Morning Minute is a daily newsletter by Tyler Warner, whose views are his own and do not necessarily represent those of Decrypt. Check out our daily news show 'FOMO HOUR' for all the latest stories and market updates.
Good morning!
Here are the main highlights:
- Major cryptocurrencies show slight gains after a turbulent weekend; Bitcoin is priced at $86.1k
- Pump leads on-chain protocols, generating $17.9 million in revenue this week
- Polymarket's CEO hints at an upcoming token announcement
- Hyperliquid initiates HYPE buybacks using USDC fees through AQAV2
- Blast will officially close its operations on Friday after peaking at a total value locked (TVL) of over $2 billion
📈 Uptober Begins on a Positive Note
Bitcoin surged to $86,500 on Sunday, reflecting a daily increase of 2.07% and an impressive 8.57% rise over the last month. Meanwhile, Ethereum is trading at $2,720, having gained 11.05% over the same period. Most cryptocurrencies in the top ten are showing positive performance, affirming October's reputation as “Uptober.”
Exchange-traded funds (ETFs) also experienced upward movement, with spot Bitcoin funds attracting $31.7 million in inflows on one day and $102.7 million on another, totaling $134.4 million for October. This follows a $148.7 million outflow in September.
In the altcoin market, Pump.fun stands out with a remarkable 26.2% increase, while LayerZero rose by 19.8%. Both Sky and Aave also recorded double-digit gains this week. These are not merely meme coins; they are revenue-generating protocols, many of which are implementing buyback programs. The SEC clarified eight days ago that repurchasing one’s own token does not classify it as a security if the network is operational, making it easier for investors to engage with these profitable protocols.
This brings us to an interesting juncture. The gains observed are significant and extend beyond Bitcoin. Despite the previous month being the quietest for ETF flows, the overall market has seen an upward trend. This suggests that the recent price movements are likely driven by crypto-native funds rather than institutional investors.
Today is particularly noteworthy, as it aligns with a historical four-year cycle pattern that suggests a bottom may occur today, based on the anticipated all-time high (ATH) on October 6, 2025, and a 364-day cycle observed in the last two years. If no major negative events transpire today or this week, the remaining bearish sentiment could give way, officially signaling the onset of a bull market.
🌎 Macro Crypto and Markets
- Major cryptocurrencies show slight gains of 1-2%; BTC +1% at $86.1k; ETH +1% at $2,720; SOL -1% at $121; HYPE +3% at $93; ZEC -1% at $1,320
- Top altcoin movers include ADA (+11%), FET (+12%), ENA (+10%), and LIT (+8%)
- Oil prices dipped 1% to $90; Gold rose by 0.6% to $4,190
- Stock futures showed a slight decline; DOW -0.14%, Nasdaq -0.2%
- The Ethereum Foundation introduced zkAPI allowing payments for AI services without revealing user identity; users can deposit ETH or USDC and prove their funds without disclosing which deposit belongs to them, now operational on Ethereum
- Community banks filed a lawsuit against the OCC to prevent it from granting national trust charters to crypto firms; the Independent Community Bankers of America labeled the charters as a shortcut into banking that bypasses FDIC insurance and capital regulations, seeking to invalidate Protego’s charter
- NEAR Intents successfully recovered all $3.8 million after notifying the hacker of their identification and issuing a 48-hour ultimatum; the team ceased its investigation and encouraged future researchers to utilize the bug bounty program instead
- Chainalysis attributed the $387 million Bitget hack to North Korea utilizing its AI technology to trace the stolen funds; the money was transferred in 23 transactions over three hours to Ethereum, XRP, Zcash, and Tron, with the total amount linked to North Korea exceeding $1 billion this year
- BofA increased its price target for Coinbase to $203 from $174 and maintained a Buy rating; it raised earnings forecasts for 2027 and 2028 due to stronger stablecoin revenues following the Fed's interest rate hike in September
- Plume introduced nBND, a token backed by Fidelity's $28 billion Total Bond ETF offering on-chain investors access to a managed bond fund
- OKX and the parent company of the NYSE informed the SEC about their plans to launch a tokenized stock trading platform starting with 63 companies listed on the NYSE; their joint venture OKXICE submitted a filing on Sunday under the SEC's new framework
Corporate Treasuries & ETFs
- The Bitcoin ETFs experienced $32 million in net inflows on Friday; ETH ETFs saw $17 million in outflows while Solana recorded $1.3 million in inflows
Meme Coin Tracker
- Meme coins saw gains of 2-5%; DOGE +3%, SHIB +5%, PEPE +6%, PENGU +5%, TRUMP +2%, SPX +3%, BONK +5%
- Leaders among Robinhood chains faced declines; Pons fell 5% to $270 million; AI decreased by 5% to $110 million; Cashcat dropped 2% to $159 million; however, Boner surged 31% to $75 million, while Programmable soared 140% and SIMD increased 100x to $9 million
- Solana's top movers included Baton (+90%), Human (+240x), Higgs (+250x), and Swordcat (+240%)
💰 Token, Airdrop & Protocol Tracker
- Blast is set to shut down after determining that operational costs exceed earnings; the Ethereum layer-2 solution previously managed $2.3 billion and is advising users to transfer their funds to Ethereum before October 26
- Polymarket CEO Shayne Coplan hinted at a forthcoming Polymarket token announcement expected soon at Token 2049
- Pump led on-chain protocols in weekly revenue with $17.86 million; Hyperliquid followed with $14.64 million, and Stonk generated $4.46 million
- Hyperliquid received its initial $14.58 million payment from USDC held on the exchange funds that will now be utilized for HYPE buybacks; this 30-day payment translates to approximately $193 million annually at current levels
🚚 NFT Market Update
- NFT leaders experienced slight declines; Punks stable at 33 ETH, BAYC down 4% at 5.95 ETH, and Pudgy up 1% at 3.02 ETH
- Identity MD (+52%) and Quotrons (+21%) led notable movers