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<v Speaker 1>This is the Token Metrics Daily Pulse for February nineteenth,

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<v Speaker 1>twenty twenty six. I'm Alex. Here's what you need to know.

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<v Speaker 1>Bitcoin etfspled one hundred thirty three million dollars yesterday. But

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<v Speaker 1>first a quick word from our sponsor. All right, let's

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<v Speaker 1>get into it. The Fear and Greed index is in

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<v Speaker 1>extreme Fear territory, and the forty thousand bitcoin put option

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<v Speaker 1>is now the second largest position ahead of next week's

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<v Speaker 1>February expiry. Meanwhile, coinbases base chain just abandoned Optimism's Optimism stack,

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<v Speaker 1>sending the Optimism token down double digits. Let me give

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<v Speaker 1>you the quick numbers. The total market cap sits at

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<v Speaker 1>about two point four trillion, down a bit on the day.

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<v Speaker 1>Bitcoin is around sixty six thousand, four hundred and ninety four,

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<v Speaker 1>off one point five percent. Ethereum is near one thousand

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<v Speaker 1>dollars or nine hundred and fifty one for our wiwer hacks,

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<v Speaker 1>down under two percent. Solana is at eighty one twenty four,

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<v Speaker 1>also down a couple points. Bitcoin dominance is ticking up

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<v Speaker 1>to fifty six point two eight percent. DeFi total value

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<v Speaker 1>locked is steady around ninety five point two billion and

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<v Speaker 1>narratives are bleeding. Memes down thirteen point twenty three percent

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<v Speaker 1>on the week, AI off seventeen point zero eight percent,

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<v Speaker 1>Game five down twenty one point one five percent. Prediction

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<v Speaker 1>Markets is the outlier, up ten point seventy three percent. Now,

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<v Speaker 1>let's dig into what's driving these moves. First, that massive

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<v Speaker 1>forty thousand Bitcoin put traders are paying up for protection

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<v Speaker 1>against a forty percent drop from here. That's not casual hedging,

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<v Speaker 1>it's crash insurance. But combine it with one hundred thirty

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<v Speaker 1>three million in ETF outflows and extreme fear sentiment, and

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<v Speaker 1>you've got smart money quietly building lifeboats. Glass Node says

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<v Speaker 1>Bitcoin has broken below its true market mean around seventy

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<v Speaker 1>nine thousand, now in a defensive range down to the

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<v Speaker 1>realized price near fifty four point nine thousand. Extreme fear

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<v Speaker 1>has been a decent entry point historically, but history doesn't

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<v Speaker 1>cover margin calls. Next, Coinbase is ditching Optimism's optimism stack

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<v Speaker 1>for Base. They're building their own unified tech stack. The

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<v Speaker 1>Optimism token plunged double digits on the news. Base was

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<v Speaker 1>the poster child for the superchain, proving big players would

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<v Speaker 1>build on optimism and share sequencer fees now that's decoupling.

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<v Speaker 1>Base has three point eight billion in total value locked.

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<v Speaker 1>If the biggest optimism chain doesn't need optimism, the mote

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<v Speaker 1>shrinks fast. Layer two fragmentation just accelerated on the Tradfi front.

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<v Speaker 1>Lender led and raised one hundred dollars eighty eight million

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<v Speaker 1>in the first ever bitcoin backed asset backed secure curities deal.

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<v Speaker 1>That's over five thousand, four hundred bitcoin collateralized loans, with

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<v Speaker 1>S and P rating most at BBB minus. Over collateralized

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<v Speaker 1>loans make this safer than the Celsius mess. If it performs,

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<v Speaker 1>expect bigger deals if it flops. Crypto lending takes years

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<v Speaker 1>to recover. Alt Coin selling pressure hit a five year high,

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<v Speaker 1>matching twenty twenty one levels. Bitcoin, Ethereum, and XRP ETF's

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<v Speaker 1>all bled, but Solana products saw inflows. Narratives tell the story.

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<v Speaker 1>Memes down thirteen point twenty three percent, AI seventeen point

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<v Speaker 1>zero eight percent, d PIN nineteen point eight nine percent,

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<v Speaker 1>Game five twenty one point one five percent, Prediction markets

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<v Speaker 1>is up ten point seventy three percent. Institutions are rotating selectively,

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<v Speaker 1>not panicking. Finally, the Ethereum Foundation laid out its twenty

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<v Speaker 1>twenty six priorities, quantum readiness, higher gas limits, and lay

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<v Speaker 1>Yer one scaling alongside blob scaling for L two's This

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<v Speaker 1>counters Layer two fragmentation, making MAInet cheaper and more relevant.

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<v Speaker 1>Quantum preps sounds futuristic, but Google's quantum chip last year

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<v Speaker 1>made it real. Watch if Layer one demand picks up

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<v Speaker 1>quick hits uniswap governance is mulling protocol fees on all

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<v Speaker 1>V three pools plus eight new chains. Robin Hood's Layer

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<v Speaker 1>two testnet hit four million transactions in its first week.

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<v Speaker 1>Open ai and Paradigm launched EVM bench to benchmark AI

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<v Speaker 1>agents on smart contract security. UAE linked mining wallets hold

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<v Speaker 1>three hundred and forty four million in unrealized bitcoin profit.

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<v Speaker 1>All right, before we talk about the risks and what

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<v Speaker 1>to watch for. Quick word from our sponsor. Okay, we're back. Now,

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<v Speaker 1>Let's look at the risks and seventy seven percent of

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<v Speaker 1>stable coin users say they'd open a crypto wallet with

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<v Speaker 1>their bank. So what should you be watching for? Risk

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<v Speaker 1>one extreme fear plus five year high alt coin outflows.

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<v Speaker 1>This setup has led to bounces or worse drops. Don't

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<v Speaker 1>assume bottom when positioning says otherwise. Risk two that forty

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<v Speaker 1>thousand dollars put shows aggressive downside hedging. Sophisticated traders see

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<v Speaker 1>tail risk. The spot market ignores glass nodes. Range is

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<v Speaker 1>seventy nine thousand to fifty four point nine thousand. Risk

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<v Speaker 1>three base exiting optimism, stack signals, Layer two, breakup, fragmentation,

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<v Speaker 1>hits liquidity, and the Ethereum alignment story. When we need

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<v Speaker 1>unity most, let's talk about the risks here. Looking ahead,

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<v Speaker 1>Bitcoin's February options expiry next week with that forty thousand

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<v Speaker 1>at put dominant could spark sharp moves. Ethereum denver is

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<v Speaker 1>ongoing builder energy there sets Ethereum's tone, and uniswap's V

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<v Speaker 1>three fee switch vote could unlock real revenue for UNIEWAP.

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<v Speaker 1>Keep an eye on these, Subscribe for daily market updates,

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<v Speaker 1>and share this episode with a friend. Text it to

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<v Speaker 1>them now. This isn't investment advice, just educational content. I'm Alex,

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<v Speaker 1>See you tomorrow