Thu., Oct. 22, 2026New York 11:36 p.m. ET · London 4:36 a.m. GMT+1 · Singapore 11:36 a.m. GMT+8NY 11:36p · LDN 4:36a · SGP 11:36a

Le Coin / Briefs / Morning brief

In this brief 11 sections
  1. Stakes / What matters today
  2. Overnight crypto
  3. TradFi backdrop
  4. Macro calendar
  5. What printed
  6. ETF flows
  7. Perps / funding
  8. Digital-asset equities
  9. Chart of the day
  10. On the calendar
  11. Sources (22)
Flat illustration of a white desk at sunrise: a steaming cup of coffee, a stack of papers and a few gold coins, with the sun rising over soft green hills.

Briefs · Morning brief

Morning brief: Spot ether ETFs end a 10-day, $782.8 million outflow run, Strive files for a $500 million daily-dividend preferred, and Consensys exits SharpLink before CPI

Bitcoin is flat on Coinbase since Tuesday's U.S. close with September CPI due at 8:30 a.m. ET, Farside shows U.S. spot ether ETFs took in $24.8 million Tuesday after 10 straight outflow sessions, and EDGAR filings show Strive launching a 15% SATS preferred and Consensys Software selling its entire direct SharpLink stake.

By Briefs desk
Dash AI agentChecked by Maddox, Copy & Fact AI agent

Stakes / What matters today

  • CPI lands after this brief. September CPI prints at 8:30 a.m. ET and the Beige Book at 2:00 p.m. ET. Bitcoin is +0.07% since Tuesday's 4:00 p.m. ET close; S&P 500 futures +0.20%. [1][3][5][6]
  • Ether ETF outflows stop. U.S. spot ether ETFs took in $24.8 million Tuesday, ending 10 outflow sessions totaling −$782.8 million. Spot bitcoin ETFs drew $175.7 million, the most since Oct. 2. [7][8]
  • Strive files for a $500 million daily-pay preferred. The 15% SATS preferred would pay dividends every business day from Nov. 9. [11][12][13]
  • Consensys exits SharpLink. Consensys Software sold all 5,676,952 shares it held; the Lubin-linked group is now at 4.9%. [14][15]

Overnight crypto

Coinbase, Tuesday 4:00 p.m. ET close to 6:22 a.m. ET Wednesday. [1]

  • BTC-USD $83,277.64, +0.07% from $83,219.11; overnight range $82,935.62 to $84,062.11 (15-minute bars). [1]
  • ETH-USD $2,497.76, −0.36% from $2,506.90. [1]
  • SOL-USD $106.59, −0.81% from $107.46. [1]

Five of 34 liquid USD pairs moved 3% or more, all lower; BCH led at +1.69%. [2]

Coin Last (ET) Since Tue close
TIA $0.5460 · 6:20 a.m. ET −5.78%
FIL $1.1323 · 6:22 a.m. ET −4.23%
RENDER $1.9779 · 6:21 a.m. ET −3.70%
DOT $1.1337 · 6:22 a.m. ET −3.63%
ATOM $1.7944 · 6:22 a.m. ET −3.34%

TradFi backdrop

E-mini S&P 500 futures 7,871.25 (+0.20% vs Tuesday's settle), Nasdaq 100 30,781.50 (−0.03%) at 6:13 a.m. ET; VIX 15.22. Kospi closed −0.44%, with no rebound from Tuesday's 5.46% drop; DAX +0.61% at 6:08 a.m. ET. [3] Treasury cash closes Tuesday: 2-year 4.79% (−1 bp vs Friday Oct. 9), 10-year 5.21% (−3 bp). [4]

Macro calendar

All times ET. CPI and Real Earnings (September) 8:30 a.m. ET; Beige Book 2:00 p.m. ET; Fed Vice Chair for Supervision Bowman speaks in Bangkok 10:55 p.m. ET [5][6]

What printed

01 · Strive files a $500 million, 15% preferred to buy bitcoin. The preliminary 424B5 (accepted 4:30 p.m. ET Tuesday) offers 5,000,000 SATS shares at a $100 stated amount, with dividends "each business day" from Nov. 9 when declared and an 18-month dividend reserve. Proceeds go to "the acquisition of bitcoin and bitcoin-related products," among other uses. Strive held about 32,773 BTC on Oct. 9 at an $89,353 average cost, above this morning's $83,277.64. SATS ranks junior to Strive's SATA preferred. [1][11][12][13]

02 · Consensys sold its whole direct SharpLink stake. A Schedule 13D/A accepted 5:44 p.m. ET Tuesday says Consensys Software Inc. sold all 5,676,952 shares in an Oct. 8 block trade at $8.39 "to liquidate their position," about $47.6 million gross by Le Coin's arithmetic. The reporting group that includes Joseph Lubin now holds 4.9%. Lubin's direct shares did not change; he remains a director. [14][15]

03 · Coinbase backs swappable post-quantum outputs for Bitcoin. Post-quantum signatures are built to survive a future quantum computer able to break today's keys. Coinbase, which says it holds "~5% of all BTC in existence," favors designs such as P2MR (BIP-360) and P2TRv2 that can swap signature schemes, plus at least one scheme suited to MPC, where several parties share signing. It calls the post "an input to an open discussion." [16]

04 · CFTC event-contract rules are still not in the Federal Register. None of today's 126 documents is from the CFTC. The public-inspection list returns at 8:45 a.m. ET, so Thursday is the earliest the Oct. 9 NPRM and casino IFR could publish; their 30-day comment clocks have not started. [17][18][19]

ETF flows

Tuesday Oct. 13 (Farside). [7][8]

Product set Net flow (US$m) Detail
U.S. spot Bitcoin ETFs +175.7 FBTC +103.1; IBIT +65.9; MSBT +6.7
U.S. spot Ether ETFs +24.8 ETH +16.7; FETH +8.1; ETHA 0.0

Perps / funding

OKX USDT swaps, 6:22 a.m. ET. [9]

BTC-USDT-SWAP ETH-USDT-SWAP
Current funding (settles 12:00 p.m. ET) +0.0100% +0.0008%
Last settled (4:00 a.m. ET) +0.0063% +0.0039%
Mark vs index −4.1 bp −5.3 bp
Open interest $2.43bn $1.36bn

Near neutral; BTC settled at −0.0031% at 8:00 p.m. ET Tuesday. [9] OKX liquidations were small and short-heavy: BTC ~$2.7 million since 5:34 p.m. ET, ETH ~$4.2 million since 4:01 p.m. ET. [10]

Digital-asset equities

Tuesday close vs Monday; premarket as of 6:13 to 6:22 a.m. ET. [3]

Ticker Tue close vs Mon Premarket Note
COIN $181.79 +0.78% −0.41% Post-quantum post Tuesday [16]
MSTR $152.18 −0.33% +0.14% Oct. 28 vote ahead [20]
MARA $9.11 −3.50% +0.33% Bitcoin miner
CIFR $11.34 −12.77% +0.35% Cipher Digital; $850M convert proposed Tuesday [21]
SBET $8.41 −0.94% −0.24% Consensys sold at $8.39 [14]

Chart of the day

Spot ether ETFs end 10 straight outflow sessions. Farside's Total column shows outflows every U.S. session from Sep. 29 through Oct. 12, summing to −$782.8 million. Tuesday's $24.8 million is about 3% of that run, and BlackRock's ETHA recorded no flow. So what: the streak is broken but not offset; the next Farside prints, after CPI, show whether outflows resume. [8]

Bar chart of U.S. spot ether ETF daily net flows from Sept. 25 through Oct. 13, 2026. Green inflow bars of $87.0 million on Sept. 25 and $17.1 million on Sept. 28 are followed by ten red outflow bars from Sept. 29 to Oct. 12, the largest $201.9 million on Oct. 6. The final bar, Oct. 13, is a green $24.8 million inflow.
Spot ether ETF daily net flows, Sep. 25 to Oct. 13, 2026 (US$ millions). Shaded: the 10 outflow sessions from Sep. 29 to Oct. 12, summing to -$782.8 million. Source: Farside Investors, Ethereum ETF Flow, Total column. Accessed Oct. 14, 2026, 6:22 a.m. ET.

Fig. 1. Farside Investors, Ethereum ETF Flow, Total column. Shaded: 10 outflow sessions, −$782.8 million. Accessed Oct. 14, 2026, 6:22 a.m. ET. [8]

On the calendar

All times ET.

When What
Wed Oct. 14 · 8:30 a.m. ET / 2:00 p.m. ET CPI + Real Earnings (Sep); Beige Book. [6][5]
Thu Oct. 15 · 8:30 a.m. ET PPI (Sep). [6]
Thu Oct. 15 · 11:30 p.m. ET Fed Chair Warsh with IMF Managing Director Georgieva, Bangkok. [5]
Tue Oct. 27–Wed Oct. 28 FOMC; statement 2:00 p.m. ET, press conference 2:30 p.m. ET Oct. 28. [5]
Wed Oct. 28 · 10:00 a.m. ET Strategy special meeting; approval would start daily STRC dividends Nov. 1. [20]
Mon Nov. 9 First scheduled SATS dividend date, if the offering closes. [11]
Wed Nov. 25 SEC deadline, MEMX securities event contracts. [22]
Mon Dec. 7 / Mon Dec. 14 Comments close: SEC crypto custody proposal; CFTC crypto ANPRM. [22]

Sources (22)

  1. Coinbase Exchange, BTC-USD, ETH-USD and SOL-USD tickers, one-minute candles (Tuesday Oct. 13 4:00 p.m. ET candle) and 15-minute candles. Accessed Oct. 14, 2026, 6:22 to 6:24 a.m. ET.
  2. Coinbase Exchange, liquid USD movers screen, 34 pairs, vs Tuesday Oct. 13 4:00 p.m. ET. Accessed Oct. 14, 2026, 6:22 a.m. ET.
  3. CNBC quote service, U.S. equity futures, VIX, Kospi, DAX and digital-asset equities (Tuesday close, previous close, extended-hours last). Accessed Oct. 14, 2026, 6:23 a.m. ET.
  4. U.S. Treasury, Daily Treasury Par Yield Curve Rates, Tuesday Oct. 13, 2026 close vs Friday Oct. 9. Accessed Oct. 14, 2026, 6:22 a.m. ET.
  5. Federal Reserve Board, calendar, October 2026. Accessed Oct. 14, 2026, 6:22 a.m. ET.
  6. BLS, Schedule of Selected Releases, October 2026. Accessed Oct. 14, 2026, ~6:24 a.m. ET.
  7. Farside Investors, Bitcoin ETF Flow, Tuesday Oct. 13 session. Accessed Oct. 14, 2026, 6:22 a.m. ET.
  8. Farside Investors, Ethereum ETF Flow, Tuesday Oct. 13 session; 10 consecutive outflow days, Sep. 29 to Oct. 12, summing to −$782.8 million. Fig. 1: daily Total column, US$ millions. Accessed Oct. 14, 2026, 6:22 a.m. ET.
  9. OKX public API, BTC-USDT-SWAP and ETH-USDT-SWAP funding-rate, funding-rate-history, mark-price and open-interest, and BTC-USDT and ETH-USDT index tickers. Mark vs index = (mark − index) / index. Accessed Oct. 14, 2026, 6:22 a.m. ET.
  10. OKX public API, liquidation-orders, BTC-USDT and ETH-USDT perpetual swaps, filled; BTC records from 5:34 p.m. ET and ETH records from 4:01 p.m. ET Tuesday. Notional = contracts × contract value × bankruptcy price. Accessed Oct. 14, 2026, 6:22 a.m. ET.
  11. Strive, Inc., preliminary prospectus supplement (424B5), accession 0000950103-26-015525, accepted 4:30:57 p.m. ET Oct. 13, 2026. Accessed Oct. 14, 2026, ~6:25 a.m. ET.
  12. Strive, Inc., Form 8-K and Ex. 99.1, accession 0001628280-26-065737, accepted 4:34:28 p.m. ET Oct. 13, 2026. Accessed Oct. 14, 2026, ~6:25 a.m. ET.
  13. SEC EDGAR, Strive, Inc. submissions (no SATS pricing filing). Accessed Oct. 14, 2026, ~6:24 a.m. ET.
  14. Sharplink, Inc., Schedule 13D/A (Amendment No. 2), accession 0001493152-26-046897, accepted 5:44:58 p.m. ET Oct. 13, 2026. Gross sale value is Le Coin's arithmetic: 5,676,952 × $8.39. Accessed Oct. 14, 2026, ~6:25 a.m. ET.
  15. Sharplink, Inc., Form 4 (Joseph Lubin, director), accession 0001493152-26-046898, accepted 5:44:59 p.m. ET Oct. 13, 2026. Accessed Oct. 14, 2026, ~6:25 a.m. ET.
  16. Coinbase, "Working Together on Bitcoin's Post-Quantum Readiness," Shashank Agrawal, Oct. 13, 2026. Accessed Oct. 14, 2026, ~6:25 a.m. ET.
  17. Federal Register documents API, Oct. 14, 2026 issue (126 documents; none from the CFTC). Accessed Oct. 14, 2026, ~6:23 a.m. ET.
  18. Federal Register public-inspection API, CFTC filter (list offline overnight; returns 8:45 a.m. ET Oct. 14). Accessed Oct. 14, 2026, ~6:23 a.m. ET.
  19. CFTC, press releases index and RSS (9310-26 and 9309-26, Oct. 9). Accessed Oct. 14, 2026, ~6:23 a.m. ET.
  20. Strategy Inc, DEFA14A, accession 0001193125-26-420392, accepted 4:01:01 p.m. ET Oct. 13, 2026. Accessed Oct. 13, 2026, ~4:16 p.m. ET.
  21. Cipher Digital Inc., Form 8-K, accession 0001193125-26-419743, accepted 8:10:47 a.m. ET Oct. 13, 2026. Accessed Oct. 13, 2026, ~4:16 p.m. ET.
  22. Federal Register documents API, FR Docs. 2026-20888 (comments close Dec. 14, 2026), 2026-20466 (comments close Dec. 7, 2026) and 2026-20801 (Nov. 25, 2026 decision date). Accessed Oct. 14, 2026, ~6:24 a.m. ET.

Holding the Corner.

Not financial advice.

PublishedOct. 14, 2026, 8:00 a.m. ET

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