Morning Minute is a every day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
At present’s high information:
Crypto majors are inexperienced after Bitcoin hits new ATH at $125,600 (now $124,300)
BNB hits new ATH at $1,220; Binance lists spot ASTER (+10%)
ASTER Stage 2 airdrop confirmed for Oct 14; customers can get tokens for charges rebated
MetaMask teases new rewards program with $30M in LINEA up for grabs
Rhynotic shares new ‘north star’ imaginative and prescient for Punk Technique to turn out to be launchpad; PNKSTR soars to $300M
🟠 Bitcoin Prints a New All-Time Excessive Above $125K
Bitcoin ripped to a recent file on Sunday.
Setting the tone for what may very well be a large week.
📌 What Occurred
After reclaiming $120K late week, BTC pushed by way of its August peak and set a brand new ATH throughout Sunday commerce over $125,600.
The breakout was clearly pushed by inflows: spot bitcoin ETFs notched ~$3.2B of internet inflows final week (second-best on file), whereas futures open curiosity hit recent highs into the weekend.
Macro additionally helped, as the federal government shutdown appears to have been the catalyst that lastly pushed the bankers and advisors into Gold and its digital counterpart.
On that be aware –
Morgan Stanley started permitting its ~16,000 brokers to solicit spot BTC ETFs for eligible purchasers.
They usually’re utilizing recent inner primers to debate portfolio allocation to Bitcoin, explicitly calling for 0-4% allocation – starting from 0 for wealth conservation (lol*) to 4% for “Opportunistic Progress.”
*Holding the greenback is likely one of the worst issues an investor might do proper now for wealth conservation. See under for extra context.
“The Debasement Commerce” since COVID:
In USD: NDX up 165%, SPX up 102%, House costs up 56%.
In gold: NDX up 7%, SPX down 18%, House costs down 37%.
So a military of wealth advisors who collectively handle $2T in belongings are about to go pitch 2-4% portfolio allocations to Bitcoin.
I like that arrange.
🗣️ What They’re Saying
“The story is straightforward: Trump mentioned America can “develop its approach out of debt.” What it actually means is debasement. Shutdowns spotlight the erosion of belief in U.S. establishments — Bitcoin is the stress valve. That’s not bearish S&P, it’s bearish greenback.” – Goldman
“The one commerce is the debasement commerce. Few.” – Haralabob, on X
That is large.
New Particular Report from Morgan Stanley GIC:
“we intention to assist our Monetary Advisors and purchasers, who could flexibly allocate to cryptocurrency as a part of their multiasset portfolios.”
GIC guides 16,000 advisors managing $2 trillion in financial savings and wealth for… pic.twitter.com/RBWFxlRNkS
Each macro commerce proper now’s the debasement commerce.
Count on to listen to that time period much more incessantly within the coming months (JP Morgan is clearly leaning in).
It’s no coincidence that the identical week the bankers coined and pitched “the debasement commerce”, we noticed a near-record setting $3.2B into the Bitcoin ETFs.
They’ve crammed their baggage, and now they’re pitching these baggage to purchasers.
They usually’re pitching gold and digital gold (Bitcoin).
I do know, personally, as a result of my monetary advisor actually known as me on Friday to pitch me gold (they’ve a $6,000 worth goal for 2026, a 50% return from right here).
I can’t anticipate the decision in a number of months when he pitches me Bitcoin.
It’s coming. It’s only a matter of time.
Oh, and my recommendation for anybody nonetheless clinging on to the “4-year cycle” for crypto and Bitcoin –
The debasement commerce doesn’t care about your 4-year cycle…
🌎 Macro Crypto and Memes
Just a few Crypto and Web3 headlines that caught my eye:
Crypto majors are inexperienced after Bitcoin made a brand new ATH at $125,500 over the weekend; BTC +1% at $124,350, ETH +1% at $4,580, XRP -1% at $3.00, SOL +1% at $233
BNB hit a brand new ATH at $1,220 (+20% on the week)
ZEC (+17%), ASTER (+11%) and MYX (+10%) led high movers
Gold hit a brand new ATH at $3,966, now up almost 50% YTD
The Bitcoin ETFs closed a large week with $3.23B in internet inflows; ETH ETFs noticed $1.3B
Morgan Stanleyissued new steerage for its 16,000 advisors managing $2T to begin pushing Bitcoin (ETFs) to their purchasers
Galaxy debuted its new cellular app ‘GalaxyOne’ geared toward particular person traders
Coinbase utilized for a U.S. nationwide belief financial institution constitution, signaling a deeper push into regulated fiat rails and custody
Customary Chartered reiterated its close to time period worth targets of $135,000 for Bitcoin and a year-end goal close to $200,000, citing accelerating ETF demand and supportive macro dynamics into the fourth quarter
Right here is the checklist of different notable headlines from the day in NFTs:
ETH NFT leaders had been largely even; Punks even at 48.8 ETH, Pudgy +1% at 10.06, BAYC +4% at 8.8 ETH; Hypurr’s -3% at 1,380 HYPE
Max Ache (+14%) and Azuki (+10%) had been notable high movers
Punk Technique soared to new ATH (now $290M) after founder Rhynotic shared a brand new “north star” imaginative and prescient for the app to successfully turn out to be a Technique token launchpad, now additionally holding 23 Punks
5 new NFT Technique tokenswill launch this week, one per day, beginning at this time with Goblins, then Checks, XCOPY Max Ache, Good Vibes Membership and
New “Punk Public sale Technique”launched as a PNKSTR by-product, buys its first Punk
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