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

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<v Speaker 1>May fifth, twenty twenty six. Bitcoin's holding eighty one thousand

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<v Speaker 1>after absorbing two hundred million in profit taking, Tawn just

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<v Speaker 1>surged thirty six percent, and Indrees and Horowitz dropped two

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<v Speaker 1>point two billion on crypto. A lot to get into,

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<v Speaker 1>but first a quick word from our sponsor. Okay, So

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<v Speaker 1>here's what's happening. Bitcoin is at eighty one thousand dollars

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<v Speaker 1>right now. And the thing that makes this interesting isn't

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<v Speaker 1>the price, it's how it got there. The market absorbed

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<v Speaker 1>two hundred million dollars in profit taking at eighty thousand

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<v Speaker 1>and kept climbing. Fear and greed jumped ten points in

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<v Speaker 1>a single day, landing at fifty neutral territory. That's a

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<v Speaker 1>fast sentiment swing, and fast moves like that can reverse

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<v Speaker 1>just as quickly. And then there's Town up thirty six

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<v Speaker 1>percent and twenty four hours after Telegram announced it's taking

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<v Speaker 1>direct control of the network. We'll get into that in

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<v Speaker 1>a minute. So where does the broader market stand. DeFi

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<v Speaker 1>that's decentralized finance. Total value locked is around eighty six

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<v Speaker 1>billion dollars. Stable coin supply is just over three hundred

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<v Speaker 1>and twenty one billion, basically flat. That matters because it

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<v Speaker 1>means there's still cash sitting on the sidelines, not yet deployed.

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<v Speaker 1>Fear and greed at fifty sounds boring until you remember

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<v Speaker 1>it was deep in fear territory not long ago. Bitcoin

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<v Speaker 1>dominance is also quietly creeping higher, up over a point

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<v Speaker 1>in twenty four hours. In plain English. Money is flowing

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<v Speaker 1>into Bitcoin specifically, not spreading out to the rest of

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<v Speaker 1>the market. Ethereum and Salana are holding, but they're not

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<v Speaker 1>leading right now. This is a Bitcoin story. What's driving

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<v Speaker 1>all this Two things stand out. First, Bitcoin's funding rate

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<v Speaker 1>situation will go deep on that in a second. Second,

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<v Speaker 1>the ton Telegram takeover, and underneath both of those acquire

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<v Speaker 1>signal two major crypto funds Andresen Horowitz with two point

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<v Speaker 1>two billion in HAWN ventures with one billion, both closed

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<v Speaker 1>raises this week during a period when everyday investors were

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<v Speaker 1>still cautious. That's big money making a long term bet.

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<v Speaker 1>Bitcoin is the alpha spotlight this week, up about seven

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<v Speaker 1>percent over the last seven days, trading right around eighty

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<v Speaker 1>one thousand. The setup is labeled bullish, and the structure

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<v Speaker 1>backs that up, but Here's the nuance. When a move

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<v Speaker 1>gets this crowded, upside tends to come in shorter, shoppier

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<v Speaker 1>bursts rather than a clean straight line. The chart is

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<v Speaker 1>still constructive, just don't expect a smooth ride from here.

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<v Speaker 1>All right, let's get into the stories. Start with Tawn.

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<v Speaker 1>Telegram announced it's becoming the largest validator. Think of that

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<v Speaker 1>as the main vote counter and rule enforcer on the

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<v Speaker 1>Tawn network and replacing the ton foundation. Price jumped thirty

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<v Speaker 1>six percent in twenty four hours. Ten Telegram built a

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<v Speaker 1>messaging app with nearly a billion users, A blockchain grew

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<v Speaker 1>up around it, and now Telegram is taking back the wheel.

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<v Speaker 1>The plan is to push Tawn as the chain for

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<v Speaker 1>payments and mini apps inside Telegram. If that happens at scale,

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<v Speaker 1>the user base alone is enormous. The risk a network

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<v Speaker 1>run by a single company with a complicated history isn't

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<v Speaker 1>exactly the decentralization story. Crypto usually tells watch on chain

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<v Speaker 1>activity over the next week. If daily active addresses climb,

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<v Speaker 1>this has legs. If volume fades after the pop, it

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<v Speaker 1>was a narrative trade, not a real shift. Next, Bitcoin's

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<v Speaker 1>sixty six day negative funding streak. Here's the part worth

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<v Speaker 1>slowing down for. Normally, when price rallies, traders pile into

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<v Speaker 1>long positions and funding rates flip positive, which means the

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<v Speaker 1>rally is being fueled by borrowed money. This rally is

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<v Speaker 1>the opposite. Shorts have been paying longs for over two

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<v Speaker 1>months straight, which means the market has been betting against

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<v Speaker 1>every move up. Glassnode data shows long term holders added

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<v Speaker 1>around three hundred thirty thousand bitcoin recently. That's conviction buying

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<v Speaker 1>Bitcoin ETFs pulled in over five hundred million as price

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<v Speaker 1>reclaimed eighty thousand when price climbs against that kind of skepticism.

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<v Speaker 1>It's a different kind of rally than one built on leverage.

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<v Speaker 1>Andresen Horowitz closed a two point two billion dollar crypto

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<v Speaker 1>fund their fifth Their argument crypto fundamentals like developer activity

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<v Speaker 1>and stable coin adoption are stronger than ever even while

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<v Speaker 1>prices were down. They also promoted their tech lead to

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<v Speaker 1>general partner. The read there is that AI and crypto

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<v Speaker 1>are converging, and andreasen Horowitz wants to own that intersection

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<v Speaker 1>watch where they deploy first over the next thirty days.

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<v Speaker 1>That'll tell you more than any press release. Standard Chartered

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<v Speaker 1>took a stake in crypto market maker GSR at around

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<v Speaker 1>a one billion dollar valuation. A market maker is basically

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<v Speaker 1>the middleman that keeps trading flowing between buyer and sellers.

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<v Speaker 1>Standard Chartered already has crypto trading and safekeeping services. Adding

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<v Speaker 1>GSR means they're buying more of the behind the scenes

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<v Speaker 1>machinery that makes institutional crypto trading work. A one billion

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<v Speaker 1>dollar price tag says they expect that flow to keep growing,

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<v Speaker 1>and Coinbase cut fourteen percent of its staff while Bitcoin

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<v Speaker 1>is at eighty one thousand. CEO Brian Armstrong was explicit

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<v Speaker 1>this is AI replacing headcount, not a survival cut. Coinbase

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<v Speaker 1>is the first major crypto company to say that publicly

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<v Speaker 1>at this scale. The implication if the largest US crypto

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<v Speaker 1>exchange can run leaner because of AI tools, every other

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<v Speaker 1>company in the space is doing the same math right now,

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<v Speaker 1>watch their next earnings. If margins improve without revenue growth,

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<v Speaker 1>the efficiency story is real. If margins stay flat, the

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<v Speaker 1>cuts were about cost control dressed up as something bigger.

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<v Speaker 1>Two quick hits the world Liberty financial token unlock vote

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<v Speaker 1>passed with nearly unanimous approval. Early supporter and founder tokens

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<v Speaker 1>are almost certain to hit the market soon, so watch

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<v Speaker 1>for selling pressure there. And Ripple is sharing North Korean

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<v Speaker 1>threat intelligence with the broader crypto industry. North Korea has

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<v Speaker 1>a documented pattern of targeting exchanges for theft. Worth knowing

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<v Speaker 1>that's being taken seriously. All right, before we get into

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<v Speaker 1>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. A few things

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<v Speaker 1>to keep an eye on. Sentiment recovering this fast should

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<v Speaker 1>give you pause. Ten points in a single day looks

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<v Speaker 1>healthy on the surface, but neutral is not the same

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<v Speaker 1>as stable, especially with geopolitical risk still in the background. Second,

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<v Speaker 1>bitcoin dominance is climbing, while alt coins lag. Money Concentrating

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<v Speaker 1>into one asset isn't a broad rally. Narrow rallies tend

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<v Speaker 1>to correct harder when they do correct. If Ethereum and

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<v Speaker 1>Solana don't start participating soon, this move is thinner than

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<v Speaker 1>it looks. And Ton's thirty six percent single day jump

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<v Speaker 1>almost always comes with a pullback. If telegrams roll out, slips,

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<v Speaker 1>or regulators start asking hard questions about a single company

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<v Speaker 1>running a so called decentralized network, the unwind could be fast.

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<v Speaker 1>Looking ahead. Two things on my radar Tomorrow. Wednesday, May sixth,

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<v Speaker 1>the World Liberty Financial Token Unlock vote officially closes. Supply

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<v Speaker 1>is likely hitting a market watch for selling pressure, and

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<v Speaker 1>the FOMC meeting is this week. The thirty year treasury

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<v Speaker 1>yield is above five percent. Any signal from the FED

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<v Speaker 1>that rates are staying higher for longer could cap Bitcoin's rally.

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<v Speaker 1>Right at these levels, crypto is still a risk asset.

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<v Speaker 1>The FED still matters. That's the pulse from May fifth.

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<v Speaker 1>If you're looking for deeper insights, token metrics Alpha gets

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<v Speaker 1>you weekly Alpha reports, a monthly playbook with full technical

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<v Speaker 1>analysis plus everything in signal. Check it out at tokenmetrics

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<v Speaker 1>dot com. This is educational content, not investment advice. Always

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<v Speaker 1>do your own research. I'm Alex, See you next time.