Speaker 1: Hey, it's Alex with the Token Metrics Daily Pulse for
Speaker 1: February twenty second, twenty twenty six. Got a lot to
Speaker 1: cover today, and honestly, the vibe in the market right
Speaker 1: now is, well, it's complicated. Grab your coffee first, A
Speaker 1: quick word from our sponsor. Okay, So here's what's happening.
Speaker 1: Let's get into it. So the big story today is
Speaker 1: all about the heavy hitters, and they're looking a bit shaky.
Speaker 1: Bitcoin's whale exchange ratio just hits zero point six y four. Now,
Speaker 1: if you're not a data nerd, here's why that matters.
Speaker 1: It's the highest level we've seen since twenty fifteen. Basically,
Speaker 1: the biggest holders are moving their coins onto exchanges, and
Speaker 1: usually they only do that when they're getting ready to sell.
Speaker 1: Pair that with the fact that bitcoin ETFs have seen
Speaker 1: five straight weeks of outflows, about three hundred million just
Speaker 1: last week, and you start to see the picture. Even
Speaker 1: the miners are flinching. Bitdeer just sold every single bitcoin
Speaker 1: in its treasury, everything they went to zero. When the
Speaker 1: people who actually secure the network start dumping their bags,
Speaker 1: it's a signal you can't really ignore. Now here's where
Speaker 1: it gets interesting. Because the prices aren't actually screaming panic yet.
Speaker 1: Bitcoins sitting around sixty eight thousand, and ethereum is hovering
Speaker 1: just under two thousand. It's basically flat, but under the
Speaker 1: hood it's a bit of a bloodbath for the alt coins.
Speaker 1: While the majors are holding steady, we're seeing narratives like
Speaker 1: AI and gaming tokens down nearly twenty percent this week.
Speaker 1: The only thing people seem to want to touch right
Speaker 1: now are memes, which are up over thirty five percent.
Speaker 1: When the only thing working is pure speculation while everything
Speaker 1: else bleeds, that's usually a sign of a very fragile market, right, Okay,
Speaker 1: so let's look at what else is moving. Metallic Butterin
Speaker 1: has been busy. He's proposing these AI stewards for governance.
Speaker 1: The idea is to use zero knowledge proofs to let
Speaker 1: AI agents handle the boring voting stuff in Dow's while
Speaker 1: keeping everything private. It's a major bet on Etherium being
Speaker 1: the chain for cipherpunks, not just the cheapest place to trade. Meanwhile,
Speaker 1: the big banks are still moving in BNP, Paraba is
Speaker 1: testing money market fund tokenization on ethereum, and in Japan,
Speaker 1: SBI is issuing a ten billion yen bond that actually
Speaker 1: pays our rewards in XRP. It's wild. The real world
Speaker 1: asset narrative is down ten percent in price, but the
Speaker 1: actual adoption from banks is accelerating. It's a massive gap
Speaker 1: between the charts and the reality. On the darker side
Speaker 1: of things, we've got a report from Elliptic showing that
Speaker 1: five crypto exchanges are basically helping Russia dodge sanctions to
Speaker 1: the tune of eleven billion dollars. One of them literally
Speaker 1: moved into the same office building as a previously sanctioned exchange.
Speaker 1: You can't make this stuff up. This is exactly the
Speaker 1: kind of headline that gives regulators all the ammunition they need.
Speaker 1: All right, before we get into the risks, quick word
Speaker 1: from our sponsor. Okay, we're back. Let's talk about what
Speaker 1: to watch for. So what should you actually be worried about? Well,
Speaker 1: the risk map is flashing yellow. First, that whale ratio
Speaker 1: I mentioned When the big players and the ETF institutions
Speaker 1: are both heading for the exits at the same time,
Speaker 1: retail usually finds out last. Second, the fact that memes
Speaker 1: are the only green sector is Honestly, it's a bit
Speaker 1: scary it means there's no real conviction in the fundamentals
Speaker 1: right now. And finally, keep an eye on those sanctions reports.
Speaker 1: If the government decides to crack down on those five exchanges,
Speaker 1: we could see some serious compliance driven selling across the board.
Speaker 1: And looking ahead, there are three things on my radar.
Speaker 1: We need to see if the ETF outflows hit a
Speaker 1: sixth week, that would be a record. Also, watch that
Speaker 1: SBI bond launch in Japan. If it sells out, it
Speaker 1: proves that crypto incentivized traditional finance is a real model.
Speaker 1: And lastly, let's see if italics proposals actually turn into
Speaker 1: real code or if they're just more blog posts. Momentum
Speaker 1: matters here. That's the Pulse for today. By the way,
Speaker 1: if you want the full written breakdown with all the charts,
Speaker 1: check out our newsletter at Pulse dot tokenmetrics dot com.
Speaker 1: This is educational content, not investment advice. Always do your
Speaker 1: own research. I'm Alex, See you next time.