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 selloff then rebound into Friday; BTC at $82.7k
Nearly $1B in crypto longs liquidated over the past 24 hours, ETH leads
ETF outflows continue as October flips net red
Citrini publishes crypto basket betting on AI coming onchain; led by DRV, LIT, ETHFI
Pump.fun introduced Custom Pairs, allowing any Pump token to be paired
BitcoinBTC · USD$83,172−4.19%Oct 2Oct 4Oct 6Oct 7Oct 9$86.7k$84.7k$82.7k$80.7k24h HighHigh$82,68424h LowLow$80,427VolVol$1.6BMarket projectionsOdds by MyriadToday$82,000 to $84,000$82k–$84k70% chanceThis weekBelow $84,000Below $84k69% chance→Buy Bitcoin with USDTPowered by JupiterPrice data by CoinGeckoCoinGeckoMore Bitcoin news and projections →📉 Uptober Turns Sour as Crypto Majors Slide
Bitcoin dipped below $81,000 Thursday, Ethereum fell close to $2,400 and the whole top ten board went red on seven days. Uptober is certainly not off to the often-memed start expected.
The damage was worse further down. Zcash fell 11% in a day, NEAR 16%, Pump.fun 11%, Venice Token 10%. Dogecoin and Chainlink are both down double digits on the week.
Spot Bitcoin funds shed $484.9 million on Wednesday, the worst day since the spring, followed by another $244M in outflows yesterday. That flips October negative at minus $400 million for the month. Ethereum funds have now bled money for eight straight sessions, losing $640 million over that stretch. Prices were climbing last week while inflows had already slowed to almost nothing. Rising prices without new money is a thin market, and thin markets give it back fast.
Multiple things turned at once. Tom Lee said Bitmine will stop buying Ethereum once it owns 5% of supply, roughly 100,000 coins away, removing a buyer that showed up every week since June 2025. Funding rates on Ethereum flipped negative midweek for the first time in months, meaning traders betting on a fall now outnumber those betting on a rise, and they added to those bets as price dropped rather than closing out. Oil jumped on attacks against Iranian tankers, pushing money out of anything risky. And of course, there was the Ethereum researcher telling everyone to prepare for “Bunker Mode.”
With that said, crypto majors have been rebounding over the past 12 hours. Bitcoin is back over $82k, ETH is re-approaching $2,500 and ZEC is now green on the day. And no part of the macro crypto bull case for this cycle (debasement trade continues, institutions coming onchain, tokenization acceleration, agentic crypto, etc.) has changed or weakened. This is much more likely a correction inside a decent run rather than a collapse. A chance to flush all the leverage and late longs before grinding higher for the next leg of the emerging bull market. And of course this comes just a day before the anniversary of 10/10 and the nasty selloff that started the bear market one year ago. Here’s hoping we get a “Reverse 10/10” tomorrow…