WEBVTT 1 00:00:00.440 --> 00:00:03.439 Hey, it's Alex with a Token Metrics Daily Pulse for 2 00:00:03.640 --> 00:00:07.400 March third, twenty twenty six. Got a lot to cover today. 3 00:00:07.879 --> 00:00:11.199 The President is actually taking names over stable coins and 4 00:00:11.279 --> 00:00:14.839 honestly the macro picture. But first, a quick word from 5 00:00:14.839 --> 00:00:18.679 our sponsor. Okay, so here's what's happening. Is giving everyone 6 00:00:18.719 --> 00:00:22.320 a bit of a reality check. Look, the biggest story 7 00:00:22.399 --> 00:00:26.120 right now is happening in DC US. President Donald Trump 8 00:00:26.239 --> 00:00:29.960 just publicly went after the banking industry. Why because they're 9 00:00:29.960 --> 00:00:32.920 trying to gut the Genius stable Coin Bill. This is 10 00:00:33.200 --> 00:00:36.920 it's basically the final Boss five for crypto integration. Banks 11 00:00:36.920 --> 00:00:39.159 are finally waking up to the fact that if crypto 12 00:00:39.240 --> 00:00:43.079 firms can offer yield bearing stable coins, traditional savings accounts 13 00:00:43.119 --> 00:00:47.079 look like an absolute joke. Trump actually taking crypto's side 14 00:00:47.159 --> 00:00:52.240 over traditional banks. That is a massive shift in lobbying power. Meanwhile, 15 00:00:52.280 --> 00:00:54.799 the Clarity Act is just sitting there stalled in the Senate. 16 00:00:55.159 --> 00:01:00.000 So we are fighting a two front legislative battle right now. 17 00:01:00.119 --> 00:01:03.960 How is the market handling all this drama. Honestly, it's 18 00:01:04.000 --> 00:01:07.840 pretty quiet out there. Bitcoin is chopping around sixty eight thousand, 19 00:01:07.959 --> 00:01:12.000 five hundred dollars basically flat on the day, Ethereum is 20 00:01:12.040 --> 00:01:15.879 sitting just under two thousand, down a few percent. Solana 21 00:01:15.920 --> 00:01:19.760 is holding steady around eighty seven bucks. The total market 22 00:01:19.760 --> 00:01:23.200 cap is hovering right around two point four trillion dollars. 23 00:01:23.359 --> 00:01:27.599 Majors are just bleeding slowly. But and this is the 24 00:01:27.640 --> 00:01:32.439 interesting part, capital is rotating into niche infrastructure. The data 25 00:01:32.439 --> 00:01:35.920 availability narrative is up over eleven percent this week, hitting 26 00:01:35.959 --> 00:01:39.719 a two point three billion dollar market cap. Smart money 27 00:01:39.799 --> 00:01:42.439 is quietly buying the picks and shovels that make roll 28 00:01:42.519 --> 00:01:45.640 ups work even while the rest of the market looks weak. 29 00:01:46.040 --> 00:01:49.959 When Ethereum drops, but data availability tokens pump double digits, 30 00:01:50.239 --> 00:01:53.359 it tells you exactly where venture capital is hiding its 31 00:01:53.439 --> 00:01:57.640 dry powder. Okay, so here's the bigger picture on where 32 00:01:57.640 --> 00:02:01.480 that liquidity is actually going. AVE V three is completely 33 00:02:01.560 --> 00:02:05.120 dominating DeFi lending right now. It is cementing its status 34 00:02:05.200 --> 00:02:09.000 as the liquidity black hole of crypto. In a market 35 00:02:09.039 --> 00:02:13.000 where yields are compressing, capital just flies to safety. AVE 36 00:02:13.159 --> 00:02:16.240 isn't even just a protocol anymore. It's doing its best 37 00:02:16.280 --> 00:02:20.319 impression of a systemic global bank, just without the marble 38 00:02:20.360 --> 00:02:23.960 columns and the taxpayer bailouts. If AVE keeps growing while 39 00:02:23.960 --> 00:02:27.400 the rest of DeFi stagnates. That confirms everyone is just 40 00:02:27.479 --> 00:02:31.000 hiding in blue chip safety. And speaking of liquidity, the 41 00:02:31.039 --> 00:02:35.039 macro faucet is looking pretty dry. Prediction markets are pricing 42 00:02:35.080 --> 00:02:38.360 an apri FED rate cut at just eleven point five percent. 43 00:02:38.879 --> 00:02:42.240 The market's spent the last six months hallucinating a Douvish FED, 44 00:02:42.680 --> 00:02:47.000 and now the hangover is here. Crypto is a liquidity sponge. 45 00:02:47.120 --> 00:02:50.960 When rates stay high, the sponge dries up. That perfectly 46 00:02:51.000 --> 00:02:54.120 explains why bitcoin is stuck chopping instead of breaking out 47 00:02:54.120 --> 00:02:57.080 to new highs. But you know what's wild. We get 48 00:02:57.159 --> 00:03:01.280 so caught up in ETF flows and dc SEE politics 49 00:03:01.479 --> 00:03:04.800 that we forget the original thesis. The chair of Africa 50 00:03:04.840 --> 00:03:07.879 Bitcoin Corp. Just came out and said, what on chain 51 00:03:07.960 --> 00:03:11.319 data has been whispering for months? Locals and emerging markets 52 00:03:11.360 --> 00:03:15.039 prefer setoshi's to dollars when you have double digit inflation. 53 00:03:15.479 --> 00:03:19.120 Bitcoin isn't some tech stock proxy. It's a life raft 54 00:03:19.639 --> 00:03:23.479 that is actual real world adoption, not just Wall Street 55 00:03:23.479 --> 00:03:27.120 trading paper derivatives. If peer to peer premiums in Africa 56 00:03:27.240 --> 00:03:30.719 keep diverging from global spot prices, it means local demand 57 00:03:30.840 --> 00:03:35.719 is completely outpacing the available supply. So all right, before 58 00:03:35.759 --> 00:03:40.240 we get into the risks, quick word from our sponsor. Okay, 59 00:03:40.280 --> 00:03:43.759 we're back. Let's talk about what to watch for. What 60 00:03:43.879 --> 00:03:49.000 should you actually be worried about. First off, that macroreality check. 61 00:03:49.240 --> 00:03:53.240 Crypto relies on cheap liquidity to fuel risk on behavior. 62 00:03:53.759 --> 00:03:56.479 Without a dovish FED, we just don't have a clear 63 00:03:56.560 --> 00:04:00.439 catalyst for a broad market rally right now. Second, keep 64 00:04:00.439 --> 00:04:04.319 an eye on that ave dominance. When capital concentrates in 65 00:04:04.400 --> 00:04:08.680 blue chip lending protocols, it tells you investors are prioritizing 66 00:04:08.759 --> 00:04:13.840 capital preservation over making new money. Longtail DeFi is starving 67 00:04:13.879 --> 00:04:18.480 for liquidity. And finally, do not ignore the traditional finance pushback. 68 00:04:18.519 --> 00:04:22.920 If banks successfully neuter stable coins through these Genius Act negotiations, 69 00:04:23.279 --> 00:04:27.079 DeFi loses its absolute best weapon for onboarding retail users. 70 00:04:28.240 --> 00:04:31.800 Here's what's on my radar for the next few days. Obviously, 71 00:04:32.120 --> 00:04:35.639 those senate negotiations on the Genius and Clarity Acts are 72 00:04:35.759 --> 00:04:39.120 top of the list. If banks strip the yield provisions 73 00:04:39.120 --> 00:04:42.439 from stable coins, that's a heavy hit. We're also watching 74 00:04:42.519 --> 00:04:46.399 the US state party primaries kicking off this week. This 75 00:04:46.439 --> 00:04:48.879 is the first real test to see if these massive 76 00:04:48.920 --> 00:04:53.040 pro crypto super PACs can actually unseat anti crypto politicians 77 00:04:53.040 --> 00:04:55.959 at the ballot box. And of course, keep watching those 78 00:04:56.000 --> 00:04:59.519 polymarket odds for the April FED meeting. If that eleven 79 00:04:59.560 --> 00:05:04.000 percent probability drops even lower, expect risk appetite to shrink 80 00:05:04.040 --> 00:05:07.079 with it. By the way, if you want the full 81 00:05:07.079 --> 00:05:09.839 written breakdown of everything we talked about, check out our 82 00:05:09.920 --> 00:05:14.639 newsletter at Pulse dot tokenmetrics dot com. This is educational content, 83 00:05:14.959 --> 00:05:18.480 non investment advice. Always do your own research. I'm Alex, 84 00:05:18.839 --> 00:05:19.720 See you next time.