to its entire manufacturing supply chain by 2030 and conduct independent audits of its global distributors.