Speaker 1: Hey, it's Alex with the Token Metrics daily Pulse from
Speaker 1: March ninth, twenty twenty six. Got a lot to cover
Speaker 1: today and honestly, the market is starting to look a
Speaker 1: lot different than it did even a month ago. Grab
Speaker 1: a coffee, let's get into it. But first a quick
Speaker 1: word from our sponsor. Okay, So here's what's happening. So
Speaker 1: here's the thing. The world of bitcoin mining is undergoing
Speaker 1: a massive shift. One of the biggest players, Mara, just
Speaker 1: posted a quarterly loss of nearly two billion dollars. Now,
Speaker 1: normally that would send a stock into the basement, right,
Speaker 1: but instead the shares jumped fifteen percent. Why because they
Speaker 1: announced a deal to pivot into AI data centers. Look,
Speaker 1: it's becoming clear that these miners are realizing they're just
Speaker 1: energy arbitragures, and right now, training AI models pays way
Speaker 1: better than mining bitcoin. At the same time, Jack Dorsey's
Speaker 1: company Block is cutting forty percent of its staff. Dorsey's
Speaker 1: basically admitting that stable coins are eating their lunch. It's
Speaker 1: a pivot for the history books. Infrastructure is migrating from
Speaker 1: hashing to learning. Now here's where it gets interesting, or
Speaker 1: maybe just a bit quiet. Markets were pretty flat today. Honestly,
Speaker 1: Bitcoin is just stuck. It's hovering around sixty eight thousand,
Speaker 1: trapped in this range between sixty and sixty nine. K
Speaker 1: Ethereum is sitting around two thousand, and Solana is basically
Speaker 1: flat at eighty seven bucks. We're in what I call
Speaker 1: the apathy zone. The leverage has been flushed out, which
Speaker 1: is good, but fresh money isn't exactly kicking the door
Speaker 1: down to buy the dip yet. It's a stare down
Speaker 1: between long term holders who won't sell and macro investors
Speaker 1: who are just well, they're anxious. Boring can be bullish
Speaker 1: for accumulation, but man, it feels slow. Okay, So here's
Speaker 1: the bigger picture on a few other things I'm watching.
Speaker 1: First off, polymarket. It's supposed to be this truth machine,
Speaker 1: right While some traders just made over a million dollars
Speaker 1: betting on a zach XBT investigation before it even went public.
Speaker 1: It turns out prediction markets are becoming the ultimate place
Speaker 1: for insiders to monetize secrets. If you see volume spike
Speaker 1: on a niche market with no news, well someone probably
Speaker 1: knows something you don't. On a more positive note, meta
Speaker 1: Mask just launched a crypto debit card with MasterCard in
Speaker 1: the US. This is a big deal because it lets
Speaker 1: you spend directly from self custody. No more sending to
Speaker 1: an exchange, waiting three days and paying fees just to
Speaker 1: buy a coffee. You just swipe. It's bridging that gap
Speaker 1: without making you give up your keys. Also, we're seeing
Speaker 1: some consolidation in the space. Magic Eden is actually shutting
Speaker 1: down its bitcoin and EVM deployments to focus back on
Speaker 1: its Salana roots. It turns out omni chain is expensive
Speaker 1: and honestly maybe a bit unnecessary for most people. Meanwhile,
Speaker 1: Circle shares hit ninety dollars, completely diverging from the rest
Speaker 1: of the crypto market. Wall Street is finally starting to
Speaker 1: treat stable coin issuers like actual fintech infrastructure rather than
Speaker 1: just crypto proxies. All right, before we get into the risks,
Speaker 1: quick word from our sponsor. Okay, we're back. Let's talk
Speaker 1: about what to watch for. So what should you actually
Speaker 1: be worried about. Well, the risk map is flashing a
Speaker 1: few yellow lights. First, that insider betting on polymarket. It
Speaker 1: really erodes trust in the whole wisdom of the crowd narrative.
Speaker 1: Then there's the fintech deflation risk. If block is firing
Speaker 1: nearly half their staff because stable coins are destroying their margins,
Speaker 1: it tells you how disruptive this tech actually is to
Speaker 1: the old guard. And finally, keep an eye on the miners.
Speaker 1: While the AI pivot is great for their stock price,
Speaker 1: it suggests the actual economics of mining bitcoin are well,
Speaker 1: they're kind of broken right now. That's a structural shift
Speaker 1: we can't ignore. And looking ahead, we've got two big
Speaker 1: things on the radar. First, there's a massive ethereum expiry
Speaker 1: coming up at the twenty one hundred dollars level. Prediction
Speaker 1: markets only give it about a nine percent chance of holding,
Speaker 1: so watch for some volatility there. Then we have the
Speaker 1: Bitcoin monthly close. If we close below sixty thousand, that
Speaker 1: would be a major signal that the market structure has
Speaker 1: officially shifted. We'll be watching that one closely. By the way,
Speaker 1: if you want the full written breakdown of everything we
Speaker 1: talked about, check out our newsletter at Pulse dot tokenmetrics
Speaker 1: dot com. This is educational content, not investment advice. Always
Speaker 1: do your own research. I'm Alex, See you next time.