Morning Minute is a daily newsletter created by Tyler Warner. The views and insights shared are his own and do not necessarily align with those of Decrypt. Also, check out our new daily news show that covers the leading stories in just 5 minutes, available on Apple Pod or Spotify.

Good morning!

Here are the key updates:

  • Major cryptocurrencies are experiencing losses, declining by 3-5%; BTC is priced at $66,800
  • Alternative coins had a strong day, with LIT, WLD, ENA, NEAR, and ZEC leading the pack
  • Coinbase is purchasing ENA tokens as part of an upcoming partnership
  • The WSJ highlights Hyperliquid as the main venue for weekend and after-hours trading
  • Senators Sanders and Warren are advocating for a ban on cryptocurrency in 401(k) plans

📉 Bitcoin Dips Below $67k as MSTR Shares Plummet

The repercussions of Saylor's recent Bitcoin sales seem to be ongoing.

On Tuesday, Bitcoin fell below $67,000, leading to over $1.4 billion in liquidations of long positions across the cryptocurrency market. Ethereum also dropped below $1,900, while Solana fell below $74.

This sell-off is fueled by a 10-day streak of Bitcoin ETF outflows exceeding $3 billion, compounded by Strategy's initial Bitcoin sale in four years, which has disrupted the market's consistent narrative.

Shares of Strategy closed down by over 9% on Tuesday, now more than 70% below their 52-week peak of $457.22, and are currently trading at $136.08. In the last five trading days, they have declined nearly 15% and more than 23% over the month. Bitcoin itself has decreased roughly 46% from its all-time high of $126,080.

In addition, STRC, the product Saylor is aiming to prioritize, has dropped to $96.90, far from its $100 par value. With only 9 trading days left until this month’s dividend date, it remains uncertain if STRC will recover to par. When STRC trades below par, Strategy faces challenges in issuing new shares at $100, which is crucial for funding Bitcoin purchases and meeting dividend commitments.

After repurchasing $1.5 billion in convertible debt, Strategy's cash reserves have dwindled to approximately $871 million, enough to cover only about six months of its annual preferred dividend obligations estimated at $1.7 billion. Consequently, the primary method for raising cash is likely to involve selling MSTR, which could further drive MSTR prices down unless significant buyers emerge.

This development has rendered the immediate outlook for Bitcoin considerably more uncertain…

🚫 Senators Sanders and Warren Oppose Crypto in 401(k) Plans

Senators Bernie Sanders and Elizabeth Warren called on the Labor Department to withdraw a proposal aimed at facilitating the inclusion of cryptocurrency in 401(k) plans, asserting that the rule undermines fiduciary standards and could subject retirees to increased risks.

The legislators also expressed concerns that the policy might financially benefit President Donald Trump and his family by broadening access to crypto products associated with them.

This particular proposal stemmed from a Trump executive order directing the Labor Department to enable alternative assets in retirement accounts. The March rule establishes a safe harbor for fiduciaries who provide alternative investments, including digital assets, private equity, private credit, real estate, and annuities, within 401(k) plans, provided they can demonstrate that relevant factors have been considered.

Sanders and Warren contend that the “safe harbor” language diminishes fiduciary oversight into a mere “check-the-box exercise,” eliminating accountability without benefiting retirees. In a 14-page letter to Acting Labor Secretary Keith Sonderling, the senators referenced FBI data indicating that crypto-related fraud losses surpassed $11 billion in 2025 and mentioned Trump’s namesake meme coin, which peaked above $73 before plummeting to nearly $2.

The letter cautions that the proposal could jeopardize approximately $14.2 trillion in 401(k) savings, citing a GAO study that found Bitcoin's volatility to be around four times greater than that of the S&P 500 benchmark, while Solana's volatility was about twelve times higher.

💰 Coinbase Invests in Ethena

Coinbase Ventures acquired Ethena’s ENA token from the open market on Tuesday, as both companies gear up to introduce a new on-chain savings product for Coinbase’s extensive user base of over 100 million.

Ethena’s offerings are set to be integrated into Coinbase’s platform through a new service launching next week. Additionally, the protocol has enhanced its collaboration with Anchorage Digital to facilitate institutional lending operations. Ethena's stablecoin, USDe, will be distributed within the Base network and across the broader Coinbase ecosystem. Following this news, ENA experienced a surge of 20%.

Typically, Coinbase Ventures invests in projects via traditional venture funding at agreed-upon prices. However, this open-market purchase signifies strong confidence without the usual VC discounts or restrictions, sending a positive signal to institutional investors. Coinbase already serves as Ethena’s primary custodian, wallet provider, and perpetuals venue.

The ENA token has dropped more than 90% from its peak in 2025. The question remains: will this be sufficient to turn the tide?

🚩 US Sanctions Iran’s Four Major Crypto Exchanges

The US Treasury Department placed sanctions on four Iranian crypto exchanges on Tuesday, including Nobitex, Wallex, Bitpin, and Ramzinex, along with some executives from these exchanges.

Nobitex, the largest crypto exchange in Iran, was the central target, accounting for half of the country's crypto transactions in 2025. The State Department concurrently announced a $15 million reward for information that would aid in dismantling the financial networks of the IRGC.

This action intensifies the US's financial campaign against Iran's digital asset framework. Tether had previously frozen $344.2 million held in two wallets linked to the Central Bank of Iran, marking the largest on-chain freeze of Iranian sovereign crypto reserves on record. According to Bessent, the US has now seized around $1 billion in Iranian cryptocurrency assets.

🌎 Macro Crypto and Markets

  • Major cryptocurrencies are in the red again, with BTC down 3% to $66.8k; ETH down 5% to $1,870; SOL down 5% to $74.89; HYPE unchanged at $72.87
  • LIT (+31%), ENA (+21%), and WLD (+20%) were the biggest gainers; NEAR and VVV both up 10%
  • Oil +5% at $96; Gold -1% at $4,490
  • Stock futures show mixed results, with the Nasdaq up 0.1% and DOW down 0.4%
  • Bitmine’s Tom Lee predicted Ethereum could reach $250,000 as corporate treasury firms, institutional stakers, and sovereign wealth funds increasingly assume control of network validators
  • Andrew Yang’s Noble Mobile acquired Helium Mobile on Tuesday; Noble plans to utilize Helium Network’s 137,000 community-operated hotspots for enhanced coverage (HNT -9%)
  • MoneyGram launched a USDC stablecoin payment service on the Stellar network on Tuesday, allowing users to send dollar-pegged transfers internationally using Stellar’s infrastructure
  • Franklin Templeton partnered with MoonPay to enable institutional investors to swap stablecoins for yield-bearing assets at any time, linking Franklin Templeton’s $1.74 trillion in AUM with MoonPay’s institutional settlement framework
  • Galaxy Research entered the institutional prediction markets space by facilitating a $10 million Arca trade on Tuesday, marking the first nine-figure institutional prediction market position brokered by a major crypto research firm
  • NewLimit, a biotech co-founded by Brian Armstrong, closed a $435M Series C funding round backed by Founders Fund, Thrive, Greenoaks, and others, while also announcing a prototype drug that reverses the biological age of human cells by restoring their youthful function

Corporate Treasuries & ETFs

Meme Coin Tracker

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

  • Hyperliquid was highlighted by the WSJ for its role in weekend and after-hours trading
  • Movement Labs announced a shift from an Ethereum Layer-2 network to stablecoin technology aimed at emerging markets, adapting its Move-language blockchain to facilitate cross-border payments and dollar accessibility in Latin America, Southeast Asia, and Sub-Saharan Africa

🚚 What is happening in NFTs?

  • NFT leaders showed mixed results; Punks down 3% at 31 ETH, BAYC up 1% at 8.1 ETH, Pudgy up 1% at 4.11 ETH; Hypurr’s down 4% at 297 HYPE
  • Captainz (+15%) and mfers (+11%) were the top gainers
  • A Skull of Luci was sold for $350,000 on Tuesday

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