Morning Minute: Crypto Stages Major Rally on Rate Hopes

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.

GM!

Today’s top news:

Crypto majors stage huge rally as rate hike odds cool; BTC +5% to $81.3k

HYPE, ZEC, and LIT all hit new ATHs as alts soar

BTC ETFs see $730M in net inflows, biggest since January

AMC CEO calls out Robinhood tokenized stocks, Vlad replies and MEME soars

PONS hits $500M on new daily high in revenue

📈 Crypto Stages Major Rally on Rate Hopes and Weaker Dollar

Christopher Waller said Thursday he’d be inclined to support holding rates steady if inflation data keeps improving. And that was apparently enough to send crypto majors into the biggest daily rally in weeks.

Bitcoin reclaimed $80,000 and pushed past $81,100, the Dow added 453 points, and more than 119,000 traders got liquidated for more than $500M. The BTC ETFs took in $731M in net inflows, their biggest day since January.

And where Bitcion led, everything else followed. XRP led the majors at 7.8%, BNB and Solana each added roughly 5%, and Ethereum climbed 4.7% to $2,497. Zcash jumped 18% to $1,000 and a new ATH.

Down the risk curve, things were even crazier. PONS ran 56% and is up 3,001% over 30 days. Lighter added 16.8% (also new ATH), Ethena 13.6%, Arbitrum 12%, SPX6900 13.2%.

Twenty-four hours of gains erased a week of damage. Now we certainly aren’t out of the woods yet. Waller is one governor giving a conditional answer on data that hasn’t printed yet, and hike odds are still a coin flip at 50.4%. The August jobs report lands this morning, the last major release before the September 15-16 meeting, and its results will likely dictate if this rally continues the next few weeks.

But if today’s jobs report doesn’t hold any bad surprises, we should be in for smooth sailing for at least the next two weeks. The bulls are saying we are set up for a potential risk-on rally into November. We will find out very soon…

🌎 Macro Crypto and Markets

Crypto majors were very green up 4-6%; BTC +4% at $81.3; ETH +5% at $2,526; SOL +4% at $104; HYPE +7% at $87

Top alt movers include PONS (+35%), DASH (+24%) and SPX (+23%)

Hype hit a new ATH at $87, LIT hit a new ATH at $4.70 and ZEC hit a new ATH over $1,000 as alts had a massive day

Oil -2% at $91; Gold +1 at $4,510

Stock futures are mixed ahead of this morning’s jobs report; DOW -0.1%, Nasdaq +0.5%

The CFTC asked a judge to toss CME’s lawsuit over its approval of Kalshi’s Bitcoin perpetual contract, calling it “much ado about nothing” and arguing CME can list the same product itself

Polymarket launched Polymarket Perps with up to 20x leverage on crypto, stock, commodities and more

Coinbase filed two SEC notice registrations to bring single-stock perpetual futures to US traders

Standard Chartered began offering institutional Bitcoin and Ethereum spot trading through its Dubai branch

SoFi and Kraken parent Payward linked up to put Kraken on SoFi’s round-the-clock dollar settlement network, list SoFiUSD on the exchange, and route SoFi crypto trades through Kraken Prime

Bitget CEO Gracy Chen said she’s in talks with BlackRock and other Wall Street firms about distributing tokenized ETFs across Asia, where roughly half of the exchange’s 125 million users sit

Corporate Treasuries & ETFs

The Bitcoin ETFs saw $730M in net inflows on Thursday; the ETH ETFs saw $141M in inflows, breaking a 3-week green streak

Meme Coin Tracker

Meme leaders were green up 2-7%; DOGE +6%, SHIB +3%, PEPE +6%, PENGU +7%, TRUMP +6%, SPX +22%

AMC CEO Adam Aron called Robinhood's stock tokens contemptible, outrageous, and vile, saying the theater chain has no connection to tokens tracking its share price and is putting outside securities counsel on it which led to a Vlad Tenev response “What’s the concern?” which sparked a massive meme rally

Robinhood chain leaders were very green as Pons soared 30% to $500M but pulled back as new runner MEME ran 260x to $100M in just a few hours; Cinema +13x, Fatcoin +37x and Concern +15x other movers

Solana was led by Useless +70%, Troll +80% and ZCAT +500%; Ansem +5% at $250M

Binance listed Marscoin for spot trading, which led to it jumping 60% to $180M with several other BSC tokens soaring in the wake

💰 Token, Airdrop & Protocol Tracker

Uniswap announced its purchase of PONS tokens to “deepen alignment” which led to PONS soaring to $500M

Hyperliquid is testing HIP-3, an optional layer letting market deployers run onchain whitelists that restrict who can trade specific markets

Robinhood Chain did $4M in chain revenue again on Thursday

Pons hit new another new ATH in daily revenue with $1.26M

🚚 What is happening in NFTs?

NFT leaders were mixed; Punks -1% at 30.8 ETH, BAYC +2% at 7.57 ETH, Pudgy -2% at 3.8 ETH

Argonauts (+25%), Identity MD (+20%) and Chubbicorns (+50%) led top movers

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