WEBVTT

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<v Speaker 1>Hey, it's Alex with the Token Metrics Daily Pulse for

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<v Speaker 1>April tenth, twenty twenty six. Trump's DeFi project that's decentralized

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<v Speaker 1>finance basically crypto lending and borrowing, borrowed seventy five million

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<v Speaker 1>dollars against its own token on a protocol its own

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<v Speaker 1>advisor helped build. Justin Sun is sitting on eighty million

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<v Speaker 1>in losses, and a big inflation report drops today that

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<v Speaker 1>could shake the whole market. Let's get into it, but

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<v Speaker 1>first a quick word from our sponsor. Okay, so here's

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<v Speaker 1>what's happening. So Bitcoin is sitting just above seventy three thousand,

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<v Speaker 1>up a couple percent on the day. Quiet, almost boring,

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<v Speaker 1>And that's fine because the real story today isn't Bitcoin.

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<v Speaker 1>It's World Liberty Financial, the Trump backed crypto project which

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<v Speaker 1>just borrowed seventy five million dollars using its own token

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<v Speaker 1>as collateral, which means they basically use their own digital

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<v Speaker 1>currency as a deposit to take out a loan on

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<v Speaker 1>a lie lending platform where one of their own advisors

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<v Speaker 1>helped found the company. That's not just a conflict of interest,

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<v Speaker 1>that's a conflict of interest. Wearing a tuxedo and asking

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<v Speaker 1>you to admire its cuff links, and justin Sun's frozen

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<v Speaker 1>position in that same token already down more than eighty

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<v Speaker 1>million according to on chain data from bubble Maps, which

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<v Speaker 1>is essentially a tool that maps out who owns what

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<v Speaker 1>on the blockchain. The team is publicly brushing off liquidation fears,

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<v Speaker 1>which is exactly what you say right before liquidation becomes

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<v Speaker 1>a real conversation. So where does that leave the rest

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<v Speaker 1>of the market. Well, the broader market is holding up

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<v Speaker 1>fine on the surface, Bitcoin at seventy three thousand, Ethereum

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<v Speaker 1>just under twenty three hundred, Solana around eighty five dollars,

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<v Speaker 1>total market cap sitting at about two and a half trillion,

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<v Speaker 1>all up a couple percent, nothing dramatic. But here's what's

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<v Speaker 1>actually worth paying attention to Bitcoin dominance, which is just

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<v Speaker 1>a share of the total crypto market that Bitcoin represents,

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<v Speaker 1>is locked at fifty seven percent, hasn't moved, and yet

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<v Speaker 1>Solana and Ethereum are both outpacing Bitcoin on the day.

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<v Speaker 1>The takeaway is that money is quietly rotating into other assets,

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<v Speaker 1>even if it's not a full blown al coin season.

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<v Speaker 1>Yet the other number that caught my eye defied total

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<v Speaker 1>value locked, which means the total amount of money sitting

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<v Speaker 1>in crypto lending and trading protocols is basically flat at

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<v Speaker 1>ninety six billion. Given the WLFI situation, that's either reassuring

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<v Speaker 1>or it means the fallout hasn't priced in yet, probably

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<v Speaker 1>the former, hopefully. Okay, So here's the bigger picture on

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<v Speaker 1>what's actually moving narratives right now. Let's start with the

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<v Speaker 1>regulatory story that's getting buried under the WLFI drama because

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<v Speaker 1>it shouldn't be. Treasury Secretary Bessen went to the Senate

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<v Speaker 1>this week and called crypto resistant leaders nihilists. That's not

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<v Speaker 1>diplomatic language. That's a signal the administration is done being

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<v Speaker 1>polite about legislative timelines, and Coinbase publicly backed something called

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<v Speaker 1>the Clarity Act alongside him. Why this matters. The Clarity

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<v Speaker 1>Act would define which tokens or commodities and which are securities,

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<v Speaker 1>which means it would finally answer the legal question that

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<v Speaker 1>stopped banks and big institutions from launching crypto products for

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<v Speaker 1>three years. If this passes, it doesn't just help Coinbase,

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<v Speaker 1>it unlocks a wave of products that compliance teams have

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<v Speaker 1>had sitting in draft folders since twenty twenty one. Watch

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<v Speaker 1>the Senate Banking Committee this week. If they schedule a

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<v Speaker 1>vote or even a hearing, that's the most significant US

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<v Speaker 1>cryptoregulatory development in years. If they stay quiet after Besson's testimony,

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<v Speaker 1>it was theater, not pressure. Now back to World Liberty

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<v Speaker 1>Financial because the structure here is worth understanding. They borrowed

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<v Speaker 1>seventy five million using their own token as collateral on

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<v Speaker 1>a protocol their own advisor co founded, which means the

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<v Speaker 1>same people who created the token are also running the

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<v Speaker 1>platform that accepted it as a deposit. This circular logic

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<v Speaker 1>borrow against your own token on your own protocol. It

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<v Speaker 1>looks fine until it doesn't, and the tell will be

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<v Speaker 1>the next forty eight hours. If the team posts collateral

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<v Speaker 1>top ups or repayments, meaning they add more assets or

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<v Speaker 1>pay down the loan they're managing it silence means they're

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<v Speaker 1>not a forced liquidation of a position. This size doesn't

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<v Speaker 1>stay contained. It reprices collateral across adjacent positions in the

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<v Speaker 1>lending market. That's the contagion risk and why this matters

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<v Speaker 1>beyond just one project. Okay, shifting to Bitten, Sir Tao.

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<v Speaker 1>That's the token for the Bittencer Network, which is basically

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<v Speaker 1>a decentralized marketplace for AI computing power, dropped fifteen percent

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<v Speaker 1>after a firm called Covenant AI publicly called the network

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<v Speaker 1>decentralization theater before exiting. The takeaway is this for a

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<v Speaker 1>project whose entire value proposition is decentralized AI compute. That's

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<v Speaker 1>not a minor critique. It's an attack on the core thesis.

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<v Speaker 1>Analysts are flagging a potential further forty five percent decline

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<v Speaker 1>if the narrative holds. Bittenser's response or lack of one,

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<v Speaker 1>will define whether this is a speed bump or something

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<v Speaker 1>more structural. Quick one. On World Sam Altman's IRIS scanning project,

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<v Speaker 1>they're cutting the unlock rate for their world coin token

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<v Speaker 1>by more than forty percent starting in July, which means

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<v Speaker 1>fewer tokens will be released into the market each month.

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<v Speaker 1>Less supply hitting the market sounds bullish on the surface,

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<v Speaker 1>but the second order question is why now the token

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<v Speaker 1>has been under sustained price pressure and slowing unlocks is

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<v Speaker 1>the lever to slow the bleeding. It's the token equivalent

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<v Speaker 1>of a company pausing its stock buy back to stop

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<v Speaker 1>the chart from looking worse. The real tell is whether

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<v Speaker 1>the team pairs this with any demand side catalyst, new partnerships,

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<v Speaker 1>expanded integrations, anything that makes people want to hold the

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<v Speaker 1>token rather than just not sell it. And then there's

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<v Speaker 1>the narrative rotation down, which is honestly the most interesting

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<v Speaker 1>macro signal today. Meme tokens up nineteen percent in seven

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<v Speaker 1>days deepin. That's decentralized physical infrastructure think wireless networks and

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<v Speaker 1>storage built on crypto rails up thirteen percent. AI tokens

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<v Speaker 1>up eight percent. Here's what's interesting. This is happening while

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<v Speaker 1>bitcoin dominance holds at fifty seven percent, so this isn't

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<v Speaker 1>broad all coin season yet, it's specific pockets of speculative heat.

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<v Speaker 1>The Meme surge could be retail coming back, or it

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<v Speaker 1>could be leverage speculators chasing momentum before the music stops.

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<v Speaker 1>The deepin move is more interesting structurally, real world infrastructure

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<v Speaker 1>tokens gaining historically happens when the narrative shifts from crypto

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<v Speaker 1>is speculative to crypto has utility. Two very different stories.

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<v Speaker 1>One of them is more durable than the other, and

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<v Speaker 1>a few quick hits before we get to risk. Hong

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<v Speaker 1>Kong just granted its first batch of stable coin licenses,

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<v Speaker 1>which means A is moving faster on regulatory clarity than

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<v Speaker 1>the US And that's exactly the competitive pressure Besent is

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<v Speaker 1>trying to use to push the clarity act through Telegram's

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<v Speaker 1>Ton network is building crypto payments directly into the app

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<v Speaker 1>for its nine hundred million users. That's the largest potential

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<v Speaker 1>on ramp in the industry if the network can handle

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<v Speaker 1>it when it actually arrives. And okx founder Star Shu

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<v Speaker 1>publicly called cz a liar this week with a one

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<v Speaker 1>billion dollar bet reportedly behind it, the two largest crypto

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<v Speaker 1>exchange founders are in open conflict. That's a lot, all right,

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<v Speaker 1>before we get into the risks, quick word from our sponsor. Okay,

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<v Speaker 1>we're back. Let's talk about what to watch for. So

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<v Speaker 1>what should you actually be watching for? Risk? Three things. First,

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<v Speaker 1>memes up nineteen percent and seven days, while bitcoin dominance

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<v Speaker 1>stays elevated. That combination historically precedes sharp mean reversion in

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<v Speaker 1>the speculative layer, which means the high beta stuff the

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<v Speaker 1>riskiest assets tend to fall hard and fast when Bitcoin

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<v Speaker 1>even hiccups. Second, the WLFI circular borrow structure seventy five

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<v Speaker 1>million borrowed against their own token on their own protocol.

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<v Speaker 1>If that position gets forced into liquidation, meaning the platform

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<v Speaker 1>automatically sells their collateral to cover the loan, it doesn't

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<v Speaker 1>stay contained. It reprices collateral across adjacent lending positions. That's

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<v Speaker 1>the DeFi contagent scenario nobody wants to think about on

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<v Speaker 1>a green day. Third, and this is the one I'm

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<v Speaker 1>watching most closely today, CPI data is dropping. CPI is

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<v Speaker 1>the Consumer Price Index, basically the government's main measure of

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<v Speaker 1>inflation prediction. Markets have June rate cut probability at just

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<v Speaker 1>eight and a half percent nearly a million dollars in

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<v Speaker 1>volume behind that view. If inflation prints hot today, that

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<v Speaker 1>expectation doesn't need to move much to hurt risk assets.

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<v Speaker 1>Bitcoin at seventy three thousand is pricing in a benign

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<v Speaker 1>macro environment. That assumption gets tested today. Looking ahead, CPI

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<v Speaker 1>is the immediate one that's today or tomorrow, and it's

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<v Speaker 1>the macro event that either validates Bitcoin's hold at seventy

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<v Speaker 1>three thousand or cracks it. Then watch the Senate Banking

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<v Speaker 1>Committee next week for any Clarity Act movement following Besen's testimony,

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<v Speaker 1>and keep an eye on World Liberty Financial in the

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<v Speaker 1>next forty eight hours. Collateral top ups mean they're managing it.

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<v Speaker 1>Silence means they're not. That's the clock that's ticking right now.

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<v Speaker 1>If you found this useful, the best thing you can

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<v Speaker 1>do is share it with someone who's trying to make

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<v Speaker 1>sense of crypto right now. And if you want daily

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<v Speaker 1>market signals and weekly breakdowns, head to tokenmetrics dot com

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<v Speaker 1>to learn more about what we offer. As always, this

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<v Speaker 1>is educational content, not investment advice. Do your own research

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<v Speaker 1>before making any financial decisions. I'm Alex, See you next time.