텔레그램 10분 핵심 원문 · 2026.10.09 01:40

Is an agentic bank run coming? With consumer-facing agents hitting the mainstream, what would’ve sounded like the premise of a Hollywood sci-fi movie a few years back doesn’t feel all that improbable today. Our financial system was not designed for this future. It’s slow, fragmented and gate-kept by layers of intermediaries, legal authorities and KYC processes. It was built by humans, for humans. The walls that protect our financial systems from ourselves have so far protected them from agentic interference. As we pointed out in Agentic Reality , consumer software is in some ways more immediately exposed to agentic disruption. Agents can already navigate websites, applications and, if we let them, our phones and devices. Software that used to require a human to search, compare, click and transact can now be operated by agentic software .

This brings us back to an industry that, for most of the last decade, has looked like a solution in search of a problem: Crypto . The blockchain industry has spent fifteen years building something that looks surprisingly useful in an agentic world: always-on, programmable financial infrastructure where assets, ownership and settlement can co-exist. Until recently, it was a technology with limited purpose. Agents didn’t exist, and humans were left wrestling with seed phrases, wallet permissions, bridges and gas fees, only to be rewarded with the ability to buy the latest Shiba-Inu-themed memecoin. Meanwhile, stocks, treasuries, credit, commodities and other financial assets people actually want to own remained inside the traditional financial system.

Both of those things are now changing. Financial assets are being tokenized and brought onchain . The worlds of traditional finance and crypto are merging. Meanwhile, agents provide a new class of users that don’t care about the terrible UX of a block explorer. Blockchains have finally found their raison d’être. At the risk of being that guy for a moment, we’ve seen this movie before. Do you know what HTTPS , TCP and IP are (maybe), or how they work (probably not)? Unless you’re an old nerd, you shouldn’t have to. The internet didn’t reach billions of people because they learned networking protocols. The underlying infrastructure was eventually abstracted away by browsers until people stopped thinking about the technology at all.

Source: Reuters With TradFi’s bastion, the Bloomberg Terminal , listing Hyperliquid perps and tokens at WSL HYPE <GO> , there’s little question about the direction of travel. Source: Bloomberg For the first time, we have an environment where both institutions and individuals can, and are willing to, engage with a plethora of RWAs. It’s clear to us that legislation is being pieced together with or without a huge bill, and the question for investors should shift from “will tokenization be legal?” toward “who captures the economics when these products eventually enter the US?” But before we jump to that, let’s take a quick step back and answer… Why do assets coming onchain matter in the first place? This post is for paid subscribers

It may not have caught front-page headlines, but there has been a slow drip of advances and a quiet shift toward regulatory acceptance that has been going on for years. But the first “oh sh*t” realization for many happened when the Iran conflict escalated over a weekend in March, and Hyperliquid became one of the only liquid venues where traders could price crude oil. Since then, RWA adoption has really shifted into higher gear. We’ve seen massive moves starting to happen across crypto in the past month, marking what appears to be an inflection point. So what’s going on? First , tokenized equities have become composable and exist outside of the issuer venue . This means that unlike on Hyperliquid, assets can move between apps and rails that previously only worked for stablecoins and native crypto assets.

Robinhood Chain (HOOD US) was the first to open the floodgates with “Stock Tokens”. This has snowballed to more chains, leading to a massive uptick in activity. To grasp the scale… In September, Solana temporarily processed more trades than the NYSE…and while most of this activity is surely bots, meme pairs and other nonsense, that still says quite a lot about the traction this is getting. Second , regulators are moving tokenized assets from an offshore experiment toward regulated US market structure . Two days after the CLARITY Act fell short in the Senate, the SEC issued an innovation exemption for tokenized stock trading. Meanwhile, US stock perps are next, with Coinbase’s proposed product now listed by the CFTC as “approval pending”.

Source: Reuters With TradFi’s bastion, the Bloomberg Terminal , listing Hyperliquid perps and tokens at WSL HYPE <GO> , there’s little question about the direction of travel. Source: Bloomberg For the first time, we have an environment where both institutions and individuals can, and are willing to, engage with a plethora of RWAs. It’s clear to us that legislation is being pieced together with or without a huge bill, and the question for investors should shift from “will tokenization be legal?” toward “who captures the economics when these products eventually enter the US?” But before we jump to that, let’s take a quick step back and answer… Why do assets coming onchain matter in the first place? This post is for paid subscribers

So the market is clearly favoring the bearish bias and those who have been able to trade on the short side have been able to benefit on a swift note but then yes we are targeting some bit of recovery from the mid and small cap and unfortunately that has not played out. Now when you take a look at the overall scenario and when you see what really has to happen, we are very very clear that the RBA policy has actually opened the can of homes and the kind of continued pressure which we are seeing on the overall markets. It clearly lays down that the geopolitical news slope combined with the domestic pressure is going to add some pain as we head into the result season.

So when you take at the kind of results that are going to come out and when you take a look at uh the pressure which is going to be faced by all the candidates that are going to come out with that Q2 numbers it really boils down as to how the Q2 numbers would able would be able to actually fathom what really can happen in the coming week. So overall we are looking at a very very interesting scenario. The Q2 numbers could be an inflection point. There are going to be some stock specific action. Now over the last few business updates while in some uh few blips on the upside majority have been on the downside. So with this kind of news flows in play and with the sentiment not clearly favoring the bullish buyers one needs to be really cautious as we head into the next few weeks with the kind of continued selling pressure at every rise.

We should not be considering this kind of weaker scenario as a scenario to go ahead and invest. Well, what we need to do in these cases is stay for some time if on the short side if possible otherwise best to tone down our participation. All this and more are covered as part of today's article. So yes, there are opportunities to uh for some renewed uh shorting opportunities if you are a trader but then if you are an investor you got to be very selective and currently the markets are not offering us any opportunities. So see you inside the article. [외부 원문 2] [URL] https://www.youtube.com/watch?v=B2Er-H_-0QQ

So with this kind of news flows in play and with the sentiment not clearly favoring the bullish buyers one needs to be really cautious as we head into the next few weeks with the kind of continued selling pressure at every rise. We should not be considering this kind of weaker scenario as a scenario to go ahead and invest. Well, what we need to do in these cases is stay for some time if on the short side if possible otherwise best to tone down our participation. All this and more are covered as part of today's article. So yes, there are opportunities to uh for some renewed uh shorting opportunities if you are a trader but then if you are an investor you got to be very selective and currently the markets are not offering us any opportunities.