Morning Minute: Fidelity Is Cautiously Bullish on Crypto

Morning Minute is simply a regular newsletter written by Tyler Warner. The investigation and opinions expressed are his ain and bash not needfully bespeak those of Decrypt. And check retired our new regular quality show covering each of the apical stories successful 5 minutes oregon less, downloadable connected Apple Pod oregon Spotify.

GM!

Today’s apical news:

• Crypto majors tumble arsenic lipid jumps to $100; BTC astatine $76,400
• White House advisor teases large Strategic BTC Reserve announcement soon
• Fidelity says crypto is uncovering a floor, ETF request could interruption 4-year cycle
• Bitcoin dev announces plans for hard fork into eCash, would reassign Satoshi coins
• Gemini becomes archetypal regulated speech to motorboat agentic trading

💰 Fidelity Says The Crypto Market Is Finding Its Floor

Fidelity Digital Assets published its Q2 2026 Signals Report connected Monday, and the work is cautiously bullish.

Despite Bitcoin’s 52% drawdown from its October 2025 all-time high, 3 cardinal underlying metrics—unrealized profitability, momentum, and web usage—are each improving.

• Bitcoin’s NUPL turned affirmative for the archetypal clip since January.
• BTC dominance is rising arsenic superior concentrates successful the astir liquid asset, a signifier that has historically preceded broader altcoin rotation
• Negative futures backing rates look bearish but are apt tied to organization hedging

ETH and SOL amusement divergence betwixt terms and web activity, with protocol-level usage holding up contempt lagging token prices. Fidelity frames this arsenic a positive.

On the carnivore case: a accepted four-year rhythm bottommost would constituent to November 2026, and anterior cycles saw 70%+ drawdowns from the all-time high. Bitcoin’s February debased was astir 52% disconnected the peak, abbreviated of that threshold.

But Fidelity does stock that ETF inflows and firm treasury request make structural buying unit that didn’t beryllium successful anterior cycles—and frankincense the bottommost whitethorn successful information beryllium in…

⑃ A Bitcoin Developer Wants to Fork BTC and Spend Satoshi’s Coins to Fund It

LayerTwo Labs CEO Paul Sztorc announced plans to hard fork Bitcoin into a caller concatenation called eCash, launching successful August astatine artifact tallness 964,000.

Every BTC holder gets eCash 1:1 astatine the fork. The concatenation is built astir Drivechains, Sztorc’s decade-old scaling connection that Bitcoin Core developers person repeatedly refused to merge.

There is immoderate controversy, arsenic Sztorc planned to reassign up to 500,000 of Satoshi’s ~1.1 cardinal dormant BTC to aboriginal investors arsenic a backing mechanism, marking the archetypal clip immoderate Bitcoin fork has projected touching Satoshi’s stack. Community absorption was astir 80-85% negative.

Sztorc has since posted a revised mentation removing the Satoshi coin component, though the last operation remains unconfirmed and nary large miners oregon exchanges person signaled support.

🤖 Gemini Launches the First AI Agent Trading Tool connected a Regulated US Exchange

Gemini launched Agentic Trading connected Monday, becoming the archetypal regulated US crypto speech to connection nonstop AI cause integration for unrecorded trading.

Built connected Anthropic’s Model Context Protocol, the merchandise lets users link Claude, ChatGPT, oregon immoderate MCP-compatible AI to their Gemini relationship to autonomously execute trades, show markets, and negociate hazard based connected predefined strategies.

Pre-built Trading Skills modules grip marketplace data, dispersed analysis, and humanities terms retrieval astatine launch, with much planned. Coinbase’s x402 protocol and Stripe-backed Tempo’s Machine Payments Protocol are gathering akin infrastructure connected MCP arsenic well.

💸 Strategy Pulls Back, Bitmine Keeps Pushing

Strategy purchased 3,273 BTC for $255 cardinal past week, a 91% driblet from the anterior week’s $2.54 cardinal buy. The pullback was expected arsenic STRC has been trading conscionable beneath its $100 par worth since its April 14 ex-dividend date, limiting Saylor’s caller buying (it’s been his biggest driver).

Meanwhile, Bitmine made its largest Ethereum acquisition of 2026—233,600 ETH for ~$233.7 million, crossing the 5 cardinal ETH milestone. Tom Lee commented that “ETH has outperformed the S&P 500 by 1,696 ground points since the Iran War started.”

Notably, ETH was level connected the week contempt Tom Lee’s biggest play bargain of the year. A motion that determination are immoderate large sellers retired there…

🟠 White House Signals Major Strategic Bitcoin Reserve Announcement Coming Soon

White House crypto advisor Patrick Witt said astatine Bitcoin 2026 successful Las Vegas that a significant Strategic Bitcoin Reserve announcement is coming within the adjacent fewer weeks.

Witt said the medication has been moving done the ineligible and operational model needed to instrumentality Trump’s March 2025 enforcement order, which directed the authorities to dainty its astir 200,000 seized BTC arsenic a imperishable reserve asset.

The expected announcement volition code the accumulation framework—how the reserve grows beyond existing seizure-based holdings. Separately, Rep. Begich of Alaska said helium is days from reintroducing the SBR legislation, present called the American Reserves Modernization Act, which would codify the reserve into instrumentality and nonstop the authorities to get 1 cardinal BTC implicit 5 years.

🌎 Macro Crypto and Markets

• Crypto majors deeper successful the reddish arsenic lipid surges; BTC -2% astatine $76.4k; ETH -2% astatine $2,280; SOL -2% astatine $84; HYPE -5% astatine $40
• BCAP (+28%), HASH (+17%), and PI (+8%) led apical movers
• Oil +4% astatine $99.6; Gold -2% astatine $4,610
• Stock futures are mixed up of a large time of net and FOMC tomorrow
• Arthur Hayes called for $125k Bitcoin by extremity of twelvemonth astatine the BTC Conference successful Vegas, driven by liquidity from warfare spending
• The Solana Foundation shared a caller post-quantum solution called Falcon that Anza and Jump researchers independently found
• MARA Holdings CEO Fred Thiel announced the MARA Foundation astatine Bitcoin 2026 successful Las Vegas connected Monday, pledging to money Bitcoin protocol research, open-source development, quantum absorption work, self-custody infrastructure, and argumentation advocacy

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $263M successful nett outflows on Monday, breaking a 9-day inflow streak; the ETH ETFs saw $50M successful outflows
• Strive Inc. purchased 789 BTC for $61.4 million astatine an mean terms of $77,890, bringing full holdings to 14,557 BTC (~$1.1B)

Meme Coin Tracker

• Meme leaders were mixed; DOGE +1%, SHIB even, PEPE even, TRUMP -3%, BONK -1%, PENGU +4%, SPX -5%, FARTCOIN -1%
• SCAM (+270x), Either (+20%) and GDER (+100%) led notable movers
• SCAM pumped 40,000% to $16M after Elon referred to Sam Altman arsenic “Scam" Altman up of their proceedings starting successful California (now $10M)

💰 Token, Airdrop & Protocol Tracker

• DeFi United released a plan for restoring KelpDAO and the missing rsETH
• ZetaChain faced an attack targeting interior squad wallets, causing them to intermission cross-chain transactions

🚚 What is happening successful NFTs?

• NFT leaders were somewhat greenish connected the day; Punks adjacent astatine 31 ETH, BAYC +3% astatine 9.7 ETH, Pudgy +1% astatine 5.32 ETH; Hypurr’s adjacent astatine 365 HYPE
• Proxies (+40%), Winds of Yawanawa (+14%) and Otherdeeds (+14%) were different notable winners
• Pudgy Penguins announced that Paxos Crypto Brokerage present supports $PENGU, making the token eligible for listing connected retail trading platforms and exchanges utilized by implicit 500 cardinal radical worldwide