Morning Minute: Bitcoin Breaks Below $95K

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

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Today’s top news:

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

🟥 Bitcoin Breaks Below $95k As Markets Tumble

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

🧠 What Happened?

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

The move came during another rough U.S. session which saw the Nasdaq fall 1.5% and down another 1.5% in premarket today.

It is indeed a red board out there:

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

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

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

Open interest has also not fully recovered.

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

Just a brutal week overall for the crypto markets.

🧠 Why It Matters

Sentiment is fragile.

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

All while Bitcoin had held $100k (at least until the past 24 hours).

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

• Headed into an easing cycle with QE and rate cuts
• Institutional adoption finally here (and banks / 401ks still not quite here) with serious players at the table
• Regulatory clarity (i.e. CLARITY) happening in real time, enabling even more building in the US
• Increased ability to use Bitcoin/crypto as collateral
• Stablecoin growth up and to the right
• Gold legging up to 14x Bitcoin’s market cap and the inevitable catch up trade rotation
• Broader maturing of the altcoin market with a focus more on fundamentals and revenue-generating protocols

Perhaps there is more pain ahead. Or perhaps we will find the bottom this weekend.

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

🌎 Macro Crypto and Memes

A few Crypto and Web3 headlines that caught my eye:

• **Crypto majors are down 7-12% in one of the year’s biggest selloffs;**BTC -8% at $95,200; ETH -11% at $3,100, BNB -7% at $895, SOL -12% at $137
• **ZEC (+3%) and LEO (+1%)**led top movers
• Bitcoin miners and crypto stocks were hit hard alongside crypto majors, with MSTR -7%, COIN -7% & HOOD -9%
• Crypto Fear & Greed remained in Extreme Fear at 16
• JPMorgan analysts flipped bullish on Circle, upgrading the stock to Overweight and raising their price target on expectations of faster USDC and stablecoin growth, with Cathie Wood’s ARK adding $30M in shares
• Jack Dorsey’s Cash App announced stablecoin payments on Solana and other networks coming in early 2026
• China state-backed hackers allegedly used Anthropic’s Claude Code to help orchestrate a large cyberattack intruding ~30 companies
• Epstein estate emails referenced Bitcoin discussions between Brock Pierce and Larry Summers at Jeffrey Epstein’s Manhattan townhouse
• Emory University doubled its Bitcoin holdings in Grayscale’s BTC Trust to $52M

In Corporate Treasuries / ETFs

• Canary’s XRP ETF debuted with $58M in volume, the most of any ETF launch this year edging out BSOL’s debut from a few weeks ago
• The Bitcoin ETFs saw $866.7M in net outflows yesterday, their worst day since Feb 25
• The largest Solana DAT Upexi announced a $50M share buyback program

In Memes / Onchain Movers

• Memecoin leaders are down 10% along with 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 onchain movers

💰 Token, Airdrop & Protocol Tracker

Here’s a rundown of major token, protocol and airdrop news from the day:

• Polymarket announced an exclusive partnership with the UFC, including broadcast and social media content
• MoonPay rolled out its new enterprise stablecoin business, partnering with M0 and Iron to help companies design and scale interoperable stablecoins on its worldwide payments network
• Uniswap announced Continuous Clearing Auctions as new way to bootstrap liquidity for tokens
• dydx shared that its community voted to use 75% of revenue to do token buybacks (an increase from 25%)
• Infinex announced its next airdrop stage Craterun starting on December 1 with $2.5M in cash and prizes and up to 10% of the INX token supply
• Yeet’s sportsbook officially went live

🚚 What is happening in NFTs?

Here is the list of other notable headlines from 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
• Magic Eden announced $ME token and NFT buybacks using 30% of secondary marketplace revenue