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.

GM!

Today’s top news:

• Crypto majors are up 10-20% after Trump’s crypto meeting; BTC at $72k, ETH at $2,300
• Trump says CFTC is working to bring Hyperliquid to the U.S.; HYPE and LIT jump 20%+
• Over $3 billion in shorts liquidated in the past 24 hours, the most since tracking began
• BTC ETFs see $517 million in net inflows, the most since May, bringing weekly inflows above $1 billion; ETH saw $187 million
• Coinbase added Hyperliquid perps to the Base app and launched a new $1 million accelerator

Trump Says the CFTC Is Working to Bring Hyperliquid Onshore

Trump delivered a major boost to crypto and perpetual futures markets on Wednesday.

Speaking at the White House alongside the leaders of Coinbase, Ripple, Robinhood, Nasdaq, and ICE, President Trump said his chair at the Commodity Futures Trading Commission (CFTC), the U.S. regulator overseeing futures and derivatives markets, is working to bring Hyperliquid into the United States.

“I understand that Mike is also working to bring Hyperliquid into the United States in a fully compliant and legal fashion,” Trump said, referring to CFTC Chair Michael Selig. “Working very hard on that. We would really like to see it.”

Markets reacted sharply. HYPE rose 23% to a peak of $72, while LIT, another perpetuals-related token, gained 20% to a new local high. The broader crypto market also moved higher, though other factors may have contributed, including Bessent’s yield curve control actions. BTC reached $72,000, ETH added about 20% to trade above $2,300, and SOL climbed to $87. Coinbase gained 17%, Circle rose 17%, and Robinhood stock advanced 10%.

For readers less familiar with the venue, Hyperliquid is an offshore platform where traders make leveraged bets through perpetual futures, contracts with no expiration date, by connecting a wallet rather than opening a brokerage account. Americans cannot legally use it. That structure bypasses the intermediary assumed under U.S. derivatives rules, which is why registration, customer protection, and market oversight requirements have kept it and most crypto platforms offshore. The CFTC has been moving in that direction for the past year, clearing Coinbase Derivatives for perp-style Bitcoin and Ethereum futures in April 2025 and later approving Kalshi for a similar product.

The rest of the meeting was also a pitch to the Senate. Trump urged Congress to pass what he called a fair version of the Clarity Act, the market structure bill that would divide SEC and CFTC authority over digital assets. He said it was necessary to help the U.S. stay ahead of China. The bill is set to return to the Senate floor in September after lawmakers left for recess without a procedural vote, and Republicans still need about six Democratic votes to reach the 60 required under Senate filibuster rules to advance it.

That leaves the current regulatory push in an awkward position. Two days ago, the SEC proposed its first formal crypto rules, and on Wednesday the president publicly told his CFTC chair to find a path for the largest offshore perpetuals venue in crypto. The agencies appear to be moving ahead while the Clarity Act remains stalled, adding pressure on Congress to act or allow the SEC and CFTC to write their own rules without new legislation.

Investors now await the CFTC’s Innovation Advisory Committee, which meets Thursday for the first time.

Macro Crypto and Markets

Crypto majors were sharply higher, up 10-20% after Trump’s crypto meeting on Tuesday and ahead of Thursday’s CFTC meeting. BTC rose 12% to $72.1k, ETH climbed 20% to $2,300, SOL gained 13% to $87, and HYPE jumped 23% to $72.30.

Top altcoin movers included PEPE (+21%), ENA (+20%), SPX (+20%), and LIT (+20%).

Oil rose 3% to $88.40, while gold increased 3% to $4,540.

Stock futures were slightly lower as bonds rebounded and oil advanced, with the Dow down 0.2% and the Nasdaq down 0.1%.

More than $3 billion in shorts — leveraged bearish positions forcibly closed by exchanges when prices move against them — were liquidated over the past 24 hours as BTC, ETH, and other major altcoins moved up 10-20%.

Asset manager VanEck said eight of 12 capitulation signals were flashing on Bitcoin, while noting that similar setups have historically produced below-average 90-day and 180-day returns.

FalconX and Ethena established a $1 billion secured facility that deploys assets backing USDe, Ethena’s synthetic dollar, into overcollateralized institutional loans, reducing dependence on perp funding rates.

Fidelity Digital Assets warned that AI agent activity may route to banks and fintechs rather than public blockchains, with stablecoin issuers potentially capturing more upside than base-layer tokens.

Fairshake, the crypto industry-backed political action committee, spent more than $2 million trying to defeat Oliver Gilbert in a Florida Democratic primary and lost, drawing criticism for ads built on faked Miami Herald headlines.

Corporate Treasuries and ETFs

Bitcoin ETFs recorded $517 million in net inflows on Wednesday, their largest daily total since May. Ether ETFs brought in $186 million.

MicroStrategy, the largest corporate holder of Bitcoin, saw twelve of its top 15 institutional holders add to their positions in the second quarter of 2026.

Meme Coin Tracker

Meme coins were broadly higher, with many names up 10-20%. DOGE gained 10%, SHIB rose 9%, PEPE added 21%, PENGU increased 10%, TRUMP climbed 18%, and BONK advanced 13%.

On the Robinhood chain, several tokens posted strong rebounds: Cashcat rose 22%, PONS gained 34%, Pipedog climbed 17%, and Tendies added 31%. GOOD ran 10x to $4 million.

On Solana, leaders included Bome (+69%), Cate (+26%), and Troll (+17%). Ansem rose 5% to $250 million.

On BSC, Niu Lai rose 60% to $65 million and CETS gained 33% to $13 million.

Token, Airdrop and Protocol Tracker

Kalshi, the CFTC-regulated exchange best known for its event contracts, filed with the CFTC to launch a cash-settled copper perpetual futures contract priced off Pyth Network data.

Coinbase added perps to the Base app — Base is Coinbase’s Ethereum layer-2 network — through Hyperliquid, giving eligible users access to more than 290 markets at up to 50x leverage, though not in the U.S., U.K., or Canada.

Base also opened applications for Batches 004, a $1 million accelerator that will invest $100,000 each in 10 pre-seed teams building AI agents, payments, trading, and financing products.

What Is Happening in NFTs?

NFT blue chips were mixed. Punks rose 1% to 32.4 ETH, BAYC fell 4% to 7.6 ETH, Pudgy was unchanged at 3.78 ETH, and Stonkbrokers dropped 17% to 5.7 ETH.

Cashcats (+20%) and Fuego (+20%) led the day’s top movers.

FWA introduced its first FWAir launch project, priced at 0.25 ETH each for 111 NFTs.