WEBVTT

1
00:00:00.200 --> 00:00:03.399
<v Speaker 1>Hey, it's Alex with the Token Metrics Daily Pulse for

2
00:00:03.480 --> 00:00:06.559
<v Speaker 1>April twenty sixth twenty twenty six got a lot to

3
00:00:06.599 --> 00:00:09.919
<v Speaker 1>cover today. Meme tokens up thirty five percent in a week,

4
00:00:10.279 --> 00:00:13.519
<v Speaker 1>black Rock hitting a milestone that honestly felt impossible not

5
00:00:13.640 --> 00:00:16.760
<v Speaker 1>long ago, and a blockchain that rewrote three hours of

6
00:00:16.800 --> 00:00:20.199
<v Speaker 1>its own history. Let's get into it, but first a

7
00:00:20.280 --> 00:00:24.280
<v Speaker 1>quick word from our sponsor. Okay, So here's what's happening.

8
00:00:25.519 --> 00:00:29.679
<v Speaker 1>Bitcoin is sitting around seventy eight thousand dollars, basically not moving,

9
00:00:30.039 --> 00:00:33.280
<v Speaker 1>and yet everything around it is running hard. Mean tokens

10
00:00:33.359 --> 00:00:36.399
<v Speaker 1>up thirty five percent and seven days roll ups up

11
00:00:36.439 --> 00:00:41.159
<v Speaker 1>thirty one percent, DeFi up nearly twenty percent. Bitcoin dominance

12
00:00:41.240 --> 00:00:45.039
<v Speaker 1>is holding above fifty eight percent, but underneath that calm surface,

13
00:00:45.439 --> 00:00:49.039
<v Speaker 1>money is rotating fast into the most speculative corners of

14
00:00:49.079 --> 00:00:52.479
<v Speaker 1>the market. Bitcoin is the anchor. Everything else is doing

15
00:00:52.600 --> 00:00:57.039
<v Speaker 1>laps around it. Quick look at the majors Ethereum around

16
00:00:57.079 --> 00:01:01.759
<v Speaker 1>twenty three hundred, Solana just under ninety dollars, both basically flat.

17
00:01:02.079 --> 00:01:04.560
<v Speaker 1>The story isn't in the majors today, it's in the narrative.

18
00:01:04.640 --> 00:01:09.359
<v Speaker 1>Tracker memes leading at thirty five percent analytics Tokens up

19
00:01:09.439 --> 00:01:13.159
<v Speaker 1>thirty three, roll ups at thirty two, Game FI up

20
00:01:13.239 --> 00:01:17.959
<v Speaker 1>twenty two. Here's what's unusual when meme tokens run infrastructure

21
00:01:18.000 --> 00:01:21.680
<v Speaker 1>narratives usually sit it out. This week, both are moving together.

22
00:01:22.040 --> 00:01:25.640
<v Speaker 1>That could mean genuine risk appetite across the board, or

23
00:01:25.680 --> 00:01:28.560
<v Speaker 1>it could mean the rotation is so broad that nobody's

24
00:01:28.599 --> 00:01:31.599
<v Speaker 1>being selective, which is its own kind of warning. Side

25
00:01:31.719 --> 00:01:35.640
<v Speaker 1>One thing from prediction Market's worth flagging seventy five percent

26
00:01:35.760 --> 00:01:38.760
<v Speaker 1>probability on a European Central Bank rate hike this year.

27
00:01:39.120 --> 00:01:42.319
<v Speaker 1>If Europe titans while the Fed holds, the dollar strengthens,

28
00:01:42.319 --> 00:01:45.640
<v Speaker 1>and risk assets feel it globally, something to keep in

29
00:01:45.680 --> 00:01:49.200
<v Speaker 1>the back of your mind. All right, let's get into

30
00:01:49.239 --> 00:01:53.120
<v Speaker 1>what's actually driving all this black rocks. Bitcoin ETF just

31
00:01:53.200 --> 00:01:56.239
<v Speaker 1>crossed a milestone that didn't exist eighteen months ago. The

32
00:01:56.280 --> 00:01:59.760
<v Speaker 1>world's largest asset manager built a product and watched it

33
00:01:59.799 --> 00:02:03.200
<v Speaker 1>grow faster than almost any ETF in history. The question

34
00:02:03.280 --> 00:02:07.719
<v Speaker 1>has officially shifted from will institutions come to who's ready

35
00:02:07.719 --> 00:02:11.599
<v Speaker 1>for them when they show up coinbasis. John Diagostino made

36
00:02:11.599 --> 00:02:15.000
<v Speaker 1>that case this week, arguing the exchange stands alone as

37
00:02:15.039 --> 00:02:21.319
<v Speaker 1>crypto's full service, prime broker custody, execution, lending staking, all

38
00:02:21.400 --> 00:02:25.159
<v Speaker 1>under one roof. The ETF milestone and the prime brokerage

39
00:02:25.199 --> 00:02:28.759
<v Speaker 1>claim are the same story told from two angles. Institutional

40
00:02:28.759 --> 00:02:31.960
<v Speaker 1>money is here, the infrastructure to handle it is being

41
00:02:31.960 --> 00:02:35.400
<v Speaker 1>built in real time. Now, prediction markets, they're in a

42
00:02:35.439 --> 00:02:40.280
<v Speaker 1>three front regulatory war right now. The CFTC, a federal regulator,

43
00:02:40.639 --> 00:02:43.360
<v Speaker 1>is suing New York State to protect prediction markets it

44
00:02:43.439 --> 00:02:47.919
<v Speaker 1>considers federally licensed. Thirty eight state attorneys general are backing

45
00:02:47.919 --> 00:02:52.319
<v Speaker 1>Massachusetts in a parallel case arguing the opposite, And Brazil

46
00:02:52.599 --> 00:02:57.199
<v Speaker 1>just banned polymarket, Calshi and every other prediction platform outright.

47
00:02:57.599 --> 00:03:01.159
<v Speaker 1>The Brazil ban is the most concrete out a major

48
00:03:01.240 --> 00:03:05.280
<v Speaker 1>market simply gone. The US fight is slower, but the

49
00:03:05.360 --> 00:03:09.319
<v Speaker 1>direction from state governments is clear. Prediction markets built their

50
00:03:09.360 --> 00:03:13.000
<v Speaker 1>thesis on being hard to regulate. That thesis is under

51
00:03:13.000 --> 00:03:17.199
<v Speaker 1>serious pressure. This one caught me off guard. Lightcoin rewrote

52
00:03:17.520 --> 00:03:20.960
<v Speaker 1>thirteen blocks of its own history about three hours of

53
00:03:21.000 --> 00:03:25.280
<v Speaker 1>transactions to undo its first major exploit of its privacy layer,

54
00:03:25.599 --> 00:03:29.280
<v Speaker 1>called mweb. Then the team said publicly this wasn't a

55
00:03:29.400 --> 00:03:32.800
<v Speaker 1>zero day vulnerability, and then developers found the GitHub commit

56
00:03:32.879 --> 00:03:35.680
<v Speaker 1>that proved it was, so you've got a security failure

57
00:03:35.719 --> 00:03:38.639
<v Speaker 1>and a transparency failure in the same week. Light cooin

58
00:03:38.759 --> 00:03:42.400
<v Speaker 1>has spent a decade being the boring, reliable bitcoin alternative.

59
00:03:42.719 --> 00:03:45.680
<v Speaker 1>Boring and reliable just took a hit. On the DeFi side,

60
00:03:46.159 --> 00:03:49.960
<v Speaker 1>ave Kelp and Layer zero are asking the Arbitrum Dow

61
00:03:50.120 --> 00:03:54.240
<v Speaker 1>to release seventy one million dollars in frozen ethereum tied

62
00:03:54.240 --> 00:03:58.800
<v Speaker 1>to the RASF Bridge exploit recovery. The exploit already happened,

63
00:03:58.919 --> 00:04:02.759
<v Speaker 1>the funds are sitting frozen. Now comes the governance vote,

64
00:04:03.080 --> 00:04:07.199
<v Speaker 1>which is basically defi's version of a bankruptcy proceeding slow

65
00:04:07.680 --> 00:04:12.439
<v Speaker 1>public and dependent on tokenholders voting the right way. If

66
00:04:12.439 --> 00:04:15.560
<v Speaker 1>this passes cleanly, it's a proof point that DeFi can

67
00:04:15.639 --> 00:04:19.000
<v Speaker 1>self correct if it gets bogged down. It's another reason

68
00:04:19.079 --> 00:04:23.279
<v Speaker 1>institutions hesitate. And finally, two stories that are actually the

69
00:04:23.319 --> 00:04:27.360
<v Speaker 1>same story. Trump defended crypto legislation at a private event

70
00:04:27.399 --> 00:04:31.600
<v Speaker 1>that included Mike Tyson and Tether's CEO. The Tether CEO's

71
00:04:31.639 --> 00:04:36.240
<v Speaker 1>presence tells you the priority stable coin legislation. Meanwhile, Alchemy

72
00:04:36.319 --> 00:04:39.439
<v Speaker 1>CEO argued this week that crypto was never really built

73
00:04:39.439 --> 00:04:43.759
<v Speaker 1>for humans. It was built for AI agents autonomous software

74
00:04:43.800 --> 00:04:47.519
<v Speaker 1>executing transactions without a human in the loop. If that's right,

75
00:04:47.920 --> 00:04:50.959
<v Speaker 1>the whole debate about mainstream adoption has been aimed at

76
00:04:50.959 --> 00:04:56.120
<v Speaker 1>the wrong audience. Political legitimacy and AI agent infrastructure are

77
00:04:56.160 --> 00:04:59.920
<v Speaker 1>converging faster than most people realize. All right, before we

78
00:05:00.079 --> 00:05:04.199
<v Speaker 1>get into the risks, quick word from our sponsor. Okay,

79
00:05:04.199 --> 00:05:08.399
<v Speaker 1>we're back. Let's talk about what to watch for. Three

80
00:05:08.480 --> 00:05:12.959
<v Speaker 1>things on my risk radar. First, mean tokens up thirty

81
00:05:13.000 --> 00:05:18.040
<v Speaker 1>five percent while bitcoin barely moves Historically, that's the signature

82
00:05:18.079 --> 00:05:21.720
<v Speaker 1>of a late cycle rotation retail chasing momentum into the

83
00:05:21.759 --> 00:05:25.839
<v Speaker 1>most speculative assets right before liquidity dries up. It's fun

84
00:05:26.199 --> 00:05:32.000
<v Speaker 1>until it isn't. Second, prediction market legal fragmentation. The CFTC

85
00:05:32.160 --> 00:05:35.480
<v Speaker 1>and state regulators are actively suing each other over the

86
00:05:35.519 --> 00:05:40.000
<v Speaker 1>same platforms. Any defive protocol with prediction market exposure is

87
00:05:40.040 --> 00:05:43.519
<v Speaker 1>sitting on a legal land mine with an unknown fuse. Third,

88
00:05:43.959 --> 00:05:47.360
<v Speaker 1>the light coin reorg sets a precedent. A chain rewriting

89
00:05:47.399 --> 00:05:50.600
<v Speaker 1>three hours of history to fix a bug raises uncomfortable

90
00:05:50.680 --> 00:05:53.839
<v Speaker 1>questions about other chain's willingness to do the same under pressure,

91
00:05:54.480 --> 00:05:59.399
<v Speaker 1>and what that means for settlement finality. Looking ahead, the

92
00:05:59.439 --> 00:06:03.319
<v Speaker 1>one thing I'm want watching most closely US stable coin legislation.

93
00:06:03.959 --> 00:06:07.040
<v Speaker 1>Trump's private event with Tether's CEO in the room wasn't

94
00:06:07.040 --> 00:06:09.839
<v Speaker 1>a coincidence. If this gets to a Senate floor vote

95
00:06:09.879 --> 00:06:12.759
<v Speaker 1>in the next thirty days, it becomes the most significant

96
00:06:12.879 --> 00:06:17.040
<v Speaker 1>US crypto regulatory development of twenty twenty six. A federal

97
00:06:17.079 --> 00:06:21.600
<v Speaker 1>stable coin framework changes the entire operating environment for dollar

98
00:06:21.680 --> 00:06:27.279
<v Speaker 1>denominated crypto. Watch for any movement on a floor vote timeline.

99
00:06:27.439 --> 00:06:30.279
<v Speaker 1>That's the pulse for April twenty sixth. If you want

100
00:06:30.319 --> 00:06:34.319
<v Speaker 1>the full written breakdown, all the sources, the prediction market data,

101
00:06:34.600 --> 00:06:38.879
<v Speaker 1>the narrative tracker numbers. The newsletter is at tokenmetrics dot com.

102
00:06:39.079 --> 00:06:43.319
<v Speaker 1>It's all there. This is educational content, not investment advice.

103
00:06:43.720 --> 00:06:46.959
<v Speaker 1>Always do your own research. I'm Alex, See you next time.