Speaker 1: Hey, it's Alex with the Token Metrics Daily pulls for
Speaker 1: May ninth, twenty twenty six. Big regulatory news today, a
Speaker 1: crypto treasury blow up, and one chart that's been quietly
Speaker 1: doing work all week. Let's get into it, but first,
Speaker 1: a quick word from our sponsor. Okay, so here's what's happening.
Speaker 1: The Senate Banking Committee just set a mark update for
Speaker 1: the Clarity Act. This bill would write that line into law.
Speaker 1: That's a real shift. The catch banks are already pushing back.
Speaker 1: Their argument is that the bill lets stable coin issuers
Speaker 1: skip the kind of oversight that banks have to deal with.
Speaker 1: If that framing gets tractioning committee, the version that comes
Speaker 1: out could be a lot weaker than what the crypto
Speaker 1: industry is celebrating right now. And then there's Trump media.
Speaker 1: There Q one filing dropped and it's not pretty. The
Speaker 1: company held bitcoin and cro as its main treasury assets
Speaker 1: going into a quarter where both tokens fell sharply. The
Speaker 1: result a four hundred and six million dollar loss, mostly
Speaker 1: from having to write down the value of those holdings.
Speaker 1: This was supposed to be the next big corporate bitcoin bet. Instead,
Speaker 1: it's a lesson in what happens when the market doesn't
Speaker 1: cooperate with your timing and sitting underneath all of this,
Speaker 1: the Fear and Greed index is at thirty eight. That's
Speaker 1: fear territory. Bitcoin is holding just above eighty thousand dollars,
Speaker 1: but how people feel about the market hasn't caught up
Speaker 1: to where the price is. That gap matters. So where
Speaker 1: does the market actually stand right now? Honestly pretty quiet.
Speaker 1: Bitcoin is basically flat on the day, just above eighty thousand.
Speaker 1: Ethereum and Solana are each moving less than a percent.
Speaker 1: Total market cap is sitting around two point eight trillion,
Speaker 1: also barely moving. The number I keep coming back to
Speaker 1: is Bitcoin dominance at fifty eight percent. That's high, which
Speaker 1: means most of the money in crypto is still sitting
Speaker 1: in bitcoin rather than spreading out into smaller coins. When
Speaker 1: that number is elevated like this, it usually tells you
Speaker 1: traders are cautious. They want some crypto exposure, but they're
Speaker 1: not ready to take on more risk yet. Stable coin
Speaker 1: supply is just above three hundred and twenty billion. That's
Speaker 1: a lot of cash sitting on the sidelines, and it
Speaker 1: could move into the market fast if sentiment turns. But
Speaker 1: the fear and greed reading at thirty eight, unchanged for
Speaker 1: two days now is the real story. Price is stable,
Speaker 1: sentiment is not. Something has to give, So what's actually
Speaker 1: driving things right now? Regulation is dominating the Clarity act.
Speaker 1: Markup is pulling most of the attention, and it connects
Speaker 1: to a lot of other threads stable coins, the sec
Speaker 1: signaling it wants cleaner rules for crypto companies, even the
Speaker 1: Trump media story. The second big thread is security in
Speaker 1: decentralized finance. The KELP dow exploit is still rippling through
Speaker 1: the space. The short version an attacker used a vulnerability
Speaker 1: in a bridge, which is basically software that moves assets
Speaker 1: between different blockchains to create fake collateral and borrow against
Speaker 1: it on Ave, one of the biggest crypto lending platforms,
Speaker 1: Ave is now responding by raising the bar for what
Speaker 1: assets it will accept as collateral, not just price checks,
Speaker 1: but actual security reviews. The takeaway is that if other
Speaker 1: lending platforms follow, weaker or bridge dependent assets could have
Speaker 1: a harder time getting listed and quietly in the background,
Speaker 1: the Binance emerging market story is worth a moment. In
Speaker 1: countries with weak currencies and limited banking access, people are
Speaker 1: using crypto to pay bills in store savings, not to speculate.
Speaker 1: That's a structurally different user base. They don't leave when
Speaker 1: markets go sideways. That sets up the one chart I
Speaker 1: want to call out today. Solana is up about ten
Speaker 1: and a half percent over the last seven days. That's
Speaker 1: the best move among the major coins by a clear margin.
Speaker 1: Our model has the setup labeled very bullish, and the
Speaker 1: structure is still leaning higher. That said, the move is
Speaker 1: already crowded enough that any further upside may come in
Speaker 1: shorter bursts rather than a straight run. So the setup
Speaker 1: looks good, but chasing a ten percent week is a
Speaker 1: different kind of risk than getting in at the start
Speaker 1: of one. Worth keeping that in mind. A few more
Speaker 1: stories worth knowing about ave Labs is planning a full
Speaker 1: overhaul of how it evaluates collateral after the kelp dou
Speaker 1: exploit left the protocol holding bad debt. The takeaway is
Speaker 1: that the bar for what gets listed on the biggest
Speaker 1: crypto lending platform just got meaningfully higher. On the Bitcoin
Speaker 1: quantum front, Project eleven published a new report. They're not
Speaker 1: saying quantum computers can break bitcoin today. The argument is
Speaker 1: about timing. Some bitcoin wallets have exposed public keys, which
Speaker 1: means if quantum computing scales enough, those wallets could eventually
Speaker 1: become vulnerable. And getting the whole bitcoin network to agree
Speaker 1: on an upgrade takes time, potentially more time than would
Speaker 1: be available once the threat becomes real. Worth watching whether
Speaker 1: Bitcoin's core developers respond with a concrete plan. A couple
Speaker 1: of quick hits. Taro Wolf, a bitcoin minor, doubled its
Speaker 1: revenue from hosting AI computing, but still posted a big
Speaker 1: quarterly loss as mining income fell. It's a clear example
Speaker 1: of how miners are shifting toward AI to stay profitable.
Speaker 1: That's a new kind of tension for decentralized organizations. All right,
Speaker 1: before we get into the risks, quick word from our sponsor. Okay,
Speaker 1: we're back. Let's talk about what to watch for. Three
Speaker 1: things I'm watching on the risk side. First, fear and
Speaker 1: greed has been stuck at thirty eight for two straight
Speaker 1: days while bitcoin holds above eighty thousand. Price and sentiment
Speaker 1: don't usually stay disconnected for long. Either people start feeling
Speaker 1: better and we get a move higher, or a price
Speaker 1: comes down to meet the fear. Right now, traders are
Speaker 1: not treating this level as settled. Second, confidence in decentralized
Speaker 1: lending is under pressure. The KELP Dow exploit wasn't just
Speaker 1: one protocols problem. It showed how a flaw in one
Speaker 1: piece of infrastructure can create losses that spread into lending markets.
Speaker 1: AVE tightening its standards is a good sign, but it
Speaker 1: also tells you that risk teams see this as a
Speaker 1: broader issue, not a one off. Third the Clarity Act
Speaker 1: banking opposition banks are framing the bill as a way
Speaker 1: for stable coin issuers to avoid oversight. If that framing
Speaker 1: holds in committee, the version that comes out could be
Speaker 1: much weaker. Regulatory clarity with a big asterisk is still
Speaker 1: uncertainty bottom line cautiously neutral. I want to see a
Speaker 1: clean committee vote on the Clarity Act, and I want
Speaker 1: fear and greed to climb back above fifty before getting
Speaker 1: more aggressive. Looking ahead, two things on my radar. Ave's
Speaker 1: governance vote on the new collateral standards is coming in
Speaker 1: the next few days. The outcome could affect which assets
Speaker 1: stay listed and how much money moves around in the
Speaker 1: short term. And Parallel Protocols governance vote on payment infrastructure
Speaker 1: built for AI agents closes Monday. It's sitting at one
Speaker 1: hundred percent support so far. If it passes, it would
Speaker 1: be one of the first times a crypto community officially
Speaker 1: approved payment rails designed specifically for AI. An early signal
Speaker 1: for where that whole space is heading. That's the pulse
Speaker 1: for May ninth. If you got something out of this,
Speaker 1: send it to a friend who's into crypto. That's the
Speaker 1: best way to support us. This is educational content, not
Speaker 1: investment advice. Always do your own research. I'm Alex, See
Speaker 1: you next time.