Morning Minute: Bitcoin Slides Back to $77K on Rising Bond Yields, Oil Spike

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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. And check out our new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify. GM! Today’s top news: - Crypto majors are red as yields rise, oil spikes; BTC at $77.4k - SpaceX goes live for pre-IPO trading on Hyperliquid, sees $40M volume in 12 hrs - BTC ETFs see nearly $1B in outflows last week, snapping 6-week inflow streak - Aave restores WETH LTV ratios to pre-exploit levels - Trump family disclosures show multiple crypto trades including COIN, HOOD & MARA Bitcoin Slides Back to $77K on Rising Bond Yields, Oil Spike Bitcoin fell from $82,000 Thursday to sub-$77,000 by Sunday, and U.S. Treasury yields were the likely trigger. The 10-year yield hit 4.6% and the 30-year crossed 5% for the first time since May 2025. Odds of a rate hike in 2026 jumped to 40%. The ETFs didn’t help, with Bitcoin spot ETFs bleeding $1 billion in net outflows across the week, snapping a six-week inflow streak. All of that outflow despite Saylor selling enough STRC to buy 15,000+ Bitcoin (we’ll see how much he actually bought today). ETH fared even worse, falling nearly 10% on the week to $2,110 and Solana totally retraced its recent rally to near $100, settling back at $84. The lone bright spot for crypto majors is Hyperliquid which managed to jump 10% on the week to $45, on its new Coinbase partnership and as word spreads that pre-IPO stocks are seeing price discovery on its HIP-3 platform. On that note, SpaceX debuted last night and has already seen $40M in volume on Hyperliquid—so you can expect that to get more coverage. And perhaps, new pushback… Wall Street’s Biggest Exchanges Are Trying to Kneecap Hyperliquid CME Group and Intercontinental Exchange (NYSE parent) have been privately lobbying the CFTC and members of Congress to rein in Hyperliquid, Bloomberg reported Friday. The exchanges told regulators that Hyperliquid’s decentralized structure and largely anonymous trading environment could allow bad actors to manipulate prices or circumvent financial sanctions, particularly in oil markets, where Hyperliquid has seen explosive volume growth since the Iran war began. Hyperliquid’s oil perpetual futures went from $339 million in cumulative trading volume in late February to over $7.3 billion by March 12. The exchange now captures 34-44% of the decentralized derivatives market, with $619 billion in total Q1 2026 trading volume. The Hyperliquid Policy Center, the exchange’s newly formed US advocacy arm, fired back Friday calling the concerns “unfounded,” and arguing that “Hyperliquid offers enhanced market transparency, publishing a complete onchain record of every transaction in real time, making it a uniquely hostile environment for insider trading or price manipulation.” Notably, this comes after Cerebras debuted on Nasdaq last week, where Hyperliquid was widely seen as the home for price discovery pre-IPO. Now SpaceX pre-IPO contracts are widely expected to launch on Hyperliquid (as soon as today) ahead of its June 12 Nasdaq debut. And if it sees the demand many are speculating, expect TradFi to beome even angrier. Trump’s Ethics Filing Shows Crypto Trades While Passing Crypto Legislation President Trump’s family trust filed two mandatory 278-T disclosure forms with the Office of Government Ethics on Thursday, covering more than 3,600 securities transactions from January through March 2026. The filings show trades in crypto-related stocks including Coinbase, Robinhood, and a pair of Bitcoin mining firms, all executed while Trump’s administration was simultaneously advancing sweeping pro-cryptoregulatory overhauls. The filings show nine separate Coinbase purchase entries. The most substantial transaction occurred on February 10, with a reported value between $100,001 and $250,000. The filing also includes two acquisitions of MARA Holdings stock, eight Strategy transactions including a January sale, and purchases of Block, Robinhood, and SoFi Technologies. The documents report value ranges rather than exact dollar amounts. Trump himself reported a personal stake of at least $51 million in digital assets. Nearly 70 Trump administration officials collectively hold over $193 million in crypto assets—Vice President Vance disclosed between $250,000 and $500,000 in Bitcoin; Health Secretary Kennedy between $1 million and $5 million. The conflict-of-interest question is not new; it has been the central Democratic objection to the Clarity Act throughout the markup process. But the timing of this disclosure is notable as it arrives three days after the Clarity Act cleared the Senate Banking Committee, at the exact moment the ethics language that would restrict government officials from profiting on crypto is being negotiated for inclusion in the Senate floor version of the bill. Drake Called for SBF’s Release on a New Album Drake dropped three surprise albums at midnight Friday—“Iceman,” “Habibti,” and “Maid of Honour”—totaling 43 tracks, his first major solo release since 2023. And he also name-dropped an infamous crypto villain. On the track “Dust,” Drake raps: “An FTX penthouse high-riser, yeah / Samuel Bankman, free all my guys up, yeah.” Later in the song he describes himself as “a BTC crypto big-timer.” Sam Bankman-Fried, posting from federal prison where he is serving a 25-year sentence, responded Saturday in a tweet: “The Drake stimulus package is real. Dust is a vibe - and when I get out, I can loan you my bean bag chair.” Despite Drake’s pleas, prediction market bettors don’t find SBF getting out of prison in 2026 very likely, with the odds at just 7%. 🌎 Macro Crypto and Markets - Crypto majors are red and falling as yields spike, oil jumps; BTC -1.3% at $77.4k; ETH -2% at $2,140; SOL -2% at $85; HYPE +6% at $45.60 - KITE (+8%), Stable (+7%) and HYPE (+6%) led top movers - Oil +1% at $102; Gold even at $4,540 - Stock futures are slightly red with the Nasdaq down 0.3% as the US-10 year spikes over 4.6% - Aave restored WETH loan-to-value ratios to pre-exploit levels across Ethereum Core, Ethereum Prime, Arbitrum, Base, Mantle, and Linea, allowing users to once again borrow against WETH - Lombard Finance migrated its $1B+ in Bitcoin-backed assets from LayerZero to Chainlink CCIP Friday, joining Kelp, Solv Protocol ($700M), Re, and Kraken - Gemini jumped 25%+ in premarket trading Friday after the Winklevoss twins injected $100 million into their company via Winklevoss Capital Fund, purchasing 7.14 million shares at $14 apiece, paid entirely in Bitcoin - SpaceX went live for pre-IPO trading on Hyperliquid, opening at $2.1T on $40M in volume Corporate Treasuries & ETFs - The Bitcoin ETFs saw $290M in net inflows on Friday and a net outflow of $995M on the wee; the ETH ETFs saw $66M in outflows - Strategy announced it will repurchase $1.5 billion principal amount of 2029 convertible notes, in a surprise move on Friday Meme Coin Tracker - Meme leaders were very red; DOGE -6%, SHIB -3%, PEPE -3%, PENGU -3%, TRUMP -5%, BONK -5%, SPX -4%, FARTCOIN -6% - Buttcoin (+24%), Worldcup (+40%) and unc (+22%) led notable movers on Solana - Base movers included Pitch (+17x), aeon (+48%), Nook (+30%) and hermesOS (+90%) 💰 Token, Airdrop & Protocol Tracker - Dune Analytics cut 25% of its workforce Thursday as CEO Fredrik Haga declared the company “all-in on two shifts: AI and institutions coming onchain” 🚚 What is happening in NFTs? - NFT leaders were mostly green with Punks leading; Punks +2% at 33.25 ETH, BAYC +1% at 9.91 ETH, Pudgy -1% at 4.82 ETH; Hypurr’s +3% at 330 HYPE - Florentines (+64%) and Normies (+13%) led notable movers - New project Ten Thousand Tokens from Rhynotic mints out at ~0.02 ETH (including gas fees) and does a 5x to 0.1 ETH floor

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