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<v Speaker 1>Hey, it's Alex with the Token Metrics Daily pulls for

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<v Speaker 1>May ninth, twenty twenty six. Big regulatory news today, a

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<v Speaker 1>crypto treasury blow up, and one chart that's been quietly

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<v Speaker 1>doing work all week. Let's get into it, but first,

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<v Speaker 1>a quick word from our sponsor. Okay, so here's what's happening.

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<v Speaker 1>The Senate Banking Committee just set a mark update for

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<v Speaker 1>the Clarity Act. This bill would write that line into law.

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<v Speaker 1>That's a real shift. The catch banks are already pushing back.

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<v Speaker 1>Their argument is that the bill lets stable coin issuers

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<v Speaker 1>skip the kind of oversight that banks have to deal with.

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<v Speaker 1>If that framing gets tractioning committee, the version that comes

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<v Speaker 1>out could be a lot weaker than what the crypto

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<v Speaker 1>industry is celebrating right now. And then there's Trump media.

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<v Speaker 1>There Q one filing dropped and it's not pretty. The

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<v Speaker 1>company held bitcoin and cro as its main treasury assets

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<v Speaker 1>going into a quarter where both tokens fell sharply. The

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<v Speaker 1>result a four hundred and six million dollar loss, mostly

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<v Speaker 1>from having to write down the value of those holdings.

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<v Speaker 1>This was supposed to be the next big corporate bitcoin bet. Instead,

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<v Speaker 1>it's a lesson in what happens when the market doesn't

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<v Speaker 1>cooperate with your timing and sitting underneath all of this,

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<v Speaker 1>the Fear and Greed index is at thirty eight. That's

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<v Speaker 1>fear territory. Bitcoin is holding just above eighty thousand dollars,

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<v Speaker 1>but how people feel about the market hasn't caught up

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<v Speaker 1>to where the price is. That gap matters. So where

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<v Speaker 1>does the market actually stand right now? Honestly pretty quiet.

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<v Speaker 1>Bitcoin is basically flat on the day, just above eighty thousand.

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<v Speaker 1>Ethereum and Solana are each moving less than a percent.

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<v Speaker 1>Total market cap is sitting around two point eight trillion,

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<v Speaker 1>also barely moving. The number I keep coming back to

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<v Speaker 1>is Bitcoin dominance at fifty eight percent. That's high, which

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<v Speaker 1>means most of the money in crypto is still sitting

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<v Speaker 1>in bitcoin rather than spreading out into smaller coins. When

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<v Speaker 1>that number is elevated like this, it usually tells you

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<v Speaker 1>traders are cautious. They want some crypto exposure, but they're

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<v Speaker 1>not ready to take on more risk yet. Stable coin

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<v Speaker 1>supply is just above three hundred and twenty billion. That's

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<v Speaker 1>a lot of cash sitting on the sidelines, and it

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<v Speaker 1>could move into the market fast if sentiment turns. But

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<v Speaker 1>the fear and greed reading at thirty eight, unchanged for

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<v Speaker 1>two days now is the real story. Price is stable,

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<v Speaker 1>sentiment is not. Something has to give, So what's actually

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<v Speaker 1>driving things right now? Regulation is dominating the Clarity act.

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<v Speaker 1>Markup is pulling most of the attention, and it connects

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<v Speaker 1>to a lot of other threads stable coins, the sec

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<v Speaker 1>signaling it wants cleaner rules for crypto companies, even the

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<v Speaker 1>Trump media story. The second big thread is security in

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<v Speaker 1>decentralized finance. The KELP dow exploit is still rippling through

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<v Speaker 1>the space. The short version an attacker used a vulnerability

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<v Speaker 1>in a bridge, which is basically software that moves assets

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<v Speaker 1>between different blockchains to create fake collateral and borrow against

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<v Speaker 1>it on Ave, one of the biggest crypto lending platforms,

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<v Speaker 1>Ave is now responding by raising the bar for what

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<v Speaker 1>assets it will accept as collateral, not just price checks,

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<v Speaker 1>but actual security reviews. The takeaway is that if other

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<v Speaker 1>lending platforms follow, weaker or bridge dependent assets could have

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<v Speaker 1>a harder time getting listed and quietly in the background,

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<v Speaker 1>the Binance emerging market story is worth a moment. In

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<v Speaker 1>countries with weak currencies and limited banking access, people are

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<v Speaker 1>using crypto to pay bills in store savings, not to speculate.

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<v Speaker 1>That's a structurally different user base. They don't leave when

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<v Speaker 1>markets go sideways. That sets up the one chart I

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<v Speaker 1>want to call out today. Solana is up about ten

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<v Speaker 1>and a half percent over the last seven days. That's

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<v Speaker 1>the best move among the major coins by a clear margin.

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<v Speaker 1>Our model has the setup labeled very bullish, and the

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<v Speaker 1>structure is still leaning higher. That said, the move is

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<v Speaker 1>already crowded enough that any further upside may come in

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<v Speaker 1>shorter bursts rather than a straight run. So the setup

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<v Speaker 1>looks good, but chasing a ten percent week is a

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<v Speaker 1>different kind of risk than getting in at the start

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<v Speaker 1>of one. Worth keeping that in mind. A few more

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<v Speaker 1>stories worth knowing about ave Labs is planning a full

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<v Speaker 1>overhaul of how it evaluates collateral after the kelp dou

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<v Speaker 1>exploit left the protocol holding bad debt. The takeaway is

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<v Speaker 1>that the bar for what gets listed on the biggest

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<v Speaker 1>crypto lending platform just got meaningfully higher. On the Bitcoin

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<v Speaker 1>quantum front, Project eleven published a new report. They're not

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<v Speaker 1>saying quantum computers can break bitcoin today. The argument is

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<v Speaker 1>about timing. Some bitcoin wallets have exposed public keys, which

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<v Speaker 1>means if quantum computing scales enough, those wallets could eventually

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<v Speaker 1>become vulnerable. And getting the whole bitcoin network to agree

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<v Speaker 1>on an upgrade takes time, potentially more time than would

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<v Speaker 1>be available once the threat becomes real. Worth watching whether

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<v Speaker 1>Bitcoin's core developers respond with a concrete plan. A couple

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<v Speaker 1>of quick hits. Taro Wolf, a bitcoin minor, doubled its

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<v Speaker 1>revenue from hosting AI computing, but still posted a big

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<v Speaker 1>quarterly loss as mining income fell. It's a clear example

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<v Speaker 1>of how miners are shifting toward AI to stay profitable.

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<v Speaker 1>That's a new kind of tension for decentralized organizations. 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 back. Let's talk about what to watch for. Three

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<v Speaker 1>things I'm watching on the risk side. First, fear and

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<v Speaker 1>greed has been stuck at thirty eight for two straight

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<v Speaker 1>days while bitcoin holds above eighty thousand. Price and sentiment

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<v Speaker 1>don't usually stay disconnected for long. Either people start feeling

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<v Speaker 1>better and we get a move higher, or a price

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<v Speaker 1>comes down to meet the fear. Right now, traders are

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<v Speaker 1>not treating this level as settled. Second, confidence in decentralized

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<v Speaker 1>lending is under pressure. The KELP Dow exploit wasn't just

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<v Speaker 1>one protocols problem. It showed how a flaw in one

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<v Speaker 1>piece of infrastructure can create losses that spread into lending markets.

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<v Speaker 1>AVE tightening its standards is a good sign, but it

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<v Speaker 1>also tells you that risk teams see this as a

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<v Speaker 1>broader issue, not a one off. Third the Clarity Act

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<v Speaker 1>banking opposition banks are framing the bill as a way

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<v Speaker 1>for stable coin issuers to avoid oversight. If that framing

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<v Speaker 1>holds in committee, the version that comes out could be

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<v Speaker 1>much weaker. Regulatory clarity with a big asterisk is still

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<v Speaker 1>uncertainty bottom line cautiously neutral. I want to see a

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<v Speaker 1>clean committee vote on the Clarity Act, and I want

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<v Speaker 1>fear and greed to climb back above fifty before getting

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<v Speaker 1>more aggressive. Looking ahead, two things on my radar. Ave's

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<v Speaker 1>governance vote on the new collateral standards is coming in

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<v Speaker 1>the next few days. The outcome could affect which assets

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<v Speaker 1>stay listed and how much money moves around in the

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<v Speaker 1>short term. And Parallel Protocols governance vote on payment infrastructure

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<v Speaker 1>built for AI agents closes Monday. It's sitting at one

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<v Speaker 1>hundred percent support so far. If it passes, it would

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<v Speaker 1>be one of the first times a crypto community officially

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<v Speaker 1>approved payment rails designed specifically for AI. An early signal

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<v Speaker 1>for where that whole space is heading. That's the pulse

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<v Speaker 1>for May ninth. If you got something out of this,

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<v Speaker 1>send it to a friend who's into crypto. That's the

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<v Speaker 1>best way to support us. This is educational content, not

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<v Speaker 1>investment advice. Always do your own research. I'm Alex, See

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<v Speaker 1>you next time.