Speaker 1: Hey, it's Alex with the Token Metrics daily pulls for
Speaker 1: May sixth, twenty twenty six. Bitcoin just hit a three
Speaker 1: month high. Privacy coins are having a moment, and Wall
Speaker 1: Street is officially in the crypto brokerage business. Let's get
Speaker 1: into it, but first, a quick word from our sponsor. Okay,
Speaker 1: so here's what's happening. Bitcoin cleared eighty two thousand dollars
Speaker 1: today for the first time since February, and the catalyst
Speaker 1: wasn't a having, wasn't an etf filing. It was a
Speaker 1: geopolitical headline. Reports of a US eraan nuclear agreement hit
Speaker 1: the wire, and risk assets moved fast. Bitcoin was the
Speaker 1: clearest beneficiary. Here's what makes this interesting. Bitcoin dominance climbed
Speaker 1: about a full percentage point today. That means this wasn't
Speaker 1: a broad all coin rally. Capital went specifically into Bitcoin
Speaker 1: when macro uncertainty clears. That's the asset people reach for first.
Speaker 1: Now K thirty three flagged earlier this week that Bitcoin
Speaker 1: has been in a it's longest negative funding streak this decade. Historically,
Speaker 1: that kind of setup precedes sharp short squeezes. If shorts
Speaker 1: are still loaded up at eighty two K, the next
Speaker 1: leg could move fast. And then there's z cash up
Speaker 1: thirty four percent today after Multi Cooin Capital disclosed a
Speaker 1: significant investment. Manaro caught some of that energy to up
Speaker 1: a few percent in sympathy privacy coins haven't had a
Speaker 1: day like this in years. So where does the rest
Speaker 1: of the market sit? Bitcoin around eighty two thousand, up
Speaker 1: just over one percent on the day, Ethereum at about
Speaker 1: twenty four hundred, basically flat. Solana was the standout among
Speaker 1: the majors, up nearly five percent to around ninety dollars.
Speaker 1: Total market caps sitting at about two point eight trillion.
Speaker 1: The number I keep coming back to is the Fear
Speaker 1: and Greed Index. It dropped four points today to forty six.
Speaker 1: That's fear territory. On a day when Bitcoin hit a
Speaker 1: three month high, price is going up, sentiment is going sideways.
Speaker 1: Either the crowd catches up to the price action or
Speaker 1: price catches down to the crowd. When those two diverge,
Speaker 1: this sharply it's worth paying attention. Three things are driving
Speaker 1: the narrative today. First, the macro trade, Bitcoin acting like
Speaker 1: a macro asset When an Iran deal report moves at
Speaker 1: more than any on chain catalyst has in weeks. That
Speaker 1: tells you something about who's buying. Second, the privacy coin
Speaker 1: revival multi coin is essentially saying the regulatory window on
Speaker 1: privacy preserving blockchains is opening back up. That's a contrarian call.
Speaker 1: Most institutional money has been avoiding privacy coins for three years.
Speaker 1: If they're right, Monaro is the second trade worth watching,
Speaker 1: and third traditional finance coming in hot. Morgan Stanley launching
Speaker 1: crypto trading with fees lower than competitors is not a
Speaker 1: defensive move. That's a market share play. Bitcoin led the
Speaker 1: majors over the last seven days, up eight percent. The
Speaker 1: structure is still leaning higher, but here's the nuance. Eight
Speaker 1: percent in a week is a solid move, and the
Speaker 1: trade is getting crowded enough that upside from here probably
Speaker 1: comes in shorter bursts rather than a straight line. Funding
Speaker 1: rates are the tell. If they stay negative or neutral
Speaker 1: while price holds above eighty two K, shorts are still
Speaker 1: getting squeezed and the move has room. If funding flips
Speaker 1: sharply positive while price stalls. Here, that's leveraged longs piling
Speaker 1: in late, and that's a different conversation entirely. Let's get
Speaker 1: into the stories driving things. Today, Morgan Stanley is launching
Speaker 1: crypto trading with fees lower than competitors. This matters more
Speaker 1: than it sounds. Morgan Stanley has fifteen thousand financial advisors
Speaker 1: and roughly eight million client accounts. When those advisors can
Speaker 1: offer crypto inside the same platform or clients hold their
Speaker 1: retirement and brokerage accounts, the reach is enormous. They're pricing
Speaker 1: to win market share. That's a complete lightly different posture
Speaker 1: than the we're offering this because clients asked language. From
Speaker 1: twenty twenty two, the competitive pressure on dedicated crypto exchanges
Speaker 1: just got real. Why pay exchange fees and manage a
Speaker 1: separate account when you're existing broker handles it cheaper. Next,
Speaker 1: CME Group is launching Bitcoin volatility futures in plain English.
Speaker 1: This lits traders bet on whether Bitcoin will be volatile
Speaker 1: without taking a view on which direction price moves. Right now,
Speaker 1: you'd have to use options, which are complicated. This makes
Speaker 1: it simpler. The side effect over time, more tools for
Speaker 1: managing volatility tend to smooth out Bitcoin's price wings good
Speaker 1: for long term adoption, a little less exciting for short
Speaker 1: term traders. Then there's bullish acquiring equinity Equinity manages shareholder
Speaker 1: records and dividend payments for hundreds of public companies in
Speaker 1: the UK. The idea is that bullish layers blockchain based
Speaker 1: settlement on top of those existing corporate relationships, which means
Speaker 1: as they're trying to become the plumbing connecting traditional stock
Speaker 1: markets to on chain systems. That's the real world asset
Speaker 1: thesis in its most concrete form. The risk is that
Speaker 1: integrating a legacy business is hard, and regulators in two
Speaker 1: countries will have opinions, but the strategic logic is sound.
Speaker 1: A few quick hits worth Knowing Sailor floated the idea
Speaker 1: that strategy might sell some bitcoin to quote inoculate the market,
Speaker 1: a notable admission that their holdings are large enough to
Speaker 1: be a systemic variable. Columbia is exploring state backed bitcoin
Speaker 1: mining using surplus renewable energy, mostly hydroelectric, putting them alongside
Speaker 1: El Salvador and Bhutan in the sovereign mining Cohort and
Speaker 1: Keelpdow is blaming Layer zero for a nearly three hundred
Speaker 1: million dollar exploit and is migrating to chain links cross
Speaker 1: chain messaging layer. If you're using any DeFi protocol that
Speaker 1: relies on third party messaging bridges. That story is worth following,
Speaker 1: all right, before we get into the risks, quick word
Speaker 1: from our sponsor. Okay, we're back. Let's talk about what
Speaker 1: to watch for. Three things on my radar. First, fear
Speaker 1: and greed at forty six. While Bitcoin hits a three
Speaker 1: month high, sentiment and price don't usually move in opposite
Speaker 1: directions for long, and historically it's not always price that
Speaker 1: wins that argument. Second, Bitcoin dominance climbing, while Alt's lag
Speaker 1: capital is concentrating, not spreading. If the Iran deal fades
Speaker 1: or turns out to be incomplete, the same money that
Speaker 1: moved into Bitcoin moves back out, and all coins don't
Speaker 1: provide a buffer. Third, and this one's for anyone with
Speaker 1: DeFi exposure. Ekubo just lost one point four million dollars
Speaker 1: worth of bitcoin through an approval based exploit. This is
Speaker 1: the third such attack in sixty days. The attack surface
Speaker 1: is known, documented and still working. If you have DeFi
Speaker 1: positions with unlimited token approvals sitting out there, that's more
Speaker 1: risk than the yield justifies right now. Two things to
Speaker 1: have on your calendar Tomorrow Thursday, the Arbitrum Dow vote
Speaker 1: on releasing frozen ethereum closes. The four side has ninety
Speaker 1: nine percent of voting power, so passage is basically certain
Speaker 1: once that ethereum is released, watch how the Treasury manages
Speaker 1: it and whether there's any follow on governance activity. And
Speaker 1: this week CME's Bitcoin volatility futures go live. First week
Speaker 1: Open interest is the number to watch. Strong early volume
Speaker 1: means institutional desks are ready to use it. Thin volume
Speaker 1: means it's a product ahead of its time. That's the
Speaker 1: pulse from May sixth. For those of you who are
Speaker 1: serious about your portfolio, Token Metrics Roundtable gives you private
Speaker 1: AI portfolio reviews, live monthly discussions, and everything in our
Speaker 1: alpha plan. Head to tokenmetrics dot com to see if
Speaker 1: it's a fit. This is educational content, not investment advice.
Speaker 1: Always do your own research. I'm Alex, See you next time.