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<v Speaker 1>Hey, it's Alex with the Token Metrics daily Pulse from

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<v Speaker 1>March twenty first, twenty twenty six. Got a lot to

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<v Speaker 1>cover today, including some pretty big moves in traditional finance

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<v Speaker 1>that are bleeding into crypto. But first, a quick word

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<v Speaker 1>from our sponsor. Okay, so here's what's happening. So the

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<v Speaker 1>big headline yesterday NASDAK got SEC approval to launch tokenized

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<v Speaker 1>stock trading. This is huge. It's basically traditional finance infrastructure

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<v Speaker 1>saying okay, we're building on blockchain. Now. It's not a

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<v Speaker 1>direct crypto play, but it's a massive signal that tokenization

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<v Speaker 1>is the future. Meanwhile, Bitcoin actually dipped a bit like

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<v Speaker 1>three point sixty seven percent yesterday. The market reaction seems

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<v Speaker 1>tied to the FED holding rates steady and a general

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<v Speaker 1>move towards risk off. But honestly, that dip might be

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<v Speaker 1>masking the bigger structural story here. Okay, so looking at

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<v Speaker 1>the broader market today, things are actually pretty quietcoin Point

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<v Speaker 1>is hovering around seventy thousand, up just half a percent.

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<v Speaker 1>Ethereum's also up around seventy thousand, up about point eight percent.

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<v Speaker 1>The total market cap is sitting at about two point

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<v Speaker 1>five trillion bitcoin dominance is holding steady around fifty six

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<v Speaker 1>point five percent. Now here's an interesting one. The fear

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<v Speaker 1>and greed index is at seventy five, which is firmly

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<v Speaker 1>in greed territory. That's usually a sign that things might

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<v Speaker 1>be getting a little overheated. Open interest is up about

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<v Speaker 1>three point four percent to forty five point two billion,

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<v Speaker 1>and the average funding rate is positive around point zero

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<v Speaker 1>one two percent. So the market's showing some signs of

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<v Speaker 1>leverage building back up. All right, So what's actually moving

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<v Speaker 1>the needle? First up, Still on that regulatory front, lawmakers

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<v Speaker 1>have reached an agreement in principle on how to treat

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<v Speaker 1>stable coin yields in a new crypto bill. This is

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<v Speaker 1>a massive step towards clarity for stable coins. If they

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<v Speaker 1>get this right, it could really boost innovation. Deep an

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<v Speaker 1>eye on that one. Then, in a move that shows

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<v Speaker 1>institutions are looking beyond just Bitcoin, Gray Scale has filed

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<v Speaker 1>for a new ETF, this time focused on hyper liquid,

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<v Speaker 1>which is an on chain derivative's decentralized exchange. They're looking

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<v Speaker 1>at perpetual futures on chain. Again, this is sophisticated stuff

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<v Speaker 1>that institutions are starting to explore. It's a sign that

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<v Speaker 1>they're getting comfortable with more complex DeFi products. On the

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<v Speaker 1>mining front, Bitcoin's mining difficulty just dropped a pretty sharp

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<v Speaker 1>seven point seven percent. That's a big drop, indicating that

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<v Speaker 1>some of the less efficient miners are probably getting squeezed out.

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<v Speaker 1>This could mean more selling pressure in the short term,

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<v Speaker 1>but long term it might lead to a more consolidated

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<v Speaker 1>mining sector. And finally, Nevada has become the first state

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<v Speaker 1>to temporarily ban the prediction market CALSHI. This is a

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<v Speaker 1>big deal for prediction markets and raises questions about their

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<v Speaker 1>future across the US. It's another example of the regulatory

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<v Speaker 1>tug of war we're seeing. All right, before we get

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<v Speaker 1>into the risks, quick word from our sponsor. Okay, we're back.

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<v Speaker 1>Let's talk about what to watch for. So what should

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<v Speaker 1>you be watching out for. Well, that greed reading on

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<v Speaker 1>the Fear and Greed Index at seventy five. Historically that's

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<v Speaker 1>often been a precursor to a pullback, especially with macroheadwinds

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<v Speaker 1>still out there. Also, that's seven point seven percent drop

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<v Speaker 1>in bitcoin mining difficulty. That tells US miners are under

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<v Speaker 1>pressure and it could mean more selling of bitcoin if

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<v Speaker 1>they need to cover costs. And finally Nevada Bannon Calshi.

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<v Speaker 1>That's creating regulatory uncertainty. If more states follow suit, it

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<v Speaker 1>could really impact prediction markets nationwide. Looking ahead, the main

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<v Speaker 1>thing on my radar for the next week is the

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<v Speaker 1>macro calendar and any policy messaging that could really reset

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<v Speaker 1>risk sentiment across the board. If you got something out

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<v Speaker 1>of this, send it to a friend who's into crypto.

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<v Speaker 1>That's the best way to supporward us. This is educational content,

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<v Speaker 1>not investment advice. Always do your own research. I'm Alex,

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<v Speaker 1>See you next time.