Morning Minute: Wall Avenue Shifting Onchain Will Drive the Subsequent Bull Market – Decrypt

Morning Minute is a every day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt.

GM!

At the moment’s prime information:

• Crypto majors largely flat regardless of falling shares & rising oil; BTC at $65.5k
• Senate Republicans publish new Readability Act draft, Dem Leaders nonetheless oppose
• SEC Commissioner Pierce warns some DeFi vaults and onchain lending fall below securities regulation
• BTC ETFs see 7 straight days of inflows; ETH validator exit queue goes to 0
• Rhynotic’s new FWA protocol token runs to $11M, pumps a number of NFT units

🏦 Bitwise’s CIO Says Wall Avenue Shifting Onchain Will Drive the Subsequent Bull Market

The following crypto bull market gained’t seem like the final ones.

That’s the argument from Bitwise CIO Matt Hougan, who specified by a brand new memo that the approaching cycle will probably be pushed by the convergence of conventional and onchain finance, stablecoins, tokenization, 24/7 buying and selling, instantaneous settlement, and institutional DeFi, slightly than the speculative demand that powered earlier rallies. His key declare is that as a result of this cycle can be constructed on actual monetary exercise and income, it might be greater than what got here earlier than, even when it arrives slower and with much less volatility.

Hougan framed the chance as two “lanes.”

• The primary is the “Hyperliquid Lane”—crypto-native protocols that generate critical income and route it again to their tokens. For these unfamiliar, Hyperliquid crossed $1 billion in cumulative income in June, is on tempo for roughly $800 million this 12 months, and directs 99% of that income into shopping for HYPE on the open market.
• The second is the “Robinhood Lane”—established firms constructing actual monetary providers on blockchain rails as an alternative of operating pilots. Robinhood Chain went dwell July 1 and has already handed $3 billion in quantity.

The Hyperliquid Lane fixes crypto’s persistent flaw, the place functions rack up charges and quantity with out creating any demand for his or her token. He named Uniswap, Aave, and Morpho as protocols transferring the identical course, together with onchain darlings like Pump.enjoyable. The TradFi stampede, Citadel into Crypto.com, Morgan Stanley onto E*TRADE, the DTCC going dwell on tokenization, is his Robinhood Lane.

So right here we now have a reputable institutional voice arguing that income and crypto rails will drive the following cycle, not hypothesis. This isn’t essentially a brand new opinion, as many on CT (Crypto Twitter) have made Hyperliquid their shining star for months now. And as for the institutional driver, that’s not likely a brand new idea both. However it is vital when the CIO of Bitwise writes the thesis up formally masking these two components.

It’s not “the establishments are coming.” It’s “the establishments are right here—and so they’re going to drive the following bull cycle.” We’ll discover out quickly if he’s proper…

🌎 Macro Crypto and Markets

• Crypto majors are largely flat regardless of pink shares and rising oil; BTC -0.3% at $65.5k; ETH even at $1,925; SOL even at $78; HYPE even at $59.30
• Secure (+16%), WLFI (+13%) and ENA (+4%) led prime movers
• Oil +4.5% at $90; Gold -1.5% at $4,090
• Inventory futures are pink after tough earnings calls from TSLA and Google; DOW -0.4%, Nasdaq -0.5%
• Senate Republicans printed a brand new CLARITY draft that will impose limits on Trump’s crypto empire together with different updates
• Seven key Senate Democrats mentioned the draft “falls brief” on ethics, client safety, illicit finance, and market integrity
• SEC Commissioner Hester Peirce warned that some DeFi vaults and onchain lending merchandise could fall below securities legal guidelines, a notable warning from the company’s most crypto-friendly commissioner
• Franklin Templeton’s Sandy Kaul known as blockchain the following AI commerce, arguing that as autonomous brokers transact in fractions of a cent, card networks turn into uneconomical and blockchains win the machine-to-machine fee layer
• BitMEX (co-founded by Arthur Hayes) introduced it can completely shut on Sept 23, 2026, and has stopped accepting new customers
• Ethereum’s validator exit queue has fallen from a peak of two.6M ETH to 0, whereas its staking queue now has 2.48M ETH and a 43-day ready interval

Company Treasuries & ETFs

Meme Coin Tracker

• Meme leaders had been largely flat; DOGE -1%, SHIB -1%, PEPE even, PENGU -1%, TRUMP +3%, BONK -3%
• Robinhood chain was led by GME (+425x), AI (+80%), and SWOGE (+190%); Cashcat -25% to $48M and PONS -18% to $26M as prior winners dump onerous
• Solana leaders included Jimothy (+5%), KET (+110%) and BOP (+170%); ANSEM -10% to $175M

💰 Token, Airdrop & Protocol Tracker

• Kalshi launched a US Midterms Hub with dwell odds on Senate and Home races alongside polling and FEC knowledge
• An Arbitrum USDC bridge misplaced about $24.15M after attackers compromised its hot-validator signing path, clearing quorum to authorize a withdrawal the contract handled as authentic
• The Verus-Ethereum bridge was exploited for the 2nd time in 2 months with $7.54M drained, after attackers abused the bridge’s import path

🚚 What is going on in NFTs?

• NFT leaders had been flat whereas a number of different units climbed; Punks even at 32 ETH, BAYC even at 8.65 ETH, Pudgy even at 4.18 ETH; Hypurr’s even at 185 HYPE
• Cyberkongz (+53%), Memeland MVPs (+29%), TTT (+38%), Creepz (+77%), mfers (+16%) and CrypToadz (+16%) led prime movers
• Robinhood NFTs had been led by Hood Mundo (+39%) and Pepe Hood City (+9%)
• Rhynotic’s new Faux World Property (FWA) NFT gacha platform noticed its token soar to $11M in a single day earlier than retracing
• An FWA person gained a Cryptopunk off a 0.06 ETH gacha spin (550x return), earlier than promoting it again for FWA tokens