Morning Minute: Wall Street’s on-chain move will lead the next bull market

Morning Minute is a daily newsletter written by Tyler Warner. The analyzes and opinions expressed are his own and do not necessarily reflect the views of Decrypt.

GM!

Today’s most important news:

• Most major cryptocurrencies stabilized despite falling stocks and rising oil prices; Bitcoin at $65.5 thousand
• Senate Republicans release a draft of the new Clarity Act, and Democratic leaders still oppose it
• SEC Commissioner Pierce Warns Some DeFi and Chain Lending Vaults Fall Under Securities Act
• BTC ETFs are seeing 7 consecutive days of inflows; The ETH validator exit queue goes to 0
• Rhynotic’s new FWA token reaches $11 million, pumping out multiple NFT pools

🏦 Bitwise CTO Says Wall Street Onchain Move Will Drive Next Bull Market

The next cryptocurrency bull market will not look like the last ones.

That’s the argument made by Matt Hogan, IT director at Bitwise set out in a new memorandum The next cycle will be driven by the convergence of traditional finance and Internet-connected finance, stablecoinsTokenization, 24/7 trading, instant and institutional settlement Decentralized financeRather than the speculative demand that fueled previous rallies. His main claim is that because this cycle will be built on real financial activity and revenues, it could be greater than what has come before, even if it comes more slowly and with less volatility.

Hogan framed the opportunity as “two paths.”

• The first is the “Hyperliquid Lane” – native crypto protocols that generate significant revenue and channel it back into their tokens. For those unfamiliar, Hyperliquid surpassed $1 billion in cumulative revenue in June, and is on track to reach about $800 million this year, with 99% of that revenue going towards purchasing HYPE on the open market.
• The second is “Robinhood Lane” – established companies that build real financial services on blockchain rails rather than running pilots. Robinhood Chain launched on July 1 and its volume has already surpassed $3 billion.

Hyperliquid Lane fixes a chronic flaw in cryptocurrencies, where apps raise fees and volume without creating any demand for their tokens. He named Uniswap, Aave, and Morpho as protocols moving in the same direction, along with on-chain favorites like Pump.fun. TradFi’s stampede, Citadel’s entry into Crypto.com, Morgan Stanley’s entry into E*TRADE, and tokenization startup DTCC are on its way to Robinhood Lane.

So, here we have an authoritative institutional voice arguing that revenues and cryptocurrencies will drive the next cycle, not speculation. This isn’t necessarily a new opinion, as many on CT (Crypto Twitter) have made Hyperliquid their shining star for months. As for the institutional engine, that’s not really a new concept either. But it is important that the IT Director at Bitwise formally writes the thesis covering these two factors.

It’s no longer “the institutions are coming.” It’s “the institutions are here, and they will drive the next bull cycle.” We’ll soon find out if he’s right or not…

🌎 Total crypto and markets

• Most major cryptocurrencies are flat despite red stocks and rising oil prices; Bitcoin -0.3% at $65.5 thousand; ETH even at $1,925; SOL even at $78; HYPE is even priced at $59.30
• Stable (+16%)WLFI (+13%) and ENA (+4%) led the biggest movers
• oil +4.5% at $90; Gold -1.5% at $4,090
• Stock futures Shown in red after TSLA and Google’s rough earnings calls; Dow Jones -0.4%, Nasdaq -0.5%
• Republicans in the Senate Published a new draft of CLARITY It would impose restrictions on Trump’s cryptocurrency empire along with other updates
• Seven key Democrats in the Senate He said the draft was “incomplete.” On ethics, consumer protection, illicit finance and market integrity
• SEC Commissioner Hester Peirce Beware that some DeFi vaults Onchain lending products may fall under securities laws, a notable warning from the more crypto-friendly agency commissioner
• Franklin Templeton Sandy Cowell Blockchain is called the next AI commerceArguing that as independent agents transact in fractions of a cent, card networks become uneconomic and blockchain technology wins out at the machine-to-machine payment layer.
• BitMEX (Co-founded by Arthur Hayes) He announced that it will close permanently On September 23, 2026, it stopped accepting new users
• Ethereum validator exit queue He fell From a peak of 2.6 million ETH to 0, while its queue now has 2.48 million ETH and a waiting period of 43 days

Corporate Treasuries and ETFs

Meme Coin Tracker

• Meme leaders He was Mostly flat; Dodge -1%, Sheep -1%, Baby Till, Bingo -1%, Trump +3%, Punk -3%
• Robin Hood series Led by GME (+425x), AI (+80%), and SWOGE (+190%); Cashcat -25% to $48 million and PONS -18% to $26 million as previous winners sell aggressively
• Solana leaders Includes Jimothy (+5%), KET (+110%) and BOP (+170%); ANSEM -10% to $175 million

💰 Token tracking, airdrop and protocol

• everything Launched a center for the midterm elections in the United States With live odds on the Senate and House races along with polling and Federal Election Commission data
• Arbitrum USDC Bridge It lost about $24.15 million After attackers compromised the signature path of hot authentication, vacating the quorum to allow withdrawal of a contract that was treated as legitimate
• Virus-Ethereum Bridge He was exploited For the second time in two months, $7.54 million was depleted, after attackers misused the bridge’s import route.

🚚 What happens in NFTs?

• NFT leaders It was flat while several other groups went up. Punks up at 32 ETH, BAYC up at 8.65 ETH, Pudgy up at 4.18 ETH; Hypurr even at 185 HYPE
• Cyberkongz (+53%), Memeland MVPs (+29%), TTT (+38%), Creepz (+77%), mfers (+16%) and CrypToadz (+16%) Leading top movers
• Robinhood NFTs Led by Hood Mondo (+39%) and Baby Hood Town (+9%)
• New Rhinotec Fake World Assets (FWA) NFT gacha platform It saw its token rise to $11 million overnight before falling
• Fixed Wireless Access (FWA) user. Won Cryptopunk Award Deduct 0.06 ETH from a gacha tournament (550x return), before selling it back for FWA tokens