Morning Minute: Bitcoin Enters ‘Rektember’ After Best August Since 2017

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 red down 2-4% as oil and bonds rise; BTC at $76.6k

• ETH ETFs continue inflow streak with $8M despite BTC ETF outflows

• SEC proposes modernizing transfer agent rules, letting blockchains serve as record

• 21 banks including Citi, Goldman and BofA will form a stablecoin company in 2026

• Robinhood Chain smashes records in revenue, DEX volume, launchpad volume and more

📉 Bitcoin Enters 'Rektember' After Best August Since 2017

Bitcoin climbed 25% in August, its strongest month since November 2024 and the best August rally since 2017. But September is off to a rough start, with Bitcoin falling below $77k.

Since 2013, September has been Bitcoin's worst month on average, delivering a loss near 3% and only five positive returns in thirteen years. Though notably, the last 3 years have all ended September green for Bitcoin.

But there are real headwinds afoot. Fed Chair Kevin Warsh used his Jackson Hole speech Friday to lean hard on elevated inflation, and the bond market reacted strongly. Sovereign yields pushed to new cycle highs and the US 10-year reached 4.784%. Markets now price a 66% chance of a 25-basis-point hike at the September 16 meeting, with another possible hike before year-end. Continued US strikes against Iran pushed WTI crude to $88 a barrel, up 2% on the day and the highest since late July.