Morning Minute: Bitcoin Enters ‘Rektember’ After Best August Since 2017

Morning Minute is a each day publication written by Tyler Warner. The evaluation and opinions expressed are his personal and don’t essentially mirror these of Decrypt.

GM!

As we speak’s prime information:

• Crypto majors are pink down 2-4% as oil and bonds rise; BTC at $76.6k
• ETH ETFs proceed influx streak with $8M regardless of BTC ETF outflows
• SEC proposes modernizing switch agent guidelines, letting blockchains function file
• 21 banks together with Citi, Goldman and BofA will type a stablecoin firm in 2026
• Robinhood Chain smashes information in income, DEX quantity, launchpad quantity and extra

📉 Bitcoin Enters ‘Rektember’ After Greatest August Since 2017

Bitcoin climbed 25% in August, its strongest month since November 2024 and the perfect August rally since 2017. However September is off to a tough begin, with Bitcoin falling under $77k.

Since 2013, September has been Bitcoin’s worst month on average, delivering a loss close to 3% and solely 5 constructive returns in 13 years. Although notably, the final 3 years have all ended September inexperienced for Bitcoin.

However there are actual headwinds afoot. Fed Chair Kevin Warsh used his Jackson Gap speech Friday to lean exhausting on elevated inflation, and the bond market reacted strongly. Sovereign yields pushed to new cycle highs and the US 10-year reached 4.784%. Markets now worth a 66% probability of a 25-basis-point hike on the September 16 assembly, with one other attainable hike earlier than year-end. Continued US strikes towards Iran pushed WTI crude to $88 a barrel, up 2% on the day and the very best since late July.

Larger charges tighten monetary situations and carry the greenback, which is the usual headwind for something on the chance finish of the curve. Dangerous for Bitcoin and Gold (and conventional markets, which additionally common detrimental returns in September).

General, September will probably be a battle of forces. Will the tailwinds of ETF inflows, DAT inflows and a booming onchain crypto market be sufficient to take Bitcoin increased? Or will the headwinds of battle, increased oil, inflation and potential fee hikes cease the rally?

We are going to discover out quickly sufficient. And set your calendars for September 16—the following FOMC assembly and fee choice. That assembly could very properly set the macro tone for the remainder of the 12 months…

🌎 Macro Crypto and Markets

• Crypto majors have been pink following the TradFi selloff; BTC -2% at $76.6; ETH -3% at $2,376; SOL -4% at $98; HYPE -2% at $81
• High alt movers embrace FIL (+10%), PYTH (+7%) and UNI (+6%)
• Oil +3% at $90; Gold -1% at $4,360
• Inventory futures are pink once more as bond yields and oil rise; DOW -0.1%, Nasdaq -0.5%
• Technique CEO Phong Le defended selling Bitcoin close to $60,000 and shopping for it again at $80,318, telling Bloomberg the calls activate price of capital reasonably than worth after the corporate reduce internet debt to zero and constructed $7 billion in greenback reserves
• Saylor and CEO Phong Le requested MSCI to withdraw a screen that would delete Strategy from its global indexes, calling it discriminatory and arbitrary, with suggestions closing September 30
• Twenty-one banks and asset managers including Citi, Goldman, BofA, and UBS will form a stablecoin company within the second half of 2026, beginning with a greenback token as a result of market within the first half of 2027
• The SEC proposed modernizing its switch agent guidelines to let blockchains serve as official ownership records, and set a September 17 roundtable on 24-hour buying and selling with NYSE, Nasdaq, DTCC, Citadel Securities, and Robinhood
• Robinhood Chain’s payment income sent ARB up more than 30% as merchants priced within the Orbit stack underpinning the community
• Hyperliquid Methods raised the cap on its Chardan equity facility to $2.5 billion from $1 billion, letting the Nasdaq-listed treasury firm situation new shares to fund basic company functions together with extra HYPE purchases

Company Treasuries & ETFs

Meme Coin Tracker

• Meme leaders were very pink; DOGE -2%, SHIB even, PEPE -2%, PENGU -5%, TRUMP -7%, SPX -6%
• Robinhood chain leaders were mixed; PONS -14%; Cashcat +22%; AI +10%; Boner -35%; Microduck +130%; Tendies, Moo, Orbio, Ubik and Optimus have been different huge runners
• Robinhood CEO Vlad Tenev was replying to memecoin posters on X as he continues to lean into the ecosystem
• Solana didn’t see many sustained runners on Tuesday in a day of pink; Ansem -17% at $240M

💰 Token, Airdrop & Protocol Tracker

🚚 What is going on in NFTs?

• NFT leaders have been barely pink; Punks +1% at 32 ETH, BAYC -1% at 7.55 ETH, Pudgy -3% at 3.87 ETH
• NetNet Gear (+180%), Normies(+20%) and Inventory Miners (+350%) led prime movers