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Bitcoin could outperform both US stocks and gold over the next decade, according to a striking new projection from JPMorgan Asset Management.
The Wall Street giant estimates that Bitcoin (BTC) could deliver annual returns of 10% in its base-case scenario, comfortably ahead of the 7.5% expected from US large-cap stocks and 5.5% from gold.
At that rate, a $10,000 Bitcoin investment would grow to nearly $26,000 over ten years, assuming the projected returns compound annually.
Yet JPMorgan considers a decade-long Bitcoin forecast premature and continues to exclude BTC from its core risk models.
JPMorgan’s 10-Year Bitcoin Price Forecast
The figures appear in the 2027 edition of JPMorgan Asset Management’s Long-Term Capital Market Assumptions (LTCMA). The annual report has never before put a range on Bitcoin returns.
The base case starts from a spot price of $83,000 as of September 30. The bull case reaches 16.6% a year. Its range also includes a bear case of -11.2% a year.
BeInCrypto calculations show what those rates imply for Bitcoin’s price by 2036, compounded from $83,000.
The base case of 10% a year points to about $215,000.
The bull case of 16.6% a year points to about $386,000.
The bear case of -11.2% a year points to about $25,000.
“BTC mostly trades like a high beta risk asset that tracks global money supply growth, but it is sometimes treated as digital gold. Unstable correlations with other assets present a modeling hurdle. A further challenge is forecasting an asset whose fundamentals are not cash flows and whose economics may be as much about adoption, regulation and liquidity as technology,” the analysts wrote.
JPMorgan cites those correlations and very high volatility for keeping BTC in a separate illustrative table. That table puts BTC’s historical volatility at 55%, roughly 3 times the figures for stocks and gold.
JPMorgan’s Standalone Bitcoin Table Against Stocks and Gold. Source: JPMorgan Asset Management
Even so, the report cites JPMorgan Private Bank’s 2026 Global Family Office Report, where around a tenth of surveyed clients said they held crypto assets.
Separately, 17% of respondents planned to prioritize crypto and other digital assets.
Part of the Bitcoin Math Runs Through Gold Portfolios
The largest framework, weighted at 65%, compares Bitcoin’s supply growth with the US dollar and global money supply. It projects 10.7% a year in its base case.
A second framework, weighted at 30%, treats Bitcoin as a complement to gold. Its base case has investors rotating some gold exposure into BTC, also for 10.7%.
Its bull case assumes Bitcoin enters a central bank’s reserves. That scenario projects 17.3% a year, the highest figure in the table. Network adoption, the third framework at 5% weight, projects -3.2% in its base case.
Meanwhile, JPMorgan kept gold at 5.5% and still calls the metal a key hedge. It also notes that reserve managers are building positions in gold and other hard assets. China’s central bank, for instance, added more gold in September than in any month since 2023.
JPMorgan measures only a 0.10 correlation between the 2 assets. For gold holders, the rotation case implies some money moving to BTC over the decade.
Bitwise Chief Investment Officer Matt Hougan reacted to the inclusion on X.
First they ignore you, then they laugh at you, then they fight at you, then they add you to their Long-Term Capital Markets Assumptions paper and predict you'll be the best-performing asset of the next decade. pic.twitter.com/TuOuH51l3c
— Matt Hougan (@Matt_Hougan) October 20, 2026
His claim holds within the public market table. However, small-cap private equity at 10.6% and US value-added real estate at 10.2% rank above BTC.
JPMorgan says Bitcoin’s portfolio role could grow if volatility falls and correlations stabilize. Until then, it advises stress-testing any BTC allocation against both bull and bear cases.
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TRON founder Justin Sun has become more bearish on Bitcoin, citing AI and quantum computing risks. He says investors holding Bitcoin through ETFs have not fully priced in these threats.
The debate centers on whether Bitcoin’s cryptography can withstand faster-moving quantum research and advancing AI methods.
Why Bitcoin’s Cryptography Faces New Pressure
In an interview with William Joy, Justin Sun raised a striking point.
He argued that advances in AI mathematics could let classical computers break existing cryptography before a full quantum breakthrough arrives.
“If you ask about my personal view, I am currently slightly more bearish. The reason is straightforward: the algorithm evolution of AI and the issue of QD (quantum computing). I believe it will be difficult for BTC to walk away unscathed from this,” Sun said.
No current machine is close to that capability, but research timelines have shortened. In March 2026, Google Quantum AI estimated fewer than 500,000 physical qubits could break Bitcoin’s cryptography. That is roughly a 20-fold reduction from earlier figures.
Google has since reported further progress. On October 15, researchers demonstrated magic state cultivation on its Willow chip, cutting errors about 40-fold. The work, published in Science, reached 99.99% fidelity.
While Willow has only 105 qubits, the result could help shrink the machines needed for cryptographic attacks. The milestone matters because it addresses a major bottleneck in quantum computing.
Could Quantum Progress Break Bitcoin’s Security?
A large share of Bitcoin is exposed. Glassnode’s co-founder indicates that 6.04 million BTC, roughly 31.2% of the mined supply, sit in addresses with publicly visible keys.
Some analyses put the figure as high as 6.9 million BTC. Those visible keys are what make these coins vulnerable in theory.
“Once QD or AI decryption arrives, these dormant assets will be breached, and in the worst case, the market could see massive selling pressure of more than 2 million BTC. Given BTC’s extremely high degree of decentralization, it is extremely difficult for the community and miners to reach consensus to freeze, confiscate, or restrict circulation through a hard fork,” Sun noted.
Nearly 31.2% of Bitcoin’s Supply Sits in Exposed Addresses. Source: X/@n3ocortex
Coinbase, which custodies a large share of the supply, published technical considerations on October 13. It urged the community to start preparing well before any cryptographically relevant quantum computer arrives.
Consensus changes and ecosystem migrations can take years. Options such as flexible output types and staged hybrid protection matter now.
Sun’s latest remarks add to institutional and developer debates about whether markets are discounting long-term cryptographic risks. Bitcoin, meanwhile, still trades mainly on other factors.
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French lawmakers have voted to tax crypto investors who move their profits into stablecoins, just as protests over living costs have erupted into some of the country’s worst riots in years.
On October 16, France’s National Assembly approved an amendment by 38 votes to 37, with 25 abstentions.
It would make certain crypto-to-stablecoin conversions taxable from January 1, 2027, if the budget becomes law.
France’s Tax Debate Meets Anger on the Streets
Over the past week, hundreds of thousands marched across France. What began with students demanding more teachers and better school conditions has widened into anger over wages, public services, and household bills.
Some demonstrations turned violent, with fires and looting across several cities. More than 2,500 people were taken into custody following the unrest, Reuters reported.
Both developments expose France’s growing budget dilemma.
BREAKING:Macron blames the protests in France on high fuel prices caused by the US-Iran War pic.twitter.com/GuVuAuHV2s
— Visegrád 24 (@visegrad24) October 18, 2026
The government wants to reduce its deficit from 5.4% of GDP this year to 5% in 2027, while protesters are demanding greater public spending.
Left-wing lawmaker Nicolas Sansu, who introduced the crypto amendment, argued that investors should not avoid immediate taxation simply by converting Bitcoin into dollar-backed tokens instead of euros.
The proposal reflects the wider debate over tax fairness. However, protesters have not specifically demanded a stablecoin tax, and the measure offers no direct relief for living costs.
The government opposed it, warning that tracking these transactions could prove complicated.
BREAKING: 🇫🇷 France has proposed a 31.4% tax on swapping crypto into stablecoins, even when nothing is cashed out.For example, an investor buys $10,000 of Bitcoin and it rises to $20,000.If they swap it into a stablecoin, they owe $3,140 in tax, even though they never cashed… pic.twitter.com/ceMEhj2Noy
— Bull Theory (@BullTheoryio) October 14, 2026
Who Will Pay France’s New Crypto Tax?
France already taxes private crypto profits at a standard 31.4% rate.
Currently, most crypto-to-crypto exchanges defer taxation. The amendment would end that deferral for conversions into qualifying fiat-backed stablecoins.
Here’s how it could work. Buy Bitcoin for €10,000. It rises to €20,000. Swapping it into a qualifying stablecoin could trigger €3,140 in tax on the €10,000 profit, without withdrawing euros.
Who pays? French tax-resident individuals investing privately. Professional traders follow different rules.
What’s exempt? Simply holding stablecoins does not trigger the proposed tax. Ordinary crypto-to-crypto swaps generally retain their deferral.
The proposal still faces further parliamentary scrutiny before becoming law.

Brent crude, the global oil price benchmark, hit $110.70 a barrel on Monday, its highest level since May 20. Fresh attacks on Gulf shipping drove the move, and households are paying for it.
Yet the barrels are returning. Gulf oil flows have recovered to about 80% of prewar levels, according to US Energy Secretary Chris Wright.
Why Is the Oil Price Rising if More Barrels Are Flowing?
Six forces are keeping crude near its highest level since May.
Hormuz disruption. Iran vowed to control the strait, extending Iran’s push before midterms. Kpler counted 18 reported ship attacks in two weeks.
Attacks on Saudi Arabia. A confirmed Oct. 14 strike hit Aramco’s headquarters, and the Houthis claim more.
Russian refinery damage. A Ukrainian strike knocked out a crude unit at the Ryazan refinery.
Thin inventories. Onshore stocks sit at their lowest since at least 2016, according to the International Energy Agency (IEA).
Diesel crunch. Diesel topped $200 a barrel in September, nearly double the price of crude.
OPEC+ on hold. The producer group kept its November output targets unchanged.
Infographic of six reasons the oil price is rising / Source: BeInCrypto
Dutch bank ING says traders are paying up for that risk:
“Oil prices remain well-supported … This suggests the market is pricing in a significant risk premium, given the situation’s volatility.”
Who Pays for $110 Oil, and Who Gets Paid?
Drivers feel it first. US regular gasoline averages $4.33 a gallon, over $1 above a year earlier, AAA data shows.
That cost then spreads into overall prices. US consumer inflation reached 3.7% in September, the Bureau of Labor Statistics (BLS) said.
Energy alone rose 20.4% year over year. As a result, traders now expect another rate hike in December.
Energy investors sit on the other side of that bill. The S&P 500 energy sector gained 51% this year through Oct. 14, Opening Bell Daily data shows.
The broad index rose about 13% over the same period.
Can Brent Hold Above $100 if the War Premium Fades?
Technically, Brent has respected a rising trendline since early July and printed a fresh higher high.
It also cleared the 0.786 Fibonacci level at $108.94. The Relative Strength Index (RSI), a momentum gauge, reads 66, below overbought.
In a correction, the 0.618 Fibonacci level near $100.64 and the trendline form first support.
UKOIL daily chart / Source: Tradingview
However, Goldman Sachs estimates about $25 of Brent’s price is war premium and forecasts $90 by December.
June Goh, senior oil market analyst at Sparta Commodities, sees Brent rangebound around $100:
“The markets seem unwilling to absorb the higher prices with the rest of the economy not looking rosy.”
With US midterms next month, pump prices have become a political test as much as an economic one.

Copper is testing its April support trendline, even as global copper mine supply fell 1.1% in the first half of 2026.
The metal is up more than 15% this year. Yet the shortage sits in ore, not in finished metal, which complicates the bullish case.
Why Can’t Copper Mine Supply Keep Up With Demand?
Outages at Grasberg in Indonesia and Kamoa-Kakula in Congo erased about 600,000 tonnes of expected 2026 output, per Sprott. That equals roughly 2.5% of global mine supply.
Morgan Stanley now sees mine supply flat or slightly lower this year, according to its revised outlook. That would mark the first annual decline since 2017.
New supply is slow to arrive. Bringing a discovery into production takes 17 years on average, an S&P Global study found.
The squeeze already shows in ore pricing. Antofagasta sold Centinela ore at a treatment charge of minus $310 per tonne, local reports show. In effect, the miner paid the buyer.
Refined metal, however, is not scarce yet. International Copper Study Group (ICSG) data show a 131,000-tonne refined surplus in the first half, as smelters lean on scrap.
Who Pays When Copper Gets Scarce?
Artificial intelligence (AI) data centers are among the most exposed buyers. A 1-gigawatt AI campus can need up to 50,000 tonnes of copper, Industrial Info Resources estimates.
Cost is a minor issue, since copper is under 0.5% of a data center’s budget. Delays in transformers and cables pose the bigger risk.
The long-term gap looks wider. S&P Global projects 2040 demand at 42 million tonnes, leaving supply roughly 10 million tonnes short.
Meanwhile, Comex warehouse stocks hit a record near 700,000 tonnes in September. Traders are front-running a proposed 15% tariff on refined imports from 2027.
Can Copper Hold Its April Trendline?
Copper is now testing its ascending support line for the fifth time. The line held on four earlier tests in June, July, September, and early October.
Price also sits just below a horizontal resistance zone near $6.70 per pound, which has capped rallies since May.
A confirmed breakout above that zone could open a move toward $6.95, its September record high.
XCU daily chart / Source: Tradingview
However, highs have been falling since that record, squeezing price into the trendline. If support breaks, the 0.382 Fibonacci retracement near $6.31 may act as the next floor.
The Relative Strength Index (RSI) hovers near 50, a neutral reading that favors neither bulls nor bears.
Is Copper Leaving Bitcoin Behind?
In August, copper’s record close arrived alongside gains in gold and Bitcoin (BTC) during the debasement trade rally.
The two have since split. Copper is up about 33% year-over-year, while Bitcoin’s spot price sits near $81,700, roughly 25% lower.
They also compete for the same hardware. As miners pivot toward AI, they join data centers in the queue for copper-heavy transformers and cabling.
For now, copper’s premium rests on mines rather than money printing. A break below the April trendline would test whether investors still treat it as a hard-asset hedge.

A trader who loses money might close the app. Zoomex has offered some customers a reason to return: credit towards more trading.
Loss compensation is one of the ways Fernando Aranda, Marketing Director at Zoomex, says exchanges can keep customers. Speaking to BeInCrypto at TOKEN2049, he described a business under pressure to give people reasons to stay.
“In this market, most of the big platforms started offering it because they saw users weren’t being retained. They were moving to brokers or platforms outside Web3,” he said of exchanges expanding into traditional markets.
Recent figures show why customer activity deserves attention. Crypto’s total market value rose 39.6% in the third quarter of 2026, while spot trading volume across the top 10 centralised exchanges fell 14.2%, according to CoinGecko.
Higher prices did not bring a matching increase in trading.
Following the Traders Who Leave
Aranda says experienced traders will look elsewhere when crypto fails to offer the opportunities they want.
“When we go through a bear market, traders look for something with more volatility, something that moves faster, and they typically shift to traditional markets.”
That gives exchanges a reason to offer new products before customers take their money elsewhere.
Zoomex’s response includes contracts tied to traditional assets and access outside conventional market hours. Prediction markets offer another route into the platform. Aranda says its World Cup launch attracted people with little previous interest in crypto.
“What I believe is that this kind of product launch brings in new users who aren’t primarily focused on Web3 — they come from Web2.”
Keeping those newcomers requires a product they can understand.
“If you make it too complex, the user gets lost.”
Spot Crypto Trading Volume Dropped After February 2026, Even as Prices Recovered. Source: CoinGecko Can a Trading Competition Teach Restraint?
Once someone joins, a community can give them a reason to return. Aranda argues that Zoomex’s team competitions help people learn from experienced captains.
“The captains we have usually come with organic communities, because they want to teach.”
He describes leaders explaining how to open positions and set orders intended to limit losses. That can make a complicated product easier to understand.
The competition also rewards activity. Zoomex’s 2026 championship advertises a conditional prize pool of up to 5 million USDT. Some rankings depend on trading volume.
Eligible captains may receive 20% of their team’s rewards, giving them a financial incentive alongside their teaching role.
That raises a practical question: what happens when a trader’s sensible choice is to sit out?
The UK’s Financial Conduct Authority explored related incentives in a 2024 experiment involving more than 9,000 consumers. It found that push notifications and prize draws could increase trading frequency and risk-taking. The study did not assess Zoomex.
Aranda’s defence rests on the quality of the people leading the teams.
“If users are learning and they’re open to it, I think that’s quite important.”
A Fed hike. A failed CLARITY vote. $766M stolen, the worst hack month of 2026.Bitcoin still closed September +6.4%, after $87,400.The monthly transparency report: the tape, the reserves, what held.#TrustZoomex https://t.co/coVjGMd6Ny
— ZOOMEX_Official (@ZoomexOfficial) October 9, 2026
What Does “Covering Your Losses” Buy You?
Learning can be expensive when real money is involved. Zoomex uses partial compensation to make trying its products less costly for eligible customers.
“At Zoomex we try to run a campaign with loss compensation every month, so that if a user loses on a trade, we can compensate part of it.”
The terms determine how much help that provides. A campaign running from September 16 to October 13 offered eligible copy traders up to 50 USDT in bonus compensation for their first week’s net realised losses. Copy trading automatically follows another trader’s positions.
The bonus could offset copy-trading losses and associated fees. It could not be withdrawn or converted into cash.
For a customer who wants to continue, that credit has a use. Its value depends on further activity within the platform.
Ongoing costs matter too. “Newer users often don’t pay attention to fees, but it matters,” Aranda said. A promotion is temporary; fees remain part of each trade’s result.
A Bot Can Make Staying Easier
Exchanges are also trying to reduce the work involved in trading. Aranda sees AI’s immediate value in filtering information that ordinary customers struggle to process.
“Every trader on Zoomex can connect their bots and trade directly.”
He describes Zoomex as a gateway for outside developers, allowing customers to bring tools onto the exchange. That gives traders more flexibility without requiring them to move their funds to use every new strategy.
It also puts responsibility on the platform. Aranda says users need help setting limits on leverage and position size. He acknowledges that “these tools can be profitable but can also create losses.”
Access to a bot gives customers another way to trade. Whether it improves their results depends on the strategy and the controls around it.
What Keeps Someone After the Bonus Ends?
Asked what holds customers beyond campaigns, Aranda begins with trust. He points to external security work and says product teams must keep improving. Hacken’s public directory lists security assessments for Zoomex.
His description of customer feedback is more ordinary, and more revealing.
“Every month we send out feedback forms or surveys. We try to listen. Every time they give us advice, even when it’s quite harsh, we try to bring it into the product and the platform.”
For customers, that promise is easiest to judge when something goes wrong. How an exchange handles a problem with an order can matter long after the reward for placing it has been spent.

German Chancellor Friedrich Merz and NVIDIA CEO Jensen Huang signed a joint declaration on industrial AI in Berlin. The move centers on applying AI to factories and physical industry.
The deal could place Germany at the center of Europe’s industrial AI push. Here is what was agreed so far.
Germany's Chancellor Merz:If I were Jensen Huang, I would put on my leather jacket, take a flight to Berlin, meet the German Chancellor, and tell him, "I'm ready to invest." pic.twitter.com/jFUJNx93i8
— Clash Report (@clashreport) October 19, 2026
What the Germany-NVIDIA Partnership Involves
Industrial AI applies machine learning to factories, robots, and other physical equipment. It works with machine data, production schedules, and quality measurements rather than text alone.
The Joint Declaration of Intent was signed at the Invest in Germany Summit. It commits Merz’s government, the economy and research ministries, and NVIDIA to a joint initiative on advanced physical AI models.
According to NVIDIA’s announcement, the key details are:
It formalizes and expands NVIDIA’s existing work with the government’s Industry 4.0 Platform.
NVIDIA announced a commitment of nearly $10 billion for European companies, universities, and research institutions.
NVIDIA plans new investments in four German startups: Agile Robots, Avelios Medical, Mirelo, and Reflex Aerospace.
Germany knows how to build, and now it’s bringing that expertise to industrial AI. 🇩🇪Tonight in Berlin, @JensenHuang and Chancellor @_FriedrichMerz discussed combining German engineering with NVIDIA AI to advance manufacturing and automotive.We’re also backing Germany’s… pic.twitter.com/9uwH0rYYLk
— NVIDIA (@nvidia) October 19, 2026
Merz singled out the Mittelstand, Germany’s small and medium-sized businesses, as the country’s biggest advantage. He urged them to open their doors to AI so it can make use of their data.
Huang took a similar line, arguing that AI will strengthen existing skills rather than replace them. His words were direct. “AI can only augment your capability,” he said. “It will not replace your capability.” Huang traced NVIDIA’s German ties to the early 2000s.
Can Germany’s Industry Turn AI Into Growth?
The answer depends on how quickly companies adopt the technology. Germany’s strength lies in engineering and decades of industrial data. Turning that data into usable AI systems is the main challenge for firms.
NVIDIA shares rose on the day of the announcement. According to TradingView data, NVDA closed at $217.09 on October 19, up 1.38%, from the previous close of $214.13.
In early pre-market trading on October 20, it traded down 0.57%.
The move suggests investors welcomed the news, though the reporting does not establish that the declaration alone drove it.
NVIDIA (NVDA) Price Performance. Source: TradingView
NVIDIA also noted a partnership with Siemens on AI-driven autonomous factories. Early projects like these show where gains are most likely, though results will vary by sector.
Policymakers and investors will watch for disclosed budgets, named projects, and measurable deployments. Those details will show whether the announced commitments turn into results on factory floors.

Elice Group raised 201 billion won ($151 million) in the KOSDAQ’s biggest initial public offering (IPO) this year. Its shares then sank over 30% below the IPO price on Tuesday, their first day of trading.
The slide came weeks before Anthropic, the company behind the Claude AI models, plans to go public in November.
Korean AI Cloud Firm Elice Plunges 30% in Its KOSDAQ Debut
Analysts noted that Elice set its IPO price on October 6, before the latest selloff in AI stocks. According to a filing, institutions had ordered 388 times the shares on offer.
Its numbers had improved before the listing. First-half revenue tripled to 34 billion won, and Elice swung to a 10 billion won operating profit.
Those results did not shield the stock from a broader retreat in AI sentiment. The KOSPI has fallen over 21% in the past month. The index dropped 3.5% the same morning, cutting its 2026 gain to 31%.
Elice’s stock fell as much as 32% to 61,400 won in early trading, according to Bloomberg. Part of that unease is about demand itself.
Kiwoom Securities analyst Kim Hak-joon told Reuters that no one knows how large AI demand will become. He added that even today’s demand is hard to estimate.
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This Summer’s AI Debuts Went the Other Way
That caution contrasts with China’s AI-linked listings a few months ago. Memory chipmaker CXMT rose about 470% in its Shanghai debut on July 27, after raising $8.6 billion.
Robot maker Unitree opened 629% above its IPO price on August 19.
The selloff has since reached those winners. CXMT shares fell 6.5% on Monday as the US chip rout spread to Asia. It is now down 18% since its debut.
CXMT Stock Performance. Source: Google Finance What Elice’s Slide Means for Anthropic’s November IPO
Ke Yan, head of research at Singapore-based Shenton Research, framed the shift around those paying clients.
“Elice’s debut shows the AI infrastructure trade has moved from ‘build at any cost’ to ‘who is paying and for how long’,” he said. “Until the AI labs that rent … capacity show they can fund their compute commitments, new listings across the region will likely be priced in that risk premium.”
Anthropic is among the largest AI labs preparing to list. It has committed at least $518 billion to cloud and computing capacity over a decade.
Its valuation talk has already slipped. Some investors at its October 14 investor day discussed $1.5 trillion. Earlier expectations sat near $2 trillion, before third-quarter revenue growth slowed to 45%.
A weak debut could reach beyond Anthropic. A cool reception could pressure the wider AI market, where OpenAI is expected to list next year.
Several well-known investors have already raised bubble warnings this month. Paul Tudor Jones warned of a difficult 2027 for US stocks. He pointed to the wave of new shares coming from major AI companies.
Michael Burry has aimed his warning at Anthropic directly. He called its valuation a bubble, noting it could buy 78 S&P 500 companies. Ray Dalio has also said the AI bubble is close to bursting.
Anthropic’s November pricing will show whether Ke Yan’s risk premium reaches the labs buying compute.
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Chinese stocks have closed lower for 10 straight weeks. That is the longest losing streak in the history of the country’s main benchmarks, according to Barchart data.
The selloff is hitting even as the economy grows 4.5%, a split that economists and investors are watching closely.
Why the Chinese Stock Selloff Keeps Deepening
A losing streak is a run of consecutive weekly declines in a market index. Bear-market territory generally begins when an index falls 20% or more from a recent peak.
The CSI 300 Index fell roughly 3.4% last week and is now about 17% below its June peak. The STAR 50 Index has dropped nearly 40% in the current half-year, a sharp reversal after an early-year rally.
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CSI 300 Index Performance – 3M. Source: TradingView
The STAR 50 and ChiNext indexes have fallen more sharply than the broader CSI 300. That shows losses are concentrated in technology and chip names.
The selloff has been led by artificial-intelligence and semiconductor shares. Chipmakers MetaX and Moore Threads have each lost around half their value. Meanwhile, the hardware-focused ChiNext Index is down about 36%.
After a sharp early-year rally, investors have rotated out of the sector. Valuation concerns and a broader global stumble in the AI trade have added pressure.
State-backed funds have stepped in. Inflows into preferred exchange-traded funds surged last week to their highest level since July, according to Bloomberg. The increased activity suggests state-backed funds are trying to steady prices.
Is the Economy Really Booming While Stocks Fall?
Economist Steve Hanke of Johns Hopkins University says China’s economy is booming. Third-quarter growth reached a strong 4.5% YoY. He argues the economy’s momentum isn’t reflected in equity prices.
Official data from the National Bureau of Statistics showed GDP grew 4.5% from July to September. That beat the 4.4% consensus and accelerated from 4.3% in the second quarter.
China's economy BOOMS with its 3Q growth registering at a STRONG 4.5%/yr, while its stock market goes down. https://t.co/9WZVjuA1Et
— Steve Hanke (@steve_hanke) October 19, 2026
Growth for the first nine months reached 4.6%, within Beijing’s 4.5% to 5% annual target range. Industrial output rose 5.5% in September, and exports stayed supportive, especially in technology goods. Hanke’s comment highlights a contrast between solid output and falling equity prices.
The divergence shows markets are looking past headline growth. Investors remain focused on the property-sector drag, soft domestic consumption, and doubts over whether AI-driven exports can offset broader weakness. So far, export strength in technology goods has not lifted the broader market.
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None of the data that came out today gives us a different picture of the Chinese economy from what we’ve seen all year. The economy is still heavily focused on boosting production and is still struggling with boosting demand. GDP grew 4.5% year on year in the third quarter of…
— Michael Pettis (@michaelxpettis) October 19, 2026
The GDP rebound eases near-term pressure for aggressive stimulus, yet the record losing streak suggests capital markets remain unconvinced. The next few weekly closes will show whether state-backed buying can halt the streak.
Until then, the gap between economic growth and equity prices remains the central puzzle.

Goldman Sachs is steering investors worried about the artificial intelligence (AI) trade toward health care and consumer staples stocks.
Goldman’s call comes less than a week after RBC Capital Markets cut tech to market weight. On October 14, RBC recommended health care in its place.
Rising Rates Put the AI Earnings Engine Under Pressure
Goldman’s case starts with interest rates. Analysts led by Ben Snider said months of rate pressure have raised concerns over the cost of capital. In turn, the stock market has lowered its growth expectations.
“A sharp reduction in investor positioning has amplified equity market moves,” the analysts said.
Goldman’s Cyclicals vs. Defensives pair fell 6% in the past 2 weeks, meaning cyclical stocks underperformed defensive ones.
That matters for index investors, since Goldman estimates AI capital spending drives about half of S&P 500 earnings growth. The bank expects that share to shrink as spending growth slows. It also sees S&P 500 earnings growth cooling from around 29% in 2026 to 18% in 2027.
RBC reached health care through a different signal. Lori Calvasina, its head of US equity strategy, said the pace of upward earnings revisions remains strong for tech overall. However, that pace has started to slow somewhat for semiconductor and chip equipment stocks in the Russell 3000.
Chip stock prices also weakened that week. The Philadelphia Semiconductor Index ended the week down 11.4%, its steepest weekly loss since April 2025.
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Goldman’s Defensive Shortlist Leans on Cash Flow
Goldman also screened for individual stocks. The list holds 23 health care and staples names with low volatility and high free cash flow yields.
CompanyYTD performanceTyson Foods-7.9%Royalty Pharma+56.0%CVS Health+16.8%JM Smucker+29.9%Kroger+0.9%Cardinal Health+22.9%HCA Healthcare-2.6%Hormel Foods-14.1%Performance Food Group+6.4%Sysco+10.7%Kenvue+9.4%Hershey-8.2%US Foods+33.3%Merck+36.5%ResMed-0.5%Quest Diagnostics+35.4%Chemed+18.8%Abbott Laboratories-16.9%Mondelez International+17.7%McKesson+23.2%Church & Dwight+24.1%AbbVie+23.7%Colgate-Palmolive+18.2%
Goldman Sachs’ Defensive Stock Picks, Year-to-Date Performance as of October 19 Close. Source: Goldman Sachs, Yahoo Finance
Some have recently lagged but could catch up if investors suddenly cut earnings growth expectations. Tyson Foods has the list’s highest free cash flow yield at 11% over the trailing 4 quarters.
Tyson Foods Stock Performance. Source: Google Finance
Its shares have fallen nearly 8% since the start of 2026. Over the past 6 months, the stock is down about 16.8%, closing at $54 on October 19. It carries a 3.72% dividend yield.
CVS Health made the cut with a 9% free cash flow yield. The stock has gained nearly 17% since the start of 2026 but slipped 15% over the past 3 months. It yields 2.88%.
Goldman strategists also told clients that health care has typically been among the best-performing parts of the S&P 500 when growth is positive but slowing.
Still, Goldman’s base case calls for continued earnings growth. Its economists expect weaker energy prices and falling rates in 2027 to lift household spending and lagging consumer-facing stocks.
The defensive screen covers the other scenario. According to the bank, investors worried about a weaker outcome “should focus on stocks in defensive industries with ‘quality’ attributes.”
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The companies that moved money before blockchains existed have stopped testing them. MoneyGram is now helping to run one.
The 85-year-old remittance company, which serves around 60 million customers, has joined XDC Network as an institutional validator. XDC is a Layer-1 aimed at payments, trade finance, and real-world assets.
A validator confirms transactions, maintains the shared ledger, and votes on how the chain is governed. That goes beyond issuing or settling on a network, which is how most payments firms have used public blockchains so far.
MoneyGram Is Moving From Using Blockchains to Running Them
MoneyGram partnered with its first public blockchain in 2019, and since October 2021, it has utilized the Stellar network to convert USDC to cash and back for wallet users. Most recently, in June 2026, the company expanded its blockchain ecosystem by launching its own dollar-backed stablecoin, MGUSD, on the same network.
MoneyGram is joining @XDCNetwork as an institutional validator, taking an active role in securing the network.This is another step in our goal to build a more open infrastructure for global money movement. pic.twitter.com/cKC3OBT9CI
— MoneyGram (@MoneyGram) October 15, 2026
This year, it has also become a node operator on Midnight and a validator on Tempo and Solana. XDC adds to the list of networks where MoneyGram helps run the infrastructure.
XDC describes itself as a chain built for payments, trade finance and real-world assets. Tempo, Midnight and Solana cover remittance settlement, privacy and consumer scale. XDC puts MoneyGram next to trade finance. The seat requires MoneyGram to stake XDC.
The Validator Set Is Filling With Companies That Move Real Money
That stake is one of two things MoneyGram brings. The other is its name.
MoneyGram joins a validator set that includes more than 20 institutional operators on XDC, including SBI Holdings, Deutsche Telekom, NTT DOCOMO Global, Clear Street, Hex Trust and Taurus. XDC describes them as regulated institutions across Asia, the Middle East, Europe and North America. Most are custodians, telecoms and digital asset firms.
A remittance company with nearly 500,000 retail locations is a different kind of name on the list. XDC makes the same point, saying a global payments network in the set means its roster increasingly reflects companies that move money in the real economy rather than only those building for digital assets.
“Every transaction on XDC is secured by our validators, and each institution that joins reinforces the infrastructure on which the future of global payments will be built,” Ritesh Kakkad, Co-Founder, XDC Network said.
Kakkad ties that to a future in which AI agents initiate payments on people’s behalf. That part is a forecast. What the announcement shows today is a payments brand choosing to stand behind a ledger alongside banks and telecoms.
The Seat Is Governance Until Flow Follows
Kakkad’s quote describes what validators give the network. The announcement says less about what the network gives MoneyGram’s customers. MGUSD runs on Stellar, and nothing in the XDC deal moves it or any MoneyGram settlement onto the new chain.
For now, the seat gives MoneyGram a vote on how XDC is governed and a position alongside XDC’s trade-finance ecosystem, rather than a new route for the money its customers send.
There is a trade-off in the stake itself. MoneyGram built MGUSD for customers facing inflation and currency instability, giving them a way to hold dollars. Validating on XDC means holding the network’s own token to keep the seat.
The same is true of its SOL stake on Solana, so this is a cost MoneyGram has already accepted elsewhere, but it is a different kind of exposure from what it sells to its users.
Several infrastructure seats in a year also read as a company keeping its options open, which suits a remittance firm whose customers send money into very different markets. The proof point to watch is whether MGUSD or any MoneyGram flow lands on XDC.
MoneyGram frames the seat as part of a longer build.
“By joining XDC Network as a validator, we’re contributing directly to the infrastructure supporting the network while continuing to build toward more open, interoperable ways to move money globally,” said Luke Tuttle, Chief Product and Technology Officer, MoneyGram.
Even so, the strongest fact in the announcement is the stake. MoneyGram has paid to help run a chain built for payments, trade finance and real-world assets, four months after launching its own dollar on another.

Revolut customers trying to check their crypto and stock investments on Tuesday morning found their portfolio balances missing. Several users told BeInCrypto that their investment screens had gone blank as a major outage hit the financial platform.
For crypto investors, the timing of such failures is critical. Bitcoin and other digital assets trade around the clock. Prices can change sharply while customers struggle to see their holdings or execute trades.
Revolut Investors Report Missing Balances and Trading Failures
Revolut’s official status page confirms that cryptocurrency and stock trading are partially unavailable. In Portugal alone, the company lists 31 affected services.
The problems extend beyond the customers who spoke to BeInCrypto.
In a Portuguese Reddit discussion, one investor reported that their crypto and ETF holdings were visible, but attempting transactions triggered errors.
Another customer in France reported problems with Revolut X, the company’s dedicated cryptocurrency trading platform.
The full scale of the trading disruption remains unclear. Revolut has not confirmed how many investors are unable to execute orders.
We are currently experiencing a service disruption affecting multiple services. We can confirm that all our customers’ money and data are safe. We’ve been working to fix the issue since it was identified this morning and apologise to anyone affected and for any inconvenience…
— Revolut (@Revolut) October 20, 2026
Google Cloud Failure Hits Crypto Trading
The disruption appears linked to a major Google Cloud outage in London, which began at 7:08 a.m. Lisbon time.
Google reported widespread service errors and intermittent network failures in its European infrastructure.
A person familiar with the situation told Reuters that Revolut’s problems were connected to the cloud outage.
There is no evidence of any failure on Bitcoin, Ethereum or other blockchain networks. The incident exposes how investors’ access to crypto still depends on centralized financial platforms and their technology providers.
Meanwhile, Revolut customers have also reported failed card payments, inaccessible bank accounts and disrupted transfers across Europe.
Revolut says customers’ funds and data remain safe. Its engineers are working to restore services, but no recovery time has been confirmed.
How long the outage lasts and how it’s managed could decide whether crypto traders continue to rely on such centralized neobanking platforms for their assets.

October has tested crypto markets, and XRP (XRP) price has struggled to keep its footing. The token has dropped by double digits this month, including a 4.81% slide over the past week to $1.30.
The decline comes as XRP flashes 3 bearish signs at once. Whales are withdrawing less from exchanges, more tokens are landing on these platforms, and spot ETF demand has stalled.
XRP Price Performance. Source: BeInCrypto Markets
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Binance Whales Seem to Be Waiting for a Cheaper Entry
The first sign comes from Binance, where whale outflows have fallen to their lowest level in 5 years, according to on-chain analyst Darkfost. Their 90-day average now stands at $49.7 million, down from $3.5 billion in February 2025.
XRP Whale Outflows. Source: X/Darkfost
Darkfost described that earlier wave as heavy accumulation. The analyst said whales are probably waiting for a better price before stepping back in.
XRP has held up relatively well during this bear market, so its price has not fallen enough to draw them in. In 2022 and 2023, by comparison, whales found prices attractive enough to accumulate heavily.
“From a long-term perspective, this suggests XRP could lack buying volume without whale support. That said, it’s not a hard rule, sometimes the trend reverses precisely when volumes and interest collapse,” the analyst added.
More XRP Is Sitting Where It Can Be Sold
Exchange deposits provide the second sign. Crypto exchanges received 6.05 billion XRP over 30 days, a 7-month high, according to Arab Chain. Binance alone took 2.46 billion XRP, roughly 40% of the total.
The analyst cautioned that rising deposits do not automatically signal selling. Wallet transfers, asset redistribution, and heavier trading can produce the same pattern.
Even so, the new deposits add to the XRP reserves already sitting on exchanges. Those tokens would be easier to absorb with steady institutional demand, but spot ETF flows point the other way.
ETF Buyers Go Quiet After Their Strongest Stretch Since December
US spot XRP exchange-traded funds (ETFs) lost a net $1.84 million in the week ending October 16, per SoSoValue. The outflow ended a 13-week inflow streak.
XRP ETF Flows. Source: SoSoValue
Flows have thinned through October, with zero net flows in 4 of the last 7 trading sessions. As a result, October inflows total just $10.25 million so far, against $121.4 million in September.
Total net assets fell to $1.48 billion from a $1.77 billion peak on September 25. Cumulative inflows barely moved, so XRP’s falling price drove most of that drop.
XRP’s Calendar Offers Little Relief Before November
That price weakness shows in XRP’s monthly returns. August and September, the strongest two-month stretch of ETF inflows since December, were also XRP’s best months of 2026.
XRP gained 30% in August and 7.95% in September, according to CryptoRank, but has fallen 12.5% since October 1.
History offers little comfort for the weeks ahead. XRP has closed 8 of its 13 Octobers lower, and its median November return is minus 10%.
November’s 80.2% average gain looks stronger, but outsized rallies in 2013, 2020, and 2024 inflate that figure.
A rebound in whale withdrawals or ETF inflows would offer the first evidence that XRP buyers are returning.
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Cardano founder Hoskinson has released Quinelings, open-source programs that can rebuild their own code and take the shape of creatures. However, a Solana meme coin borrowing the name crashed within hours.
The project builds on quines, decades-old programs that print their own source code. Hoskinson calls his versions digital lifeforms.
What Do Cardano Founder Hoskinson’s Quinelings Actually Do?
Say hello to Quinelings, self-replicating digital lifeforms made entirely of code pic.twitter.com/4dHYmjxodf
— Charles Hoskinson (@IOHK_Charles) October 19, 2026
In his launch video, programs typed into terminals turn into creatures that feed, reproduce, and die.
Each Quineling starts as written steps for a task, supplied by a person or an AI agent. Its moving body maps every one of those steps.
Branching tasks grow fractal bodies, while simpler ones form sunflower-like petals. The project’s website shows five examples, including a route finder and a job scheduler.
Visitors can run each task and click a body region to see that step’s values. A copy button rebuilds the program from its own source and checks the answer.
Before a program is built, its compiler rejects tasks that exceed fixed size limits or contain endless loops.
In a section called the Ranch, two programs can produce a child. One parent’s result can feed into the other’s task, but only when value types and units match.
For now, every example runs as a local browser simulation.
The release extends Hoskinson’s AI focus. In September, he predicted crypto will eat AI. Earlier this month, he dismissed Vitalik Buterin’s AI warning as self-serving. Before that, he released a free watermark removal tool for Anthropic’s Claude.
Why Did a Copycat Meme Coin Crash Within Hours?
The repository never mentions Cardano, blockchain, or tokens.
Quinelings (Solana) Market Cap. Source: DexScreener
Still, a Solana meme coin called Quinelings appeared on PumpSwap shortly after the post.
Its DexScreener page links to Hoskinson’s GitHub and X post. However, nothing confirms that the Cardano founder is involved.
The coin lost more than 90% of its value within hours.
Famous names often move such tokens. In August, a Musk raccoon post sent the JIMOTHY meme coin up 331%.
Bots can buy the instant such tokens go live, leaving later buyers with losses.
Cardano founder Hoskinson presents Quinelings as a research prototype, not a token. Its stated aim is to make AI agents’ tasks easy to keep, inspect, and share.

Kevin O’Leary says women entrepreneurs generate most of his Shark Tank returns, and he openly admits a bias toward backing them.
He credits their discipline on risk and targets. However, his real edge comes from how fast the money flows back, not how fast the companies grow.
Why Slower Businesses Pay Off Faster
In a video clip posted on X, O’Leary said about 70% of his hit deals involve businesses run by women.
Over the last 18 years of Shark Tank, the majority of my returns have come from companies run by women. They’re very good at mitigating risk and hitting targets. So I tend to invest in women entrepreneurs. I’m biased in that way. pic.twitter.com/ibWlvkr0L2
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) October 19, 2026
He pointed to a trade-off between growth and reliability.
“These women generally didn’t grow businesses as fast, but they hit their numbers more often.”
To explain it, he cited an old saying that if you want something done, you give it to a busy mother.
That pattern matters because of how he measures success. In Shark Tank deals, he argues, an investor earns nothing until the original capital comes back.
As a result, O’Leary favors royalty deals and structures that pay out distributions every month. Most of these small companies will never go public, so steady cash flow becomes the realistic exit.
The claim is not new. Back in 2022, he told CNBC that 75% of his returns came from companies run by women. However, his figures reflect one investor’s Shark Tank portfolio rather than a broad market study.
Beyond startups, he also chases tangible assets and plans to hold 5% of his portfolio in collectible sports cards.
Kevin O’Leary’s Shark Tank Hit Deals by Founder. Source: BeInCrypto What Kevin O’Leary’s Bet on Women Entrepreneurs Signals
Meanwhile, his stance runs against how capital usually moves. Industry leaders keep pushing for more women in Web3 ownership and funding, where founders still struggle to raise money.
Wealth managers face a similar gap. A recent BlackRock survey found that advisors misread wealthy women, who mostly built their fortunes through careers.
For Kevin O’Leary, women entrepreneurs represent a return-of-capital strategy rather than a social cause. The same focus on risk shapes his crypto view, since he ties Bitcoin reaching $1 million to resolving quantum computing fears.
If more investors judged founders by cash returned rather than growth speed, the funding gap could look very different.

Tesla stock is down 18.16% since January 1, but ARK Invest’s model puts it near $4,400 per share in 2031. That would be nearly 12 times its October 19 close of $368.06.
ARK ties about 80% of Tesla’s 2031 enterprise value to a single business outside car sales. In its base case, ARK also sees Tesla selling 10.2 million cars in 2031, up from 1.6 million in 2025.
Tesla (TSLA) Stock Performance. Source: Google Finance
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The Business Carrying ARK’s Forecast
That business is robotaxis, Tesla’s driverless ride-hailing service, according to ARK’s updated model.
In the base case, about 8.1 million robotaxis bring in $753 billion in net ride-hail revenue in 2031. Optimus, Tesla’s humanoid robot, adds $212 billion from about 1 million units sold to outside buyers.
ARK’s model adds a new artificial intelligence (AI) infrastructure line that drives Optimus performance. It expects Tesla’s cumulative AI infrastructure spending to reach $225 billion by 2031. That is up from about $7 billion at the end of 2025.
The model also sees total revenue reaching $1.45 trillion in 2031. Those figures update the Tesla model ARK last published in 2024.
“ARK estimates that Robotaxi will account for ~80% of Tesla’s enterprise value in 2031, down from ~90% in 2029 as presented in our previous model published in 2024. The primary reason is that we believe Optimus Robot-as-a-Service (RaaS) is likely to inflect as robotaxis continue to proliferate,” ARK analysts Tasha Keeney and Daniel Maguire wrote.
How ARK’s Last Tesla Call Has Held Up
ARK’s 2024 model put Tesla at $2,600 per share in 2029 and picked 2025 as the likely robotaxi launch year.
Tesla launched its robotaxi service in Austin, Texas, in June 2025 and has since expanded to 7 cities across 3 states. Its fleet has logged more than 1 million unsupervised driverless miles in about 7 months.
Still, ARK calls Tesla’s robotaxi progress slower than expected. It partly used that pace to set about 2031 as when Optimus could reach human-level skill.
What Has to Go Right Before Tesla Stock Reaches $4,400
ARK names a slower-than-expected robotaxi ramp as the main risk to its forecast. It lists four possible causes.
Regulatory delays, though ARK says this risk seems to be easing as robotaxis become safer than human-driven cars
A sudden departure by Elon Musk
A natural disaster
A pandemic
On timing, Dan Ives of Yorkville Ives & Co. expects robotaxis to reach more cities in early to mid-2027. He sees Optimus following later that year.
ARK’s disclosure says its forecasts carry a bias toward positive results, and some or all outcomes may land substantially lower.
Tesla reports third-quarterresults on October 21. Analysts tracked by Nasdaq expect earnings of $0.21 per share, down from $0.37 a year earlier. Holders can also check the call for robotaxi expansion, Optimus timing, and AI spending, the inputs ARK’s model rests on.
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OpenAI is reportedly racing to raise about $30 billion before Anthropic’s expected mid-November listing. Two people familiar with the matter told Reuters the round could value the ChatGPT maker at more than $1.4 trillion.
SoftBank, Abu Dhabi-based MGX and other existing backers are in talks to join, one of the people said.
Two Price Tags Drift Within Reach of Each Other
OpenAI was last valued at $852 billion in March, after a record $122 billion round. In September, it reportedly held early talks with investors near $1.2 trillion.
The new target would sit about 64% above that March valuation. OpenAI is pitching faster growth since launching GPT-6 Astra, citing $50 billion in annualized revenue.
Anthropic’s price tag, meanwhile, has moved lower. Some investors reportedly discussed a valuation of about $1.5 trillion, down from the $2 trillion it had sought, after third-quarter results disappointed.
On those reported figures, the two labs now sit roughly $100 billion apart.
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Why OpenAI Wants Its Number Before Anthropic’s Filing
OpenAI wants to finish before Anthropic’s disclosures let investors compare the two businesses side by side, one source said.
Revenue accounting sits at the center of that comparison. OpenAI deducts partner shares before booking revenue. It has accused Anthropic of counting the full value of contracts sold through cloud providers. Anthropic has said it follows established accounting practices.
The two labs are also increasingly pitching a similar pool of investors. OpenAI met long-only and sovereign wealth funds last week while Anthropic hosted its own investor day.
Still, Reuters reported that demand for both companies’ shares remains high.
Other companies have stepped back while both labs court those funds. Firmus, SB Energy and AirTrunk REIT have all paused or pulled their listings this year. With that pipeline thinning, Anthropic may end up as the AI trade’s last major listing of 2026.
Anthropic faces its own scrutiny, too. A weak debut could deepen losses in chip stocks, which have shed $2 trillion in just 8 sessions.
Anthropic’s filing will give investors their first detailed public look at a frontier AI lab’s finances. Whether OpenAI closes before that filing lands could shape how investors compare the two labs heading into 2027.
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US spot Bitcoin (BTC) exchange-traded funds (ETFs) drew $526.6 million in net inflows on Monday, October 19. It was their biggest single day since September 22, when the funds took in $714.75 million.
The inflow came after a weak start to the month. Before Monday, Bitcoin ETFs had lost a net $617.17 million in October. The single-session cut that to $90.57 million.
IBIT Carries Bitcoin’s Big Day as Ethereum Funds Bleed
BlackRock’s iShares Bitcoin Trust (IBIT) was the only Bitcoin fund to record a net inflow, SoSoValue data shows. None of the other 11 funds posted net inflows that day.
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Bitcoin ETF flows in October. Source: SoSoValue
Monday also more than reversed the previous week, when Bitcoin ETFs saw a net outflow of $163.18 million between October 13 and 16.
Other crypto ETFs moved the opposite way on Monday. Ethereum (ETH) funds shed $103.28 million, while Solana (SOL) products lost $6.72 million.
The Ethereum outflows extend a longer run. Those funds have posted net outflows on 14 of the last 15 trading days, totaling $1.12 billion.
Bitcoin Held $80,000 While Chip Stocks Slid
The inflows followed a week in which Bitcoin held up better than US tech stocks. Bitcoin closed the week down about 2% and held $80,000 support, analyst Ash Crypto noted.
The Nasdaq fell 5% over the same week, while the semiconductor index dropped more than 11%.
Over the full month, Bitcoin is down 1.75% since October 1. That decline follows a 42.71% gain in the third quarter. At press time, Bitcoin traded at $82,060, down 0.44% over the past 24 hours, BeInCrypto Markets data shows.
Bitcoin Price Performance. Source: BeInCrypto Markets
That puts Bitcoin back above the ETF cost basis, about $81,500 per Glassnode, after it slipped below last week. The level marks the average price US spot ETFs paid for their coins.
Ash Crypto also pointed out that Bitcoin has closed above its 50-week moving average for 5 straight weeks. That average sits near $76,100, and Ash Crypto said the bull run holds while price stays above it.
On the downside, Ash Crypto lists $80,000 and $76,000 as support. Glassnode data cited in BeInCrypto’s analysis last week placed the largest Binance spot bid block at $80,000.
On the upside, the analyst watches $84,000 and $87,500. Glassnode marked $88,000 as the cost basis of six-to-12-month buyers.
It said a daily close above $88,000, alongside renewed ETF inflows, would signal buyers absorbing that supply. One IBIT-led session covers part of that second condition.
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German savings banks are adding crypto trading to their apps through DekaBank, the Sparkassen’s securities house. Customers can buy and sell five digital assets without leaving their usual banking app.
The rollout places digital assets alongside everyday banking for customers who have never traded crypto. However, it comes with unique risks as assets are not covered by statutory deposit insurance.
How Sparkasse Customers Can Trade Crypto
Custody is the safekeeping of digital assets for customers, with a provider controlling the private keys that secure them. In this offer, DekaBank holds the assets centrally for its customers.
The offer covers five coins: Bitcoin, Ethereum, XRP, Solana, and Polygon. It is designed for self-directed investors, and no advice is given inside the Sparkasse.
🚨𝗝𝗨𝗦𝗧 𝗜𝗡: 🇩🇪 Germany’s largest banking group Sparkassen is launching crypto trading for over 40 million customers. The service will provide access to major digital assets, such as $BTC, $ETH, $XRP and $SOL. pic.twitter.com/jDtGzson70
— DustyBC Crypto (@DustyBC) October 19, 2026
For each trade, DekaBank provides a binding price that it guarantees for a limited time. Trading is not tied to fixed exchange hours, although maintenance windows and market disruptions can restrict access.
Customers can buy and sell the listed coins independently whenever the system is available.
More than 230 savings banks have reportedly expressed interest, while five are participating so far, and customer service is open Monday to Thursday from 8:00 to 18:00 and Friday until 17:00.
Are the Risks Worth Considering?
Chainalysis’ 2026 Global Crypto Adoption Index places Germany 13th overall, which makes German users a meaningful part of the market.
For Germany, the Sparkasse rollout gives those users a familiar channel for trading.
Crypto assets are not covered by statutory deposit insurance, and prices can swing sharply enough to cause a total loss. DekaBank also warns that trades may be delayed or unavailable at the desired time or price.
Top Countries by Crypto Adoption. Source: Chainalysis
Custody works differently from a bank deposit. Private keys sit in trust in a jointly managed Omnibus wallet, and withdrawals go only to approved crypto-asset providers.
Taxes add another layer. Under current rules, private gains from crypto sales fall under a €1,000 annual exemption threshold. Tax treatment depends on personal circumstances and may change.
The offer may draw more attention as additional banks join, although the current list of participants remains small.

BitMine Chairman Tom Lee says de-risking in the US, South Korea, and Taiwan is spilling into crypto markets. Ethereum (ETH), the asset BitMine holds, fell 1.91% over seven days while Bitcoin (BTC) slipped 0.177%.
Lee cites AI funding and safety worries, US-Iran war activity, midterm nerves and rising bond yields as triggers. He says those pressures hit chip and memory stocks first, then the Korean and Taiwanese markets dominated by them.
Where the Chip Selloff Bit Hardest
South Korea shows the strain most clearly. The KOSPI fell 17% in October through October 16, then dropped 3.5% at Tuesday’s open.
Samsung Electronics and SK Hynix made up 44% of the index in May. Between October 1 and 16, they lost 19.74% and 28.38%, respectively, JoongAng Daily reported.
Brokers forced out leveraged traders, with forced liquidations topping 50 billion won for four straight sessions through October 16.
Taiwan held up better, with the TAIEX down 1.73% over the same October stretch. It still sank 3.41% on October 15 after September US inflation of 3.7% beat forecasts of 3.6%.
Lee ties that regional selling directly to crypto.
“Crypto is widely held in the US, Korea and Taiwan. So naturally, when investors in those regions de-risk, this creates spillover pressures in crypto markets,” he said.
Lee’s own company offers one gauge of that Korean exposure. Korean investors put a net $1.4 billion into BitMine shares in 2025, according to Korea Securities Depository data.
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Can Ethereum Back Lee’s Call to Buy?
Crypto prices have moved far less than Korean stocks. At press time, Bitcoin traded at $81,385, down 1.21% in 24 hours, while ETH traded at $2,387.07, down 1.47%.
Over a longer window, ETH has fallen further. It sits about 52% below its $4,946.05 peak from August 24, 2025. Bitcoin is about 35% below its $126,080 high from October 6, 2025.
Ethereum (ETH) 7-Day Price Performance. Source: BeInCrypto Markets
BitMine holds ETH as its treasury asset. Lee’s buy call therefore leans partly on the laggard of the two. He still sees the drop as an opening for buyers.
“In the past, whenever fundamentals remain resilient and strong, while price declines, these have historically been attractive risk/reward opportunities,” he noted.
His case rests on crypto’s role in upgrading the plumbing of global finance. He also points to agentic AI, where software agents carry out tasks on their own.
Asian markets tested that claim in August 2024. On August 5, the KOSPI plunged 8.77%, and Bitcoin sank below $50,000 for the first time since February. The next day, the KOSPI rose 3.3%, while Bitcoin briefly topped $56,000 and ETH climbed above $2,500. That quick rebound fits the pattern Lee describes.
Lee’s case assumes prices are falling while fundamentals hold. Dan Greenhaus of Solus Alternative Asset Management points to higher borrowing costs instead, a pressure strong fundamentals don’t offset.
ETH’s next move hinges on whether forced selling in Seoul slows. US rates matter too, since Lee lists rising bond yields among his own triggers. That means his buy case needs rates to ease as well as fundamentals to hold.
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