Morning Minute is a daily newsletter authored by Tyler Warner. The insights and views expressed are his own and do not necessarily represent those of Decrypt.
Good morning!
Here are the major updates for today:
- Leading cryptocurrencies drop by 1-3% following a selloff; Bitcoin is priced at $63,000
- Bitcoin ETFs register net inflows after enduring a tough two months
- NEAR has successfully launched its v2.13.0 mainnet upgrade
- Zcash has set July 28 for its Ironwood upgrade
- Robinhood Chain achieved over $2 billion in DEX volume during the weekend, with more than 800,000 active addresses
📈 Institutional Investors Bring ETFs Back to Life
U.S. spot Bitcoin ETFs recorded their first positive week since May, accumulating approximately $197 million in net inflows after a loss of $527 million the previous week.
Similarly, ETH ETFs attracted around $84 million following a minor net outflow last week, resulting in a total of about $282 million across both. While this isn't a massive figure, it offers some relief after an extended period of declines.
On Monday, Bitcoin ETFs started strong with a $265.7 million inflow, adding another $21.5 million on Tuesday. However, they faced setbacks midweek amid rising tensions in Iran, with outflows of $84.9 million on Wednesday and $95.3 million on Thursday. By Friday, they ended with a $90.4 million inflow. BlackRock’s IBIT was a significant buyer on both positive days, contributing $209.4 million on Monday and $86.8 million on Friday. Notably, IBIT was responsible for the largest outflows in June, making its return to buying noteworthy.
Bitcoin climbed to $64,000 this week due to these inflows, but it fell back to just under $63,000 overnight. The upcoming week is critical, with the CPI report on Tuesday serving as the last major indicator before Warsh's FOMC meeting on July 28-29. If inflation shows signs of easing, inflows may continue, potentially paving the way back to June's peak around $67,250. Conversely, if inflation remains high, this recent recovery could be challenged swiftly.
🌎 Market Overview and Crypto Trends
- Major cryptocurrencies are down 1-3% after an overnight selloff; BTC -2% at $63k; ETH -1% at $1,780; SOL -1% at $76; HYPE -3% at $65
- PUMP (+8%), BCX (+7%) and ADI (+7%) were the top gainers; ARB (+18%) and ZEC (+15%) were among the week's biggest winners
- Oil +3.5% at $74; Gold -1% at $4,070
- Stock futures are in the red as tensions in Iran escalate; DOW flat, Nasdaq -0.9%
- Bitcoin’s BIP-110 soft fork faces an early-August deadline with no miner support, as the proposal to limit non-financial data on the chain has yet to gain traction
- Meta’s chief data officer described agentic commerce as the potential “next tier of business” for the company, emphasizing the importance of stablecoins in a future without physical wallets, noting over a million active businesses are already utilizing Meta’s AI agents weekly
Corporate Treasuries & ETFs
- The Bitcoin ETFs reported $197M in net inflows last week, including $90M on Friday; the ETH ETFs garnered $84M in inflows, with $18M on Friday
Meme Coin Overview
- Most meme leaders experienced losses this week, down 5-10%; DOGE -6%, SHIB -4%, PEPE +1%, PENGU -11%, TRUMP -7%, BONK -17%
- Robinhood chain memes rebounded following a weekend decline; Cashcat fell 6% to $160M, Juggernaut surged 50% to $15M, Hoodrat increased 45% to $12M, and RMI saw a significant rise of 220x to $7M
- ANSEM rose 25% to $250M, leading the Solana movers; TripleT gained 20% and febu increased by 60% were other notable Solana performers
📈 Market Highlights of the Day
💰 Token, Airdrop & Protocol Updates
- Robinhood Chain achieved over $2B in DEX volume over the weekend, with more than 800k active addresses
- NEAR implemented its v2.13.0 mainnet upgrade, adding post-quantum signature support, automatic shard scaling, and a revamped gas payment system
- Zcash has confirmed July 28 for its Ironwood upgrade, addressing the Orchard shielded-pool counterfeiting issue that impacted ZEC last month
- Backpack has initiated 24/7 trading of tokenized U.S. stocks, with real shares backing SpaceX, Micron, and SanDisk on Solana; while SK Hynix’s tokenized shares went live on Telegram Wallet, Backpack, and Ondo Finance
🚚 NFT Developments
- Mixed performance among NFT leaders; Punks stable at 32.4 ETH, BAYC down 4% at 8.9 ETH, Pudgy down 3% at 4.4 ETH; Hypurr’s down 6% at 287 HYPE
- Murakami Flowers (+23%) and Squiggles (+13%) were the top gainers
- New Robinhood NFT sets saw significant increases, including Robbin Hood Babies (+160%) and Onchain Hoodies (+27%)