Good morning!

Today's Headlines:

• The prices of mainstream cryptocurrencies have generally risen, with ZEC leading the gain with a 13% increase; BTC is trading at $83,500.
• The proportion of ETH in pledge has risen to a record high of 35.9%, showing growth for six consecutive quarters.
• Another 7 large companies oppose the trading of tokenized stocks
• After Collector Crypt was integrated with Pump, record-breaking results were achieved in terms of card packs, revenue, and daily active users.
• Pump and Kimchi have reached a cooperation to launch a new advertising campaign; Kimchi's coin market value has soared to 40 million US dollars.

Bitcoin tops JPMorgan's forecast for total asset returns over the next decade

JPMorgan Asset Management has just released the "2027 Long-Term Capital Market Assumptions" (2027 Long - Term Capital Market Assumptions). This is the 31st edition of the report, and it serves as an important reference for institutional investors to build their models. The report covers 13 categories of assets and ranks them based on the expected compound returns over the next decade.

Bitcoin tops the list.

JPMorgan Chase expects that in the next 10 to 15 years, Bitcoin's annualized return will be as high as 10%. Real Estate Investment Trusts (REITs) rank second with 8.2%, small-cap stocks at 7.7%, and large-cap U.S. stocks at 7.5%. Gold has an annualized return of 5.5%. Calculated using compound interest over ten years, an investment of $100 in Bitcoin would grow to $259, while in large-cap U.S. stocks it would grow to $206, and in gold it would grow to $171.

This is the first time Bitcoin has appeared in this report, and the significance of this fact even surpasses the number itself. Pension advisors and registered investment consultants typically operate asset allocation models based on such assumptions, yet in the previous 30 editions of the report, the expected return on Bitcoin was left undefined. Now, JPMorgan Chase has for the first time provided a clear figure, and it is at the top of the list.

The arithmetic return on Bitcoin is 20.9%, while the compound return is 10%, with a difference of 10.9 percentage points, which is entirely due to the drag of volatility. In contrast, the similar difference for large U.S. stocks is only 1.45 percentage points. Bitcoin has an annualized volatility of 55%, whereas stocks have 18%. This prediction is not to say that Bitcoin is a better alternative to stocks, but rather that Bitcoin offers higher returns, however, investors must also endure significantly greater volatility in order to achieve those returns. Anyone who has experienced the ups and downs of the past decade of the crypto market would probably agree with this.

For the crypto market, there are two points that are particularly noteworthy. Firstly, the argument that "monetary devaluation is beneficial" has lost its most compelling backing. JPMorgan Chase described this bullish logic as "deviating from facts" and placed gold in a lower position on the list. Secondly, Bitcoin is no longer compared to gold; instead, it is now competing with growth assets found in traditional investment portfolios such as REITs and small-cap stocks, and it is coming out on top.

The timing of the release is also quite significant. At a time when the yield on 10-year U.S. Treasury bonds is above 5%, and JPMorgan’s forecast for global bonds is the highest in 20 years, the bank still ranks Bitcoin first.

A 10% compound return may not be enough to make one rich overnight on social media timelines. However, it is now the highest figure in JPMorgan Chase's forecasting manual. Institutions that previously needed "permission" to include Bitcoin in their models now have that permission. Next, it's a matter of when the market will catch up.

Macro, Cryptography, and Market

• The prices of major cryptocurrencies have generally risen by 2% to 4%, with ZEC leading the gains; BTC has risen by 2% to $83,400, ETH has risen by 4% to $2,465, SOL has risen by 3% to $107, HYPE has risen by 4% to $81, and ZEC has risen by 13% to $1,285.
• The top-performing altcoins in terms of increase include ENA (+12%), PYTH (+11%), NEAR (+11%), and VVV (+9%).
• Oil prices fall 10% to $99; gold rises 0.2% to $4,150
• As oil prices fall, stock index futures rise; Dow Jones futures gain 0.1%, Nasdaq futures gain 0.6%
• Microsoft, Alphabet, Goldman Sachs, Qualcomm, Caterpillar, McDonald's, and Western Data have joined the list of companies opposing the trading of their stock tokenized versions on the OKX-ICE platform, raising the total number of opposition companies to 16 in just 4 days from 9.
• Bitwise The fourth-quarter staking report shows that the amount of Ethereum staked reached a record 43.8 million ETH, accounting for 35.9% of the total supply, which is approximately 106 billion US dollars at current prices, and this represents the sixth consecutive quarter of growth.
• The Commodity Futures Trading Commission (CFTC) of the United States has set the agenda for the first Frontier Forum to be held on October 28th, which will focus on studying how AI can reshape the derivatives market, as well as how traders' own AI agents may operate under the current rules.
• MasterCard offers a sneak preview of Agent Pay, for, and Machines, allowing AI agents to discover the services and complete payments within a manually set expenditure limit.
• The wallet related to the April Drift vulnerability exploitation incident, which cost $295.7 million, transferred 25,700 ETH, approximately $61.6 million, to Tornado Cash within about two hours after remaining silent for two months.
• The developer of Zcash has set the block height for the upgrade of NU7 to 3,543,405, with the upgrade expected to take place around November 5th; this upgrade will reduce the block generation time from 75 seconds to 25 seconds and will permanently disable the initial privacy pool Sprout.

Enterprise Treasury and ETF

• On Monday, Bitcoin ETF recorded a net inflow of $23 million; Ethereum ETF recorded a net outflow of $26 million.

Meme Currency Tracking

• Meme Major coin leaders mostly rise; DOGE rises 4%, SHIB rises 4%, PEPE rises 9%, PENGU rises 8%, TRUMP rises 8%, SPX rises 7%, BONK rises 7%
• On the Robinhood chain, the performance of leading projects varies; Pons has increased by 10% to $195 million, AI has increased by 20% to $90 million, Cashcat has increased by 12% to $115 million; Orbio has increased by 85%, Hookr has increased by 20%, Boner has increased by 25%, and Priors has increased by 33%, ranking at the top of the leaders list.
• Projects with the highest ecological growth rates include: KIMCHI soaring by 650 times to $30 million, Pill rising by 280% to $2.4 million, Stonk increasing by 23%; Ansem rising by 10% to $100 million.

Tokens, Airdrops, and Protocol Tracking

• In terms of daily revenue from on-chain protocols, Papertrade topped the list with $2.5 million, followed by Pump.fun with $2.18 million and Hyperliquid with $1.92 million.
• Pump.fun announces Kimchi as its latest application partner, and launches a new advertising campaign titled “pill your friends” in conjunction with this launch.
• After Collector Crypt was integrated into the distribution system of Pump.fun, various metrics set new records: 106,023 card packs were opened in a single day, doubling the previous record and generating over $22 million in total revenue; the number of daily active users increased from 1,000 to over 6,200, a sixfold increase; and for the first time, the number of unique wallets holding at least one tokenized collectible exceeded 20,000.
• After the closed beta test, OpenSea has opened its mobile application to all users for the first time.

NFT What's happening in the market?

• NFT Leading projects mostly rose; Punks rose 4% to 31.3; ETH; BAYC rose 8% to 5.99; ETH; Pudgy rose 2% to 2.45; ETH.
• Invisible Friends (+150%), Good Vibes Club (+36%) and Statements (+41%) led the gains; Fidenza rose by 20%.