WEBVTT

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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 third, twenty twenty six. Stable cooin legislation just cleared

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<v Speaker 1>its biggest Senate hurdle in years, and Bitcoin is sitting

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<v Speaker 1>at seventy eight K like it didn't even notice. Let's

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

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<v Speaker 1>So here's what's happening. The Clarity Act yield deal is done,

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<v Speaker 1>or at least the hard part is done. For the

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<v Speaker 1>first time, paying interest on stable coins is actually on

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<v Speaker 1>the table in the US Senate. The Senate Banking Committee

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<v Speaker 1>markup is the next gate, and if that gets scheduled

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<v Speaker 1>this week, stable coin legislation could move to a full

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<v Speaker 1>Senate floor vote for the first time ever. Think about

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<v Speaker 1>what that means, circle and tether competing with money market

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<v Speaker 1>funds for your idle cash. That's not a crypto story.

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<v Speaker 1>That's a story about where savings go next. And yet

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<v Speaker 1>Bitcoin is at seventy eight K, barely breathing less than

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<v Speaker 1>one percent movement. On the day, the Fear and Greed

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<v Speaker 1>Index climbed to forty seven neutral territory for the first

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<v Speaker 1>time in weeks. Sentiment is recovering, price is not that

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<v Speaker 1>gap is worth watching. Where does that leave the rest

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<v Speaker 1>of the market pretty quiet? Bitcoin is holding just under

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<v Speaker 1>seventy nine k Ethereum is marginally higher, Solana is basically flat.

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<v Speaker 1>DeFi total value locked is around eighty five billion. Stable

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<v Speaker 1>coin supply is over three hundred and nineteen billion and

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<v Speaker 1>still creeping up. A lot of capital sitting on the sidelines,

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<v Speaker 1>not committing to anything in a healthy bowl run. That

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<v Speaker 1>converts to buying pressure right now, it's just accumulating. Prediction

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<v Speaker 1>markets are giving Bitcoin roughly a seventy nine percent chance

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<v Speaker 1>of closing green today, but the volume behind that bet

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<v Speaker 1>is under one hundred thousand dollars. Vibe check not a

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<v Speaker 1>signal the market is saying probably fine, not definitely up.

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<v Speaker 1>What's moving under the surface. Data availability and analyst tokens

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<v Speaker 1>are the weak surprise leaders, both up over fifty percent

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<v Speaker 1>and seven days. That's infrastructure money, not meme speculation. Meme

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<v Speaker 1>coins are up about thirty percent. Is a category with

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<v Speaker 1>a token called troll leading the pack at over forty

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<v Speaker 1>percent in a single day, and one worth calling out.

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<v Speaker 1>Genius is up around fourteen percent today. That name is

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<v Speaker 1>not a coincidence given the stable coin news I'll let

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<v Speaker 1>you draw your own conclusions. Zoom out to the total

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<v Speaker 1>crypto market cap and the picture is similar. We're sitting

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<v Speaker 1>around two point seven trillion dollars. Our model labels the

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<v Speaker 1>setup very bullish, but the market moved less than one

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<v Speaker 1>percent over the last seven days. So this isn't a

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<v Speaker 1>momentum trade right now. It's a structure trade. The foundation

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<v Speaker 1>looks solid, the breakout isn't guaranteed. Watch for confirmation before

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<v Speaker 1>assuming a straight line higher. All right, the five stories

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<v Speaker 1>driving all of this. First, the Larity Act. Coinbase says

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<v Speaker 1>the yield compromise is reached. The deal reportedly lets stable

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<v Speaker 1>coin issuers pass interest to holders under specific conditions, which

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<v Speaker 1>removes the single biggest objection that stalled this bill. The

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<v Speaker 1>question now is whether the full Senate agrees or whether

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<v Speaker 1>this is another almost moment. This bill has had more

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<v Speaker 1>near misses than a NASCAR race. If the Committee schedules

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<v Speaker 1>a markup before May tenth, the deal is real. If

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<v Speaker 1>it slips past that date, treat it as another false start. Second,

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<v Speaker 1>the Ethereum Foundation sold another twenty three million dollars in

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<v Speaker 1>ethereum to a company called Bitmine, their third direct sale

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<v Speaker 1>in a row bitmine keeps buying, which means someone thinks

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<v Speaker 1>ethereum at current prices is a bargain. The foundation not

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<v Speaker 1>waiting for a higher price is the more interesting signal. Third,

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<v Speaker 1>Brazil's central bank just bans stable coin and crypto settlement

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<v Speaker 1>in cross border payments. Washington is opening the door, Brazil

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<v Speaker 1>is bolting it shut. The real reason is the same

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<v Speaker 1>one every central bank has. Stable coins are cutting into

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<v Speaker 1>remittance fees, but capital that can't move through Brazil will

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<v Speaker 1>find another corridor. Argentina, Columbia, and Mexico are all watching. Fourth,

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<v Speaker 1>megaf total value locked surged over four hundred percent in

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<v Speaker 1>a single week. Arbitrum and Optimism are both down slightly

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<v Speaker 1>on the week. Megaf apparently decided gravity doesn't apply. That

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<v Speaker 1>kind of surge is either genuine product market fit or

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<v Speaker 1>a liquidity mining program that looks very different in thirty days.

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<v Speaker 1>The launch had controversy around undisclosed fees. Capital is flowing

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<v Speaker 1>in anyway. The broader point, money is leaving smaller layer

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<v Speaker 1>twos and concentrating in winners, which is healthy for the ecosystem,

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<v Speaker 1>even if it's painful for the losers. Fifth, and the

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<v Speaker 1>governance story I find most interesting the arbitrum day Zho

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<v Speaker 1>is voting to release frozen Atis ethereum seized from a

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<v Speaker 1>bridge exploit. The vote is nearly unanimous, but a US

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<v Speaker 1>court has issued a restraining order blocking the release, tied

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<v Speaker 1>to victims of North Korean crypto theft. So you have

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<v Speaker 1>a day Oh voting one way and a US court

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<v Speaker 1>saying another. This isn't just an arbitron problem, it's a

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<v Speaker 1>preview of every major Dayoh's future. A governance vote doesn't

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<v Speaker 1>make a legal problem disappear. A judge doesn't care how

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<v Speaker 1>the tokenholders voted. All right, before we get into the risks,

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<v Speaker 1>quick word from our sponsor. Okay, we're back. Let's talk

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<v Speaker 1>about what to watch for three risks I'm watching. First,

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<v Speaker 1>sentiment is healing faster than the underlying numbers justify The

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<v Speaker 1>Fear and Greed index jumped eight points in a single

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<v Speaker 1>day to reach neutral, but bitcoin is still range bound.

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<v Speaker 1>When sentiment recovers before price does, the next disappointment hits harder.

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<v Speaker 1>There's less fear left to absorb bad news. Second, over

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<v Speaker 1>three hundred and nineteen billion million dollars in stable coins

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<v Speaker 1>sitting on chain, growing but not deploying. If conditions deteriorate

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<v Speaker 1>before this capital moves, it leaves just as fast as

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<v Speaker 1>it arrived. Third, the arbitrum legal situation is bigger than

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<v Speaker 1>it looks if a US court overrides a DAO governance vote. Here,

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<v Speaker 1>every major DAO treasury with legally contested assets now has

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<v Speaker 1>a roadmap for how this plays out. On chain governance

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<v Speaker 1>just got a new ceiling, and it's set by judges,

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<v Speaker 1>not token holders. Net positioning cautiously neutral until the Senate

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<v Speaker 1>Banking Committee sets a mark update and bitcoin closes above

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<v Speaker 1>eighty k on real volume, both conditions not one. Three

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<v Speaker 1>dates to put in your calendar. Tuesday, May sixth, the

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<v Speaker 1>World Liberty Financial Governance vote on unlocking Founder and early

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<v Speaker 1>supporter tokens closes. It's passing by an overwhelming margin. If

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<v Speaker 1>it passes, watch for selling pressure in the forty eight

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<v Speaker 1>hours after approval. Wednesday, May seventh, the Arbitrump DAYO vote

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<v Speaker 1>on releasing frozen ethereum closes, with the legal restraining order

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<v Speaker 1>still in play. Whatever happens sets precedent, and the week

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<v Speaker 1>of May fifth, broadly, watch for the Senate Banking Committee

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<v Speaker 1>to schedule that Clarity Act markup. That's the signal the

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<v Speaker 1>stable coin bill is real this time. That's the pulse

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<v Speaker 1>for May third. If you got something out of this,

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<v Speaker 1>send it to a friend who's into crypto. That's the

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<v Speaker 1>best way to support us. This is educational content, not

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<v Speaker 1>investment advice. Always do your own research. I'm alex ce

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<v Speaker 1>you next time.