Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions contained in the article represent solely the author's views and may not necessarily reflect the stance of Decrypt. You may also follow their daily news program “FOMO HOUR”, which covers all headlines and market trends.

GM!

Today's Headlines:

• As funds continue to flow out, mainstream cryptocurrencies continue to decline; BTC reports $77,300
• BTC ETF There is another outflow of $400 million; since the Binance hacker incident, the total has exceeded $1 billion.
• Kim Jong Un's sister claimed that North Korea was not involved in the Binance hacking incident, calling the related accusations "provocation"
• Tom Lee referred to the Binance hacking incident as "constructive," noting that there were no social losses, nor was there a DeFi chain explosion.
• Strategy bought $65 million last week; BTC and $208 million STRC

🐂 Tom Lee claims that the Binance hacker incident is beneficial to Ethereum

After witnessing the largest crypto theft case on record, he described the market reaction as "constructive." His company BitMine Immersion purchased another 8,573 units of ETH last week, worth approximately $19.6 million, bringing its total holdings to 6,060,506 units of ETH, which is about $13.7 billion. Based on the total supply of ETH in circulation, this represents 4.9%, and also makes him one of the executives with the largest positions in Lee globally.

His judgment is based on a comparison. After Binance suffered a hacker attack worth $6.3 billion, ETH fell by about 4%. In February 2025, after Bybit was attacked by hackers, ETH fell by 8% on the same day and then lost a cumulative 20% in the following week. Lee referred to this “relatively mild reaction of the crypto market” as “very constructive” and interpreted it as evidence that the industry is capable of withstanding such a scale of impact without collapsing.

He believes there are four reasons for his bullish stance:

• Binance bears the losses from its own balance sheet, rather than sharing them socially.
• Tether and Circle froze the stolen stablecoins within a few hours
• No DeFi protocol has collapsed due to collateral damage.
• Investigators almost immediately pointed the attack at North Korea

These are areas that were handled better in 2026, while they performed poorly in 2025.

From a price perspective, this interpretation holds water, but from a trading standpoint, there are still bigger issues regarding the future of ETH. October was the worst month in the history of US spot ETH ETF, with a net outflow of $1.61 billion. ETH fell by 19% from its local high, while Bitcoin only fell by 11%.

A potential driving factor for the weakening could be Tom Lee himself/herself. BitMine has currently achieved 99% of the 5% supply cap target mentioned by Lee, with about 49,500 coins still remaining until reaching the cap. ETH At last week's purchasing rate, it would take approximately six more weeks to reach that goal. Over the past year, ETH has had a large-scale corporate buyer who is not sensitive to price, and this buyer's purchases are coming to an end.

All that's left now is to wait and see how the market will perform in the absence of such buying orders. If Tom Lee's bullish judgment is correct...

🌎 Macroeconomics, Cryptography, and the Market

• As funds continue to flow out, mainstream cryptocurrencies experience slight declines; BTC fell 0.6% to $77,300, ETH remained flat at $2,280, SOL fell 1% to $93, HYPE fell 1% to $85, and ZEC fell 3% to $1,210.
• STX (+4%), WLFI (+2%), XMR (+3%), and PUMP (+4%) led the gains among the major altcoins.
• Crude oil falls 1% to $98, gold remains flat at $3,910
• On the eve of the mid-term elections, U.S. stock index futures showed mixed movements; the Dow Jones fell by 0.8%, while the Nasdaq rose by 0.2%.
• Brazil's largest exchange, Mercado Bitcoin, suspended deposits and withdrawals on Monday due to a security incident.
• ZachXBT pointed out that on Sunday, over $106 million was transferred from the account of an unnamed EU entity on an exchange; he is highly confident that the thieves are not Lazarus, and the funds were transferred within 24 hours through ETH, Monero, and cross-chain bridges.
• BTCPay Server informs merchants to shut down their instances on Sundays; previously, there were reports that attackers used administrator privileges to empty hot wallets.
• Kim Jong Un's sister, Kim Yoo-jong, denied that Pyongyang was involved in the $6.3 billion Binance hacking incident, and referred to such attributions in state-run media as "absurd claims" and "serious political provocation."

Enterprise Treasury and ETF

• Bitcoin ETF saw a net outflow of $399 million on Monday, bringing the total outflow over the past two trading days to over $1 billion; Ethereum ETF had a net outflow of $140 million.
• Strategy Resumed buying, increased holdings by 8,110 BTC, with a total of 65.5 million US dollars invested, at an average price of 80,846 US dollars, ending a one-week pause.
• Strive increased its holdings by 124 BTC, amounting to approximately 10 million US dollars, at an average price of 80,526 US dollars, bringing the total number of BTC in its treasury to 43,124, with a value of about 3.3 billion US dollars; most of this was funded from existing cash, which reduced the cash balance to 490.4 million US dollars.

Meme Coin Tracking

• Meme coin leaders remain flat overall; DOGE remains flat, SHIB remains flat, PEPE rises 1%, PENGU falls 1%, TRUMP falls 2%, SPX remains flat, BONK remains flat.
• Robinhood The leading token on the chain has weakened significantly; Pons Fell 13% to $135 million; Cashcat Rose 5% to $105 million; AI Fell 12% to $55 million; Forever Rose 40%, leading the gains.
• Solana Major movements include Mamesuke rising by 200%, ansum increasing by 30 times, and Float rising by 180%.

💰 Tokens, Airdrops, and Protocol Tracking

• Calculated by revenue, Hyperliquid leads the list of on-chain protocols with $2.39 million, followed by Pump.fun with $1.64 million and Collector Crypt with $285,000.
• Tether, the Chief Executive Officer, stated that the company holds approximately 150,000 Bitcoins, which are worth about $11.6 billion at current prices; meanwhile, Tether has served 730 million customers worldwide.
• Binance recorded a net inflow of $2 billion in the past day, but still had a cumulative net outflow of $12 billion over the past week.

🚚 What's the latest news with NFT?

• NFT Most leading stocks closed lower; Punks Held flat at 30.4; ETH, BAYC Fell 5% to 5.65; ETH, Pudgy Fell 3% to 2.32; ETH
• Crawlers (+47%) and Punks2027 (+130%) lead the gains

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