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<v Speaker 1>Hey, it's Alex with the Token Metrics daily pulse from

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<v Speaker 1>March twenty fifth, twenty twenty six. Got a lot to

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<v Speaker 1>cover today. Circle had a rough one bitcoin ETF money

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<v Speaker 1>is quietly stacking up, and some narrative numbers this week

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<v Speaker 1>are honestly kind of wild. Let's get into it, but

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<v Speaker 1>first a quick word from our sponsor. Okay, So here's

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<v Speaker 1>what's happening. So the headline that everyone's talking about Circle

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<v Speaker 1>stock dropped twenty percent in a single day. One day,

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<v Speaker 1>and the reason the Clarity Act draft has language about

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<v Speaker 1>stable coin yield sharing. Investors saw the words stable coin

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<v Speaker 1>and yield restriction in the same sentence and just sold.

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<v Speaker 1>That's it. That's the whole story. Except here's where it

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<v Speaker 1>gets interesting. Bernstein dropped a note saying the market reddit

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<v Speaker 1>completely backwards. The bill restricts distributors from sharing yield with customers,

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<v Speaker 1>not issuers. Circle doesn't pay yield to users, It collects

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<v Speaker 1>interest on its reserves and keeps it. The bill as

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<v Speaker 1>written doesn't touch that model. If anything, it locks out

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<v Speaker 1>competitors who do share yield. So a twenty percent drop

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<v Speaker 1>on a misread that's either a gift for people who

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<v Speaker 1>did the homework or warning that this stock trades on

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<v Speaker 1>headlines not fundamentals. Probably both, and at the same time,

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<v Speaker 1>same week, same market. Bitcoin ETF inflows came in at

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<v Speaker 1>two and a half billion dollars for the month, nearly

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<v Speaker 1>erasing all the year to date outflows. Bitcoin had a

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<v Speaker 1>rough price stretch, and institutional money didn't blink. They bought

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<v Speaker 1>the dip through regulated wrappers. Someone's panicking, someone else's buying.

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<v Speaker 1>Now where does that leave the broader market? Pretty steady? Actually,

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<v Speaker 1>Bitcoin sitting just under seventy two thousand, up a little

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<v Speaker 1>on the day, nothing dramatic. Ethereum and Solana are basically

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<v Speaker 1>moving in lockstep, both up a touch. Total market cap

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<v Speaker 1>around two and a half trillion. Bitcoin coin Dominance is

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<v Speaker 1>holding your fifty seven percent, which tells you alt coins

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<v Speaker 1>haven't really found their moment yet. Defied total value Locked

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<v Speaker 1>is sitting around one hundred billion volumes healthy at around

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<v Speaker 1>one hundred billion for the day. So the majors are fine. Quiet.

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<v Speaker 1>The actions not in the price chart today, It's in

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<v Speaker 1>the flows and the narratives. Okay, so here's the bigger

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<v Speaker 1>picture on what's actually moving things this week. Let's start

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<v Speaker 1>with those Bitcoin ETF flows, because I don't think this

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<v Speaker 1>is getting enough attention. Two and a half billion dollars

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<v Speaker 1>in a single month, nearly erasing year to date outflows

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<v Speaker 1>through a drawdown. That's the part that matters. Retail tends

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<v Speaker 1>to panic when price drops, institutions accumulate. The ETF structure

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<v Speaker 1>is basically a panic filter. It routes money through advisors

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<v Speaker 1>who think in quarters, not ours. And the question nobody's

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<v Speaker 1>really asking is if flows stayed this strong through a

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<v Speaker 1>rough patch on price, what happens when price starts running again.

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<v Speaker 1>That's the setup worth watching now. Monument Bank in the UK,

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<v Speaker 1>this one caught me off guard a little. They're tokenizing

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<v Speaker 1>two hundred and fifty million pounds in retail deposits UK first,

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<v Speaker 1>and here's the detail that actually matters. The deposits stay

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<v Speaker 1>FSCs protected. That's the UK's deposit or protection scheme up

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<v Speaker 1>to eighty five thousand pounds per person. Keeping that protection

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<v Speaker 1>intact while putting deposits on chain is the regulatory unlock

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<v Speaker 1>that every tokenized deposit project has been struggling with for years.

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<v Speaker 1>This isn't a DeFi experiment. This is a bank product.

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<v Speaker 1>If it works and regulators don't clawed back, it becomes

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<v Speaker 1>the template every other UK bank copies. Two hundred and

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<v Speaker 1>fifty million pounds is small in banking terms. The precedent

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<v Speaker 1>is not small. Then there's sts Digital. They just launched

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<v Speaker 1>a structured crypto products platform covering four hundred tokens, with

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<v Speaker 1>Kraken as the first distribution partner, targeting banks, family offices,

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<v Speaker 1>high net worth individuals. Structured products are how Wall Street

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<v Speaker 1>packages risk for people who want exposure without holding the

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<v Speaker 1>asset directly think capital protected notes, yield enhanced certificates. The

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<v Speaker 1>fact that this covers four hundred tokens is notable. Most

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<v Speaker 1>institutional crypto products stop at Bitcoin and ethereum. Going deeper

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<v Speaker 1>into the token universe means someone is betting that institutional

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<v Speaker 1>demand for all coin exposure exists and just needs the

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<v Speaker 1>right wrapper. If this gets traction, it creates a new

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<v Speaker 1>demand channel for MidCap tokens that doesn't show up in

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<v Speaker 1>spot ETF flows or decentralized exchange volume at all. And

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<v Speaker 1>then the narrative numbers. Okay, these are genuinely eye catching.

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<v Speaker 1>Deep in decentralized physical infrastructure up nearly forty three percent

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<v Speaker 1>over seven days. Meme coins up forty two percent. AI

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<v Speaker 1>tokens up thirty eight percent. When three unrelated Marria arraatives

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<v Speaker 1>all ripped by similar percentages in the same week, it's

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<v Speaker 1>usually not thesis driven. It's a rising tide capital rotating

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<v Speaker 1>into whatever got beaten down hardest. The more interesting signal

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<v Speaker 1>is what's not moving. DeFi and smart contract platforms are

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<v Speaker 1>up around eleven percent. That's less than a third of

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<v Speaker 1>the speculative categories. The market is chasing beta, not building

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<v Speaker 1>positions in infrastructure. Fun while it lasts, but historically this

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<v Speaker 1>is the part of the cycle where the speculative stuff

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<v Speaker 1>peaks first quick hits before we move on. Irish police

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<v Speaker 1>crack the first of twelve bitcoin wallets from a four

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<v Speaker 1>hundred million dollar drug seizure. Five hundred bitcoin wallets seized

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<v Speaker 1>back in twenty nineteen. That's a forensic story as much

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<v Speaker 1>as a crypto story. Cipher Digital stock jumped about nine

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<v Speaker 1>percent on a fifteen year hyperscaled data center lease, another

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<v Speaker 1>mining company pivoting toward AI. Compute and equity markets keep

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<v Speaker 1>rewarding that move. Ripple joins single Poors MS pilot program

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<v Speaker 1>with its rilusd stable coin. Getting into a central bank

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<v Speaker 1>pilot is the kind of regulatory credibility that takes years

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<v Speaker 1>to build, and AVE Labs proposed a version four reinvestment

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<v Speaker 1>module to activate idle liquidity and lift yields for lenders.

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<v Speaker 1>If it works, it improves returns without needing new depositors,

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<v Speaker 1>which is a more sustainable path than just chasing total

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<v Speaker 1>value law. All right, before we get into the risks,

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<v Speaker 1>quick word from our sponsor. Okay, we're back. Let's talk

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<v Speaker 1>about what to watch for. So what should you actually

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<v Speaker 1>be watching out for right now? Three things on my radar. First,

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<v Speaker 1>regulatory misread contagion circle dropped twenty percent on a misinterpretation

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<v Speaker 1>of one bill If that kind of hair trigger selling

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<v Speaker 1>hits other fintech adjacent crypto names. On the next headline,

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<v Speaker 1>the sector reprices on fear, not fundamentals. The Clarity Act

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<v Speaker 1>is still being drafted. There will be more head lines. Second,

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<v Speaker 1>narrative driven leverage without structural support deepin meme coins and

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<v Speaker 1>AI tokens all up thirty eight to forty three percent

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<v Speaker 1>in a week, while DeFi and layer ones lagged by

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<v Speaker 1>more than three times. That spread is a classic sign

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<v Speaker 1>of leverage chasing momentum when it unwinds the speculative names

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<v Speaker 1>fall faster and further than the rally suggests. Third Bitcoin

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<v Speaker 1>holding near seventy two thousand on rising open interest in

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<v Speaker 1>a choppy macro environment, leveraged longs are accumulating at elevated prices.

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<v Speaker 1>A macro shock that resets sentiment could trigger a cascade

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<v Speaker 1>of liquidations at levels that look like support. An hour

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<v Speaker 1>before and looking ahead, here's what's on my radar for

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<v Speaker 1>the next few days. The Clarity Act goes through committee

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<v Speaker 1>markup this week. The specific language around distributor versus issuer

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<v Speaker 1>yield restrictions will either confirm or reverse the circle cell

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<v Speaker 1>off thesis. Every table coin issuer is watching this closely.

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<v Speaker 1>Tomorrow March twenty six, there's a polymarket resolution on Bitcoin

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<v Speaker 1>above sixty two thousand. It's sitting at nearly one hundred

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<v Speaker 1>percent probability, so the resolution itself isn't the story. Watch

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<v Speaker 1>whether it triggers any positioning shifts in adjacent bitcoin price markets.

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<v Speaker 1>For the weeks ahead and by March thirty first, there's

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<v Speaker 1>about a thirty percent probability that micro strategy gets removed

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<v Speaker 1>from the MSCI index. That's real money hedging, a real

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<v Speaker 1>outcome if it happens passive funds that track the index

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<v Speaker 1>become forced sellers of mstare and that creates indirect pressure

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<v Speaker 1>on bitcoin at month. Then, by the way, if you

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<v Speaker 1>want the full written breakdown the sources, the watchnext signals,

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<v Speaker 1>all of it, check out our newsletter at tokenmetrics dot com.

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<v Speaker 1>It's all there. This is educational content, not investment advice.

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<v Speaker 1>Always do your own research. I'm Alex, See you next time.