Morning Minute: Bitcoin Breaks to $124k & New All-Time High

Morning Minute is a each day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially replicate these of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Right now’s high information:

• Crypto majors soar after which retrace forward of PPI
• BTC hits new ATH of $124,128 in a single day
• ETH reaches $4,780 on 2nd-biggest day of ETF inflows on file
• MetaMask companions with Stripe for stablecoin, might debut immediately
• Google Play Retailer revises coverage requiring licenses for non-custodial wallets

🚀 Bitcoin Breaks to New All-Time Excessive

Now we have a smashing new BTC ATH on the books.

And it could be time for Bitcoin to shine.

📌 What Occurred

Bitcoin simply printed a brand new all-time excessive, topping $124,128 and breaking previous its July file.

Ethereum is charging larger too, now inside lower than 4% of its 2021 ATH, buying and selling above $4,780 at peak in a single day.

Different majors and alts are hovering as properly, together with SOL which is now again over $200.

So what’s driving this uptrend?

• ETF inflows have stayed scorching, with BTC merchandise pulling regular institutional demand even by the summer time lull
• Macro tailwinds and expectations for a Fed price minimize in September (now at 99% probability) are including gasoline, with merchants rotating into threat property
• World liquidity backdrop, with easing in Asia and recent capital in rising markets are giving risk-on sentiment extra legs.

Notably, Bitcoin dominance has dropped to 59% amidst the brand new ATH, signifying the potential for an ETH + ALT SZN.

🗣️ What They’re Saying

“In case you purchased #Bitcoin day-after-day just like the El Salvador authorities, you’d have a 115% return! Since Nov 18, 2022, El Salvador has been shopping for 1 $BTC per day — shopping for 1,000 $BTC (value $57.29M, now price $124M) at a median value of $57,793, with an unrealized revenue of $66M(+115%).” – Analytics account lookonchain, on X

🧠 Why It Issues

Legendary crypto dealer Cobie altering his PFP to the “up solely” model with Bitcoin glasses was simply the icing on the cake.

The crypto bull market is in full swing.

And that is the place issues can get somewhat nutty – new ATHs day-after-day, god candles and rotations down the danger curve to attempt to catch the following quickest horse.

However don’t lose the plot – this cycle might very properly be completely different from previous cycles.

The bid is essentially pushed by ETFs and Establishments (TreasuryCos). Which means much less onchain rotation is probably going.

Good for BTC and ETH for positive, for different alts – a bit much less clear.

There’s an actual situation right here the place BTC and ETH dominate the bull run and rotating to alts is a silly technique.

With that stated, there shall be pockets of outperformance for positive. And sure a variety of surprises nonetheless left in retailer for us.

For now, it’s time to respect the pump,

Let ‘Up Solely’ SZN start…

🌎 Macro Crypto and Memes

Just a few Crypto and Web3 headlines that caught my eye:

• Crypto majors rallied hard then sold off this morning ahead of PPI; BTC +1% at $120,800, ETH +1% at $4,710, XRP -2% at $3.21, SOL +1% at $203
• ADA (+11%), ARB (+10%), KAIA (+9%) and RAY (+6%) led high movers
• BTC hit a new ATH at $124,128 in a single day earlier than retracing
• The ETH ETFs saw $729.1M in net inflows on Wednesday, the 2nd largest day on file ($86.9M for BTC)
• MetaMask is reportedly partnering with Stripe to launch a stablecoin mmUSD, debuting as quickly as immediately
• Customary Chartered has significantly raised its Ethereum value goal, now $7,500 by finish of 2025, and an formidable $25,000 by 2028
• Bullish, a crypto trade backing establishments, had a roller coaster IPO debut, hovering 3x from its IPO of $37 to $100+ earlier than settling at $67
• Paradigm’s Matt Huang will become the CEO of Stripe’s ‘Tempo’ L1 blockchain challenge
• Anchorage Digital announced it will custody HYPE, bringing “institutional-grade safety to HyperEVM”
• The Google Play Retailer briefly introduced a policy to require licenses for crypto wallets earlier than reversing the coverage simply hours later, stating it might solely affect custodial pockets apps (these from exchanges)

In Company Treasuries

In Memes

• Memecoin leaders are mostly red on the day; DOGE -3%, Shiba -2%, PEPE -4%, PENGU -6%, BONK -3%, TRUMP -1%, SPX -6%, and FARTCOIN -1%
• USELESS jumped 33% to $280M after Coinbase added it to its itemizing roadmap
• BROWNHOUSE (+36x) and STUPID (+450%) have been high new onchain movers; KORI (+37%) and GP (+39%) additionally notable movers

💰 Token, Airdrop & Protocol Tracker

This is a rundown of main token, protocol and airdrop information from the day:

🤖 AI x Crypto

Part devoted to headlines within the AI sector of crypto:

• Total market cap up 3% to $13.6B, leaders have been blended
• FARTCOIN (-1%), VIRTUAL (-6%), TIBBIR (+3%), ai16z (-5%) & AIXBT (-6%)
• BUZZ (+40%) and FOREST(+20%) led high movers
• TIBBIR briefly hit a brand new ATH at $250M earlier than pulling again (now $228M)

🚚 What is going on in NFTs?

Right here is the checklist of different notable headlines from the day in NFTs:

• ETH NFT leaders were red and correcting more after the ETH rally; Punks -2% at 51.5 ETH, Pudgy -6% at 13.6, BAYC -6% at 12.2 ETH
• V1 CryptoPunks (+22%) and Captainz (+10%) have been notable high movers
• Bitcoin NFTs have been principally purple, led by Cents +15%
• Summary NFTs have been additionally principally purple, no notable movers
• Azuki introduced a new collab with Moser & Cie, providing $25k and $75k watches