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Morning Minute is a each day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt. Subscribe to the Morning Minute on Substack.
GM!
At this time’s prime information:
- Crypto majors dumped over the weekend, down 10-20% on week; BTC at $78k
- Saylor’s MSTR briefly goes underwater as BTC tapped $75k
- Tom Lee’s BMNR down $6.9B on ETH place
- Hyperliquid reportedly testing native prediction markets
- Polymarket coming to Solana by way of Jupiter integration
💥 The Weekend Massacre: Bitcoin Hits 9-Month Low as $2.5B Will get Liquidated
The bull hopium could have simply run out.
📌 What Occurred
Bitcoin dropped greater than 7% over the weekend, sliding from round $84,000 to briefly touching $75,500 (now again over $78,000).
The transfer pushed BTC under its True Market Imply ($80,500) for the primary time in 30 months (the final time was late 2023 when Bitcoin traded at simply $29,000).
This led to ~$5B in liquidations throughout the weekend, virtually all longs.
Ethereum obtained hit hardest with $1.15B in ETH positions worn out as ETH fell as a lot as 17% at one level.
Solana misplaced practically $200M in liquidations and in addition misplaced its $100 deal with.
So what induced the dump?
- Fed Chair Warsh: Trump’s nomination of Kevin Warsh sparked fears of extended hawkish coverage
- Iran explosion: Stories of a blast at Bandar Abbas port (handles ~20% of the world’s seaborne oil) appeared to spook markets on Saturday
- U.S. authorities shutdown: A quick federal shutdown added to the uncertainty
However general, it looks as if the best rationalization is that the crypto 4-year cycle is solely taking part in out once more.
🗣️ What They’re Saying
“Bitcoin topped on apathy and has had a gradual bleed.
Silver topped on euphoria and had a pointy correction.
Good to know market conduct after several types of tops.” – Benjamin Cowen
🧠 Why It Issues
That is the most important liquidation cascade since October 10, when $19B obtained wiped in a single day.
The distinction?
October 10 sparked conspiracy theories about Binance and damaged market construction.
This time, the perpetrator is much less clear however could merely boil right down to: too many longs, not sufficient patrons.
The irony?
Whereas costs tumble, the establishments are nonetheless constructing.
Coinbase discovered that 71% of institutional buyers consider BTC is undervalued between $85K-$95K, and 80% mentioned they’d maintain or improve publicity after a ten% decline.
So the place does this go away us?
My intestine learn is it will get worse earlier than it will get higher. I used to be a staunch “4 yr cycle” denier, however the proof is piling up on the opposite facet. Bitcoin and majors seem like they’re in a bear market pattern.
We are going to possible know extra by the tip of this week…
🌎 Macro Crypto and Memes
- Crypto majors fell over the weekend, down 10-20% on the week; BTC -10% at $78,200; ETH -20% at $2,310; BNB -12% at $767; SOL -15% at $103
- RIVER (+32%), Secure (+19%) and MYX (+16%) led each day prime movers
- The Crypto Concern & Greed Index plunged to 16, the bottom studying of 2026
- ETH recorded its most oversold each day RSI since August 2024
- World Liberty Fi signed a $500M take care of an Abu Dhabi fund simply days earlier than the inauguration in accordance with new report from WSJ
- Trump’s Fed Chair choose Kevin Warsh has a blended crypto file together with backing CBDCs
- Visa and Mastercard execs aren’t shopping for the stablecoin hype, citing restricted shopper demand in developed markets
- Ripple launched Ripple Treasury for enterprises to handle fiat and digital belongings collectively utilizing RLUSD stablecoin
Company Treasuries:
- Technique’s (MSTR) 712,647 BTC went underwater as BTC briefly fell under its $76,037 common value over the weekend
- Tom Lee’s BMNR is now down ~$6.9B on its ETH place
Meme Movers:
- Meme sector obtained hit exhausting together with majors, with most leaders down 13-20% on the week
- Moltbook was the runner of the weekend, hovering to $100M on Base earlier than falling again to $40M
- BNKR jumped 20% to $60M because it powered extra agentic launchpads
- Buttcoin jumped 70% to $20M main motion on Solana; CopperInu (+40%), Purch (+360%) and Wojak (+43%) have been different notable movers
💰 Token, Airdrop & Protocol Tracker
- Hyperliquid is reportedly testing native prediction markets
- Rainbow’s token public sale begins at present and runs by Feb 5
- Story Protocol proposed modifications to its tokenomics to delay unlocks
- Jupiter introduced a $35M funding in its JUP token from Parafi Capital (JUP +10%)
- Infinex’s INX fell to $27M market cap ($133M fdv) after its first weekend of buying and selling
- Polymarket is coming to Solana by way of a Jupiter integration
🚚 What is going on in NFTs?
- NFT leaders have been inexperienced regardless of ETH falling; Punks +2% at 27.3 ETH, Pudgy +2% at 4.16 ETH, BAYC +1% at 5.15 ETH; Hypurr’s +4% at 515 HYPE
- Moonbirds (+7%), Kodas (+10%) and Challenge Aeon (+9%) have been notable movers
