Morning Minute: Fidelity Is Cautiously Bullish on Crypto

Bitcoin traded near $76.4k as crypto majors slipped amid a rally in oil and profit-taking. Fidelity’s Q2 2026 report was cautiously bullish, noting improved metrics (NUPL turned positive, rising BTC dominance and stronger network usage) and saying ETF inflows and corporate demand could create structural buying pressure. Markets saw short-term selling: Bitcoin ETFs had $263M of net outflows and BTC was down ~2%. Corporate and institutional activity included Strategy buying 3,273 BTC ($255M) while Bitmine bought 233,600 ETH (~$233.7M), pushing its holdings past 5M ETH. Policy and ecosystem developments also influenced sentiment: the White House signaled an upcoming Strategic Bitcoin Reserve announcement, and a proposed Bitcoin hard fork (eCash) and Gemini’s launch of agentic AI trading added event-driven noise. Overall market tone is mixed—improving structural indicators but near-term selling and volatility persist.