Morning Minute is a daily newsletter authored by Tyler Warner. The insights and views expressed are his own and may not reflect those of Decrypt. Also, check out our new daily news show that covers top stories in just 5 minutes, available on Apple Pod or Spotify.
Good morning!
Here are the key updates for today:
- Major cryptocurrencies experience a dip before recovering; BTC trades at $76.9k
- Bitcoin ETFs face $1.25B in outflows; HYPE ETFs gain $68M in inflows
- SEC changes its stance on tokenized stocks, halting plans for approval
- Vitalik Buterin indicates the Ethereum Foundation will downsize, reduce ETH sales, and prioritize CROPS
- Hyperliquid introduces new outcome markets linked to offchain events
📈 Trump Suggests Iran Deal Could Be Near, Markets Recover
On Saturday, U.S. President Donald Trump announced that a U.S.-Iran agreement is “largely negotiated,” prompting a familiar reaction from the oil market: a significant sell-off.
Brent crude prices dropped by 7% on Monday, reaching $96, while WTI fell over 6% to $90. Additionally, at least 33 vessels traversed the Strait of Hormuz with Iran's approval over the weekend. JPMorgan's projections now estimate Brent could settle at $60 per barrel in the long term if tensions ease completely. Importantly, oil prices beneath $90 reignite discussions about a potential interest rate cut this June, a conversation that has been stagnant this month.
Meanwhile, Bitcoin recovered to $77,300 over the weekend, being the only major financial market active while the NYSE and CME were closed for Memorial Day. Ethereum also saw gains, climbing back to approximately $2,128, while HYPE rose to over $60, currently sitting at $61.25 this morning.
Other cryptocurrencies saw positive movements as well, with NEAR surging 77% over the week and WLD increasing by 60%.
However, it is worth noting that Trump has previously hinted at imminent resolutions to the conflict, only for tensions to rise again and prices to spike. The recent "self-defense" strikes by the U.S. will likely test any progress towards peace. Thus, further confirmation is needed before drawing any definitive conclusions.
🔄 SEC Reverses Stance on Third-Party Tokenized Stocks
Just three days after Bloomberg Law reported that the SEC was inclined to permit third-party platforms to tokenize stocks without the issuers' consent, the agency quietly suspended the initiative indefinitely.
Traditional exchanges expressed strong opposition, arguing that this method would complicate dividend management, shareholder voting, and investor protections. The SEC cited these concerns as a reason for withdrawing its previous indication.
This reversal is significant as it underscores the dual nature of tokenization: issuer-backed tokenization (with support from regulators like DTCC, BlackRock, and JPMorgan) is advancing, while third-party alternatives such as Kraken xStocks, OKX private company perps, and Hyperliquid pre-IPO contracts remain in a legally ambiguous space.
Last week's lobbying efforts by ICE and NYSE against Hyperliquid appear to have played a role in this regulatory outcome.
📉 Investors Shift from Bitcoin ETFs to HYPE and XRP
Bitcoin ETFs listed in the U.S. have experienced over $2.26 billion in outflows in the last two weeks, marking the most challenging period of 2026. Ethereum ETFs are facing a similar downturn.
In contrast, Bitwise’s BHYP (Hyperliquid ETF) and 21Shares’ XRPZ are witnessing inflows. This divergence is noteworthy.
HYPE’s ETFs are relatively new, having been on the market for less than a few weeks, so some investor rotation is understandable. Additionally, the protocol has generated $255M year-to-date, with 97% returned to token holders through automated market purchases. HYPE has seen a 101% increase year-to-date, contrasting sharply with Bitcoin's -12% performance.
XRP's situation is linked to regulatory developments, as the Clarity Act is anticipated to formally classify XRP as a commodity, which would alleviate the SEC concerns that have burdened the token for years. Both HYPE and XRP are benefiting from identifiable catalysts, while Bitcoin and Ethereum are hindered by broader market pressures.
We will monitor if this trend persists…
🤖 AI Startup Offers $2,000 a Month for Masturbation
Joi AI, a startup focused on AI companions, is seeking 10 “masturbation consultants” to evaluate its new AI-driven feature and assess its effects on stress, sleep, mood, and confidence. The position offers a monthly salary of $2,000.
Applicants need to be at least 18 years old, possess a compatible smart device, and be comfortable discussing personal wellness topics. Participants will record their sessions via Joi’s app and submit weekly reports on their well-being metrics.
This job listing is genuine, and the research focus on personal wellness, biometric feedback, and mood tracking aligns with the direction the AI companion sector is moving. Joi secured $4M in seed funding last year and is competing in a market projected to reach $8B by 2030. Whether or not this consultancy role appeals to you, the fundamental idea is not entirely far-fetched: AI-driven wellness tools are already prevalent in areas like sleep, meditation, and fitness, and the intimate wellness segment is likely next on the horizon, with Joi willing to invest in data to validate this trend.
🌎 Macro Crypto and Markets
- Major cryptocurrencies are stable today and this week; BTC steady at $76.9k; ETH stable at $2,110; SOL down 1% at $85; HYPE down 4% at $61
- WLD (+33%), NEAR (+10%), and FET (+20%) were the top movers this week
- Oil down 5% at $92; Gold up 0.3% at $4,535
- Stock futures are positive, with Nasdaq up 1% as U.S. and Iran indicate progress toward peace
- Vitalik discussed a streamlined, more focused Ethereum Foundation prioritizing long-term viability over broad initiatives in a detailed X post, stating that the EF will reduce in size, sell less ETH, and concentrate on areas no one else will address: censorship resistance, privacy, formal verification, intermediary minimization, and quantum resistance
- The SEC granted Nasdaq approval to list Bitcoin index options that will include BTC, ETH, SOL, XRP, ADA, LINK, and XLM; this represents the first multi-asset crypto index options on a regulated U.S. exchange
- The Senate reconvenes from Memorial Day break on June 2, with a floor vote on the Clarity Act anticipated within a month according to Senate leadership
- Robinhood Crypto COO Tanya Denisova is departing after over five years, citing personal reasons; her exit adds to a series of high-profile departures in the crypto sector in 2026, including Gemini’s CFO, COO, and CLO, as well as Block’s CEO
- Ondo Finance founder Nathan Allman passed away unexpectedly over the weekend
Corporate Treasuries & ETFs
- Bitcoin ETFs experienced $1.25B in net outflows last week, marking the worst performance of 2026; ETH ETFs recorded $216M in outflows
- HYPE ETFs saw $11M in net inflows on Friday, contrasting sharply with their Bitcoin and Ethereum counterparts
- Strategy made no Bitcoin purchases last week and BitMine refrained from buying ETH, indicating a significant slowdown
Meme Coin Tracker
- Meme leaders remained mostly stable; DOGE unchanged, SHIB unchanged, PEPE unchanged, PENGU down 3%, TRUMP unchanged, BONK unchanged, SPX unchanged, FARTCOIN down 2%
- Hoppy (+500%), Burnie (+40%) and Neet (+20%) were notable movers on Solana
- Base movers included KTA (+25%), Nock (+20%), and Bhipmunk (+50%)
📈 Market of the Day
💰 Token, Airdrop & Protocol Tracker
- Polymarket’s UMA CTF Adapter was compromised for ~$660,000 on Friday due to a breach involving its internal rewards payout system
- Scammers have taken over $400k by using fraudulent Google ads pretending to be Uniswap
- Hyperliquid launched new outcome markets based on offchain events
🚚 NFT Updates
- NFT leaders saw slight declines over the long weekend; Punks down 1.5% at 33 ETH, BAYC down 6% at 8.9 ETH, Pudgy down 2% at 4.68 ETH; Hypurr’s down 2% at 306 HYPE
- Terraforms (+13%) and Normies (+9%) were among the notable performers