Kaupr Daily — Monday 19 October 2026
Good morning!
Chip stocks fell for eight straight days last week, their longest losing streak since 2008. Bitcoin has held above $80,000 and rose to $82,500 this morning. Over the weekend, tokenised stocks kept trading while Wall Street was closed, and traders lost $52 million on AI stock bets. And banks kept building: Deutsche Bank is about to launch crypto custody, and Goldman, Wells Fargo and Morgan Stanley see tokenisation as growth.
Some stories in Kaupr Daily:
💎 Mid-term holders send far less bitcoin to exchanges
💎 Most tokenised stock trading happens outside US market hours
💎 Broadcom, Verizon and seven others object to OKXICE tokenising their shares
💎 Circle targets around 40 emerging markets
Our next live event, Impact Onchain on 4 November, looks at how hackathon work becomes real projects. It is free to join.
— Morten
Chip stocks have their longest slide since 2008
Chip stocks lose $2 trillion in eight straight days of falls
The Philadelphia Semiconductor Index fell for an eighth straight day, matching its longest losing streak since the 2008 financial crisis and wiping out about $2 trillion in market value. More than half its stocks are at least 10% below their highs. Stocktwits points to worries about AI spending, rising rate expectations and Chinese competition in memory chips.
Why it matters: The index is still up nearly 60% this year, and this is its fifth correction of at least 10% in 2026.
Source: Chip Stocks' On Track For 8-Day Slide Erasing $2 Trillion, Matches Worst Streak Since Financial Crisis — Stocktwits
Traders lose $52 million on AI stock bets while Wall Street is closed
Traders lost nearly $52 million in about ten minutes on Saturday on perpetual futures that track AI and chip stocks around the clock, most of it on bets that prices would rise. Exchanges force-close borrowed bets when prices fall, and each forced sale can push prices lower. The Fear & Greed Index fell to 18 on Friday.
Why it matters: The losses came on a Saturday, when the stocks themselves could not trade, showing how weekend contracts on equities can deepen a selloff.
Source: Black Monday Fears Grip Wall Street as Traders Lose $52 Million on AI Stock Bets — BeInCrypto
Bitcoin holds above $80,000
Bitcoin rises to $82,500 as stocks rebound on China's growth
Bitcoin edged up to about $82,500 on Monday morning as Nasdaq futures rose more than 1% and Asian stocks gained, after China's economy grew faster in the third quarter than in the second. Lower oil prices also eased fears of inflation. "Financial markets are a sea of green on Monday," CoinDesk writes.
Why it matters: Lower oil could ease inflation and open the way for rate cuts, though the Fed is expected to hold rates this month.
Source: Bitcoin jumps to $82,500, stocks rise as China GDP beats estimates — CoinDesk
Mid-term holders send far less bitcoin to exchanges
Of bitcoin held for six to twelve months that moved in the past month, only 4.4% went to exchanges, down from 40.4% in June, according to CryptoQuant data. Overall movement held roughly steady, so these holders are moving coins without selling them.
Why it matters: "Fewer sellers can slow a decline but does not, by itself, push prices higher," the analysis notes.
Source: Bitcoin mid-term holders slash exchange transfers to 4.4% from 40.4% in June — Crypto Briefing
Tokenised stocks trade through the weekend
Most tokenised stock trading happens outside US market hours
Most trading in tokenised stocks on BNB Chain, Solana and Base now takes place outside regular US market hours, Blockworks data show, with the share above 70% on BNB Chain. Tokenised stocks have grown to nearly $3.3 billion, according to RWA.xyz, while offerings such as xStocks and Ondo Global Markets remain largely closed to US investors.
Why it matters: Much of the demand for tokenised stocks comes from investors who want to trade when Wall Street is closed.
Source: Crypto Biz: Wall Street closes at 4. Tokenized stocks keep trading — Cointelegraph
Stale prices are the weak point when tokenised stocks are used as collateral
DeFi lending protocols need a live price for collateral at all times, but a tokenised US stock has no official price once New York closes. Over a weekend that gap lasts about 65 hours, and liquidating on thin after-hours trades can hurt either borrowers or lenders. No solution has yet been shown to work in practice.
Why it matters: The more tokenised stocks are used as collateral around the clock, the more it matters how they are priced while the underlying market is shut.
Source: Tokenized Equities Face 24/7 DeFi Lending Clock Collision With Stale Prices — OneBullEx
Nine companies, including Broadcom and Verizon, object to OKXICE tokenising their shares
Broadcom, Verizon, UnitedHealth, CoreWeave and five other companies have objected to OKXICE listing tokenised versions of their shares, under the opt-out in the SEC's new framework. Nasdaq will also keep its own shares off venues that don't show best prices in real time. None of the companies gave reasons.
Why it matters: TD Securities found little interest in tokenising shares outside a small group of crypto-adjacent companies, and warns that the SEC's exemption is only temporary.
Source: SEC tokenized stock framework faces issuer pushback as Broadcom, Verizon, Nasdaq object listing — CoinDesk
Banks and issuers keep building
Deutsche Bank targets Asia for crypto custody as its German launch nears
Deutsche Bank expects to start crypto custody in Germany within weeks, subject to approval, with bitcoin, ether and the stablecoins USDC, EURC and EURAU. BaFin authorised the bank under MiCA on 12 October. It works with Bitpanda and Taurus, and plans to expand to Asia in 2027.
Why it matters: The bank also plans tokenised deposits and support for digital bond issuance, joining Standard Chartered and BBVA in offering crypto custody.
Source: Deutsche Bank targets Asia crypto custody expansion in 2027 as German launch nears — CoinDesk
Circle targets around 40 emerging markets
Circle chief executive Jeremy Allaire told Reuters that the company plans to enter about 40 emerging and developing countries, as demand for stablecoins grows in Southeast Asia, Latin America, Africa and the Middle East. Circle is buying payments firm Tazapay for $400 million to reach local payment networks.
Why it matters: Allaire says stablecoins are moving into "mainstream scaling", but warns that AI raises security risks: "If you're not concerned about it, then your head is in the sand."
Goldman, Wells Fargo and Morgan Stanley see tokenisation as growth, not a threat
On their quarterly earnings calls, Goldman Sachs' David Solomon said tokenisation and prediction markets can expand trading, though activity so far is "small and at the margin". Wells Fargo already sends cross-border payments with tokenised deposits that arrive within two minutes. Morgan Stanley says faster asset transfers will still need advice.
Why it matters: The largest US banks treat tokenisation as a way to win business rather than something to defend against.
Source: Goldman Sachs, Wells Fargo, Morgan Stanley see tokenization as a growth play, not a threat — CoinDesk
📅 Impact Onchain — Wednesday 4 November
From hackathon to real projects
Our next live event is free and online, Wednesday 4 November, 11:00–12:30 CET. Together with FirstBlock-athon Stockholm, we look at what it takes to turn hackathon work into lasting projects: funding, partners, pilots and buy-in, and blockchain beyond finance.
Kaupr Today comes in two editions
Kaupr Daily — daily signals on onchain finance, every weekday.
Kaupr Digest — the week's most important news in one read, every Sunday.
More from Kaupr
Onchain Invest — tokenised assets, wealth and markets, for anyone putting money to work, every other Thursday.
Onchain Money — stablecoins, banks and payments for businesses and consumers, every other Thursday.
Onchain Growth — weekly briefing on the Nordic and Baltic onchain industry, every Tuesday.
Onchain Build — notes for builders, organisers and operators.
Onchain Community — where the industry meets between issues.
Kaupr Events — upcoming events, curated picks and full recordings.
Kaupr Weekly — ten-minute podcast on the week's most important news, every Sunday.
Wishing you a great Monday — and welcome back tomorrow morning for the next edition of Kaupr Today.
Best regards Morten Myrstad Founder & Editor