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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>May thirteenth, twenty twenty six. Today, the biggest names and

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<v Speaker 1>traditional finance just showed up to the crypto party, and

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<v Speaker 1>the market's barely reacting. That tension is worth talking about.

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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. Charles Schwab flipped on Spot crypto trading

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<v Speaker 1>for retail customers. Not an etf rapper, not a futures product,

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<v Speaker 1>actual Spot crypto sitting right next to your Apple shares.

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<v Speaker 1>Schwab manages around ten trillion dollars in client assets. That's

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<v Speaker 1>the largest retail brokerage in America. And for years, if

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<v Speaker 1>a Schwap customer wanted bigcoin, they had to leave the

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<v Speaker 1>platform entirely. Now they don't. At the same time, JP

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<v Speaker 1>Morgan just launched its second tokenized money market fund on Ethereum.

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<v Speaker 1>The first one was a proof of concept, the second

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<v Speaker 1>one is a product strategy. And here's what makes today strange.

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<v Speaker 1>Fear and greed just dropped to forty two. That's fear territory.

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<v Speaker 1>Trad FI is building infrastructure, while retail sentiment is quietly sliding.

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<v Speaker 1>One of those signals is early, the other might be right.

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<v Speaker 1>So where does that leave prices? Honestly pretty quiet. Bitcoin

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<v Speaker 1>is sitting just above eighty thousand, down less than one

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<v Speaker 1>percent on the day. Ethereum is basically flat. Salana dropped

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<v Speaker 1>a few percent, nothing dramatic. Total market cap is around

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<v Speaker 1>two point seven trillion, off a fraction. The number worth

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<v Speaker 1>pausing on is fear and greed at forty two. It

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<v Speaker 1>dropped seven points in a single day, while Bitcoin barely moved.

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<v Speaker 1>When sentiment falls faster than price, it usually means the

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<v Speaker 1>next move lower finds less support Underneath, retail is losing

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<v Speaker 1>conviction Quietly, stable coin supply is holding steady near three

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<v Speaker 1>hundred and twenty billion, though that's cash on the sidelines

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<v Speaker 1>that hasn't left the ecosystem, and defis total value locked

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<v Speaker 1>is around one hundred and sixty six billion. Essentially, flat

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<v Speaker 1>markets are calm on the surface. Underneath, the mood is shifting.

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<v Speaker 1>So what's actually driving the conversation today? Three narratives are dominating. First,

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<v Speaker 1>trad FI infrastructure, SCHWAB, JP Morgan, Tokenized treasuries crossing fifteen billion.

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<v Speaker 1>That's the theme of the week. Traditional finance isn't dipping

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<v Speaker 1>a toe in anymore. Second, AI meets crypto Coinbase launch

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<v Speaker 1>something called X four h two, a payment protocol letting

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<v Speaker 1>AI agents settle transactions on chain without a human in

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<v Speaker 1>the loop. That one's flying under the radar and probably

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<v Speaker 1>shouldn't be. Third the rotation question. Jane Street cut its

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<v Speaker 1>Bitcoin ETF holdings in Q one and added Ethereum Funds

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<v Speaker 1>smart money quietly moving while everyone else is in fear mode.

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<v Speaker 1>That's the setup, and there's one macro move worth putting

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<v Speaker 1>on your radar before we get into the stories. Oil

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<v Speaker 1>led the majors this week, up about six percent over

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<v Speaker 1>seven days and trading near one hundred and forty three dollars.

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<v Speaker 1>The structure is still leaning higher, but momentum is mixed,

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<v Speaker 1>meaning this isn't a straight line continuation. You can just

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<v Speaker 1>assume follow through matters here. If the broader macro is

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<v Speaker 1>pricing in economic growth, Oil tends to confirm that read

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<v Speaker 1>before crypto does worth watching as a leading signal for

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<v Speaker 1>risk appetite. The full macro regime walkthrough and what it

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<v Speaker 1>means for your crypto allocation is in the monthly playbook

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<v Speaker 1>Alpha trial at tokenmetrics dot com. There is also a

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<v Speaker 1>resolved signal call worth flagging back. On April twenty second,

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<v Speaker 1>we called bitcoin down on a polymarket prediction market. The

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<v Speaker 1>market resolved in our favor one hundred and sixty three

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<v Speaker 1>percent gain on steak. The setup was a fade against consensus.

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<v Speaker 1>Yes was priced at thirty eight cents, implying the crowd

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<v Speaker 1>thought bitcoin was going up. We disagreed it went down

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<v Speaker 1>a factor that would have flipped. That read a clean

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<v Speaker 1>hold above key resistance heading into the resolution date, it

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<v Speaker 1>didn't hold. If you want alerts like this with the

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<v Speaker 1>set up, risk and exit plan delivered as they happen,

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<v Speaker 1>start a seven day free trial of token metric Signal

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<v Speaker 1>at tokenmetrics dot com. Now let's get into the stories

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<v Speaker 1>driving all this. Start with Schwab ten trillion in client assets.

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<v Speaker 1>That number matters because it reframes the access problem entirely.

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<v Speaker 1>The timing is interesting too. Sentiment is soft, and Schwab

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<v Speaker 1>chose now to launch that's either brave or very well

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<v Speaker 1>timed for onboarding retail at a discount. And Schwab isn't alone.

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<v Speaker 1>Black Rock, Franklin, Templeton, and JP Morgan are all building

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<v Speaker 1>on chain products. Speaking of new ways to move money.

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<v Speaker 1>Coinbase launched something called X four O two that's a

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<v Speaker 1>big platform play. While AI agents are getting payment rails,

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<v Speaker 1>the big funds are shifting their own portfolios. Jane Street

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<v Speaker 1>cut its Bitcoin ETF holdings in Q one and added

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<v Speaker 1>Ethereum Funds. It could be a directional bet on Ethereum's

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<v Speaker 1>relative value. It could be a hedging adjustment with no

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<v Speaker 1>directional view at all. Honestly, we don't have enough information

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<v Speaker 1>to say for certain which it is. Finally, there's a

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<v Speaker 1>macro signal worth knowing about. That's not a prediction, and

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<v Speaker 1>macro signals don't guarantee anything. The catch Right now Bitcoin

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<v Speaker 1>is sitting below eighty one thousand with sentiment and fear territory.

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<v Speaker 1>The macro signal is quietly bullish, but the on chain

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<v Speaker 1>mood is not. One of them will be right, 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 beck Let's talk about what to watch for now

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<v Speaker 1>for the risks worth watching. First, Sentiment is slipping faster

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<v Speaker 1>than price. Fear and greed drops seven points in one day,

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<v Speaker 1>while Bitcoin barely moved. That gap you usually closes one way.

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<v Speaker 1>Price catches down to sentiment, not the other way around.

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<v Speaker 1>If that happens, the two hundred day moving average becomes

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<v Speaker 1>resistance instead of support, and seventy nine thousand comes back

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<v Speaker 1>into play. Second, liquidity is spreading thin across smaller blockchain networks.

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<v Speaker 1>In plain English. Capital isn't leaving Crypto, it's just scattering

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<v Speaker 1>across dozens of smaller platforms without clear winners. Mega f

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<v Speaker 1>is down thirty seven percent this week, unichain AEVO, and

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<v Speaker 1>Derive are each down over eleven percent. Arbitrum and Base

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<v Speaker 1>are holding, but the long tail is bleeding. Third, the

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<v Speaker 1>Anthropic situation. People are selling unauthorized fake shares of the

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<v Speaker 1>AI company on chain, and Anthropic publicly warned investors this week.

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<v Speaker 1>The risk here isn't just that retail buyers get burned.

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<v Speaker 1>It's that a messy story like this tends to trigger

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<v Speaker 1>broad regulatory responses not targeted once, and that kind of

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<v Speaker 1>response could land on the legitimate on chain fund products

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<v Speaker 1>like jpm Morgan's money market funds at exactly the moment

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<v Speaker 1>they're gaining traction. That's the second order risk nobody's pricing

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<v Speaker 1>yet and looking ahead. Three things to watch this week. First,

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<v Speaker 1>Schwab's early trading data the first week tells you whether

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<v Speaker 1>demand was supply constrained or simply absent. High volumes would

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<v Speaker 1>be a strong signal that retail was always ready, they

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<v Speaker 1>just needed access. Second, Bitcoin and the two hundred day

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<v Speaker 1>moving average. A clean reclaim flips the technical picture bullish.

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<v Speaker 1>A rejection keeps the range bound grind intact and puts

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<v Speaker 1>seventy nine thousand back in play. Third, the Clarity Act.

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<v Speaker 1>Here's why it matters in plain English. Institutions that want

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<v Speaker 1>to build tokenized products, think on chain funds or digital securities,

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<v Speaker 1>don't have a clear legal rulebook to follow. This bill

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<v Speaker 1>would create that rule book. Bitwise flagged it as the

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<v Speaker 1>next big unlocked for that whole category. Any committee vote

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<v Speaker 1>or amendment news this week could move markets. That's the

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<v Speaker 1>pulse for May thirteenth. Trad Fi arrived sentiments shaky. The

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<v Speaker 1>macro signal is quietly bullish. A lot to watch. If

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<v Speaker 1>you got something out of this, send it to a

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<v Speaker 1>friend who's into crypto. That's the best way to support us.

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<v Speaker 1>This is educational content, not investment advice. Always do your

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<v Speaker 1>own research. I'm Alex, see you next time.