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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 ninth, twenty twenty six. Got a lot to cover

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<v Speaker 1>today and honestly, the market is starting to look a

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<v Speaker 1>lot different than it did even a month ago. Grab

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<v Speaker 1>a coffee, let's get into it. But first a quick

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

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<v Speaker 1>here's the thing. The world of bitcoin mining is undergoing

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<v Speaker 1>a massive shift. One of the biggest players, Mara, just

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<v Speaker 1>posted a quarterly loss of nearly two billion dollars. Now,

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<v Speaker 1>normally that would send a stock into the basement, right,

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<v Speaker 1>but instead the shares jumped fifteen percent. Why because they

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<v Speaker 1>announced a deal to pivot into AI data centers. Look,

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<v Speaker 1>it's becoming clear that these miners are realizing they're just

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<v Speaker 1>energy arbitragures, and right now, training AI models pays way

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<v Speaker 1>better than mining bitcoin. At the same time, Jack Dorsey's

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<v Speaker 1>company Block is cutting forty percent of its staff. Dorsey's

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<v Speaker 1>basically admitting that stable coins are eating their lunch. It's

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<v Speaker 1>a pivot for the history books. Infrastructure is migrating from

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<v Speaker 1>hashing to learning. Now here's where it gets interesting, or

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<v Speaker 1>maybe just a bit quiet. Markets were pretty flat today. Honestly,

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<v Speaker 1>Bitcoin is just stuck. It's hovering around sixty eight thousand,

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<v Speaker 1>trapped in this range between sixty and sixty nine. K

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<v Speaker 1>Ethereum is sitting around two thousand, and Solana is basically

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<v Speaker 1>flat at eighty seven bucks. We're in what I call

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<v Speaker 1>the apathy zone. The leverage has been flushed out, which

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<v Speaker 1>is good, but fresh money isn't exactly kicking the door

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<v Speaker 1>down to buy the dip yet. It's a stare down

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<v Speaker 1>between long term holders who won't sell and macro investors

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<v Speaker 1>who are just well, they're anxious. Boring can be bullish

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<v Speaker 1>for accumulation, but man, it feels slow. Okay, So here's

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<v Speaker 1>the bigger picture on a few other things I'm watching.

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<v Speaker 1>First off, polymarket. It's supposed to be this truth machine,

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<v Speaker 1>right While some traders just made over a million dollars

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<v Speaker 1>betting on a zach XBT investigation before it even went public.

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<v Speaker 1>It turns out prediction markets are becoming the ultimate place

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<v Speaker 1>for insiders to monetize secrets. If you see volume spike

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<v Speaker 1>on a niche market with no news, well someone probably

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<v Speaker 1>knows something you don't. On a more positive note, meta

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<v Speaker 1>Mask just launched a crypto debit card with MasterCard in

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<v Speaker 1>the US. This is a big deal because it lets

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<v Speaker 1>you spend directly from self custody. No more sending to

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<v Speaker 1>an exchange, waiting three days and paying fees just to

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<v Speaker 1>buy a coffee. You just swipe. It's bridging that gap

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<v Speaker 1>without making you give up your keys. Also, we're seeing

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<v Speaker 1>some consolidation in the space. Magic Eden is actually shutting

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<v Speaker 1>down its bitcoin and EVM deployments to focus back on

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<v Speaker 1>its Salana roots. It turns out omni chain is expensive

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<v Speaker 1>and honestly maybe a bit unnecessary for most people. Meanwhile,

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<v Speaker 1>Circle shares hit ninety dollars, completely diverging from the rest

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<v Speaker 1>of the crypto market. Wall Street is finally starting to

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<v Speaker 1>treat stable coin issuers like actual fintech infrastructure rather than

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<v Speaker 1>just crypto proxies. 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 worried about. Well, the risk map is flashing a

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<v Speaker 1>few yellow lights. First, that insider betting on polymarket. It

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<v Speaker 1>really erodes trust in the whole wisdom of the crowd narrative.

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<v Speaker 1>Then there's the fintech deflation risk. If block is firing

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<v Speaker 1>nearly half their staff because stable coins are destroying their margins,

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<v Speaker 1>it tells you how disruptive this tech actually is to

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<v Speaker 1>the old guard. And finally, keep an eye on the miners.

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<v Speaker 1>While the AI pivot is great for their stock price,

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<v Speaker 1>it suggests the actual economics of mining bitcoin are well,

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<v Speaker 1>they're kind of broken right now. That's a structural shift

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<v Speaker 1>we can't ignore. And looking ahead, we've got two big

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<v Speaker 1>things on the radar. First, there's a massive ethereum expiry

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<v Speaker 1>coming up at the twenty one hundred dollars level. Prediction

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<v Speaker 1>markets only give it about a nine percent chance of holding,

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<v Speaker 1>so watch for some volatility there. Then we have the

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<v Speaker 1>Bitcoin monthly close. If we close below sixty thousand, that

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<v Speaker 1>would be a major signal that the market structure has

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<v Speaker 1>officially shifted. We'll be watching that one closely. By the way,

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<v Speaker 1>if you want the full written breakdown of everything we

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<v Speaker 1>talked about, check out our newsletter at Pulse dot 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.