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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>April sixteenth, twenty twenty six. Bitcoins sitting at seventy four

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<v Speaker 1>thousand dollars and the shorts are absolutely piling in. Got

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<v Speaker 1>a lot to unpack today, but first a quick word

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

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<v Speaker 1>rates just hit their most negative reading since twenty twenty three.

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<v Speaker 1>If you're not familiar with funding rates, they're basically the

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<v Speaker 1>fee that flows between longs and shorts in perpetual futures markets.

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<v Speaker 1>When rates go deeply negative like this, it means shorts

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<v Speaker 1>are paying longs to hold their positions. That's not conviction,

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<v Speaker 1>that's crowding. And here's the thing. The last two times

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<v Speaker 1>funding got this negative Bitcoin was within days of a

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<v Speaker 1>local bottom, when everyone who wants to be short already

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<v Speaker 1>is there's nobody left to sell the squeeze rights itself. Now,

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<v Speaker 1>I want to be careful. Macro headwinds are real, and

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<v Speaker 1>a crowded short can stay crowded longer than your margin

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<v Speaker 1>account survives. But the setup gets your attention. Price is

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<v Speaker 1>sitting just under seventy four thousand, basically flat on the

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<v Speaker 1>day The shorts haven't been rewarded yet, they're paying to wait.

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<v Speaker 1>So where does that leave the broader market? Pretty quiet? Honestly,

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<v Speaker 1>Ethereum just above twenty three hundred, basically unchanged. Solana is

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<v Speaker 1>the one name worth mentioning up about two percent, leading

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<v Speaker 1>the majors total market cap around two point six trillion, flat.

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<v Speaker 1>Bitcoin dominance at fifty seven percent, also flat. The more

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<v Speaker 1>interesting picture is in the narrative data meme tokens up

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<v Speaker 1>seventeen percent over the last seven days, gaming tokens up

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<v Speaker 1>ten percent, AI tokens down four percent. That's a real

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<v Speaker 1>rotation capital moving out of last cycle's hottest narrative into

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<v Speaker 1>pure sentiment plays. Prediction markets are pricing out the optimistic

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<v Speaker 1>scenarios two two percent odds on bitcoin hitting five hundred

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<v Speaker 1>thousand by year end, just eight and a half percent

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<v Speaker 1>on three FED rate cuts this year. The money is

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<v Speaker 1>betting on more sideways grind. Let's start with the supply

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<v Speaker 1>wall right in front of bitcoin. Exchange inflows are spiking

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<v Speaker 1>as price approaches. Seventy six thousand short term holders are

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<v Speaker 1>queuing at the exit. These are people who bought between

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<v Speaker 1>seventy five and eighty two thousand during the last run

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<v Speaker 1>and have been underwater. Since. The question isn't whether that

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<v Speaker 1>wall exists. It does. The question is whether demand is

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<v Speaker 1>strong enough to eat through it. If Bitcoin closes above

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<v Speaker 1>seventy six thousand on solid volume in the next forty

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<v Speaker 1>eight hours, that supply got absorbed. If it gets rejected twice,

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<v Speaker 1>a retest of the low seventies becomes the more likely

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<v Speaker 1>near term scenario. Next Drift protocol. Drift got hit by

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<v Speaker 1>a major exploit, and instead of dying quietly, it raised

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<v Speaker 1>one hundred and forty eight million dollars from Tether and

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<v Speaker 1>partners then switched it to its entire stable coin infrastructure

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<v Speaker 1>from Circles USDC to Tether's Tether. That's not a recovery,

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<v Speaker 1>that's a pivot. Tether becoming the primary liquidity provider for

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<v Speaker 1>a major Salona purpse exchange is a meaningful shift in

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<v Speaker 1>how DeFi is structured. Circle loses a flagship integration, Tether

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<v Speaker 1>deepens its on chain presence, Watch drifts open interest and

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<v Speaker 1>user counts over the next week. If they were covered

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<v Speaker 1>at pre exploit levels, the bet paid off. If not,

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<v Speaker 1>the exploit did reputational damage. The capital alone can't fix Now.

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<v Speaker 1>Bitcoin quantum vulnerability. Developers are proposing BIP three six y one,

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<v Speaker 1>a plan to freeze wallets that are vulnerable to quantum

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<v Speaker 1>computing attacks. A meaningful chunk of early bitcoin, including coins

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<v Speaker 1>that almost certainly belong to soadosh sits in wallets using

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<v Speaker 1>older cryptography that a powerful enough quantum computer could crack.

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<v Speaker 1>BIP three six' one would freeze those wallets before that

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<v Speaker 1>becomes a. Problem the counter argument From bitmex's research team

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<v Speaker 1>is that a freeze could be, weaponized locking out legitimate

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<v Speaker 1>owners who simply haven't. Upgraded no clean, answer but serious

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<v Speaker 1>developers debating this publicly means quantum risk has graduated from

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<v Speaker 1>thought experiment to active protocol. Concern two quick regulatory, notes

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<v Speaker 1>the UK's fca opened a consultation on crypto. Rules actual

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<v Speaker 1>rules are probably twelve to eighteen months. Away South korea

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<v Speaker 1>is moving. FASTER a live government pilot of tokenized deposits

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<v Speaker 1>for public spending planned FOR q. Four that's not a white,

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<v Speaker 1>paper that's a treasury department putting real money on chain

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<v Speaker 1>and seeing what. Breaks europe, Talks asia runs pilots quick.

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<v Speaker 1>Hits france is doubling security at crypto conferences after a

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<v Speaker 1>wave of physical attacks on. Executives trump Backed World Liberty

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<v Speaker 1>financial is proposing a vesting schedule to calm frustrated token,

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<v Speaker 1>holders And ohio's casino regulator just Find calshie five million.

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<v Speaker 1>Dollars winning the federal battle with THE cftc doesn't mean

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<v Speaker 1>the states are done, fighting all, Right before we get

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<v Speaker 1>into the, risks quick word from our. Sponsor, okay we're.

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<v Speaker 1>Back let's talk about what to watch. For three risks worth. Maiming,

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<v Speaker 1>first the supply wall at seventy six, thousand a large

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<v Speaker 1>cohort of holders bought between seventy five and eighty two,

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<v Speaker 1>thousand and if demand can't absorb that selling, pressure the

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<v Speaker 1>rejection could be. Sharp, Second tether's EXPANDING d five foot.

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<v Speaker 1>Print drift's pivot is one data, point but If tether

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<v Speaker 1>ever faces a redemption stress, event the contagion path THROUGH

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<v Speaker 1>DeFi is now significantly wider than it was a year. Ago,

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<v Speaker 1>third memes up seventeen percent in seven, days WHILE ai

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<v Speaker 1>tokens bleed four. Percent sentiment driven rallies reverse faster than they.

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<v Speaker 1>Build If bitcoin stalls at seventy six, thousand while memes

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<v Speaker 1>are still, running the most speculative assets get hit first

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<v Speaker 1>when sentiment. Turns three things to watch over the next. Week,

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<v Speaker 1>first how bitcoin handles seventy six thousand that test is

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<v Speaker 1>probably coming in the next forty eight to seventy two,

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<v Speaker 1>hours and how price responds sets the directional tone for everything. Else,

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<v Speaker 1>Second South korea's blockchain deposit token pilot procurement and technical

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<v Speaker 1>specs expected in the coming weeks ahead of THE q four.

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<v Speaker 1>LAUNCH a sovereign government putting tokenized deposits into live spending

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<v Speaker 1>is a bigger real world adoption signal than MOST DeFi

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<v Speaker 1>protocols will ever. Produce, THIRD bip three six point. One

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<v Speaker 1>if major bitcoin core contributors engage seriously within the next seven,

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<v Speaker 1>days the quantum vulnerability debate moves from social media to

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<v Speaker 1>the actual protocol. Roadmap that's the pulse For april. Sixteenth

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<v Speaker 1>if you want the full written breakdown with all this so,

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<v Speaker 1>data subscribe to the newsletter at tokenmetrics dot com link

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<v Speaker 1>in the show, notes and if this was, useful share

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<v Speaker 1>with someone who's watching the same charts you. Are this

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<v Speaker 1>is educational, content non investment. Advice always do your own.

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<v Speaker 1>Research I'm, Alex see you next. Time