Speaker 1: Hey, it's Alex with the Token Metrics Daily Pulse for
Speaker 1: April seventh, twenty twenty six. Bitcoin ETFs just had their
Speaker 1: best single day in six weeks, and Bitcoin is still
Speaker 1: down on the day, a Nobel Prize winning physicist is
Speaker 1: telling the crypto industry its quantum timeline is wrong, and
Speaker 1: XRP is quietly eating everyone's lunch in the funflow data.
Speaker 1: A lot to unpack, but first a quick word from
Speaker 1: our sponsor. Okay, so here's what's happening. So here's the setup.
Speaker 1: Today Bitcoin pulled back to around sixty eight thousand ethereums,
Speaker 1: sitting just above two thousand. Solana is down nearly four percent.
Speaker 1: The whole market is off. But here's the thing that
Speaker 1: doesn't fit the narrative. Bitcoin ETFs just logged four hundred
Speaker 1: and seventy one million dollars in a single day. That's
Speaker 1: the biggest haul since February. Price is falling, institutional buyers
Speaker 1: are stepping in. Those two things are not supposed to
Speaker 1: happen at the same time, and that tension is the
Speaker 1: whole story today. Now here's where it gets interesting. With
Speaker 1: the broader picture. Bitcoin dominance just ticked up to fifty
Speaker 1: six and a half percent. Etherium and Solana are bleeding
Speaker 1: harder than Bitcoin on a percentage basis. That's not a
Speaker 1: random scatter. That's capital consolidating into the perceived safe haven
Speaker 1: within crypto. When you see that pattern extend alt liquidity
Speaker 1: tends to dry up fast. The total market cap is
Speaker 1: sitting around two point four trillion, down a bit on
Speaker 1: the day, but nothing catastrophic. DeFi total value locked is
Speaker 1: basically flat, which tells you the DeFi side of the
Speaker 1: market isn't seeing major exits, just kind of holding its breath.
Speaker 1: And on the narrative side, d PIN is up nearly
Speaker 1: twenty nine percent over the last seven days, AI tokens
Speaker 1: up twenty percent, meme coins up seventeen percent. So here's
Speaker 1: the contradiction. The blue chips are bleeding, but speculative appetite
Speaker 1: hasn't died. It's just rotated into sectors with a story
Speaker 1: to tell. That's a market that's consolidating, not collapsing. All right,
Speaker 1: So what's actually driving all this. Let's go through the
Speaker 1: big stories. First up, the ETF flows four hundred and
Speaker 1: seventy one million dollars in a single day into bitcoin ETFs.
Speaker 1: That's the biggest one day print since February, and you
Speaker 1: know what happened after the last time flows ran this
Speaker 1: hot price went on a leg up. Now that's not
Speaker 1: a prediction, it's a pattern worth respecting. Here's the tension, though.
Speaker 1: Price is still down on the day. So either the
Speaker 1: institutional bid accelerates and absorbs the selling pressure, or this
Speaker 1: was a one day anomaly and we find a lower equilibrium.
Speaker 1: The last time we saw dip buying at this scale
Speaker 1: from institutional allocators, it wasn't retail fomo, it was patient capital.
Speaker 1: Those two things move markets on very different timescales. Okay,
Speaker 1: so second story, and this one caught me off guard.
Speaker 1: A Nobel Prize winning physicist is saying quantum computing will
Speaker 1: target encryption sooner than the industry expects. We're talking about
Speaker 1: doctor John Martinez, former head of quantum hardware at Google,
Speaker 1: who won the Nobel Prize in Physics in twenty twenty five.
Speaker 1: He's not a fringe voice, and he's saying breaking encryption
Speaker 1: will be among the earliest use cases for quantum computers,
Speaker 1: not the last. The earliest. Bitcoin's specific vulnerability here is
Speaker 1: its ecdsa signature scheme, basically the cryptographic lock on every wallet.
Speaker 1: The fix exists. Post quantum cryptography is a real thing,
Speaker 1: but migrating an entire blockchain's address space requires every participant
Speaker 1: to coordinate at the same time. Think of it like
Speaker 1: getting every country on Earth to change their locks simultaneously,
Speaker 1: with no central authority to call the meeting. The crypto
Speaker 1: community has been treating this like a twenty year problem.
Speaker 1: Martiniz is compressing that timeline, and right now the market
Speaker 1: has priced exactly zero of that risk. Third story, and honestly,
Speaker 1: this one deserves more attention than it's getting. XRP led
Speaker 1: all assets in weekly ETP inflows last week one hundred
Speaker 1: and nineteen million dollars into XRP products alone out of
Speaker 1: two hundred and twenty four million total across global crypto funds.
Speaker 1: Let that land. XRP captured more than half of last
Speaker 1: week's global crypto fund inflows, not Bitcoin, not ethereum. XRP.
Speaker 1: Bitcoin sentiment was described as mixed, ethereum lagging, and XRP
Speaker 1: is running a completely different race. This isn't momentum chasing
Speaker 1: its post regulatory clarity positioning. After years of sec litigation,
Speaker 1: institutions that were sidelined now have a legal on ramp.
Speaker 1: That's pent up demand finally being released, and that's a
Speaker 1: structurally different animal than a meme rally. Fourth, the FBI's
Speaker 1: twenty twenty five Internet Crime Report dropped, and the number
Speaker 1: is eleven point four billion do lost to crypto scams
Speaker 1: in a single year, not hacks, not smart contract exploits scams,
Speaker 1: and nearly forty percent of those losses hit older Americans.
Speaker 1: Here's the uncomfortable truth. Crypto's biggest security problem isn't quantum
Speaker 1: computing or protocol bugs. It's that the user experience is
Speaker 1: still predatory enough to let social engineers steal eleven billion
Speaker 1: dollars from regular people. Every time a protocol touts its
Speaker 1: security audits. Remember the attack surface that matters most isn't
Speaker 1: the code, it's the human. And last, this is the
Speaker 1: story hiding inside a headline strategy. The company famous for
Speaker 1: aggressive bitcoin buying has stopped moving the market. They put
Speaker 1: three hundred and thirty million dollars to work in Q one,
Speaker 1: and price barely flinched. When the biggest known buyer in
Speaker 1: the space can't move price, it tells you something about
Speaker 1: where the marginal seller is. The market has fully absorbed
Speaker 1: the strategy bid as baseline, the surprise factor is gone.
Speaker 1: For price to actually move from here, you need a
Speaker 1: new buyer. That's either a new wave of ETA flows,
Speaker 1: which today's four hundred and seventy one million print hints at,
Speaker 1: or a macro catalyst that forces fresh allocation. Strategy is
Speaker 1: no longer the catalyst. It's furniture, all right, Before we
Speaker 1: get into the risks, quick word from our sponsor. Okay,
Speaker 1: we're back. Let's talk about what to watch for. So
Speaker 1: what should you actually be watching for on the risk side?
Speaker 1: Three things on my radar right now. One the sentiment
Speaker 1: price divergence. Four hundred and seventy one million in institutional
Speaker 1: inflows and price is still falling. When the bid can't
Speaker 1: hold price, it means sellers are absorbing it. Divergences like
Speaker 1: this tend to resolve violently in one direction or the other.
Speaker 1: You want to know which way before it moves. Not
Speaker 1: after two, Bitcoin dominance rising, while alts bleed harder, Salona
Speaker 1: down nearly four percent, Ethereum down almost three, Bitcoin down
Speaker 1: less than two. When this pattern extends, leveraged ALT positions
Speaker 1: are usually the first casualty if you're running leverage on
Speaker 1: smaller names right now. That's the exposure worth stress testing.
Speaker 1: Three Quantum risk is unpriced a Nobel physicist. Shortening the
Speaker 1: timeline is not a probably nothing headline. There's no emergency
Speaker 1: brake on a bitcoin protocol migration. No one can force
Speaker 1: the upgrade. Everyone has to move together. If the timeline
Speaker 1: compresses to five to seven years instead of twenty, the
Speaker 1: market is currently pricing that risk at zero, which is
Speaker 1: probably wrong. And looking ahead. Two things on my calendar
Speaker 1: for the next few days. April tenth USCPI data. The
Speaker 1: inflation print is the single most important macro input for
Speaker 1: FED rate expectations right now. A hot number kills the
Speaker 1: rate cut narrative that's been supporting risk assets Crypto included.
Speaker 1: Watch how bigcoin reacts in the hour after the release.
Speaker 1: That reaction will tell you more than the number itself.
Speaker 1: And sometime this week Congressional crypto consumer protection hearings, the
Speaker 1: FBI is eleven point four billion dollar fraud figure gives
Speaker 1: legislators serious ammunition. If that number gets cited in testimony,
Speaker 1: expect it to accelerate. Retail protection language in the Market
Speaker 1: Structure bill that can matter for how exchanges and wallets
Speaker 1: operate going forward. That's the pulse for April seventh. If
Speaker 1: you want daily market signals and weekly question and answer breakdowns,
Speaker 1: check out token metrics Signal. It's our entry level premium plan.
Speaker 1: Head to tokenmetrics dot com to learn more. This is
Speaker 1: educational content, not investment advice. Always do your own research.
Speaker 1: I'm Alex, See you next time.