Morning Minute is a daily newsletter authored by Tyler Warner. The views and opinions presented are his own and do not necessarily reflect those of Decrypt.
Good morning!
Here are today’s key highlights:
- Major cryptocurrencies are seeing declines of 2-4% as oil and bond prices increase; Bitcoin sits at $76,600.
- Ethereum ETFs continue to attract investment, bringing in $8 million despite outflows from Bitcoin ETFs.
- The SEC is looking to update regulations for transfer agents, allowing blockchains to function as record keepers.
- A consortium of 21 banks, including Citi, Goldman Sachs, and Bank of America, plans to launch a stablecoin operation by 2026.
- Robinhood Chain has reported record-breaking figures in revenue, decentralized exchange (DEX) volume, and launchpad activity.
📉 Bitcoin Faces Challenges in ‘Rektember’ Following an Impressive August
In August, Bitcoin saw a remarkable 25% increase, marking its best month since November 2024 and the most successful August since 2017. However, September has started on a negative note, with Bitcoin dropping below $77,000.
Historically, September has been Bitcoin’s least favorable month, averaging a nearly 3% loss since 2013, with only five positive outcomes in thirteen years. Interestingly, the past three years have seen Bitcoin end September on a high note.
Nevertheless, there are significant challenges ahead. Federal Reserve Chair Kevin Warsh emphasized persistent inflation during his Jackson Hole address last Friday, prompting a strong reaction from the bond market. Sovereign yields have reached new cycle peaks, with the US 10-year yield climbing to 4.784%. Currently, markets estimate a 66% probability of a 25-basis-point interest rate increase at the September 16 meeting, with the possibility of another hike before the year concludes. Additionally, ongoing US military actions against Iran have pushed WTI crude oil prices to $88 per barrel, a 2% rise and the highest level since late July.
Increased interest rates tighten financial conditions and strengthen the dollar, creating a challenging environment for riskier assets like Bitcoin and gold, as well as traditional markets, which typically experience negative returns in September.
Overall, September will present a clash of forces. Will the positive momentum from ETF inflows, DAT investments, and a thriving on-chain cryptocurrency market be sufficient to drive Bitcoin’s price upward? Or will the adverse effects of geopolitical tensions, rising oil prices, inflation, and potential rate hikes stifle the rally?
We will soon find out. Don’t forget to mark your calendars for September 16, when the next Federal Open Market Committee (FOMC) meeting and rate decision will take place. This meeting could significantly influence the macroeconomic landscape for the remainder of the year.
🌎 Macro Crypto and Markets
- Major cryptocurrencies are down following a selloff in traditional finance; BTC -2% at $76,600; ETH -3% at $2,376; SOL -4% at $98; HYPE -2% at $81.
- Notable altcoin performers include FIL (+10%), PYTH (+7%), and UNI (+6%).
- Oil prices have risen by 3% to $90; Gold has decreased by 1% to $4,360.
- Stock futures are again in the red as bond yields and oil prices rise; DOW -0.1%, Nasdaq -0.5%.
- Strategy CEO Phong Le defended selling Bitcoin near $60,000 and repurchasing it at $80,318, explaining to Bloomberg that decisions are based on capital costs rather than price as the company eliminated net debt and accumulated $7 billion in cash reserves.
- Saylor and CEO Phong Le requested MSCI to withdraw a rule that would remove Strategy from its global indexes, labeling it as discriminatory and arbitrary, with feedback due by September 30.
- Twenty-one banks and asset managers including Citi, Goldman Sachs, Bank of America, and UBS are collaborating to establish a stablecoin venture in the latter half of 2026, starting with a dollar-backed token expected to launch in the first half of 2027.
- The SEC has proposed updates to its transfer agent rules to allow blockchains to serve as official records of ownership, and has scheduled a roundtable discussion on 24-hour trading for September 17, involving NYSE, Nasdaq, DTCC, Citadel Securities, and Robinhood.
- Robinhood Chain’s fee revenue has surged, propelling ARB up more than 30% as traders respond to the network's new Orbit stack.
- Hyperliquid Strategies has increased the cap on its Chardan equity facility from $1 billion to $2.5 billion, enabling the Nasdaq-listed treasury company to issue new shares for general corporate purposes, including additional HYPE acquisitions.
Corporate Treasuries & ETFs
- Bitcoin ETFs experienced $237 million in net outflows on Tuesday; meanwhile, ETH ETFs recorded $8.6 million in inflows, maintaining their upward trend.
- DeFi Development Corp launched a preferred stock offering that could raise $19.8 million to acquire more SOL, pricing 2.2 million shares at $9 under the proposed ticker CHAD.
Meme Coin Tracker
- Meme leaders were mostly in the red; DOGE -2%, SHIB unchanged, PEPE -2%, PENGU -5%, TRUMP -7%, SPX -6%.
- Robinhood chain leaders showed mixed results; PONS -14%; Cashcat +22%; AI +10%; Boner -35%; Microduck +130%; other significant gainers included Tendies, Moo, Orbio, Ubik, and Optimus.
- Robinhood CEO Vlad Tenev engaged with memecoin enthusiasts on X, continuing to embrace the ecosystem.
- Solana did not have many sustained gainers on Tuesday during a predominantly negative trading day; Ansem fell 17% to a market cap of $240 million.
💰 Token, Airdrop & Protocol Tracker
- Robinhood Chain set new records in revenue, achieving $3.38 million, and DEX volume, reaching $1.3 billion.
- Pumpfun’s terminal achieved a new all-time high in volume at $162 million, while Pump continues to out-earn Hyperliquid ($2.14 million in revenue vs. $1.98 million).
- Ethena launched Ethena Pay on the App Store, a neobank application offering 6% interest on dollar savings and 5% cashback on card purchases, utilizing Avalanche as the exclusive settlement layer, leading to a 9% increase in ENA.
- Over $1.5 billion in token unlocks are scheduled for this month, affecting XPL, Cards, H, ZRO, Ena, and others.
🚚 What is happening in NFTs?
- NFT leaders showed slight declines; Punks +1% at 32 ETH, BAYC -1% at 7.55 ETH, Pudgy -3% at 3.87 ETH.
- Top movers included NetNet Gear (+180%), Normies (+20%), and Stock Miners (+350%).