Morning Minute: Bitcoin Breaks Below $95K

By Tyler Warner

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.

GM!

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

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