Speaker 1: This is the Token Metrics Daily Pulse for February nineteenth,
Speaker 1: twenty twenty six. I'm Alex. Here's what you need to know.
Speaker 1: Bitcoin etfspled one hundred thirty three million dollars yesterday. But
Speaker 1: first a quick word from our sponsor. All right, let's
Speaker 1: get into it. The Fear and Greed index is in
Speaker 1: extreme Fear territory, and the forty thousand bitcoin put option
Speaker 1: is now the second largest position ahead of next week's
Speaker 1: February expiry. Meanwhile, coinbases base chain just abandoned Optimism's Optimism stack,
Speaker 1: sending the Optimism token down double digits. Let me give
Speaker 1: you the quick numbers. The total market cap sits at
Speaker 1: about two point four trillion, down a bit on the day.
Speaker 1: Bitcoin is around sixty six thousand, four hundred and ninety four,
Speaker 1: off one point five percent. Ethereum is near one thousand
Speaker 1: dollars or nine hundred and fifty one for our wiwer hacks,
Speaker 1: down under two percent. Solana is at eighty one twenty four,
Speaker 1: also down a couple points. Bitcoin dominance is ticking up
Speaker 1: to fifty six point two eight percent. DeFi total value
Speaker 1: locked is steady around ninety five point two billion and
Speaker 1: narratives are bleeding. Memes down thirteen point twenty three percent
Speaker 1: on the week, AI off seventeen point zero eight percent,
Speaker 1: Game five down twenty one point one five percent. Prediction
Speaker 1: Markets is the outlier, up ten point seventy three percent. Now,
Speaker 1: let's dig into what's driving these moves. First, that massive
Speaker 1: forty thousand Bitcoin put traders are paying up for protection
Speaker 1: against a forty percent drop from here. That's not casual hedging,
Speaker 1: it's crash insurance. But combine it with one hundred thirty
Speaker 1: three million in ETF outflows and extreme fear sentiment, and
Speaker 1: you've got smart money quietly building lifeboats. Glass Node says
Speaker 1: Bitcoin has broken below its true market mean around seventy
Speaker 1: nine thousand, now in a defensive range down to the
Speaker 1: realized price near fifty four point nine thousand. Extreme fear
Speaker 1: has been a decent entry point historically, but history doesn't
Speaker 1: cover margin calls. Next, Coinbase is ditching Optimism's optimism stack
Speaker 1: for Base. They're building their own unified tech stack. The
Speaker 1: Optimism token plunged double digits on the news. Base was
Speaker 1: the poster child for the superchain, proving big players would
Speaker 1: build on optimism and share sequencer fees now that's decoupling.
Speaker 1: Base has three point eight billion in total value locked.
Speaker 1: If the biggest optimism chain doesn't need optimism, the mote
Speaker 1: shrinks fast. Layer two fragmentation just accelerated on the Tradfi front.
Speaker 1: Lender led and raised one hundred dollars eighty eight million
Speaker 1: in the first ever bitcoin backed asset backed secure curities deal.
Speaker 1: That's over five thousand, four hundred bitcoin collateralized loans, with
Speaker 1: S and P rating most at BBB minus. Over collateralized
Speaker 1: loans make this safer than the Celsius mess. If it performs,
Speaker 1: expect bigger deals if it flops. Crypto lending takes years
Speaker 1: to recover. Alt Coin selling pressure hit a five year high,
Speaker 1: matching twenty twenty one levels. Bitcoin, Ethereum, and XRP ETF's
Speaker 1: all bled, but Solana products saw inflows. Narratives tell the story.
Speaker 1: Memes down thirteen point twenty three percent, AI seventeen point
Speaker 1: zero eight percent, d PIN nineteen point eight nine percent,
Speaker 1: Game five twenty one point one five percent, Prediction markets
Speaker 1: is up ten point seventy three percent. Institutions are rotating selectively,
Speaker 1: not panicking. Finally, the Ethereum Foundation laid out its twenty
Speaker 1: twenty six priorities, quantum readiness, higher gas limits, and lay
Speaker 1: Yer one scaling alongside blob scaling for L two's This
Speaker 1: counters Layer two fragmentation, making MAInet cheaper and more relevant.
Speaker 1: Quantum preps sounds futuristic, but Google's quantum chip last year
Speaker 1: made it real. Watch if Layer one demand picks up
Speaker 1: quick hits uniswap governance is mulling protocol fees on all
Speaker 1: V three pools plus eight new chains. Robin Hood's Layer
Speaker 1: two testnet hit four million transactions in its first week.
Speaker 1: Open ai and Paradigm launched EVM bench to benchmark AI
Speaker 1: agents on smart contract security. UAE linked mining wallets hold
Speaker 1: three hundred and forty four million in unrealized bitcoin profit.
Speaker 1: All right, before we talk about the risks and what
Speaker 1: to watch for. Quick word from our sponsor. Okay, we're back. Now,
Speaker 1: Let's look at the risks and seventy seven percent of
Speaker 1: stable coin users say they'd open a crypto wallet with
Speaker 1: their bank. So what should you be watching for? Risk
Speaker 1: one extreme fear plus five year high alt coin outflows.
Speaker 1: This setup has led to bounces or worse drops. Don't
Speaker 1: assume bottom when positioning says otherwise. Risk two that forty
Speaker 1: thousand dollars put shows aggressive downside hedging. Sophisticated traders see
Speaker 1: tail risk. The spot market ignores glass nodes. Range is
Speaker 1: seventy nine thousand to fifty four point nine thousand. Risk
Speaker 1: three base exiting optimism, stack signals, Layer two, breakup, fragmentation,
Speaker 1: hits liquidity, and the Ethereum alignment story. When we need
Speaker 1: unity most, let's talk about the risks here. Looking ahead,
Speaker 1: Bitcoin's February options expiry next week with that forty thousand
Speaker 1: at put dominant could spark sharp moves. Ethereum denver is
Speaker 1: ongoing builder energy there sets Ethereum's tone, and uniswap's V
Speaker 1: three fee switch vote could unlock real revenue for UNIEWAP.
Speaker 1: Keep an eye on these, Subscribe for daily market updates,
Speaker 1: and share this episode with a friend. Text it to
Speaker 1: them now. This isn't investment advice, just educational content. I'm Alex,
Speaker 1: See you tomorrow