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

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

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<v Speaker 1>today and honestly, the vibe in the market is shifting

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<v Speaker 1>in a way that's pretty fascinating. Grab your coffee, 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. So the big headline today is Blackrock.

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<v Speaker 1>They just launched a steaked Ethereum ETF and look, this

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<v Speaker 1>is a major deal. It's the first yield bearing crypto

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<v Speaker 1>fund from the world's biggest asset manager. It basically changes

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<v Speaker 1>the whole pitch for institutions. It's no longer just do

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<v Speaker 1>you want to own ethereum, it's why would you own

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<v Speaker 1>it without getting those staking rewards. It's putting every other

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<v Speaker 1>fund manager on the clock to catch up. Meanwhile, the

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<v Speaker 1>meme coin Factory Pump dot fund just hit a billion

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<v Speaker 1>dollars in revenue and they're hinting at going crosschain to

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<v Speaker 1>base and monad. But there's a catch. Bitcoin Future's volume

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<v Speaker 1>on binance is now five times larger than Spot. That's

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<v Speaker 1>a lot of leverage, and historically that's when things can

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<v Speaker 1>get well messy. Now here's where it gets interesting. The

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<v Speaker 1>actual numbers. Bitcoin is holding steady above seventy thousand, about

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<v Speaker 1>seventy four hundred to be precise. It's up a bit,

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<v Speaker 1>but Ethereum is actually outperforming it today, sitting around twenty

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<v Speaker 1>one hundred. Solana is also catching a bid, up a

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<v Speaker 1>few percent to around eighty seven dollars. Overall, the total

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<v Speaker 1>market cap is sitting at nearly two and a half trillion.

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<v Speaker 1>Bitcoin dominance is still high around fifty seven percent, so

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<v Speaker 1>it's still the main driver. But we're seeing some serious

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<v Speaker 1>heat in the niches. Data availability tokens are up over

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<v Speaker 1>twenty five percent this week, and AI tokens jumped about

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<v Speaker 1>seventeen percent. People are definitely starting to take more risk again. Okay,

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<v Speaker 1>so let's talk about the leverage for a second. That

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<v Speaker 1>five to one ratio on binance, that's the uncomfortable math

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<v Speaker 1>when futures dwarf spot like that. The price is being

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<v Speaker 1>driven by bets, not people actually buying the asset. It's

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<v Speaker 1>a tower built on a very narrow base. And speaking

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<v Speaker 1>of leverage, Michael Sailor's company strategy is at it again.

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<v Speaker 1>They bought another seven thousand bitcoin using preferred stock. It's

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<v Speaker 1>a brilliant playbook when the market goes up, but it's

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<v Speaker 1>not a free lunch. They have to pay yield on

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<v Speaker 1>that debt. And if Bitcoin ever drops hard, well, they're

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<v Speaker 1>part of the wave that could crash. On a brighter note,

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<v Speaker 1>perpetual dxs are absolutely exploding. Hyper Liquid now has nearly

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<v Speaker 1>two billion dollars in total value locked on its own chain.

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<v Speaker 1>It's proof that the pros are moving away from centralized

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<v Speaker 1>exchanges and doing their heavy trading on chain. It's actually

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<v Speaker 1>a pretty massive structural shift. Oh and for the ETF fans,

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<v Speaker 1>Grayscale just launched an avalanche staking ETF on the Nasdaq.

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<v Speaker 1>The yield bearing trend is officially a category now. All right,

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<v Speaker 1>before we get into the risks, quick word from our sponsor. Okay,

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

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<v Speaker 1>what should you actually be worried about. Well, that leverage

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<v Speaker 1>is the big one. We're one bad candle away from

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<v Speaker 1>a cascade of liquidations because everyone is crowded into the

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<v Speaker 1>same long trades. Also, keep an eye on the news

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<v Speaker 1>around Binance. They're in a legal spat with the journal

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<v Speaker 1>over reports of a DOJ probe. If that escalates. The

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<v Speaker 1>exchange with the most leverage becomes a systemic risk overnight.

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<v Speaker 1>It's a low probability but a very high impact if

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<v Speaker 1>it happens. And honestly, seeing alt coin's rally while bitcoin

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<v Speaker 1>dominance stays this high, it's a bit unstable. Usually you

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<v Speaker 1>want to see one or the other, not both fighting

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<v Speaker 1>for air and looking ahead. Watch the next seven days.

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<v Speaker 1>If we see Fidelity or Vanack file for their own

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<v Speaker 1>stake to Ethereum Funds, then this isn't just a black

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<v Speaker 1>rock story, It's a market wide rotation. Also, keep an

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<v Speaker 1>ear out for pump dot Fund's official launch date on base.

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<v Speaker 1>If that happens, the retail liquidity on Coinbas's layer two

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<v Speaker 1>is going to go absolutely nuts. Prediction markets are giving

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<v Speaker 1>bitcoin about a forty percent chance of hitting one hundred

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<v Speaker 1>k by the end of the year, so the market

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<v Speaker 1>is optimistic but definitely not certain. Well that's the pulse

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<v Speaker 1>for today. If you got something out of this, send

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

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

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