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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 twenty at twenty twenty six. Tether just tightened its

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<v Speaker 1>grip on twenty one. Hyper Liquid is the only Layer

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<v Speaker 1>two actually growing right now, and Congress is coming for

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<v Speaker 1>prediction markets. We've got a lot to unpact today, so

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<v Speaker 1>let's dive in. But first, a quick word from our sponsor. Okay,

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<v Speaker 1>So here's what's happening. Hyper Liquid's token is up about

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<v Speaker 1>seven percent today, making it the second best performer in

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<v Speaker 1>the top twenty etf Inflows into the token have grown

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<v Speaker 1>eight times since launch. That's not a typo eight times. Meanwhile,

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<v Speaker 1>Tether just bought out SoftBank Steak in twenty one, the

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<v Speaker 1>Bitcoin treasury company, after the stock fell eighty four percent,

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<v Speaker 1>and the Senate is grilling prediction market firms. As we speak,

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<v Speaker 1>Fear and greed sits at twenty seven. That's fear territory.

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<v Speaker 1>So yeah, the market is recovering, but it's doing it quiet.

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<v Speaker 1>So where does that leave the broader market? Honestly, pretty subdued.

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<v Speaker 1>Bitcoin is grinding near about seventy seven thousand, up a

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<v Speaker 1>fraction of a percent. Ethereum is hovering around two thy

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<v Speaker 1>one hundred, also barely moving. Solana is at around eighty seven,

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<v Speaker 1>up a few percent. Total market cap is sitting around

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<v Speaker 1>two point six trillion. Nothing dramatic there, but here's the

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<v Speaker 1>number that actually matters. Bitcoin dominance is at fifty eight

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<v Speaker 1>percent and still climbing. That means, even as prices tick up,

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<v Speaker 1>alt coins are losing ground on a relative basis, money

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<v Speaker 1>is consolidating into Bitcoin, not spreading out in stable coin

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<v Speaker 1>supply flat zero change on the week. That tells you

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<v Speaker 1>fresh capital isn't really entering the market right now. The

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<v Speaker 1>Fear and Greed Index moved up two points to twenty seven.

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<v Speaker 1>Still fear. The bounce we're seeing is build built on sentiment,

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<v Speaker 1>not new money coming in. That's a fragile setup. Okay,

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<v Speaker 1>So here's the bigger picture on where capital is moving.

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<v Speaker 1>The analytics narrative is up one hundred and twelve percent

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<v Speaker 1>on the week. That's the biggest move across all track narratives.

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<v Speaker 1>Politify is up sixty nine percent, and that's not a coincidence.

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<v Speaker 1>The Senate hearing on prediction markets is happening today, and

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<v Speaker 1>political attention is pushing speculative money into politically adjacent tokens.

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<v Speaker 1>Squd is the top gainer in analytics, up about eleven

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<v Speaker 1>percent on the week. In the AI narrative, up eighteen percent,

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<v Speaker 1>Open Serve is the standout, up nearly one hundred and

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<v Speaker 1>ninety five percent in seven days. That's a massive move

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<v Speaker 1>for a single token. Dpen is up twenty three percent,

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<v Speaker 1>with Chia as the top gainer there at over fifty

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<v Speaker 1>five percent, and memes are up eleven percent, led by

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<v Speaker 1>per at seventy four percent. So even in a fear market,

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<v Speaker 1>capital is finding pockets to rotate into. It's just not

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<v Speaker 1>spreading evenly. And there's one macro move worth putting on

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<v Speaker 1>your radar before we get into the news. Oil led

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<v Speaker 1>the majors this week, up about three percent on the

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<v Speaker 1>USO tracker. That might sound like a stock market story,

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<v Speaker 1>but it's not not entirely. Oil is a macro inflation signal.

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<v Speaker 1>When it moves like this, it usually reflects tighter growth

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<v Speaker 1>expectations or supply pressure, and both of those things feed

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<v Speaker 1>directly into how the Fed thinks about rates, how the

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<v Speaker 1>dollar moves, and ultimately how much risk appetite flows into crypto.

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<v Speaker 1>A rising oil price in a fear market is worth watching.

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<v Speaker 1>It can squeeze liquidity in ways that hit crypto harder

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<v Speaker 1>than equities. This is the tip of the iceberg. The

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<v Speaker 1>full macro regime read is in the Monthly playbook fourteen

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

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<v Speaker 1>the stories driving all this. First up, hyper Liquid, this

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<v Speaker 1>isn't just price story. Every other major layer to his

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<v Speaker 1>bleeding arbitrum is down on the week, base is down,

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<v Speaker 1>the optimism ecosystem is down nearly five percent. Hyper Liquid

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<v Speaker 1>is the only top five layer to actually growing right now.

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<v Speaker 1>If it holds, the etf story has real legs if

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<v Speaker 1>it gives back gains while Bitcoin holds. This was just

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<v Speaker 1>leverage refilling on a narrative. Next twenty one, SoftBank just

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<v Speaker 1>exited at an eighty four percent loss. Tether bought them out.

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<v Speaker 1>Let that sit for a second. Tether now has a

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<v Speaker 1>tighter grip on the whole operation. That's not necessarily bad.

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<v Speaker 1>Tether has the balance sheet, but the diversified institutional backing

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<v Speaker 1>story just got a lot smaller. Watch for new bitcoin

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<v Speaker 1>purchase announcements from twenty one in the next seven days. Third,

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<v Speaker 1>the Ethereum Foundation eight senior departures in twenty twenty six research,

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<v Speaker 1>protocol development, communications across the board. Ethereum is up marginally

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<v Speaker 1>today but has been underperforming Bitcoin for months. The real

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<v Speaker 1>risk here is coordination. And then there's the quantum story.

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<v Speaker 1>We're not there yet. Current quantum hardware is nowhere near

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<v Speaker 1>the threshold. But this is the kind of story that

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<v Speaker 1>gets dismissed until it isn't. The real risk isn't the

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<v Speaker 1>technology today, it's the narrative. On the regulatory front. The

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<v Speaker 1>Senate Commerce Committee called in prediction market firms today. Polymarket

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<v Speaker 1>just launched private company prediction markets powered by NASDAK data.

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<v Speaker 1>The regulatory window is closing fast. The question isn't whether

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<v Speaker 1>prediction markets work, it's whether regulators will let them operate

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<v Speaker 1>in the US at all. Crypto custody firm Copper is

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<v Speaker 1>exploring a five hundred million dollars sale Variational raised fifty

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<v Speaker 1>million dollars in a Series A to bring traditional finance

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<v Speaker 1>liquidity on chain via arbitrum. All right, before we get

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<v Speaker 1>into the risks, quick word from our spaw. Okay, we're back.

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<v Speaker 1>Let's talk about what to watch for. The market recovered

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<v Speaker 1>from extreme fear to fear in one day, but stable

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<v Speaker 1>coin supply hasn't moved in a week. That means sentiment

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<v Speaker 1>improved on price action alone, not fresh capital entering. Bounce

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<v Speaker 1>is built on sentiment without new money, tend to fade.

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<v Speaker 1>If Bitcoin stalls near seventy eight to eighty thousand, the

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<v Speaker 1>next step could reset sentiment faster than this recovery happened.

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<v Speaker 1>Second risk, the Ethereum foundation drain eight eight senior departures

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<v Speaker 1>in one year isn't a personnel story. It's a coordination risk.

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<v Speaker 1>If key people leave before the next major protocol upgrade,

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<v Speaker 1>timeline slip and the Ethereum to Bitcoin ratio comes under

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<v Speaker 1>more pressure. Third, the quantum exposure narrative last nodes ten

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<v Speaker 1>percent figure is not an immediate technical threat, but it's

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<v Speaker 1>exactly the kind of story that can drive fear based selling.

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<v Speaker 1>If a quantum computing headline lands at the wrong moment.

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<v Speaker 1>The risk isn't the technology, it's the narrative catching fire

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<v Speaker 1>before the nuance does. Bottom Line, the market is recovering

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<v Speaker 1>on vibes, not inflows. Bitcoin dominance is climbing, fear and

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<v Speaker 1>greed barely moved off the floor. That only changes if

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<v Speaker 1>stable coin supply adds meaningfully in the next few days

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<v Speaker 1>and hyper Liquid's ETF momentum spreads to other old coin

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<v Speaker 1>categories and looking ahead. Tomorrow Thursday, May twenty first, the

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<v Speaker 1>UNISWAP Fee expansion governance vote closes. It's running at one

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<v Speaker 1>hundred percent approval on the temp check. If it advances

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<v Speaker 1>to a binding vote, the buyback economics for uniswaps token

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<v Speaker 1>change materially worth watching if you hold any decks governance tokens.

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<v Speaker 1>Then on Saturday May twenty fourth, the Parallel PIP sixty

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<v Speaker 1>nine governance vote closes. That one changes how parallel stable

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<v Speaker 1>coin can be deployed across chains, a structural shift to

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<v Speaker 1>the protocols liquidity architecture. Quick note from Token Metrics Hidden

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<v Speaker 1>Gems is now live for low cap token discovery. If

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<v Speaker 1>you've been looking for a way to find smaller tokens

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<v Speaker 1>before they get crowded, that's the tool to check out

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<v Speaker 1>link in show notes. By the way, if you want

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<v Speaker 1>the full written breakdown, check out our newsletter at tokenmetrics

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<v Speaker 1>dot com. This is educational content, not investment advice. Always

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