Tuesday, October 20, 2026

The High-Conviction Relative Value Trade

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The High-Conviction Relative Value Trade

Before the Consensus Catches Up

10x Research

Oct 20

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A compounding convergence of macro friction and shifting market dynamics is pressuring risk assets. Energy price spikes, shifting geopolitical probabilities, and tightening financial conditions have begun spilling over into capital-intensive sectors, including AI infrastructure and digital assets. Meanwhile, institutional positioning in derivative markets reflects a clear pivot toward capital preservation.

This report analyzes key inflection points, breaks down critical technical support thresholds across major tokens, and details our actionable relative-value model portfolio recommendations to navigate current market volatility...

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Monday, October 19, 2026

Daily bulletin

President of Russia

Daily newsletter from the official website of the President of Russia. kremlin.ru.

October 19

Meeting with Prime Minister Mikhail Mishustin

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Respectfully,

Internet Department
Presidential Press and Information Office

What Really Moved Crypto Since June: Part 1 – Bitcoin, Ethereum, Solana, BNB and XRP

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What Really Moved Crypto Since June: Part 1 – Bitcoin, Ethereum, Solana, BNB and XRP

Before the Consensus Catches Up

10x Research

Oct 20

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This is the first of three reports that step back to look at why crypto has moved up and down since June. Day to day, it is easy to lose sight of the bigger picture.

Every week, usually on Friday, we send out our ‘One Liners: Crypto Market Drivers’ report, which highlights the most important catalysts driving cryptocurrencies that week. This series brings those weeks together into a 20-week review and lines each event up against the weekly returns it produced.

Looking at the full period, a clear pattern emerges. A handful of flow and macro events drove the largest swings, while many headlines that looked important at the time sold off within days. Bitcoin is driven mainly by macro factors, but altcoin drivers are often coin-specific, as Hyperliquid, Zcash, and NEAR will show in one of our next reports.

In this first part, we cover Bitcoin, Ethereum, Solana, BNB, and XRP, with a chart for each showing the weekly move and its main driver. We have kept the charts on a white background in case readers want to print them. Financial markets produce a lot of noise, and revisiting the drivers this way has always helped us remember which events matter and how investors decide their next move.

We have also compiled the charts into a PDF chart book so readers can keep it as a reference and print it...

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	Save Time: Our reports deliver the most critical insights in just 5-10 minutes—no endless searching or guesswork. Feel informed about what truly matters.
	Proven Process: Insights are backed by a disciplined morning investment meeting, ensuring data, news, and catalysts are expertly analyzed.
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From Hashrate to High Yield: Bitcoin Miners Now Trade on CoreWeave’s Credit

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From Hashrate to High Yield: Bitcoin Miners Now Trade on CoreWeave’s Credit

Before the Consensus Catches Up

10x Research

Oct 19

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Over the past 12 months, Oracle and CoreWeave shares have each fallen about 55%. Over the same period, Oracle’s 2032 bonds lost 14 points and CoreWeave’s 2031 bonds lost 21. In other words, the bonds lost points while the stocks lost half their value. The latest selloff in CoreWeave’s bonds was fast and severe, but this is not a CoreWeave default story. It is about funding for AI infrastructure more broadly, and Oracle, an investment-grade company, has lost as much equity value as CoreWeave

Since September 22, Bitcoin is down 5%. The Bitcoin miners we track are down 28% to 53%. Even MARA, the stock still most closely tied to Bitcoin, has fallen 45%. The miners that moved into AI hosting have quietly changed what drives their shares. Their correlation with Bitcoin has dropped to 0.29 since July. The selloff was not about Bitcoin or Treasury yields.

In this report, we explain when and why the link to Bitcoin broke, what miners trade on now, why funding mattered more than tenant quality, and the credit level that will tell investors when it is safe to buy again.

Because the drivers of miner share prices have changed, we also outline when investors can start buying again, which events and credit levels would trigger it, and what to monitor in the meantime.

Sell-off in CoreWeave and Oracle stocks and bonds is troubling BTC miners

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	Save Time: Our reports deliver the most critical insights in just 5-10 minutes—no endless searching or guesswork. Feel informed about what truly matters.
	Proven Process: Insights are backed by a disciplined morning investment meeting, ensuring data, news, and catalysts are expertly analyzed.
	Fast, Actionable Updates: Receive 2-4 concise, actionable reports each week—delivered straight to your inbox.

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Tuesday, October 20, 2026