Speaker 1: Hey, it's Alex with the Token Metrics Daily polls for
Speaker 1: May second, twenty twenty six. Big legislative news out of
Speaker 1: Washington today, a bitcoin minor that's quietly becoming an AI company,
Speaker 1: and a Dow vote that could change how courts think
Speaker 1: about crypto governance. Let's get into it, but first a
Speaker 1: quick word from our sponsor. Okay, so here's what's happening.
Speaker 1: The Senate just cleared the hardest part of the Clarity Act,
Speaker 1: and Bitcoin barely flinched. We're talking about the most significant
Speaker 1: crypto legislation to move this foreign years and Bitcoin is
Speaker 1: sitting right around seventy eight thousand like nothing happened. Here's
Speaker 1: what cleared. A provision that lets crypto firms offer yield
Speaker 1: on stable coins. In plain English. Crypto companies could pay
Speaker 1: you interest on your stable coins, similar to how a
Speaker 1: savings account works. That sounds simple, but it nearly killed
Speaker 1: the whole bill. Banks didn't want the competition. The compromise
Speaker 1: carves things out so stable coin issuers can offer yield
Speaker 1: without directly undercutting traditional bank accounts. Whether that holds in
Speaker 1: practice is a different conversation. What's interesting is the market
Speaker 1: reaction or the lack of one. The S and P
Speaker 1: five hundred hit a new record on the same day,
Speaker 1: Fear and greed jump thirteen points overnight, and Bitcoin basically flat.
Speaker 1: Either traders have already priced in regulatory clarity and need
Speaker 1: something bigger to get excited, or they're waiting to see
Speaker 1: if this actually crosses the finish line. Clearing a Senate
Speaker 1: hurdle is not the same as a signed bill. Not
Speaker 1: a lot of fireworks in the broader market today, Bitcoin's
Speaker 1: holding just under seventy eight thousand, Ethereum and Solana are
Speaker 1: drifting a bit lower. The number worth watching is Bitcoin dominance,
Speaker 1: which ticked up to about fifty eight and a half percent.
Speaker 1: When dominance rises while bitcoin itself is flat, it usually
Speaker 1: means money is quietly leaving all coins, and that's not
Speaker 1: a great setup for the rest of the market. DeFi
Speaker 1: total value locked is sitting around eighty five billion. Stable
Speaker 1: coin supply is just under three hundred and twenty billion,
Speaker 1: up about half a percent steady. The more interesting signal
Speaker 1: is in the narrative data analytics Tokens more than doubled
Speaker 1: in market cap over seven days. Data availability is up
Speaker 1: nearly seventy percent. These aren't me moves. This is money
Speaker 1: flowing toward infrastructure. Okay, let's go through the stories. First up,
Speaker 1: the Ethereum Foundation just completed their third over the counter
Speaker 1: sale to bitmind, Tom Lee's firm, offloading another ten thousand ethereum.
Speaker 1: Total sold to bitmind now sits at around forty seven
Speaker 1: million dollars worth of ethereum. Three deals, same buyer. That's
Speaker 1: not routine treasury management. That's a relationship. The foundation keeps
Speaker 1: saying it's about operational costs, which is fair. But Ethereum
Speaker 1: is already underperforming Bitcoin and the foundation keeps selling into
Speaker 1: the same counterparty. Is Bitmind building a strategic position or
Speaker 1: just taking this kound of deal? Watch for a public
Speaker 1: filing from bitmin The size of that position will tell
Speaker 1: you which one it is next. Riot Platforms their shares
Speaker 1: jumped about eight percent after expanding their AMD data center deal.
Speaker 1: Q one revenue came in at one hundred and sixty
Speaker 1: seven million. And here's the number that caught my eye,
Speaker 1: thirty three million dollars from their data center ARM in
Speaker 1: its very first quarter of operation. Bitcoin miners are quietly
Speaker 1: becoming AI infrastructure companies. When a miner starts building out
Speaker 1: GPU computing capacity instead of just adding mining power. They're
Speaker 1: betting that AI demand for electricity and physical space outlasts
Speaker 1: the next having cycle. If that data center number keeps
Speaker 1: growing while mining margins compress, the bowl case for Riot
Speaker 1: stops being about bitcoin price and starts being about megawatts. Now,
Speaker 1: this one is genuinely interesting. A researcher at Paradigm proposed
Speaker 1: something called pacts, a Bitcoin protocol upgrade in planningsh. It
Speaker 1: would let Satoshi Nakamoto prove they still control their coins
Speaker 1: without actually moving them. Why does that matter. Satoshi's wallet
Speaker 1: holds roughly a million bitcoin that haven't moved in over
Speaker 1: a decade. Those coins use older encryption that quantum computers
Speaker 1: could eventually crack. Packs is essentially a cryptographic escape patch,
Speaker 1: a way to prove ownership and migrate to more secure
Speaker 1: keys without broadcasting a transaction and rattling the market. If
Speaker 1: the bitcoin community accepts a proposal that acknowledges Setoshi's coins
Speaker 1: could be at risk, that's a sign of real maturity.
Speaker 1: The bitcoin is perfect, don't touch anything. Crowd has resisted
Speaker 1: this conversation for years, and finally, the Arbitram situation. The
Speaker 1: Arbitrum dow the community of tokenholders who govern the network
Speaker 1: is voting on whether to release frozen ethereum seized in
Speaker 1: the KELP dow Bridge exploit. The vote closes May seventh,
Speaker 1: and it's passing by a huge margin. So you have
Speaker 1: a basically unanimous community vote on one side and a
Speaker 1: federal judge on the other. If the restraining order holds,
Speaker 1: it sets a precedent that US courts can override dow
Speaker 1: governance decisions when seized assets are involved. That's not just
Speaker 1: an arbitrom problem. Every protocol with US based token holders
Speaker 1: could face the same logic. All right, before we get
Speaker 1: into the risks, quick word from our sponsor. Okay, we're back.
Speaker 1: Let's talk about what to watch for. Three things on
Speaker 1: my radar. First, sentiment fear and greed jump thirteen points
Speaker 1: overnight to thirty nine. That sounds like a recovery, but
Speaker 1: thirty nine is still fear territory. Sharp bounces in sentiment
Speaker 1: during a fear regime often come before one more leg down.
Speaker 1: Be careful reading this as a trend change. Second, Bitcoin
Speaker 1: dominance creeping higher while alt coins drift. When dominance rises
Speaker 1: during a flat bitcoin price, money is quietly leaving all
Speaker 1: coins and alts tend to get hit harder on the
Speaker 1: next move down. Third, and this is the most underpriced
Speaker 1: risk right now. The legal overhang from the Arbitrum restraining order.
Speaker 1: If a US court can block a Dow vote from executing,
Speaker 1: that precedent gets cited in every future governance dispute involving
Speaker 1: seized assets. The market isn't pricing this in today, but
Speaker 1: when it does, it probably won't happen gradually. Three dates
Speaker 1: to have on your calendar. May sixth, the World Liberty
Speaker 1: Financial Early Supporter Token unlocked vote closes. It's passing by
Speaker 1: a huge margin, and the token is already down about
Speaker 1: eighteen percent as trader's price in the incoming supply. The
Speaker 1: official close is almost a formality at this point, but
Speaker 1: watch for any accelerated selling once it's done. May seventh,
Speaker 1: the Arbitram Dow vote closes on releasing the frozen KELP
Speaker 1: Dow funds. The legal situation is the real story. Watch
Speaker 1: whether the court lifts or maintains the restraining order before
Speaker 1: that deadline. In the week of May fifth, Clarity Act
Speaker 1: floor vote progress. If it advances to a full Senate
Speaker 1: floor vote, that's the most significant US crypto legislation to
Speaker 1: move this far. Ever, stable coin issuers like Circle and
Speaker 1: Tether would likely be making product announcements within forty eight
Speaker 1: hours of passage. That's the daily polls for May second
Speaker 1: big legislative week shaping up, a Dow governance test that
Speaker 1: could matter way beyond arbitrum, and a bitcoin minor that
Speaker 1: might be turning into an AI infrastructure play. Lots to watch.
Speaker 1: By the way, if you want the full written breakdown,
Speaker 1: check out our newsletter at tokenmetrics dot com. This is
Speaker 1: educational content, not investment advice. Always do your own research.
Speaker 1: I'm Alex. See you next time.