From Decrypt · By Tyler Warner
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 daily news show 'FOMO HOUR' covering all of the top stories and market action.
GM!
Today’s top news:
Crypto majors rebound despite Black Monday fears; BTC at $82k
Bitcoin ETFs see $228M in net outflows this past week; ETH ETFs lost $320M
Circle plans to expand into 40 emerging market countries
Papertrade leads onchain protocols in revenue on week with $30M
Trenches index hits “cold” for first time since April
BitcoinBTC · USD$82,572−0.23%Oct 12Oct 14Oct 16Oct 17Oct 19$83.9k$82.7k$81.4k$80.2k24h HighHigh$83,03524h LowLow$80,672VolVol$1.1BMarket projectionsOdds by MyriadToday$82,000 to $84,000$82k–$84k75% chanceThis weekAbove $82,000Above $82k57% chance→Buy Bitcoin with USDTPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →📈 Crypto Rebounds as Black Monday Looms
Thirty-nine years ago today, the Dow fell 22.6% in a single session. Nobody saw it coming, and the notorious “Black Monday” turned into trading history.
Crypto enters that anniversary bruised but not broken. Bitcoin sits at $82,161, down just 1.4% on the week and actually up about 1% over the last 30 days. That’s the good news and it’s nearly the only good news.
Everything else got hit harder. Ethereum fell 5.3% to $2,415. BNB dropped 3.3%, Solana 6.2%, XRP 7.2%, Dogecoin 9.4%, Hyperliquid 8.6%, Zcash 13.2%. Across the majors, the average decline outside Bitcoin was 7.5%—roughly five times what BTC gave up.
Further out it gets ugly. Starknet lost 45% on the week, LayerZero 24%, Pump.fun 22%, Ethena 20%, Fetch 20%, Midnight 19%, Canton 18%, Jupiter 18%, Filecoin 17%, Raydium 18%. The top twelve weekly losers averaged losses of more than 20%. And all of this happened in just seven days.
The ETFs bled out as well. Spot Bitcoin ETFs shed $228.4 million across the week, Ethereum ETFs $320.1 million, for a combined $548.5 million. For October, the two complexes have now bled $1.86 billion. Ethereum’s situation is the more fragile one: $14.5 billion in net assets against $12.9 billion of cumulative inflows leaves barely $1.6 billion of cushion before the entire product line is underwater on a mark-to-market basis.
But for context, what turned a bad Friday into Black Monday back then was automated selling feeding automated selling, with no circuit breakers to interrupt it. Equities have those now, and Korea’s Kospi actually tripped one last week. Crypto has none. It trades through the weekend, through the open, through everything, and we already watched what that looks like on October 10, 2025 when the liquidation cascade repriced the whole market in hours.