Morning Minute is a day by day e-newsletter written by Tyler Warner. The evaluation and opinions expressed are his own and do not essentially mirror those of Decrypt.
GM!
Today’s high information:
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Crypto majors are pink down 2-4% as oil and bonds rise; BTC at $76.6k
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ETH ETFs proceed influx streak with $8M despite BTC ETF outflows
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SEC proposes modernizing switch agent guidelines, letting blockchains serve as document
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21 banks including Citi, Goldman and BofA will kind a stablecoin company in 2026
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Robinhood Chain smashes information in income, DEX quantity, launchpad quantity and more
📉 Bitcoin Enters ‘Rektember’ After Best August Since 2017
Bitcoin climbed 25% in August, its strongest month since November 2024 and the best August rally since 2017. But September is off to a tough begin, with Bitcoin falling below $77k.
Since 2013, September has been Bitcoin’s worst month on average, delivering a loss close to 3% and only 5 optimistic returns in 13 years. Though notably, the last 3 years have all ended September inexperienced for Bitcoin.
But there are actual headwinds afoot. Fed Chair Kevin Warsh used his Jackson Hole speech Friday to lean onerous on elevated inflation, and the bond market reacted strongly. Sovereign yields pushed to new cycle highs and the US 10-year reached 4.784%. Markets now price a 66% probability of a 25-basis-point hike at the September 16 assembly, with another potential hike before year-end. Continued US strikes against Iran pushed WTI crude to $88 a barrel, up 2% on the day and the highest since late July.
What Is ‘Red September’? Bitcoin’s Curse, and Why Wall Street Has the Same One
Higher charges tighten financial situations and elevate the greenback, which is the normal headwind for anything on the risk finish of the curve. Bad for Bitcoin and Gold (and conventional markets, which also average damaging returns in September).
Overall, September will be a battle of forces. Will the tailwinds of ETF inflows, DAT inflows and a booming onchain crypto market be enough to take Bitcoin greater? Or will the headwinds of conflict, greater oil, inflation and potential charge hikes stop the rally?
We will discover out soon enough. And set your calendars for September 16—the next FOMC assembly and charge resolution. That assembly may very nicely set the macro tone for the relaxation of the yr…
🌎 Macro Crypto and Markets
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Crypto majors were pink following the TradFi selloff; BTC -2% at $76.6; ETH -3% at $2,376; SOL -4% at $98; HYPE -2% at $81
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Top alt movers embrace FIL (+10%), PYTH (+7%) and UNI (+6%)
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Oil +3% at $90; Gold -1% at $4,360
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Stock futures are pink again as bond yields and oil rise; DOW -0.1%, Nasdaq -0.5%
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Strategy CEO Phong Le defended promoting Bitcoin close to $60,000 and shopping for it back at $80,318, telling Bloomberg the calls flip on value of capital rather than price after the company cut web debt to zero and constructed $7 billion in greenback reserves
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Saylor and CEO Phong Le requested MSCI to withdraw a screen that would delete Strategy from its world indexes, calling it discriminatory and arbitrary, with suggestions closing September 30
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Twenty-one banks and asset managers including Citi, Goldman, BofA, and UBS will kind a stablecoin company in the second half of 2026, beginning with a greenback token due to market in the first half of 2027
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The SEC proposed modernizing its switch agent guidelines to let blockchains serve as official possession information, and set a September 17 roundtable on 24-hour trading with NYSE, Nasdaq, DTCC, Citadel Securities, and Robinhood
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Robinhood Chain’s payment income despatched ARB up more than 30% as merchants priced in the Orbit stack underpinning the community
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Hyperliquid Strategies raised the cap on its Chardan equity facility to $2.5 billion from $1 billion, letting the Nasdaq-listed treasury company situation new shares to fund basic company functions including more HYPE purchases