“Morning Minute” is a daily newsletter written by Tyler Warner. The analysis and opinions contained within are solely those of the author and do not necessarily represent the stance of Decrypt. You may also follow their daily news program “FOMO HOUR”, which covers the most important news and market trends.

GM!

Today's Top News:

• Despite market concerns about "Black Monday," mainstream crypto assets rebounded; BTC reached $82,000
• Bitcoin ETF had a net outflow of $228.4 million this week; ETH ETF had a net outflow of $320.1 million.
• Circle Plans to Expand to 40 Emerging Market Countries
• Papertrade Leads Blockchain Protocols with Weekly Revenue of $30.56 Million
• Trenches Index Falls to “cold” for the First Time Since April

📈 Under the shadow of Black Monday, the crypto market rebounds

39 years ago today, the Dow Jones index fell by 22.6% in a single trading day. At that time, no one could have anticipated that the infamous "Black Monday" would eventually become a part of trading history.

Today, despite setbacks on this anniversary, the crypto market has not collapsed. Bitcoin is trading at $82,161, with a weekly decline of only 1.4%, and in fact, it has risen by about 1% over the past 30 days. This is good news, and it's almost the only good news.

Other assets fell even more sharply. Ethereum dropped by 5.3% to $2,415; BNB fell by 3.3%; Solana fell by 6.2%; XRP fell by 7.2%; Dogecoin fell by 9.4%; Hyperliquid fell by 8.6%; Zcash fell by 13.2%. Among the mainstream cryptocurrencies, the average decline was 7.5%, which is approximately five times the decline of BTC.

The decline of more distant assets was even more severe. Starknet fell by 45% this week, LayerZero fell by 24%, Pump.fun fell by 22%, Ethena fell by 20%, Fetch fell by 20%, Midnight fell by 19%, Canton fell by 18%, Jupiter fell by 18%, Filecoin fell by 17%, and Raydium fell by 18%. The top 12 assets with the largest declines this week had an average drop of over 20%. And all of this happened within just 7 days.

ETF is also continuously losing value. Spot Bitcoin ETF saw a total net outflow of $228.4 million this week, while Ethereum ETF had a net outflow of $320.1 million, for a total net outflow of $548.5 million. Since the beginning of October, these two products have seen a total outflow of $1.86 billion. Ethereum's situation is even more fragile: its net assets are $14.5 billion, while its cumulative net inflow is only $12.9 billion. This means that based on market capitalization, there is only about $1.6 billion in buffer left before the entire product line becomes "underwater."

However, as a backdrop, what turned a bad Friday into a "Black Monday" back then was a chain of automated sell-offs, and there was no circuit breaker mechanism in place to interrupt this process. Today, the stock market has such a mechanism, and the Korean Composite Stock Price Index even triggered it last week. The crypto market, on the other hand, does not have one. It trades on weekends, before market openings, at any time, and we have already seen this happen on October 10, 2025: a chain reaction of liquidations that re-priced the entire market within just a few hours.

Today's situation is the opposite of a chain reaction of panics. The market is slowly losing momentum, with orderly exits from the market, Bitcoin remaining relatively strong, while the weaker assets at the tail of the market are being affected; during the weekend, there was a mild return of buying interest. There is also widespread concern in the market that we might see a "Black Monday" today. However, this very concern may actually mean that such a scenario will not occur. A collapse usually does not happen when everyone is expecting it and has cash on hand.

Short sellers might wish for a "Black Monday," but it's highly unlikely they will get their wish. At least not today...

🌎 Macroeconomics, Cryptography, and Markets

• Mainstream crypto assets were relatively stable on the day, but there was a rebound from the selling pressure on Sunday; BTC traded at $82.4k, ETH at $2,422, SOL rose 1% to $105, HYPE remained flat at $79, and ZEC increased 1% to $1,146.
• The top-performing altcoins in terms of increase include RAY (+8%), ARB (+8%), VVV (+6%), and PEPE (+6%).
• Crude oil rises 4% to $101; gold rises 0.4% to $4,200
• Following news of an upcoming peace summit involving Putin, U.S. stock futures turned higher; Dow Jones futures fell by 0.1%, while Nasdaq futures rose by 1.1%.
• Goldman Sachs, Wells Fargo, and Morgan Stanley all stated during their third-quarter earnings conference calls that tokenization represents an opportunity for growth, not a threat. David Solomon compared it to the transition of stock trading to electronic forms, while Wells Fargo revealed that its tokenized deposit payment system has been put into production.
• Nine companies, including Broadcom, Verizon, and UnitedHealth, have opposed the trading of their stocks on the OKX-ICE tokenization platform; this also represents an early test of the U.S. Securities and Exchange Commission's five-year "Innovation Exemption" rule.
• The Super Political Action Committee for Encryption has spent approximately $46.66 million so far in an attempt to prevent Sherrod Brown from entering the Senate; this month, they added another $5.2 million in media spending and a second round of spending of $1.95 million in Ohio.
• A federal judge refused to allow CFTC to revoke a $5 million settlement reached with Gemini, dismissed the joint request from regulatory authorities and the exchange to overturn the 2025 consent order, and ruled that changes in law enforcement priorities and allegations of internal misconduct were not sufficient to override the agreement voluntarily signed by Gemini three weeks before the hearing.
• Circle Plans to expand to about 40 emerging and developing countries. CEO Jeremy Allaire At the IMF held in Bangkok and the World Bank meeting, it was stated that the demand for organic products from Southeast Asia, Latin America, Africa, and the Middle East is driving stablecoins out of the early adoption phase.
• Nine organizations have initiated Quantum Alliance, which is an open standards organization based on IETF.

Enterprise funds and ETF

• Bitcoin ETF had a net outflow of $228 million this week; ETH ETF had a net outflow of $320 million this week.

Meme Coin Tracking

• Meme coin leaders show mixed performance: DOGE remains flat, SHIB remains flat, PEPE rises 5%, PENGU rises 1%, TRUMP falls 2%, SPX falls 4%, BONK falls 1%.
• Robinhood The leading stocks on the chain weakened over the weekend; Pons fell by 20% to $176 million, AI fell by 30% to $80 million, Cashcat fell by 10% to $105 million; Orbio rose by 10%, Boner rose by 13%, Torch led the gains with a rise of 78%.
• Solana Among the assets with the highest ecological growth rates are Dacity which has increased by 150%, Weft which has increased by 550%, and Pierre which has increased by 29 times.

💰 Tokens, Airdrops, and Protocol Tracking

• Papertrade leads the list of on-chain protocols with weekly revenue of $30.56 million, followed by Hyperliquid with $16.4 million, and Pump.fun in third place with $14.26 million.
• BNB Chain destroyed approximately 1.646 million BNB during the 37th quarterly automatic destruction, worth about $1 billion; this corresponds to 1.65% of its ultimate supply target of 100 million coins that were destroyed within one quarter.
• The unofficial trenches index has fallen to “cold” for the first time since April, after reaching “euphoric” between August and September.

🚚 NFT How's the market?

• NFT Leading stocks show divergence: Punks remains flat at 31, ETH, BAYC rises 6% to 5.6, ETH, Pudgy falls 2% to 2.4, ETH.
• Hypurr (+24%) and Checks (+15%) lead the gains

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