Morning Minute is a day by day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
Right now’s prime information:
- Crypto majors rebound one other 1-2%; BTC at $111,000
- Trump pardons CZ; transient bounce in BNB eco tokens
- JPMorgan to permit spot crypto collateral for institutional shoppers
- Meteora’s MET token debuts, settles round $570M fdv
- MegaETH shares new MEGA utility, tokenomics leak
📊 a16z’s State of Crypto 2025
Worth motion could have been largely sideways to date in 2025.
However 2025 isn’t a hangover yr—it’s the yr crypto goes mainstream.
At the very least, that’s what a16z is saying.
📌 What Occurred
Andreessen Horowitz launched its 2025 State of Crypto on Wednesday with a transparent message: crypto has leveled up.
Actually, with their estimated variety of month-to-month energetic crypto customers rising to 40M-70M, up 10M from final yr as the whole crypto market cap handed $4T.
The report pairs narrative with information (and a dwell dashboard) protecting institutional adoption, stablecoins, quicker/cheaper chains, RWAs, and the crypto–AI crossover.
Right here’s a quick TL;DR of the important thing tendencies from the report:
- Stablecoins went mainstream.
- Rising on-chain cost quantity and cleaner methodologies have helped make stablecoins a reputable settlement rail for shoppers and companies, and now greater than 1% of all U.S. {dollars} exist as stablecoins on public blockchains
- Blockchains bought quicker and cheaper.
- L2s and new infra drove prices down and throughput up, widening the design area for client apps
- AI x crypto converged.
- The daybreak of AI agent integration into crypto is right here, with autonomous brokers, provenance, and funds as pure touchpoints the place blockchains present id, incentives, and markets for AI.
- The US Crypto market construction matured.
- The GENIUS Act and the CLARITY Act have proven bipartisan consensus that crypto is prospering and right here to remain in America
- DEX share, perps, and prediction venues advanced alongside higher compliance plumbing; a16z frames this as market depth—not simply noise.
- Blockchain infra is “nearly” prepared
- Large enhancements in blockchain processing energy have enabled a wave of recent apps like perps and prediction markets and have pushed DEX (Decentralized alternate) volumes up and to the fitting
The written report additionally got here with a really good information visualization dashboard, which confirmed just a few different key tendencies:
- Crypto onchain TVL is again close to 2021 ATHs and ETH is main the best way
- Cell pockets customers have risen steadily and now leveling out round 40M
- Ethereum, Base and Solana are main for developer focus
- DeFi continues to be the dominant builder app class together with infra
- AI and Privateness are main blockchain know-how tendencies (AI with 52%!)
- The US is dominating geographic builder density together with Europe
🧠 Why It Issues
Folks usually affiliate crypto with destructive actions (cash laundering) or concentrate on the dangerous headlines greater than the nice.
It’s refreshing to see a16z’s annual report back to refocus on all of the optimistic issues taking place in crypto.
And 2025 has actually been a banner yr.
- The establishments are lastly right here, they usually’re right here due to the entire growth work (and political work) put in over the previous years.
- Stablecoins are booming and would possibly simply be the US’s reply to the debt disaster and US greenback debasement.
- The regulatory setting is extra pleasant than ever and builders are lastly constructing within the US once more.
- And we’re on the daybreak of the AI x Crypto intersection, a trillion greenback sector.
Crypto is as thrilling because it’s ever been. Don’t lose the plot…
🌎 Macro Crypto and Memes
A couple of Crypto and Web3 headlines that caught my eye:
- Crypto majors are inexperienced and rebounding; BTC +1% at $110,800, ETH +2% at $3,940, BNB +2% at $1,120, SOL +1% at $191
- MYX (+14%), VIRTUAL (+13%), ZEC (+11%) and WLFI (+11%) led prime movers
- Shares and crypto flipped inexperienced yesterday forward of Oct thirtieth assembly between Trump in Xi in South Korea
- JPMorgan introduced plans to permit institutional shoppers to make use of Bitcoin and ETH as collateral for loans
- Trump pardoned Binance founder Changpeng “CZ” Zhao
- An alleged “Trump insider” whale closed a $200M Bitcoin quick and booked contemporary income, bringing its lifetime whole to $100M+ on Hyperliquid
- Revolut gained a MiCA license in Cyprus and hinted a stablecoin could possibly be subsequent
- Ledger launched its new Nano Gen 5 pockets, with options and a redesign from Apple designer Susan Kare
- Trezor launched the “quantum-ready” Secure 7 {hardware} pockets
In Company Treasuries / ETFs
In Memes
- Meme coin leaders are inexperienced; DOGE +1%, Shiba +1%, PEPE +3%, PENGU +1%, BONK +3%, TRUMP +1%, SPX +6%, and FARTCOIN +9%
- 4 rebounded 29% to $113M; SANTA jumped 170% to $14M main Base movers; ZaraAI jumped 600% to $3M on Sol
- TIBBIR jumped one other 10% to $370M and nearing a brand new ATH
💰 Token, Airdrop & Protocol Tracker
Right here’s a rundown of main token, protocol and airdrop information from the day:
- Meteora debuted its MET token, falling 36% to $0.57 and a $570M fdv
- MegaETH tokenomics leaked, displaying 10B token provide and a whopping 53.3% for “KPI staking rewards;” extra particulars anticipated from the workforce at this time
- Robinhood listed Hyperliquid’s HYPE token for buying and selling, the primary CEX to take action
🚚 What is going on in NFTs?
Right here is the checklist of different notable headlines from the day in NFTs:
- NFT leaders had been crimson once more on Thursday; Punks -1% at 37.9 ETH, Pudgy -1% at 6.94, BAYC +1% at 7.2 ETH; Hypurr’s -1% at 1,210 HYPE
- GLHFers (+50%) had been a notable prime mover after the shock NFT Technique announcement
- Cambria Islands led quantity on the day, opening at 0.15 ETH flooring
- A Victor Wembanyama NBA Prime Shot Second bought for $20,000 final night time after his 40-point season debut
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