富裕投资者买入加密货币，但许多财富顾问仍保持谨慎

The game between cryptocurrency capital flows and interest rate pressures under macro headwinds

Although the broader market is facing challenges from macroeconomic headwinds, the flow of wealth to the cryptocurrency sector is accelerating. A new survey from CoinShares shows that wealthy investors in the seven major economies are already comfortable holding digital assets, and many plan to increase their holdings this year, possibly faster than some traditional financial advisers suggest.

At the same time, cryptocurrencies are struggling to move forward against the backdrop of an overall downturn in risky assets. Bitcoin is trying to continue its strong momentum and record its best third-quarter performance since 2017, but comments from market researchers pointed out that high bond yields and shifts in Fed policy expectations may make this continued momentum difficult to maintain.

Core Points

• CoinShares Survey Results: Most wealthy investors in the seven major countries already hold cryptocurrencies, with an average allocation ratio close to 10% of their portfolio.
• Interest rate pressures: With government bond yields remaining above 5%, Bitcoin's upward momentum may come under pressure as fixed-income assets become more attractive alternatives.
• OKX Financing and Expansion: OKX completed a new round of financing at a valuation of US$25 billion and moved forward with the steps to tokenize traditional markets by filing an application with the U.S. Securities and Exchange Commission (SEC).
• Strategy Repo Trends: According to reports, Strategy's heavy repurchase last week was biased towards STRC shares, with spending on the stock far exceeding the amount it would buy new bitcoins.

How interest rates test Bitcoin's momentum

Bitcoin's third-quarter performance brought a shine to the market. Delphi Digital described it as one of the strongest gains in recent years, and this momentum has continued into subsequent moves at the weekly level. However, Delphi warned that the climb was taking place against a background of "real resistance", pointing to an interest rate environment that keeps traditional yields high.

According to comments quoted by Delphi Digital, factors hindering a clear extension of the market include the Federal Reserve's September interest rate hike expectations and multi-year highs in government bond yields. From a practical perspective, the higher the rate of return provided by safe fixed income assets, the more likely investors are to hesitate about moving money to volatile alternative assets like cryptocurrencies.

Despite this, the interest rate situation is not static. With September's non-farm payrolls data adding only about 29,000 jobs, well below the expected 80,000, CME FedWatch data showed that the probability of another rate hike has changed. Additional comments from John Williams, President of the Federal Reserve Bank of New York, also suggested there was no urgency to raise rates again.

The key contradiction for traders and fund managers is that the narrative drivers of cryptocurrencies-liquidity expectations, risk appetite, and macro hedging needs-may run counter to the signals sent by current yields. In the short term, high government bond yields remain an obstacle. According to the article, Bitcoin briefly exceeded $87,000 before falling back below $83,000.

Crypto adoption rates among the wealthy seem to exceed the habits of advisers

CoinShares 'survey clearly demonstrates how wealthy investors approach digital assets. The survey found that in seven major economies, most wealthy investors hold cryptocurrencies, accounting for an average of 10% of their investment portfolios. These numbers are striking because they appear to conflict with the recommendations that some consultants are believed to recommend.

The survey interviewed 2,230 investors with at least US$500,000 in investable assets from the United States, the United Kingdom, France, Germany, Italy, Sweden and Switzerland. Holding rates vary among countries, with Sweden at 54%, compared with about 70% in the United States, the United Kingdom, Germany and Switzerland. In five of the seven markets, at least 85% of existing cryptocurrency holders said they plan to increase exposure in 2026.

survey also pointed to gaps between investor behavior and advisers 'positions. About 40% of respondents in Switzerland, France, the United States and Germany said the consultants they work with are too cautious about digital assets.

然而，并非所有配置数据都被普遍接受。数字资产金融专业人士理事会（Digital Assets Council of Financial Professionals）创始人里克·埃德尔曼（Ric Edelman）质疑加密货币平均占富裕投资组合10%的说法，称他的研究表明2%至5%的配置更为常见。埃德尔曼还认为，根据风险承受能力，配置比例可能需要更大——他推荐的范围是10%至40%。

对读者而言，实际意义在于：即使顾问的主流化进程滞后，高净值群体的需求可能仍将持续。如果富裕投资者积极增加持仓，他们可以帮助维持机构风格的资金流入，即使更广泛的市场参与者保持谨慎。

OKX推进融资与代币化市场雄心

据报道，OKX以250亿美元的估值扩大了其融资轮次。该交易所筹集了未披露的金额，参与的合作伙伴和投资者包括洲际交易所（ICE），后者于今年3月早些时候投资了2亿美元。文章中提到的其他参与者还包括渣打银行的SC Ventures、Qube Research & Technologies、Ripple和Circle。

这笔融资凸显了一个更广泛的模式：加密货币交易所不仅在争夺流动性和交易量，还在定位自己以服务于受监管的资本市场。这一转变反映在OKX与美国证券交易委员会（SEC）相关的单独努力中。

On Monday, an OKX-ICE joint venture reportedly filed an application with the SEC to launch a tokenized stock trading platform based on the agency's innovation exemption clause. The article pointed out that the start still depends on the final result of the application and the scope of the exemption.

This is important for market participants because tokenized stocks will be at the intersection of traditional brokerage infrastructure and blockchain settlement. Even without confirming whether the platform will move forward, the application itself sends a signal that cryptocurrency companies are increasingly viewing tokenization as a "regulatory first" product path rather than purely technological experimentation.

Strategy's repo portfolio shows the evolution of corporate crypto exposure

Corporate capital allocation remains the main driver of some sentiment in the crypto market, and Strategy's recent moves illustrate how quickly priorities can shift. The company reportedly spent $176.3 million last week to buy back 1.77 million STRC shares-more than six times the $28.7 million it used to purchase 334 bitcoins.

After the transaction closed, Strategy stated in an 8-K filing with the SEC on Monday that its holdings were exactly 848,000 BTC. However, the report also emphasized that Bitcoin accumulation has slowed significantly: positions increased by only approximately 0.2% in the third quarter, with the 7,218 BTC purchased previously partially offset by the 5,553 BTC sold.

Meanwhile, STRC shares have rebounded. The article stated that the STRC has returned to a face value of nearly $100 and is currently trading at about $99.53 after falling to about $75 in late June.

Strategy also submitted a power of attorney seeking shareholder approval to speed up the dividend schedule-daily payments by STRC and daily/quarterly adjustments for other relevant share classes. Shareholders are scheduled to vote on the proposal on October 28. The article stated that if approved, STRC's daily dividend payments will begin in November, and STRF, STRK and STRD will follow up in January. The company said changes in the schedule would not change dividend ratios or total payment obligations, but could affect reinvestment timing, liquidity and price stability.

Taken together, the split of repo suggests that Strategy is diversifying its capital return strategy rather than just adding Bitcoin. The key question for investors focusing on corporate crypto exposure is: Will this model be temporary-reflecting a specific trading window-or a long-term rebalancing of corporate capital allocation between cryptocurrencies and related structured equity strategies.

Looking to the future

Readers should pay close attention to the evolution of the interest rate narrative-especially whether government bond yields continue to constrain risky assets-and whether the demand of wealthy investors can translate into continued inflows of funds. At the same time, regulatory developments surrounding tokenized securities applications and shifts in corporate repurchase strategies may determine the speed at which blockchain products connected to traditional financial channels expand.