Morning Minute is a daily newsletter authored by Tyler Warner. The views expressed are his own and do not necessarily represent those of Decrypt. Also, check out our daily news show 'FOMO HOUR' for updates on top stories and market movements.
Good morning!
Here are today’s highlights:
- Major cryptocurrencies are on the rise, with Bitcoin reaching $86,000.
- Bitcoin ETFs attracted significant inflows of $999 million, marking the highest since October 2026.
- Tokenized stock platforms may begin applying for licenses in Q4.
- X has released a promotional video for its Cashtag Program, which allows trading directly from timelines.
- Onchain protocols enjoyed a substantial revenue day, although leaders in this space are experiencing a slowdown.
🎲 Robinhood CEO Envisions Crypto Dominating Sports in Prediction Markets
During an appearance on Mad Money, Robinhood CEO Vlad Tenev stated that crypto contracts are rapidly gaining traction in Robinhood’s prediction markets, and he predicts that in a few years, sports will account for a minority share. He suggested that sports serve as a gateway for attracting users and liquidity, while the market is diversifying significantly beyond that.
In the second quarter, Robinhood's revenue from event contracts skyrocketed over tenfold year-on-year to $156 million, making it the fastest-growing segment for the company. In August alone, contracts were traded 4.7 billion times, which is about 15 times the volume from the previous year. Conversely, the company’s revenue from crypto trading has declined during this period.
The business currently operates on three platforms. Initially, Robinhood was built on Kalshi, then it incorporated Rothera, its own joint venture with Susquehanna that is licensed by the CFTC. Recently, it acquired minority stakes in Crypto.com and its prediction-market offshoot OG.com, thus adding a third partner for clearing and settling trades.
Sports contracts face legal challenges, as the Ninth Circuit recently ruled that Nevada can regulate Kalshi’s sports contracts, creating a split with the Third Circuit. New Jersey has requested the Supreme Court's intervention. States argue that sports contracts are essentially gambling. In contrast, crypto contracts do not face such legal disputes. By shifting focus towards crypto, Robinhood enhances the legal stability of its fastest-growing business.
Tenev also highlighted a specific example in his pitch. He mentioned that users interested in the Clarity Act could trade on it, as Robinhood has a market for that. The bill failed to pass last week, but prediction markets had already anticipated the outcome, with Polymarket odds dropping from 35% to 11% prior to the vote.
Another aspect that is not being widely discussed is the renewed excitement around crypto. The previous bear market was a slow decline, and this summer saw minimal volatility. Lack of volatility translates to less engagement in betting activities. However, this is changing as we enter an early bull market. Users can now place predictions on Bitcoin price targets for the year-end, how quickly altcoins will reach all-time highs, or even hedge their bets based on election outcomes. Overall, enthusiasm is returning to the crypto space, leading to increased market activity of various kinds.
🌎 Macro Crypto and Markets
- Major cryptocurrencies are showing positive trends, up 1-2%; BTC +2% at $86k; ETH +1% at $2,740; SOL +1% at $117; HYPE steady at $95; ZEC -1% at $1,530
- Leading altcoins include PEPE (+18%), TAO (+12%), NEAR (+11%), and PUMP (+4%)
- Oil prices fell by 3% to $93; Gold decreased by 1% to $4,350
- Stock futures are mostly stable following a positive Monday; DOW +0.3%, Nasdaq +0.03%
- Bitcoin reached an eight-month peak near $86,000 as approximately $750 million in short positions were liquidated above $82,000, with around $2 billion in new leverage added since the breakout, as analysts eye a target of $90,000
- The first tokenized stock venues could file their applications next quarter, according to SEC Crypto Task Force chief counsel Taylor Lindman, with several firms already inquiring about the new exemption
- X released a promotional video for its new cashtag program, enabling users to trade crypto tokens and stocks directly from the homepage via CEX connections
- X has also filed a lawsuit against two individuals in London’s High Court alleging that a six-account Bitcoin bot network stole at least £207,384, equivalent to about $278,000, from its now-defunct creator payout scheme
- Fairshake is set to spend $30 million against Sherrod Brown in Ohio's Senate race, shortly after the Clarity Act's failure, having already spent about $40 million to aid in unseating him in 2024
- Attackers are exploiting the DarkSword iOS chain to steal seed phrases and private keys through malicious Safari pages, prompting SlowMist and Ledger CTO Charles Guillemet to urge users to update to iOS version 26.3 or later without delay
- Coinbase has opened IPO allocations to U.S. retail investors beginning with Oura’s Nasdaq debut this week, offering 50 million shares priced between $40 and $44, with restrictions on selling within the first 30 days
- Apple and Google are seeking talent with expertise in stablecoins and tokenized deposits, including a lead for Apple Pay strategy in the U.S. and a Web3 architect for Google Cloud in Hong Kong, although neither job listing confirms a specific product
Corporate Treasuries & ETFs
- Bitcoin ETFs experienced $433 million in net inflows on Friday; ETH ETFs saw $143 million in inflows; and SOL ETFs had $48 million
- Strategy purchased 950 BTC for $75.7 million at an average price of $79,670, increasing its holdings to 846,000 BTC while also spending $174 million to repurchase STRC
- Bitmine acquired 27,562 ETH, raising its total to 5.98 million, representing over 4.9% of the total supply, as Tom Lee claims a crypto bull market is underway
Meme Coin Tracker
- Meme leaders showed significant growth, up 5-18%; DOGE +5%, SHIB +4%, PEPE +18%, PENGU +9%, TRUMP -1%, SPX +2%
- Robinhood chain leaders mostly declined; Pons +2% to $434M; AI -14% at $240M; Cashcat -8% at $167M; Age +420x, Delta +95%, Musebook +200% and Index +25% led the top movers
- Solana's top movers included Antfun +43%, SI +22x, and x7 +20x; Ansem +2% at $173M
💰 Token, Airdrop & Protocol Tracker
- Circle minted $1.5 billion in USDC on Solana on Monday
- Hyperliquid led onchain protocols with $3.66 million in revenue on Monday, followed by Pump at $1.96 million, Stonk at $1.37 million, Collector Crypt at $829k, and Pons at $540k
- Trueo is transitioning its prediction market from Base to Ethereum mainnet, with Vitalik Buterin recognizing it as a strong new entrant, resulting in a 10x increase in the TRUE token's value
🚚 Updates on NFTs
- NFT leaders are performing well, led by Punks; Punks +8% at 32 ETH, BAYC +3% at 6.66 ETH, Pudgy +4% at 3.4 ETH
- Stonk Cats (+94%) and MAYC(+15%) were among the top movers
- CryptoPunks saw 28 sales in the past day, with the floor price increasing to 32 ETH