Speaker 1: Hey, it's alex with the Token Metrics Daily Pulse for
Speaker 1: May third, twenty twenty six. Stable cooin legislation just cleared
Speaker 1: its biggest Senate hurdle in years, and Bitcoin is sitting
Speaker 1: at seventy eight K like it didn't even notice. Let's
Speaker 1: get into it, but first, a quick word from our sponsor. Okay,
Speaker 1: So here's what's happening. The Clarity Act yield deal is done,
Speaker 1: or at least the hard part is done. For the
Speaker 1: first time, paying interest on stable coins is actually on
Speaker 1: the table in the US Senate. The Senate Banking Committee
Speaker 1: markup is the next gate, and if that gets scheduled
Speaker 1: this week, stable coin legislation could move to a full
Speaker 1: Senate floor vote for the first time ever. Think about
Speaker 1: what that means, circle and tether competing with money market
Speaker 1: funds for your idle cash. That's not a crypto story.
Speaker 1: That's a story about where savings go next. And yet
Speaker 1: Bitcoin is at seventy eight K, barely breathing less than
Speaker 1: one percent movement. On the day, the Fear and Greed
Speaker 1: Index climbed to forty seven neutral territory for the first
Speaker 1: time in weeks. Sentiment is recovering, price is not that
Speaker 1: gap is worth watching. Where does that leave the rest
Speaker 1: of the market pretty quiet? Bitcoin is holding just under
Speaker 1: seventy nine k Ethereum is marginally higher, Solana is basically flat.
Speaker 1: DeFi total value locked is around eighty five billion. Stable
Speaker 1: coin supply is over three hundred and nineteen billion and
Speaker 1: still creeping up. A lot of capital sitting on the sidelines,
Speaker 1: not committing to anything in a healthy bowl run. That
Speaker 1: converts to buying pressure right now, it's just accumulating. Prediction
Speaker 1: markets are giving Bitcoin roughly a seventy nine percent chance
Speaker 1: of closing green today, but the volume behind that bet
Speaker 1: is under one hundred thousand dollars. Vibe check not a
Speaker 1: signal the market is saying probably fine, not definitely up.
Speaker 1: What's moving under the surface. Data availability and analyst tokens
Speaker 1: are the weak surprise leaders, both up over fifty percent
Speaker 1: and seven days. That's infrastructure money, not meme speculation. Meme
Speaker 1: coins are up about thirty percent. Is a category with
Speaker 1: a token called troll leading the pack at over forty
Speaker 1: percent in a single day, and one worth calling out.
Speaker 1: Genius is up around fourteen percent today. That name is
Speaker 1: not a coincidence given the stable coin news I'll let
Speaker 1: you draw your own conclusions. Zoom out to the total
Speaker 1: crypto market cap and the picture is similar. We're sitting
Speaker 1: around two point seven trillion dollars. Our model labels the
Speaker 1: setup very bullish, but the market moved less than one
Speaker 1: percent over the last seven days. So this isn't a
Speaker 1: momentum trade right now. It's a structure trade. The foundation
Speaker 1: looks solid, the breakout isn't guaranteed. Watch for confirmation before
Speaker 1: assuming a straight line higher. All right, the five stories
Speaker 1: driving all of this. First, the Larity Act. Coinbase says
Speaker 1: the yield compromise is reached. The deal reportedly lets stable
Speaker 1: coin issuers pass interest to holders under specific conditions, which
Speaker 1: removes the single biggest objection that stalled this bill. The
Speaker 1: question now is whether the full Senate agrees or whether
Speaker 1: this is another almost moment. This bill has had more
Speaker 1: near misses than a NASCAR race. If the Committee schedules
Speaker 1: a markup before May tenth, the deal is real. If
Speaker 1: it slips past that date, treat it as another false start. Second,
Speaker 1: the Ethereum Foundation sold another twenty three million dollars in
Speaker 1: ethereum to a company called Bitmine, their third direct sale
Speaker 1: in a row bitmine keeps buying, which means someone thinks
Speaker 1: ethereum at current prices is a bargain. The foundation not
Speaker 1: waiting for a higher price is the more interesting signal. Third,
Speaker 1: Brazil's central bank just bans stable coin and crypto settlement
Speaker 1: in cross border payments. Washington is opening the door, Brazil
Speaker 1: is bolting it shut. The real reason is the same
Speaker 1: one every central bank has. Stable coins are cutting into
Speaker 1: remittance fees, but capital that can't move through Brazil will
Speaker 1: find another corridor. Argentina, Columbia, and Mexico are all watching. Fourth,
Speaker 1: megaf total value locked surged over four hundred percent in
Speaker 1: a single week. Arbitrum and Optimism are both down slightly
Speaker 1: on the week. Megaf apparently decided gravity doesn't apply. That
Speaker 1: kind of surge is either genuine product market fit or
Speaker 1: a liquidity mining program that looks very different in thirty days.
Speaker 1: The launch had controversy around undisclosed fees. Capital is flowing
Speaker 1: in anyway. The broader point, money is leaving smaller layer
Speaker 1: twos and concentrating in winners, which is healthy for the ecosystem,
Speaker 1: even if it's painful for the losers. Fifth, and the
Speaker 1: governance story I find most interesting the arbitrum day Zho
Speaker 1: is voting to release frozen Atis ethereum seized from a
Speaker 1: bridge exploit. The vote is nearly unanimous, but a US
Speaker 1: court has issued a restraining order blocking the release, tied
Speaker 1: to victims of North Korean crypto theft. So you have
Speaker 1: a day Oh voting one way and a US court
Speaker 1: saying another. This isn't just an arbitron problem, it's a
Speaker 1: preview of every major Dayoh's future. A governance vote doesn't
Speaker 1: make a legal problem disappear. A judge doesn't care how
Speaker 1: the tokenholders voted. All right, before we get into the risks,
Speaker 1: quick word from our sponsor. Okay, we're back. Let's talk
Speaker 1: about what to watch for three risks I'm watching. First,
Speaker 1: sentiment is healing faster than the underlying numbers justify The
Speaker 1: Fear and Greed index jumped eight points in a single
Speaker 1: day to reach neutral, but bitcoin is still range bound.
Speaker 1: When sentiment recovers before price does, the next disappointment hits harder.
Speaker 1: There's less fear left to absorb bad news. Second, over
Speaker 1: three hundred and nineteen billion million dollars in stable coins
Speaker 1: sitting on chain, growing but not deploying. If conditions deteriorate
Speaker 1: before this capital moves, it leaves just as fast as
Speaker 1: it arrived. Third, the arbitrum legal situation is bigger than
Speaker 1: it looks if a US court overrides a DAO governance vote. Here,
Speaker 1: every major DAO treasury with legally contested assets now has
Speaker 1: a roadmap for how this plays out. On chain governance
Speaker 1: just got a new ceiling, and it's set by judges,
Speaker 1: not token holders. Net positioning cautiously neutral until the Senate
Speaker 1: Banking Committee sets a mark update and bitcoin closes above
Speaker 1: eighty k on real volume, both conditions not one. Three
Speaker 1: dates to put in your calendar. Tuesday, May sixth, the
Speaker 1: World Liberty Financial Governance vote on unlocking Founder and early
Speaker 1: supporter tokens closes. It's passing by an overwhelming margin. If
Speaker 1: it passes, watch for selling pressure in the forty eight
Speaker 1: hours after approval. Wednesday, May seventh, the Arbitrump DAYO vote
Speaker 1: on releasing frozen ethereum closes, with the legal restraining order
Speaker 1: still in play. Whatever happens sets precedent, and the week
Speaker 1: of May fifth, broadly, watch for the Senate Banking Committee
Speaker 1: to schedule that Clarity Act markup. That's the signal the
Speaker 1: stable coin bill is real this time. That's the pulse
Speaker 1: for May third. If you got something out of this,
Speaker 1: send it to a friend who's into crypto. That's the
Speaker 1: best way to support us. This is educational content, not
Speaker 1: investment advice. Always do your own research. I'm alex ce
Speaker 1: you next time.