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 flat over the weekend but up 3-4% on week; BTC at $65k
- Clarity Act vote will take place on Sept 15
- Fomo App sets new record in revenue and fees, up 5x+ over past 6-8 weeks
- Robinhood Chain sees big green as Cashcat rebounds 50% to $150M
- FWA triples over the weekend as dev teases new pools, big buybacks
📈 Bitcoin ETFs See Biggest Inflows Since May
Spot Bitcoin ETFs pulled in roughly $854 million last week, their strongest week since the spring and their first genuinely large inflow since an eight-week outflow streak bled through June and early July. The ETH ETFs saw an even more impressive $244M in net inflows last week. On a market cap-adjusted basis, that’s equivalent to ~$1.25B in BTC inflows.
From a macro standpoint, the earnings from last week were largely positive. And the July jobs report missed badly, with the economy shedding 23,000 jobs against expectations of 80,000 gained, its first outright decline in months, even as unemployment ticked down to 4.1%. This combination led to a massive shift in the September rate hike odds, which fell from 67% to 42%, now an underdog.
Overall, it’s tough to get too excited in a week where BTC and ETH are up just 2%. But flows are coming back. It’s an important first step in officially putting the bottom in and turning this bear market around.
