Morning Minute is a daily newsletter authored by Tyler Warner. The views expressed here are his own and do not necessarily reflect those of Decrypt.

Good morning!

Here are the major headlines for today:

  • Major cryptocurrencies have surged by 10-20% following Trump's crypto meeting; BTC is priced at $72,000, while ETH stands at $2,300.
  • Trump announced that the CFTC is striving to bring Hyperliquid to the US, resulting in HYPE and LIT rising by over 20%.
  • In the last 24 hours, more than $3 billion in short positions have been liquidated, marking the highest level since records began.
  • BTC ETFs experienced net inflows of $517 million, the largest since May, bringing total inflows for the week to over $1 billion; ETH saw $187 million in inflows.
  • Coinbase has integrated Hyperliquid perpetual contracts into its Base app and launched a new $1 million accelerator program.

🏛️ Trump Announces CFTC's Efforts for Hyperliquid's US Entry

Trump made a significant announcement for the crypto sector during a meeting at the White House with leaders from Coinbase, Ripple, Robinhood, Nasdaq, and ICE.

He stated that his CFTC chair, Michael Selig, is actively working to ensure that Hyperliquid becomes available in the United States. “I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump remarked. “Working very hard on that. We would really like to see it.”

This news caused a notable market reaction, with HYPE soaring 23% to reach $72 at its peak, while LIT also climbed by 20%. The overall crypto market rose as well, with BTC hitting $72,000, ETH surging over 20% to more than $2,300, and SOL reaching $87. Stocks for Coinbase (+17%), Circle (+17%), and Robinhood (+10%) also experienced significant gains.

For context, Hyperliquid is an offshore platform that allows traders to engage in leveraged trading via perpetual futures contracts, which do not have an expiration date, by connecting their wallets instead of using a brokerage account. Currently, it is illegal for Americans to use this service. The platform's design bypasses the intermediary assumed by U.S. derivatives regulations, which is why it remains offshore due to registration, consumer protection, and market oversight requirements. The CFTC has been working on this for a year, having cleared Coinbase Derivatives for similar products like perpetual Bitcoin and Ethereum futures in April 2025 and later approving Kalshi for a comparable offering.

The remainder of the meeting focused on lobbying Congress. Trump urged lawmakers to pass what he described as a fair version of the Clarity Act, a bill aimed at delineating the regulatory authority over digital assets between the SEC and CFTC, arguing that it would help the U.S. maintain its competitive edge over China. This bill is expected to return to the Senate floor in September after lawmakers left for recess without a procedural vote, and Republicans require approximately six Democratic votes to reach the necessary 60 votes for passage.

So, where do we stand now? Just two days ago, the SEC proposed its first set of formal rules for the crypto sector, and on Wednesday, Trump publicly directed his CFTC chair to find a way to bring the largest offshore perpetual trading venue into compliance. It is clear that regulatory agencies are moving forward while the Clarity Act remains stalled, putting considerable pressure on Congress to act, or risk allowing the SEC and CFTC to create rules independently.

The next significant event will be the CFTC’s Innovation Advisory Committee meeting, scheduled for Thursday, which will be its first gathering.

🌎 Macro Crypto and Markets

  • Major cryptocurrencies are experiencing a strong rally, up 10-20% following Trump's crypto meeting and in anticipation of today's CFTC meeting; BTC +12% at $72,100; ETH +20% at $2,300; SOL +13% at $87; HYPE +23% at $72.30.
  • Leading altcoins include PEPE (+21%), ENA (+20%), SPX (+20%), and LIT (+20%).
  • Oil prices are up 3% at $88.40; Gold has risen by 3% to $4,540.
  • Stock futures are slightly negative as bond prices recover and oil prices rise; DOW -0.2%, Nasdaq -0.1%.
  • More than $3 billion in short positions have been liquidated in the past 24 hours as BTC, ETH, and other leading altcoins rallied 10-20%.
  • VanEck identified 8 out of 12 capitulation signals emerging for Bitcoin, noting that similar patterns historically led to below-average returns over the next 90 and 180 days.
  • FalconX and Ethena established a $1 billion secured facility to support USDe-backed overcollateralized institutional loans, thereby reducing their dependency on perpetual funding rates.
  • Fidelity Digital Assets cautioned that AI-driven activities could be directed toward banks and fintech companies rather than public blockchains, with stablecoin issuers likely to benefit more than foundational tokens.
  • Fairshake invested over $2 million to defeat Oliver Gilbert in a Florida Democratic primary but lost, facing backlash for using ads based on fabricated Miami Herald headlines.

Corporate Treasuries & ETFs

Meme Coin Tracker

💰 Token, Airdrop & Protocol Tracker

🚚 NFT Market Update

  • NFTs had mixed results; Punks rose 1% to 32.4 ETH, BAYC fell 4% to 7.6 ETH, Pudgy remained stable at 3.78 ETH; Stonkbrokers dropped 17% to 5.7 ETH.
  • Cashcats (+20%) and Fuego (+20%) led the top movers.
  • FWA launched their first FWAir project, priced at 0.25 ETH each for 111 NFTs.

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