Morning Minute: Bitcoin Breaks Below $95K

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

GM!

Today’s big news:

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

🟥 Bitcoin drops below $95,000 as markets fall

Miners, DAT names and crypto-exposed companies took another hit as the crypto market seeks a bottom.

🧠 What happened?

Bitcoin slipped below $100,000 for the third time this month, dragging the entire complex of crypto-equities with it.

The move came during another tough US session that saw the Nasdaq fall 1.5% and another 1.5% in premarket today.

It’s really a red table out there:

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

This comes amid $867M in BTC ETF outflows yesterday, the most since February 25.

Crypto stocks were hit too, with MSTR -7%, COIN -7% & HOOD -9%.

Open interest is still not fully recovered.

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

Just a brutal week in general for the crypto markets.

🧠 Because it is important

The feeling is fragile.

Crypto Fear & Greed remains in Extreme Fear and at levels not yet seen since 2022.

All while Bitcoin had held $100k (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.

• Caught in a cycle of easing with QE and rate cuts
• Institutional adoption finally here (and banks/401ks still not quite there) with serious players at the table
• Regulatory clarity (ie CLARITY) that happens in real time, which allows even more construction in the United States
• Increased ability to use Bitcoin/crypto as collateral
• Stablecoin growth up and to the right
• Gold legging up to 14x Bitcoin’s market cap is the inevitable catch up trade rotation
• Broader maturation of the altcoin market with a greater focus on fundamentals and revenue generation protocols

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

However, don’t lose the plot for a few weeks or months of bad price action.

🌎 Macro Crypto and Memes

A few Crypto and Web3 titles that caught my eye:

In Corporate Treasuries / ETFs

In Memes / Onchain Movers

• The leaders of Memecoin are down 10% with majors; DOGE -10%, Shiba -8%, PEPE -13%, PENGU -5%, BONK -10%, TRUMP -7%, SPX -20%, and FARTCOIN -12%
• SOLDIER (+50%) and RACER (+1,800%) led Solana onchain movers

💰 Token, Airdrop and Protocol Tracker

Here is a summary of the main token, protocol and airdrop news from the day:

🚚 What is happening in NFT?

Here is the list of other notable titles from the day in NFT:

• The NFT heads they were very red together with the major cryptos; Punks -5% to 33 ETH, Pudgy -6% to 5.5, BAYC -2% to 6.3 ETH; Hypurr’s -9% at 675 HYPE
• Who (+37%) were a notable driver
• Magic Eden announced $ME token and NFT buybacks using 30% of secondary market revenue