Morning Minute: Trump Hints That Iran Deal May Be Close, Markets Rebound

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 new daily news show covering all of the top stories in 5 minutes, downloadable on Apple Pod or Spotify.

GM!

Today’s top news:

• Crypto majors dip then rebound on Iran progress; BTC at $76.9k
• BTC ETFs shed $1.25B in outflows; HYPE ETFs see $68M in inflows
• SEC reverses course on tokenized stocks, shelves plans for allowance
• Vitalik says EF will get smaller, sell less ETH and focus on CROPS
• Hyperliquid launches new outcome markets tied to offchain events

📈 Trump Hints That Iran Deal May Be Close, Markets Rebound

U.S. President Donald Trump declared a U.S.-Iran deal “largely negotiated” Saturday, and the oil market did what it’s done every time a credible peace signal lands: it sold off hard.

Brent crude fell 7% Monday to $96, WTI shed more than 6% to $90, and at least 33 ships passed through Hormuz with Iran’s permission over the weekend. JPMorgan is now modeling Brent at $60 long-term if tensions fully ease. Notably, sub-$90 oil reopens the June rate cut conversation in a way that nothing else this month has.

Bitcoin rebounded to $77,300 over the weekend, the only major financial market open while NYSE and CME were dark for Memorial Day. ETH outperformed, rebounding to the $2,128 level and HYPE reclaimed $60+, holding at $61.25 this morning.

Other crypto tokens rebounded as well, with NEAR leading the way up 77% on the week and WLD up 60%.

Of course this story has a caveat: Trump has previously suggested the conflict is on the verge of resolution multiple times, only for tensions to escalate and prices to shoot higher again. And yesterday’s “self-defense” strikes by the U.S. will certainly put this peace deal progress to the test. So let’s get more formal confirmation before getting too far ahead of ourselves.

🔄 The SEC Just Reversed Course on Third-Party Tokenized Stocks

Three days after Bloomberg Law reported the SEC was leaning toward allowing third-party platforms to tokenize stocks without issuer consent, the agency quietly shelved the framework indefinitely.

Traditional exchanges pushed back hard, arguing the approach would create complications around dividend administration, shareholder voting, and investor protection. The SEC cited those concerns in walking back the signal.

The reversal matters because it clarifies the two-track reality of tokenization: issuer-backed tokenization (DTCC July launch, BlackRock/JPMorgan filings, Franklin Templeton) is moving forward with regulatory support. Third-party workarounds like Kraken xStocks, OKX private company perps, and Hyperliquid pre-IPO contracts, remain in legal gray territory.

ICE and NYSE’s lobbying campaign against Hyperliquid last week now looks like part of a coordinated push that worked on the regulatory front, at least for now.

📉 Investors Are Rotating Out of Bitcoin ETFs and Into HYPE and XRP

U.S.-listed spot Bitcoin ETFs have seen more than $2.26 billion in outflows over the past two weeks. the worst two-week stretch of 2026. ETH ETFs are in similar shape.

But Bitwise’s BHYP (Hyperliquid ETF) and 21Shares’ XRPZ are both seeing positive flows. A very interesting divergence.

Of course, HYPE’s ETF are brand new, on the market for less than a few weeks. So some rotation makes sense. Also, the protocol generated $255M YTD, with 97% flowing back to token holders through automated market purchases. It’s up 101% YTD against BTC’s -12%.

XRP’s case is regulatory – the Clarity Act is expected to formally classify XRP as a commodity, removing the SEC overhang that has weighed on the token for years. Both are benefiting from the same dynamic: specific, verifiable catalysts versus the macro ceiling suppressing BTC and ETH.

We will see if this trend continues…

🤖 An AI Startup Will Pay You $2,000 a Month to Masturbate

Joi AI, an AI companion startup, is hiring 10 “masturbation consultants” to test its new AI-guided feature and track how it affects stress, sleep, mood, and confidence. The role pays $2,000 per month.

Applicants must be 18 or older, own a compatible smart device, and be “comfortable discussing intimate wellness topics.” Participants will log sessions using Joi’s app and submit weekly reports on their wellbeing metrics.

The job listing is real. The research framing around intimate wellness, biometric feedback, mood tracking is genuinely the direction the AI companion industry is heading. Joi raised $4M in seed funding last year and competes in a market analysts project will hit $8B by 2030. Whether or not the consultancy gig is your thing, the underlying thesis isn’t entirely absurd: AI-guided wellness products are already mainstream in sleep, meditation, and fitness. The intimate category is next, and Joi is apparently willing to pay for the data to prove it.

🌎 Macro Crypto and Markets

• Crypto majors are flat on the day and week; BTC even at $76.9k; ETH even at $2,110; SOL -1%at $85; HYPE -4% at $61
• WLD (+33%), NEAR (+10%), and FET (+20%) led weekly top movers
• Oil -5% at $92; Gold +0.3% at $4,535
• Stock futures are green with the Nasdaq up 1% slightly as the U.S. and Iran signal more peace progress
• Vitalik outlined a leaner, more opinionated Ethereum Foundation focused on long-term survival over breadth in a lengthy X post, noting that the EF will shrink, sell less ETH, and concentrate exclusively on the things no one else will do: censorship resistance, privacy, formal verification, intermediary minimization, and quantum resistance
• The SEC approved Nasdaq to list Bitcoin index options covering BTC, ETH, SOL, XRP, ADA, LINK, and XLM; it will be the first multi-asset crypto index options on a regulated U.S. exchange
• The Senate returns from Memorial Day recess June 2, with a Clarity Act floor vote expected within 30 days per Senate leadership
• Robinhood Crypto COO Tanya Denisova is leaving after more than five years, citing personal reasons; her departure adds to a string of crypto industry C-suite exits in 2026 including Gemini’s CFO, COO, and CLO and Block’s CEO
• Ondo Finance founder Nathan Allman passed away unexpectedly over the weekend

Corporate Treasuries & ETFs

• The Bitcoin ETFs saw $1.25B in net ouflows last week, the worst of 2026; the ETH ETFs saw $216M in outflows
• The HYPE ETFs saw $11M in net inflows on Friday, a stark difference from its BTC & ETH counterparts
• Strategy bought no Bitcoin last week and BitMine bought no ETH in a major sign of slowdown

Meme Coin Tracker

• Meme leaders were mostly flat; DOGE even, SHIB even, PEPE even, PENGU -3%, TRUMP even, BONK even, SPX even, FARTCOIN -2%
• Hoppy (+500%), Burnie (+40%) and Neet (+20%) led notable movers on Solana
• Base movers included KTA (+25%), Nock (+20%), and Bhipmunk (+50%)

📈 Myriad Market of the Day

💰 Token, Airdrop & Protocol Tracker

🚚 What is happening in NFTs?

• NFT leaders were slightly red over the long weekend; Punks -1.5% at 33 ETH, BAYC -6% at 8.9 ETH, Pudgy -2% at 4.68 ETH; Hypurr’s -2% at 306 HYPE
• Terraforms (+13%) and Normies (+9%) led notable movers