Morning Minute: Bitcoin Breaks Below $95K

Morning Minute is a daily newsletter written by Tyler Warner. The analyzes and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today’s most important news:

• Crypto majors nosedive, down 8-12%; BTC at $95,000
• Canary’s XRP ETF debuts with the largest volume of the year
• Jack Dorsey’s Cash App announces stablecoin payments on Solana in 2026
• Polymarket announces partnership with UFC
• Magic Eden has announced ME token and NFT buybacks

🟥Bitcoin breaks below $95k as markets tumble

Miners, DAT names and crypto-exposed stocks took another hit as the crypto market looked for a bottom.

🧠 What happened?

Bitcoin fell below $100,000 for the third time this month, dragging the entire crypto stock complex with it.

The move came amid another tough session in the US, with the Nasdaq down 1.5% today and down another 1.5% in the premarket.

It is indeed a red sign:

• Bitcoin at $95,000 (-8%)
• ETH for $3,100 (-12%)
• SOL reached $136 (-13%)

This came amid an outflow of $867 million from BTC ETFs yesterday, the highest level since February 25.

Crypto stocks were also hit, with MSTR -7%, COIN -7% and HOOD -9%.

Open interest has also not yet fully recovered.

Bybit’s derivatives team estimated that it could take two full quarters for the futures and perps markets to rebuild the ~$19 billion in OI lost during the October liquidation.

Overall just a brutal week for the crypto markets.

🧠Why it matters

The sentiment is fragile.

Crypto Fear & Greed remains in Extreme Fear and at levels not consistently observed since 2022.

While Bitcoin held $100,000 (at least until the last 24 hours).

No one knows what will happen next, but the macro bull case for Bitcoin and the broader crypto space remains the same.

• Towards an easing cycle with QE and interest rate cuts
• Finally, institutional adoption (and banks/401ks still not quite here) with serious players at the table
• Regulatory clarity (i.e. CLARITY) happens in real time, enabling even more construction in the US
• Improved ability to use Bitcoin/crypto as collateral
• Stable coin growth up and to the right
• Gold could reach up to 14x Bitcoin’s market cap and inevitably catch up on the trading rotation
• Broader maturation of the altcoin market with a greater focus on fundamentals and revenue-generating protocols

Perhaps there is more pain ahead. Or maybe we’ll find the bottom this weekend.

Either way, don’t lose the plot over a few weeks or months of bad price action.

🌎 Macrocrypto and memes

A few Crypto and Web3 headlines that caught my attention:

In corporate bonds/ETFs

In Memes / Onchain movers

• Memecoin Leaders are down 10% along with the majors; DOGE -10%, Shiba -8%, PEPE -13%, PENGU -5%, BONK -10%, TRUMP -7%, SPX -20% and FARTCOIN -12%
• WOJAK (+50%) and RACER (+1,800%) led Solana’s onchain movers

💰 Token, airdrop and protocol tracker

Here’s an overview of the top token, protocol and airdrop news of the day:

🚚 What’s happening in NFTs?

Here is the list of other notable headlines of the day in NFTs:

• NFT Leaders were very red, along with crypto majors; Punks -5% at 33 ETH, Pudgy -6% at 5.5, BAYC -2% at 6.3 ETH; Hypurr’s -9% at 675 HYPE
• Quine (+37%) were a notable mover
• Magical Eden announced $ME token and NFT buybacks with 30% of secondary market revenue