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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>March twenty eighth, twenty twenty six. Got a lot to

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<v Speaker 1>cover today. Bitcoin ETFs just snapped a four week win streak,

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<v Speaker 1>Google handed bitcoin developers a quantum deadline, and Morgan Stanley

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<v Speaker 1>walked into the ETF race swinging. Let's get into it,

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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. Okay, So the headline today is this spot.

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<v Speaker 1>Bitcoin ETFs just broke a four week inflow streak. Capital

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<v Speaker 1>is sitting on the sidelines, Bitcoin's treading water around sixty

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<v Speaker 1>six thousand, and Google just told bitcoin developers they have

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<v Speaker 1>until twenty twenty nine to figure out quantum resistance. That's

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<v Speaker 1>three separate stories, they're all connected, and together they paint

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<v Speaker 1>a picture of a market that's waiting, not panicking, just waiting.

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<v Speaker 1>So where does that leave the rest of the market, Well, honestly,

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<v Speaker 1>pretty a Bitcoin's basically flat around sixty six thousand, ethereum

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<v Speaker 1>is just barely holding two thousand dollars, Solana's around eighty

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<v Speaker 1>two dollars. None of these moved more than a fraction

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<v Speaker 1>of a percent. Total market cap is sitting around two

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<v Speaker 1>point four trillion. Bitcoin dominance is at about fifty six percent,

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<v Speaker 1>which means alts aren't getting any rotation love right now.

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<v Speaker 1>But here's where the narrative data gets interesting. Meme tokens

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<v Speaker 1>are up a lot, like the kind of number you

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<v Speaker 1>double check. Meanwhile, DeFi and smart contract platforms are both

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<v Speaker 1>down on the week. AI tokens are up over sixteen percent,

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<v Speaker 1>Deepen is up nearly twenty four percent, So the serious

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<v Speaker 1>infrastructure narratives are holding up. The blue chips are flat,

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<v Speaker 1>and meme coins are doing meme coin things. That split

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<v Speaker 1>tells you something about where appetite is actually living right now.

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<v Speaker 1>Polymarket's got ninety six percent odds that bitcoin holds sixty

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<v Speaker 1>four thousand through tomorrow, So the floor feels solid. The

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<v Speaker 1>ceiling is the question, and the prediction market on a

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<v Speaker 1>big FED rate cut in June less than one percent probability,

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<v Speaker 1>which means the macro relief valve crypto balls are waiting

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<v Speaker 1>for isn't coming anytime soon. All right, So what's actually

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<v Speaker 1>driving all this? So let's start with the ETF story,

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<v Speaker 1>because this one matters more than the headline suggests. Four

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<v Speaker 1>weeks of consistent inflows into spot Bitcoin ETFs was the

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<v Speaker 1>narrative everyone was leaning on. Institutions are buying trad fire

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<v Speaker 1>is here. The story was clean. Now it has a

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<v Speaker 1>crack in it. Analysts are describing the outflows as capital

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<v Speaker 1>avoiding directional risk heading into quarter end, which is portfolio

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<v Speaker 1>manager speak for we're not sure which way this goes

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<v Speaker 1>and we don't want to be wrong in front of

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<v Speaker 1>our investors. One week of outflows doesn't erase a trend,

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<v Speaker 1>but the timing matters. Quarter End is when institutions rebalance,

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<v Speaker 1>and right now they're leaning into bitcoin. Watch the first

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<v Speaker 1>week of April. If flows flip positive again and bitcoin

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<v Speaker 1>holds above sixty five thousand, this was mechanical. If outflows

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<v Speaker 1>continue and bitcoin slips below sixty five thousand, the four

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<v Speaker 1>week narrative reversal is real. Now here's where it gets

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<v Speaker 1>interesting because two stories drop this week that are basically

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<v Speaker 1>the same story, told from different angles. Morgan Stanley just

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<v Speaker 1>entered the bitcoin ETF race with a market leading low fee,

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<v Speaker 1>and bitcoin minors are pivoting to AI infrastructure and selling

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<v Speaker 1>bitcoin to fund the transition, two sides of the same market.

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<v Speaker 1>Morgan Stanley brings demand miners brings supply. The question is

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<v Speaker 1>which one wins. The Morgan Stanley piece is straightforward, another

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<v Speaker 1>major trad fied distribution network. Activating means more access points,

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<v Speaker 1>lower friction, more potential buyers. That's good. But miners selling

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<v Speaker 1>bitcoin to pay for AI data center buildouts, that's a

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<v Speaker 1>historically bullish constituency becoming a consistent supply source. It's not

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<v Speaker 1>panic selling, it's a business decision, but it's still selling.

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<v Speaker 1>And then Senator Warren opened a probe into Bitmain, which

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<v Speaker 1>is the company that makes the hardware that powers the

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<v Speaker 1>majority of bitcoin's mining network. The framing is national security,

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<v Speaker 1>which is the same framing that got Huawei banned from

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<v Speaker 1>US telecom infrastructure. If bitmain hardware gets restricted, US miners

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<v Speaker 1>face an equipment crunch at exactly the moment they're trying

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<v Speaker 1>to pivot toward AI. The timing with the Minor story

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<v Speaker 1>is not a coincidence. Watch whether this probe results in

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<v Speaker 1>formal import controls within the next sixty days. If it does,

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<v Speaker 1>the Minor to AI transition goes from opportunity to necessity. Okay,

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<v Speaker 1>the quantum story, This one caught me off guard. Honestly,

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<v Speaker 1>Google set a twenty twenty nine deadline to migrate all

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<v Speaker 1>of its authentication services to quantum resistant cryptography. And the

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<v Speaker 1>reason this matters for crypto is the asymmetry it reveals.

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<v Speaker 1>Ethereum has been building toward post quantum C cryptography for years.

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<v Speaker 1>It has a roadmap, active research EIP processes in motion.

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<v Speaker 1>Bitcoin doesn't. Bitcoin's culture is extremely conservative around protocol changes.

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<v Speaker 1>There's no equivalent upgrade path in sight. Bitcoin's proof of

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<v Speaker 1>work is fine, but wallets that reuse addresses pay to

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<v Speaker 1>public key outputs. Those are the attack surface. And Google

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<v Speaker 1>just turned a theoretical Sunday threat into a concrete corporate deadline.

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<v Speaker 1>Twenty twenty nine is three years away. That's not a

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<v Speaker 1>long time for a protocol that moves as carefully as

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<v Speaker 1>Bitcoin does. Watch for a Bitcoin improvement proposal addressing post

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<v Speaker 1>quantum key schemes in the next ninety days. If the

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<v Speaker 1>developer community accelerates discussion, the threat is being taken seriously.

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<v Speaker 1>If the forums stay quiet, the gap between Ethereum's preparedness

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<v Speaker 1>and Bitcoin's widens. Now let's talk regulation, because there are

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<v Speaker 1>two bills moving through Congress right now, and they're headed

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<v Speaker 1>in very different directions. The Clarity Act is gaining momentum.

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<v Speaker 1>Senator Lummis is championing it loudly, specifically highlighting defied developer protections.

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<v Speaker 1>That matters because the last round of crypto legislation scared

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<v Speaker 1>protocol developers more than anyone else. Meanwhile, the stable coin

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<v Speaker 1>bill is described as a fight that has boiled over

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<v Speaker 1>frustration everywhere stalled. That divergence is telling the market. Structure

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<v Speaker 1>bill has momentum, the payments bill is stuck. For defied builders,

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<v Speaker 1>Clarity moving forward is actually the better outcome for stable

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<v Speaker 1>coin issuers like Circle, Every week of stalled legislation is

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<v Speaker 1>a week of regulatory uncertainty baked into their valuation, and

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<v Speaker 1>Circle stock dropping sharply last week makes a lot more

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<v Speaker 1>sense once you understand that the bill they need most

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<v Speaker 1>is the one going nowhere and a few quick hits

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<v Speaker 1>worth knowing about. Ripple is using AI to stress test

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<v Speaker 1>the XRP ledger ahead of institutional scaling, which means the

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<v Speaker 1>next release is focused entirely on reliability. XRP wail accumulation

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<v Speaker 1>is rising even as the price lags, which is the

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<v Speaker 1>kind of divergence worth book marking. NYSC parent company Ice

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<v Speaker 1>finalized a one point six billion dollar investment in Polymarket,

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<v Speaker 1>which is trad five putting real skin in the prediction

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<v Speaker 1>market game. And Anthropic's most powerful AI model, code named

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<v Speaker 1>cappy Bara, leaked through an unsecured data cash this week.

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<v Speaker 1>The draft described it as more capable than anything they've built,

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<v Speaker 1>with unprecedented cybersecurity implications at the exact moment, AI and

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<v Speaker 1>crypto infrastructure are converging. That's a story to watch, 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 watching for? Three risks on

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<v Speaker 1>my radar right now? First quarter and institutional rebalancing is

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<v Speaker 1>masking real sentiment. The ETF outflows could be mechanical, they

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<v Speaker 1>could be genuine risk off. The problem is you won't

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<v Speaker 1>know which until April first, by which point you've already

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<v Speaker 1>been positioned through the answer. Second minor selling meets ETF

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<v Speaker 1>bid pause. Bitcoin minors are liquidating to fund AI pivots.

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<v Speaker 1>That's a structural supply source if it coincides with ETF

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<v Speaker 1>inflows stalling, there's no obvious demand absorber. Bitcoin dominance at

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<v Speaker 1>fifty six percent tells you alts aren't getting rotation either.

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<v Speaker 1>The whole market is in a holding pattern. Third, Google's

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<v Speaker 1>twenty twenty nine quantum deadline is a real timeline, not

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<v Speaker 1>a theoretical one. When the world's largest search company sets

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<v Speaker 1>a corporate migration deadline, the threat model changes. Bitcoin's lack

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<v Speaker 1>of a formal post quantum upgrade path just got a

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<v Speaker 1>concrete expiration data attached to it. That's a tail risk

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<v Speaker 1>that's been easy to dismiss. It's getting harder and looking

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<v Speaker 1>at head. Here's what's on my radar for the next

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<v Speaker 1>few days. April first and second are the first post

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<v Speaker 1>quarter end ETF flow readings. That data will tell you

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<v Speaker 1>whether this week was a blip or a shift. It's

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<v Speaker 1>the most actionable near term signal for bitcoin direction. Morgan

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<v Speaker 1>Stanley's ETF launch and early inflow numbers will show whether

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<v Speaker 1>a major trade five distribution network actually translates to new

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<v Speaker 1>buyers or whether the fee war is just noise. And

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<v Speaker 1>any movement on the Clarity Act in the Senate this

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<v Speaker 1>week would be the most significant US crypto regulatory development

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<v Speaker 1>in months. Senator Lummies is pushing hard watch for committee

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<v Speaker 1>votes or floor scheduling announcements. If you're finding this useful,

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<v Speaker 1>The best thing you can do is subscribe to the

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<v Speaker 1>podcast and share it with someone who's trying to make

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<v Speaker 1>sense of all this. And if you want to go deeper,

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<v Speaker 1>Token metrics Alpha gets you weekly Alpha reports, a monthly

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<v Speaker 1>playbook with full technical analysis, plus everything in our signal plan.

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<v Speaker 1>Check it out at tokenmetrics dot com. This is educational content,

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<v Speaker 1>not investment advice. Always do your own research. I'm Alex.

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<v Speaker 1>See you next time.