Decrypt’s Morning Minute for November 10, 2026, written by Tyler Warner, is a dated market note, not a live reading. Warner’s analysis and opinions are his own and do not necessarily reflect those of Decrypt. Figures below are the levels, changes, and windows printed in that edition.
Prices in that edition
Crypto majors were red, down about 1–2%. Bitcoin was flat at $74,200. Ether was down 1% at $2,100. Solana was down 1% at $84.70. HYPE was up 1% at $73.60. Zcash was down 4% at $1,150.
Named alt movers were led by Stable (+8%), JUP (+7%), and PYTH (+3%).
Outside crypto, the same note had oil down 2% at $85 and gold down 1% at $4,085. Stock futures were mixed ahead of CPI: Dow futures +0.4% and Nasdaq futures −0.3%. The edition does not report the CPI result. These are separate price observations; the note does not assign a cause.
ETF flows, distinct from the spot print
Bitcoin ETF outflows were still running, described as more than $2 billion over the prior seven sessions. On the Monday covered by the note, Bitcoin ETFs had $201 million of net outflows and ether ETFs had $185 million of outflows.
That flow window does not match the day’s spot result in a simple way: Bitcoin was unchanged at $74,200 while the multi-session outflow total was still described as ongoing. The newsletter does not show that Monday’s outflow caused the flat price, or the reverse.
BlackRock said demand from large holders converting self-custodied bitcoin into IBIT shares was “the highest we’ve seen at any point,” citing security concerns, with roughly $3.6 billion of such swaps since the SEC permitted in-kind transactions. That is a conversion-into-the-ETF figure, not the net outflow total above, and the note does not say the swaps offset those outflows.
Ether issuance versus the fee-burn story
Warner reported that Vitalik Buterin spent Sunday on X telling holders to stop valuing ETH as a fee-burning token and to value it as a store of value. Buterin wrote: “We should not feel sad if fee burn is less than 10% of breakeven indefinitely.” He added: “The value of ETH comes from elsewhere.”
Warner identifies that “elsewhere” as stability, tied to decentralization, censorship resistance, and security. The pitch replaces “ultrasound money,” the idea that usage burns supply faster than staking creates it.
For the first nine months of 2026, the note says burn offset about 2% of issuance while supply grew 0.64%, mostly because Ethereum’s rollup roadmap moved activity and fees off mainnet. Warner says the burn has not kept up in years.
Buterin’s reported view is that this is acceptable and that chasing the burn would be worse: maximizing fee revenue means wanting congestion and expensive blockspace. He warned that path would turn Ethereum into “a world-scale major corporation” at the cost of what makes it worth using. He also said the burn was “never a true floor” and came mostly from internal churn such as lending and “silly NFT purchases.”
Those lines are a narrative and a supply comparison for January–September 2026. They are not a statement of ETH’s price on November 10, and they are not a trade instruction.
How the pitch was extended, and Warner’s objection
Warner wrote that supporters were already building the frame. Ethlabs co-founder Binji Pande calls ETH a future-proof store of value and argues it beats Bitcoin on quantum and AI risk, citing eleven years of trading history and an Ethereum Foundation holding under 0.2% of supply. Julian Ma of Ethlabs argues that Ethereum’s security culture positions it as a programmable store of value as AI pressures cryptography.
Warner’s own objection: store of value is Bitcoin’s category, and Bitcoin holds it with a hard cap, more Lindy, deeper ETF plumbing, and a corporate-treasury bid that ETH was only starting to build. He adds that Zcash was creeping in as a privacy store-of-value idea, that ETH has not historically been treated as a store-of-value play, and that it remained to be seen whether the pitch would stick.
Treasury activity reported alongside the comments
BitMine added 9,587 ETH, about $20 million, taking its treasury to 6,070,092 ETH, or 4.97% of supply. Chairman Tom Lee called Buterin’s comments “a seismic shift” that validates BitMine’s strategy. That phrase is Lee’s, not a measured market result.
Strategy bought 1,036 BTC for $81.9 million at an average of $79,012 and repurchased $188.3 million of its STRC preferred, both funded by a $283.8 million sale of MSTR common stock. The note presents this as equity-funded treasury activity, not as net new spot demand.
According to Lookonchain, fourteen public companies had sold roughly 108,247 BTC, worth $8.08 billion, so far in 2026. MARA (40,581 coins) and Riot (20,264) accounted for 56% of that total. Corporate selling and Strategy’s purchase are different flows; the edition does not net them into one treasury impulse.
Other conditions in the same note
Coinbase received final OCC approval for a national trust charter, moving institutional custody under federal oversight. The note says Circle and Ripple had won approvals in July and October.
Ava Labs said Avalanche would be the core ledger for the clearing firm behind the NYSE’s planned tokenized-securities platform, with round-the-clock clearing and settlement for equities listed on several chains. Formation Securities notified the SEC that it intends to run a tokenized-securities venue on Solana under the agency’s Innovation Exemption, launching in early 2027. Both are stated plans, not reported trading volume.
Onchain protocol revenue in the note was led by Hyperliquid at $2.53 million, then Pump.fun at $1.19 million and Venice at $489,000. That is a revenue ranking for the window used, not a price or liquidity signal.
Binance had stopped processing transactions involving MEXC and its affiliates after FinCEN designated that exchange a primary money-laundering concern, rejecting outgoing transfers and holding incoming deposits for compliance review.
Elliptic found North Korea’s TraderTraitor group laundering Binance-hack proceeds through freshly minted meme coins, creating tokens for about $90 apiece and washing roughly $430,000 through six of them on NEAR between November 5 and 7.
In a post-midterm interview, Trump said he knows “nothing” about World Liberty Financial when asked why his family’s crypto stake differs from arrangements he has called corrupt, adding that conflicts have affected presidents “going back to George Washington.”
Former Ethereum Foundation protocol support lead Kayleen Fulton sued the foundation, Vitalik Buterin, and four other defendants in Colorado federal court. She alleges she was fired in retaliation for helping organize a 53-signature staff letter opposing a provision in the foundation’s new mandate. The newsletter reports the allegation; it does not report a finding.
Memes and NFTs, as printed
Meme leaders were mostly green: DOGE +1%, SHIB +1%, PEPE +5%, PENGU +1%, TRUMP −1%, SPX +4%, BONK +3%.
Robinhood-chain names were mixed. The note lists Pons as +1 to $103 million; Cashcat −13% at $65 million; Orbio +20% at $30 million; AI −7% at $29 million. HOOKR +15%, Ubik +20%, and Boner +40% led named movers.
Solana movers included Stank +35% and SI +30%. Stonk was −7% at $49 million and Ansem −7% at $49 million.
NFT leaders were mostly flat: Punks unchanged at 30.4 ETH, BAYC +1% at 5.8 ETH, Pudgy unchanged at 2.2 ETH. Lil Pudgy (+12%) led named movers.
Several meme leaders were green while BTC, ETH, and SOL were flat to slightly down. The note does not treat that split as a reason to act.
What this snapshot does not establish
The November 10, 2026 edition stacks different kinds of evidence: spot prices, a seven-session ETF outflow total, a separate in-kind conversion figure, a nine-month ETH issuance-versus-burn comparison, and commentary about how ETH should be valued. It does not show those readings agreeing, and it does not turn any threshold into a buy or sell. Whether the store-of-value framing changes how ETH is held was left open.
Original article: Morning Minute: Vitalik Recasts ETH as a Store of Value, Decrypt, published November 10, 2026 at 21:24 (UTC+8).
