Morning Minute is a each 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 nosedive, fall 8-12%; BTC at $95,000
- Canary’s XRP ETF debuts with greatest quantity of the 12 months
- Jack Dorsey’s Money App publicizes stablecoin funds on Solana coming 2026
- Polymarket publicizes partnership with UFC
- Magic Eden introduced ME token and NFT buybacks
🟥 Bitcoin Breaks Beneath $95k As Markets Tumble
Miners, DAT names, and crypto-exposed equities took one other hit because the crypto market searches for a backside.
🧠 What Occurred?
Bitcoin slipped beneath $100,000 for the third time this month, dragging the complete crypto-equities complicated with it.
The transfer got here throughout one other tough U.S. session which noticed the Nasdaq fall 1.5% and down one other 1.5% in premarket in the present day.
It’s certainly a pink board on the market:
- Bitcoin at $95,000 (-8%)
- ETH at $3,100 (-12%)
- SOL touched $136 (-13%)
This got here amidst $867M in BTC ETF outflows yesterday, probably the most since February 25.
Crypto shares had been hit as properly, with MSTR -7%, COIN -7% & HOOD -9%.
Open curiosity has additionally not totally recovered.
Bybit’s derivatives crew estimated it might take two full quarters for futures and perps markets to rebuild the ~$19B in OI misplaced within the October liquidation.
Only a brutal week total for the crypto markets.
🧠 Why It Issues
Sentiment is fragile.
Crypto Concern & Greed stays in Excessive Concern and at ranges not constantly seen since 2022.
All whereas Bitcoin had held $100k (at the least till the previous 24 hours).
Nobody is aware of what is going to occur subsequent, however the macro bull case for Bitcoin and the broader crypto area stays the identical.
- Headed into an easing cycle with QE and charge cuts
- Institutional adoption lastly right here (and banks / 401ks nonetheless not fairly right here) with critical gamers on the desk
- Regulatory readability (i.e. CLARITY) occurring in actual time, enabling much more constructing within the US
- Elevated capacity to make use of Bitcoin/crypto as collateral
- Stablecoin progress up and to the proper
- Gold legging as much as 14x Bitcoin’s market cap and the inevitable catch up commerce rotation
- Broader maturing of the altcoin market with a spotlight extra on fundamentals and revenue-generating protocols
Maybe there’s extra ache forward. Or maybe we are going to discover the underside this weekend.
Both means, don’t lose the plot due to a couple of weeks or months of unhealthy value motion.
🌎 Macro Crypto and Memes
Just a few Crypto and Web3 headlines that caught my eye:
In Company Treasuries / ETFs
In Memes / Onchain Movers
- Memecoin leaders are down 10% together with majors; DOGE -10%, Shiba -8%, PEPE -13%, PENGU -5%, BONK -10%, TRUMP -7%, SPX -20%, and FARTCOIN -12%
- WOJAK (+50%) and RACER (+1,800%) led Solana onchain movers
💰 Token, Airdrop & Protocol Tracker
Right here’s a rundown of main token, protocol and airdrop information from the day:
🚚 What is occurring in NFTs?
Right here is the checklist of different notable headlines from the day in NFTs:
- NFT leaders had been very pink together with crypto majors; Punks -5% at 33 ETH, Pudgy -6% at 5.5, BAYC -2% at 6.3 ETH; Hypurr’s -9% at 675 HYPE
- Quine (+37%) had been a notable mover
- Magic Eden introduced $ME token and NFT buybacks utilizing 30% of secondary market income
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