500+ speakers. 200+ sessions. 5 stages.

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REGISTER With 500+ speakers and 200+ sessions across five stages and three summits, you can build your agenda around what matters to you. The Mainstage carries keynotes, marquee names and breaking news. The Summit Stage goes deep on tokenization, AI and bitcoin, while the Convergence Stage spans stablecoins, institutional finance, DeFi, privacy, trading, policy and regulation, and venture capital. Workshops are hands-on, and the Spotlight Stage returns to highlight exclusive announcements. Three summits go deeper on the shifts driving the market: Follow assets on-chain: The Tokenization Summit tracks equities, real estate and private credit as they move on-chain. Find your opportunity in AI: The AI Summit covers the race to dominate the model and application layers, and how AI is remaking financial services. Track Bitcoin’s reach: The Bitcoin Summit spans infrastructure and mining to monetary policy and emerging market adoption. View the agenda at a glance: the stages, summits and tracks that will move markets are already on it. Browse the stages, start building your three days and lock in your pass at today’s price. REGISTER Premium Sponsorships Available   With 15,000+ decision-makers meeting us back in Miami, now’s your chance to secure one of our high-impact sponsorship packages before your competitors do. Click here to find one that aligns with your business goals. Copyright © 2026 CoinDesk. All rights reserved. Bullish US Operations LLC, 817 Broadway, Floor 6, New York, NY, 10003, Unsubscribe Manage Preferences

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Microsoft, Alphabet, Goldman opt out of tokenized stocks

Microsoft, Alphabet and Goldman Sachs join the issuers objecting to OKX-ICE tokenized stocks. Plus: JPMorgan's 10% bitcoin forecast and why diversified RWA stablecoins are the durable yield engine. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Tuesday, October 20, 2026 Microsoft, Alphabet and Goldman Sachs join objections to OKX-ICE tokenized stock trading Seven more issuers have opted out of being listed on OKX-ICE, the planned tokenized stock venue from OKX and NYSE parent Intercontinental Exchange. Microsoft, Alphabet and Goldman Sachs are on the list, alongside Qualcomm, Caterpillar, McDonald's and Western Digital, bringing the disclosed tally to 16 — up from nine in last week's notice. Under the SEC's new tokenized-stock framework, issuers can block venues from offering blockchain-based versions of their shares, and 15 of the 62 companies on OKX-ICE's original roster have now done so. The notice doesn't say why they objected or when they filed. Read more → A message from Chainlink Link:NYC is where global finance connects. Join banks, asset managers, and builders in New York on October 29 to explore the future of tokenized assets, agentic finance, payments, and more. Hear from the leaders shaping how capital markets move onchain, and connect with the institutions making it happen. Secure your spot today. Apply Now Markets JPMorgan sees 10% annual bitcoin returns, topping stocks, bonds and gold over next decade For the first time, JPMorgan Asset Management has put a range on bitcoin returns. Its 2027 Long-Term Capital Market Assumptions pencil in a 10% annualized base case over the next decade — ahead of U.S. large caps (7.5%), small caps (7.7%), bonds (5.6%–6.6%) and gold (5.5%). The bear case is a 9.7% annual loss; the bull case, a 17% annual gain. Don't mistake it for a conversion, though: the bank still calls bitcoin a speculative asset whose volatility and unstable correlations stand in the way of widespread portfolio use, and says it has no strategic role beyond a bet on fiat expansion or future asset trading on blockchains. 2-minute read → Research commissioned by RealFi Beyond the risk-free rate: diversified real world yield in productive stablecoins Productive stablecoins grew 610% over two years while non-yielding giants like USDT and USDC grew just 84% — yet productive supply is still under 3% of the total market. CoinDesk Research maps the four yield engines (funding-rate synthetic, DeFi wrappers, RWA-backed, and diversified multi-strategy RWA), shows why only the last sustains above-benchmark returns through the cycle, and models the TAM growing from $654M today to $4B in the base case over three years as the GENIUS Act pushes yield off-chain. Read the report → Know someone who should be reading this? Share this newsletter See all of CoinDesk’s newsletters    CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York,NY,10011,USA, Unsubscribe Manage Preferences   Copyright © 2026 CoinDesk, All rights reserved.

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Strong ETF inflows, weak stocks — which one wins today?

Bitcoin ETFs just had their biggest inflow day in a month — then Asian chip stocks tumbled again. And JPMorgan just put a 10% annual return forecast on bitcoin for the first time ever. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Tuesday, October 20, 2026   Bitcoin ETFs attracted $526.6 million on Monday — their biggest inflow day in nearly a month, entirely driven by BlackRock’s IBIT logging its largest session since October 2025. Markets are still lower this morning as South Korea’s Kospi fell another 3.7% on AI chip worries, Brent crude topped $110, and options traders on Deribit are buying puts at more than two to one over calls. The key level to hold is $80,000. In better news, JPMorgan published its first-ever long-term bitcoin return forecast today: 10% annually over the next decade, beating the bank’s projections for stocks, bonds and gold — though it still calls bitcoin a speculative asset rather than a portfolio diversifier. Stay alert. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $81,427 −1.34% ETH $2,383 −1.59% SOL $104.09 −1.08% XRP $1.30 −1.07% Prices approximate. Visit coindesk.com/price for live data. A message from Grayscale Meet ZCSH, the first and only US-listed ETP offering dedicated ZEC exposure.1 Zcash builds on Bitcoin’s foundation, adding optional privacy for transactions — shielded transactions at times have accounted for more than 50% of user transactions.2 Why ZCSH: Built by Grayscale, with nearly 10 years of operating history behind the fund. Over $900 million in AUM3 100% of management fees fund Zcash ecosystem growth4 Exposure through your brokerage account — no wallet, exchange account, or custody solution required. Invest now The Zcash ETF (“ZCSH”), an ETP, is not registered under the Investment Company Act of 1940 (“40 Act”) and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. An investment in ZCSH is subject to a high degree of risk and heightened volatility. ZCSH is not suitable for an investor that cannot afford the loss of the entire investment. An investment in ZCSH is not a direct investment in ZEC. Must be preceded or accompanied by a prospectus, click here. Please read carefully before investing in the Fund. Foreside Fund Services, LLC is the Marketing Agent for ZCSH. 1First and only US-listed ETF dedicated solely to ZEC as of August 25, 2026. 2Blockworks Analytics, Zcash: Transactions, October 6, 2024–June 28, 2026. 3As of September 18, 2026. Subject to change. ​4All ZCSH management fees support initiatives for the development and growth of the Zcash ecosystem and marketing activities in support of ZCSH, for up to 12 months following the effectiveness of the Fund’s registration statement. This commitment is a voluntary undertaking by the Sponsor, paid from the Sponsor’s own funds after receipt of the Sponsor’s fee, and is not an obligation of the Fund. What matters today Markets   Story 1 of 3 Equity weakness could damp bitcoin demand after biggest ETF inflows in a month U.S. spot bitcoin ETFs pulled in $526.6 million on Monday — their largest single-day inflow in nearly a month — with BlackRock’s IBIT accounting for $665.2 million while Fidelity and Grayscale recorded outflows that partially offset the total. The strong headline number masks a fragile backdrop: both Nasdaq 100 and S&P 500 futures are lower this morning, with Coinbase and Galaxy Digital falling in pre-market, and QCP Capital analysts warned that broader equity deleveraging could transmit to crypto and potentially threaten the $80,000 support level if sustained. The 10-year Treasury yield sits around 5.13% and Brent crude is near $110 — keeping energy-driven inflation risks alive. The Fed is widely expected to hold rates next week, but prediction markets are pricing a 25 basis-point hike for November. The weekly chart shows bitcoin’s trend remains intact above its 50-week EMA with no RSI divergence — suggesting consolidation above support is more likely than a major breakdown. Read more → Markets   Story 2 of 3 Bitcoin drops as Asian chip stocks tumble and options traders seek downside protection South Korea’s Kospi fell 3.73% to its lowest close since April 7 as SK Hynix and Samsung declined on renewed AI spending worries, pulling bitcoin lower alongside Nasdaq 100 futures. On Deribit, puts are outtrading calls by more than two to one, with the October 30 $80,000 put the most active contract; out-of-the-money puts are costing 2.5 to 4 volatility points more than equivalent calls across expiries, a bearish skew showing traders hedging downside even as open interest is concentrated in the $90,000–$100,000 calls for the end of the month. Total crypto liquidations over 24 hours came to $155.1 million, down 55% from the prior day, with longs comprising about 69% of the total. DeFi led the losses with the sector index down 1.2%, while altcoin losses were broadly in line with bitcoin. Read more → Markets   Story 3 of 3 JPMorgan sees 10% annual bitcoin returns, topping stocks, bonds and gold over next decade JPMorgan published its 2027 Long-Term Capital Market Assumptions report today, including for the first time ever a bitcoin return forecast: a base case of 10% annualized over 10 years, with a bear case of −9.7% and a bull case of 17%. The 10% base case beats JPMorgan’s projections for U.S. large-cap equities (7.5%), small-cap equities (7.7%), bonds (5.6–6.6%) and gold (5.5%). The bank maintained a cautious tone, describing bitcoin as a speculative asset whose volatility and unstable correlations remain an obstacle to its widespread inclusion in portfolios — and declining to make the case for it as a diversifier. Portfolio managers Sheena Shah and Dennis Cristallo wrote that bitcoin lacks a strategic portfolio role beyond serving as a bet on fiat currency expansion or future blockchain asset trading. The report is nonetheless a landmark: Jamie Dimon’s bank, which called bitcoin a fraud in 2017, now puts a formal decade-long return estimate on it. Read more → CoinDesk Disclosure: The information contained in this newsletter, and any information linked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. You should seek additional information regarding the merits and risks of investing in any cryptocurrency or digital assets. L1.co Disclosure: This material is for informational purposes only, and the content contained herein should not be considered investment advice or a solicitation, offer, or recommendation to sell or buy any asset, strategy, or product. Investing in digital assets involves a high degree of risk, including the loss of principal. Crypto Daybook Americas: A newsletter from CoinDesk Were you forwarded this newsletter? Sign up here.  Copyright © 2026 CoinDesk, All rights reserved.  CoinDesk, Inc., 61 9th Avenue, 5th Floor, New York, NY 10011, USA Unsubscribe Manage preferences

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