Has stagflation made a comeback?

Gold is up. Bitcoin, copper, stocks and yields are all down. This is a stagflation trade — and it's the clearest signal yet about what markets are actually afraid of. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SPONSORED BY Thursday, October 15, 2026   Gold is up. Bitcoin, copper, stocks and Treasury yields are all down. The pattern is a stagflation trade — investors fleeing growth assets and seeking safety — driven by an AI selloff that dragged South Korea’s Kospi down 8% and triggered circuit breakers overnight. Nearly $1 billion in crypto futures were liquidated in 24 hours following Wednesday’s hot CPI print, though rate-hike odds have since cooled to 26% from a spike near 47%. The 10-year yield is at 5.08%, down eight basis points from its recent peak. 10x Research still prefers holding bitcoin through this unwind — but only above $78,000. Stay alert. Read today’s full report → Market snapshot As of 8am EST Asset Price 24h BTC $80,729 −2.37% ETH $2,352 −4.95% SOL $101.85 −3.36% XRP $1.30 −4.06% Prices approximate. Visit coindesk.com/price for live data. 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 What matters today Markets   Story 1 of 3 Bitcoin, copper, stocks and yields all fall — gold rises The asset moves today point to a stagflationary read on the macro environment: copper futures fell nearly 1% extending Wednesday’s 1.6% decline, stocks fell broadly, Treasury yields dropped as bond prices rose, and gold gained 1% as a haven. Bitcoin and crypto fell alongside growth assets. The catalyst was a worsening AI selloff that dragged South Korea’s Kospi down 8% — triggering circuit breakers — while Nasdaq 100 futures slid around 1%. Concerns about an October Fed rate hike briefly pushed hike odds to 47% on CME FedWatch following Wednesday’s hot CPI, but those odds have since retreated to 26%. InvestingLive analyst Giuseppe Dellamotta framed it plainly: risk assets and the U.S. dollar underperform in a stagflationary environment, while gold outperforms. 10x Research still prefers holding bitcoin through the AI unwind, but only while BTC holds above $78,000 — a level to watch. Read more → Markets   Story 2 of 3 Bitcoin holds above $80,000 as a Korean stock rout drags altcoins lower Bitcoin touched just above $80,000 overnight — near the October 8 low of $80,300 — before buyers stepped in and the price rebounded. Altcoins took heavier losses: the CoinDesk 80 slid 2.2% versus 0.7% for the bitcoin-heavy CoinDesk 5, and all but six CoinDesk 100 members were lower. Nearly $1 billion in crypto futures positions were liquidated over 24 hours, up from roughly $136 million the prior day, driven primarily by long positions in ether ($200 million) and bitcoin ($115 million). Despite the price drop, bitcoin futures open interest rose 1.6% in dollar terms — implying fresh short positioning rather than capitulation. BVIV implied volatility is holding above 40% for the second straight day. On Deribit, options flow is two-way in bitcoin (both calls at $90K and $86K and puts are in the top-five volume leaders) but tilted defensive in ether, where puts dominate. Read more → Policy   Story 3 of 3 Hyperliquid’s founder wants U.S. oversight of trading platforms — not the blockchain Hyperliquid founder Jeff Yan told Bloomberg that CFTC oversight should target the financial firms deploying products on his blockchain — not the underlying network itself — drawing an analogy to how financial firms using internet infrastructure are regulated. The proposal would allow Wall Street companies to build regulated trading businesses on Hyperliquid without requiring the blockchain to register as an exchange. It has practical implications already in motion: Kraken’s parent company Payward plans to offer U.S. investors Hyperliquid-powered perpetual futures through a regulated exchange, even while Hyperliquid’s own perps market remains closed to U.S. customers. Yan’s comments follow Trump’s August statement that the CFTC was working to bring Hyperliquid into the U.S. regulatory framework. His framing — regulate the deployer, not the infrastructure — is a meaningful contribution to the broader debate over how to classify decentralized financial platforms. 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

Hyperliquid’s momentum meets the HYPG opportunity

A message from A high-performance blockchain built for perpetual futures trading, Hyperliquid has already made its mark. Its native token, HYPE, ranks among the top 10 digital assets by market capitalization¹ and reached a new all-time high in September.2 A potential US expansion could add to that momentum. Plans to bring markets built on Hyperliquid's onchain trading infrastructure to US clients could broaden its reach, subject to regulatory approval.3 For investors interested in the Hyperliquid opportunity, Grayscale Hyperliquid Staking ETF (ticker: HYPG) offers exposure to HYPE with the potential for staking rewards—at the lowest management fee among US HYPE funds.⁴ WHY HYPG? Lowest management fee in its category4 Over $200 million in AUM5 Potential staking rewards through a familiar structure. HYPG seeks to stake at least 70% or more of its assets, offering the potential for staking rewards that have historically averaged ~2.2% annually6 Sponsored by Grayscale, the world's largest digital asset-focused investment platform7 Learn More For more information about HYPG or Grayscale, email info@grayscale.com or call 866-775-0313 to speak with a Grayscale portfolio consultant. Grayscale Hyperliquid Staking ETF ("HYPG" or the "Fund"), an exchange traded product, is not registered under the Investment Company Act of 1940, as amended ("40 Act"), and therefore is not subject to the same regulations and protections as 40 Act registered ETFs and mutual funds. HYPG is subject to significant risk and heightened volatility. HYPG is not suitable for an investor who cannot afford the loss of the entire investment. An investment in HYPG is not a direct investment in HYPE. 1 CoinMarketCap.com as of 10/07/2026. Excludes stablecoins. 2 CryptoRank, as of 10/07/2026. HYPE reached an all-time high on 09/23/2026. Token performance does not represent actual Grayscale Fund performance, and actual performance may be lower than spot token performance. For actual fund performance, please visit www.grayscale.com 3 "Payward Intends to Bring Onchain Perpetual Futures to US Clients, Starting on Hyperliquid," Payward.com, 09/16/2026. Proposed US markets remain subject to regulatory approval. 4 Based on management fee of 0.29%. Brokerage fees and other expenses may still apply. 5 As of 10/07/2026. 6 Stakingrewards.com. Historical daily average measured from 05/01/25 to 04/21/26. The rate stated is the Gross Staking Rewards which reflects the average Staking Rewards earned by the Fund on staked assets over the prior 60 calendar days, annualized using a 360-day calendar methodology. This is a historical figure and is not a projection of future rewards. Staking rewards are not issued directly to investors. The gross staking percentage is not a performance measure earned by investors. Staking rewards are not guaranteed, may change frequently and may be zero. 7 Largest crypto-focused asset manager based on AUM as of 09/30/2026. For other companies in this category, AUM is considered as of most recent public disclosure. This information must be preceded or accompanied by a prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing. This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. When a Fund stakes its underlying asset, the token is subject to the risks attendant to staking generally. Staking requires that the Fund lock up the token for the period of time required by the staking protocol, meaning that the Fund cannot sell or transfer the staked token, thereby making it illiquid for the period it is being staked. In addition, during the lock-up period, the Fund is subject to the market price volatility of underlying asset, and it may miss opportunities to sell during opportune times. During the unstaking period, the Fund may miss out on earning opportunities because, in some cases, the staked token may not earn rewards during the unstaking period or may only earn rewards during part of the unstaking period. Staked assets are also subject to security breaches, network downtime or attacks, smart contract vulnerabilities, and validator or custodian failure or compromise, which can result in a complete loss of the staked asset or a loss of any rewards. Potential staking rewards are earned by the Fund and not issued directly to investors. Digital assets represent a new and rapidly evolving industry. The value of the Fund depends on the acceptance of the digital assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the digital asset. Digital asset networks are developed by a diverse set of contributors and the perception that certain high-profile contributors will no longer contribute to the network could have an adverse effect on the market price of the related digital asset. Digital assets may have concentrated ownership and large sales or distributions by holders of such digital assets could have an adverse effect on the market price of such digital assets. Foreside Fund Services, LLC is the marketing agent for HYPG. © 2026 Grayscale. All trademarks, service marks and/or trade names (e.g., G™, GRAYSCALE®, GRAYSCALE CRYPTO SECTORS™, and GRAYSCALE INVESTMENTS®) are owned and/or registered by Grayscale. This message is intended only for the addressee. 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