WEBVTT

1
00:00:00.240 --> 00:00:03.720
<v Speaker 1>Hey, it's Alex with the Token Metrics Daily Pulse for

2
00:00:03.759 --> 00:00:07.679
<v Speaker 1>April eighth, twenty twenty six. Big day today, We've got

3
00:00:07.679 --> 00:00:11.560
<v Speaker 1>a new bitcoin etf shaking up the market, a geopolitical

4
00:00:11.599 --> 00:00:14.960
<v Speaker 1>cease fire, moving prices, and some security stuff on Solana

5
00:00:15.000 --> 00:00:18.199
<v Speaker 1>that honestly everyone should know about. Let's get into it,

6
00:00:18.280 --> 00:00:22.320
<v Speaker 1>but first a quick word from our sponsor. Okay, So

7
00:00:22.440 --> 00:00:27.359
<v Speaker 1>here's what's happening. Okay, So here's the headline. Bitcoin just

8
00:00:27.399 --> 00:00:30.640
<v Speaker 1>spiked above seventy two thousand dollars. That's a jump of

9
00:00:30.679 --> 00:00:33.920
<v Speaker 1>over five percent. Today, Ethereum is right there with it

10
00:00:34.159 --> 00:00:38.000
<v Speaker 1>up more than eight percent. What's driving this A conditional

11
00:00:38.039 --> 00:00:41.679
<v Speaker 1>cease fire announced between the US and Iran, which means

12
00:00:42.039 --> 00:00:45.320
<v Speaker 1>the market is basically telling us that geopolitical tension was

13
00:00:45.359 --> 00:00:47.840
<v Speaker 1>the biggest thing it was worried about, and the moment

14
00:00:47.880 --> 00:00:51.799
<v Speaker 1>that pressure eased, money came rushing back in. Now the

15
00:00:51.840 --> 00:00:57.039
<v Speaker 1>other big story today, Morgan Stanley's bitcoin etf ticker MSBT

16
00:00:57.520 --> 00:01:00.799
<v Speaker 1>went live this morning and they're charging just zero point

17
00:01:00.920 --> 00:01:04.040
<v Speaker 1>one four percent in fees. That's the lowest in the market.

18
00:01:04.480 --> 00:01:08.680
<v Speaker 1>Blackrocks ibid it charges zero point twenty five percent. So

19
00:01:08.840 --> 00:01:12.120
<v Speaker 1>Morgan Stanley just showed up with a cheaper product and

20
00:01:12.200 --> 00:01:16.239
<v Speaker 1>a seven trillion dollar wealth management machine behind it. That's

21
00:01:16.280 --> 00:01:20.040
<v Speaker 1>not just competition, that's a direct challenge to blackrocks dominance.

22
00:01:21.439 --> 00:01:24.400
<v Speaker 1>So where does the broader market stand right now? Bitcoin

23
00:01:24.480 --> 00:01:27.439
<v Speaker 1>is at seventy two thoy eighty four dollars up five

24
00:01:27.519 --> 00:01:31.120
<v Speaker 1>point three seven percent. Ethereum is at about twenty two

25
00:01:31.159 --> 00:01:35.480
<v Speaker 1>hundred and fifty six dollars, up eight point zero nine percent.

26
00:01:35.959 --> 00:01:38.920
<v Speaker 1>And that kind of alt out performance where Ethereum beats

27
00:01:38.920 --> 00:01:42.480
<v Speaker 1>Bitcoin on a big up day usually means risk appetite

28
00:01:42.519 --> 00:01:46.079
<v Speaker 1>is genuinely back, not just a short squeeze. Solana is

29
00:01:46.159 --> 00:01:50.680
<v Speaker 1>pushing past eighty four dollars up nearly seven percent. Total

30
00:01:50.680 --> 00:01:53.519
<v Speaker 1>crypto market cap is sitting around two point five four

31
00:01:53.680 --> 00:01:58.079
<v Speaker 1>trillion dollars. Bitcoin Dominance, which is basically Bitcoin's share of

32
00:01:58.079 --> 00:02:01.400
<v Speaker 1>the whole crypto market, is whole steady at about fifty

33
00:02:01.439 --> 00:02:04.480
<v Speaker 1>six point eighty six percent, and total value locked in

34
00:02:04.519 --> 00:02:09.919
<v Speaker 1>decentralized finance protocols is around ninety six billion dollars. Bottom line,

35
00:02:10.159 --> 00:02:14.000
<v Speaker 1>it's a risk one day across the board. All right,

36
00:02:14.120 --> 00:02:17.280
<v Speaker 1>Let's dig into what's actually happening and why it matters.

37
00:02:17.719 --> 00:02:21.199
<v Speaker 1>Starting with that Morgan Stanley ETF. We're talking about a

38
00:02:21.319 --> 00:02:24.520
<v Speaker 1>firm that manages the retirement accounts of a huge chunk

39
00:02:24.560 --> 00:02:29.319
<v Speaker 1>of corporate America seven trillion dollars in assets, now putting

40
00:02:29.360 --> 00:02:32.039
<v Speaker 1>its own bitcoin product on the shelf at the lowest

41
00:02:32.039 --> 00:02:34.879
<v Speaker 1>fee in the market. Why does that matter? Because Morgan

42
00:02:34.919 --> 00:02:38.680
<v Speaker 1>Stanley has tens of thousands of financial advisors who previously

43
00:02:38.719 --> 00:02:41.560
<v Speaker 1>had to go out of their way to recommend BlackRock's IBIT.

44
00:02:41.759 --> 00:02:44.560
<v Speaker 1>Now they can just recommend the house product. That's the

45
00:02:44.560 --> 00:02:48.639
<v Speaker 1>real story. It's not just a cheaper etf it's distribution.

46
00:02:49.280 --> 00:02:52.400
<v Speaker 1>Blackrock built the market. Morgan Stanley just showed up to

47
00:02:52.439 --> 00:02:56.280
<v Speaker 1>take share. The fee gap zero point one four versus

48
00:02:56.360 --> 00:03:01.159
<v Speaker 1>zero point two five percent sounds small, but at institutional scale,

49
00:03:01.199 --> 00:03:05.319
<v Speaker 1>that difference is enormous. Watch the first week flow numbers closely.

50
00:03:05.680 --> 00:03:10.000
<v Speaker 1>Now back to that ceasefire. Here's what's interesting. Bitcoin didn't

51
00:03:10.039 --> 00:03:12.840
<v Speaker 1>just go up, It went up while oil went down.

52
00:03:13.000 --> 00:03:15.360
<v Speaker 1>The takeaway is that crypto is training like a risk

53
00:03:15.400 --> 00:03:19.759
<v Speaker 1>asset right now, not a safe haven. When geopolitical tension eases,

54
00:03:20.120 --> 00:03:22.960
<v Speaker 1>money flows into stocks and crypto, not out of them.

55
00:03:23.120 --> 00:03:27.520
<v Speaker 1>But this ceasefire is conditional and only two weeks long.

56
00:03:27.960 --> 00:03:31.439
<v Speaker 1>That's not peace. That's a pause. And those buyers who

57
00:03:31.479 --> 00:03:34.439
<v Speaker 1>loaded up on nearly eight hundred and fifty thousand bitcoin

58
00:03:34.719 --> 00:03:38.879
<v Speaker 1>between sixty thousand and seventy thousand dollars, they're now sitting

59
00:03:38.879 --> 00:03:41.919
<v Speaker 1>on gains. Whether they hold or sell into this strength

60
00:03:42.199 --> 00:03:45.199
<v Speaker 1>is the question nobody's asking loudly enough yet. On the

61
00:03:45.240 --> 00:03:48.319
<v Speaker 1>regulatory front, two stories that point to the same thing.

62
00:03:48.639 --> 00:03:53.360
<v Speaker 1>Six major Swiss banks, including UBS, launched a Swiss Franc

63
00:03:53.479 --> 00:03:57.759
<v Speaker 1>stable coin sandbox, and South Korea is drafting legislation to

64
00:03:57.759 --> 00:04:01.639
<v Speaker 1>bring stable coins and real world asset tokenization under its

65
00:04:01.680 --> 00:04:05.919
<v Speaker 1>financial laws, which means the old fight between regulators and

66
00:04:05.960 --> 00:04:10.879
<v Speaker 1>crypto is basically over and traditional finance one now they're

67
00:04:10.879 --> 00:04:15.240
<v Speaker 1>building a UBS backed stable coin isn't an experiment, it's

68
00:04:15.280 --> 00:04:18.959
<v Speaker 1>a bank deciding that programmable money is real infrastructure. The

69
00:04:19.000 --> 00:04:22.120
<v Speaker 1>second order effect here is what this means for existing

70
00:04:22.120 --> 00:04:25.680
<v Speaker 1>stable coin issuers like Circle and Tether. If a bank

71
00:04:25.720 --> 00:04:29.519
<v Speaker 1>can issue a regulated stable coin with full government backing,

72
00:04:30.040 --> 00:04:35.079
<v Speaker 1>the competitive advantage for unregulated issuers gets a lot narrower fast.

73
00:04:35.439 --> 00:04:38.480
<v Speaker 1>And then there's the White House Council of Economic Advisors,

74
00:04:38.800 --> 00:04:42.519
<v Speaker 1>which just published a study saying stable coin yield products

75
00:04:42.600 --> 00:04:45.959
<v Speaker 1>pose minimal risk to small banks. They ran the numbers

76
00:04:46.160 --> 00:04:49.040
<v Speaker 1>and found that banning yield bearing stable coins would only

77
00:04:49.040 --> 00:04:52.720
<v Speaker 1>boost community bank lending by zero point zero two percent,

78
00:04:53.240 --> 00:04:57.079
<v Speaker 1>basically a rounding error. Why this matters, The banking lobby

79
00:04:57.079 --> 00:04:59.720
<v Speaker 1>has been using the small bank argument to fight stable

80
00:04:59.720 --> 00:05:02.920
<v Speaker 1>cooin yield in Congress. The White House just pulled that

81
00:05:03.079 --> 00:05:06.120
<v Speaker 1>argument out from under them. For companies like coinbase building

82
00:05:06.199 --> 00:05:11.360
<v Speaker 1>yield products on stable coins, this is a significant policy greenlight. Finally,

83
00:05:11.480 --> 00:05:14.720
<v Speaker 1>some security news that's worth paying attention to. On Solana,

84
00:05:15.040 --> 00:05:19.199
<v Speaker 1>a decentralized exchange called Stabble warned users to pull their

85
00:05:19.240 --> 00:05:23.000
<v Speaker 1>funds out after discovering a suspected North Korean developer had

86
00:05:23.040 --> 00:05:25.800
<v Speaker 1>been working inside the protocol. This isn't a hack from

87
00:05:25.839 --> 00:05:30.040
<v Speaker 1>the outside, it's an infiltration from the inside, which means

88
00:05:30.079 --> 00:05:32.959
<v Speaker 1>the attacker didn't need to break the code, they got

89
00:05:33.040 --> 00:05:36.199
<v Speaker 1>hired to write it. The obvious question is how many

90
00:05:36.240 --> 00:05:39.560
<v Speaker 1>other protocols have the same problem right now and don't

91
00:05:39.600 --> 00:05:43.199
<v Speaker 1>know it yet. Separately, in the Tornado Cash case, that's

92
00:05:43.240 --> 00:05:47.480
<v Speaker 1>the privacy tool whose developers were prosecuted. The DOJ rejected

93
00:05:47.600 --> 00:05:50.319
<v Speaker 1>arguments to dismiss the case. The takeaway is that the

94
00:05:50.399 --> 00:05:54.279
<v Speaker 1>legal argument that writing privacy software isn't a crime, is

95
00:05:54.319 --> 00:05:57.120
<v Speaker 1>still losing in court, and that has a chilling effect

96
00:05:57.160 --> 00:05:59.959
<v Speaker 1>on every developer building privacy tools in crypto. Right now,

97
00:06:00.120 --> 00:06:03.120
<v Speaker 1>all right, before we get into the risks, quick word

98
00:06:03.160 --> 00:06:06.839
<v Speaker 1>from our sponsor. Okay, we're back. Let's talk about what

99
00:06:06.959 --> 00:06:11.279
<v Speaker 1>to watch for. So what should you actually be watching

100
00:06:11.319 --> 00:06:16.399
<v Speaker 1>out for? Three things? First, that cease fire. It's conditional

101
00:06:16.720 --> 00:06:19.600
<v Speaker 1>and it's only two weeks if it falls apart. The

102
00:06:19.639 --> 00:06:23.439
<v Speaker 1>same geopolitical sensitivity that push bitcoin to seventy two thousand

103
00:06:23.839 --> 00:06:27.399
<v Speaker 1>cuts the other way fast. The buyers who jumped in

104
00:06:27.480 --> 00:06:30.759
<v Speaker 1>on this news have every incentive to sell into strength

105
00:06:30.839 --> 00:06:35.040
<v Speaker 1>if the situation deteriorates. Second, look at the narrative leader board.

106
00:06:35.439 --> 00:06:40.720
<v Speaker 1>DPEN tokens think decentralized infrastructure projects are up thirty percent

107
00:06:40.839 --> 00:06:44.720
<v Speaker 1>in seven days. AI tokens are up twenty four percent.

108
00:06:45.040 --> 00:06:47.920
<v Speaker 1>Those are big numbers, and they usually show up when

109
00:06:47.959 --> 00:06:52.399
<v Speaker 1>capital is chasing momentum rather than real fundamentals, which means

110
00:06:52.879 --> 00:06:57.399
<v Speaker 1>late stage rotations like this look fine until they suddenly don't.

111
00:06:57.879 --> 00:07:03.000
<v Speaker 1>And Third, those security incidents on Solana. If Stable wasn't isolated,

112
00:07:03.360 --> 00:07:07.040
<v Speaker 1>and there's a real chance it isn't, another insider compromise

113
00:07:07.160 --> 00:07:10.279
<v Speaker 1>in the Solana ecosystem in the next thirty days would

114
00:07:10.360 --> 00:07:13.639
<v Speaker 1>seriously shake confidence in how these protocols hire and manage

115
00:07:13.639 --> 00:07:17.120
<v Speaker 1>their teams. Looking ahead to the next week or so,

116
00:07:17.439 --> 00:07:21.399
<v Speaker 1>here's what I'm watching. First, those first week flow numbers

117
00:07:21.519 --> 00:07:25.240
<v Speaker 1>for the Morgan Stanley Bitcoin ETF. That'll tell us whether

118
00:07:25.240 --> 00:07:29.279
<v Speaker 1>their advisor network is actually routing client money into MSBT

119
00:07:29.920 --> 00:07:32.279
<v Speaker 1>or whether this is a product launch without a real

120
00:07:32.319 --> 00:07:37.000
<v Speaker 1>salesforce behind it. Second, the Iran Ceespire deadline. That two

121
00:07:37.040 --> 00:07:40.560
<v Speaker 1>week window ends around April twenty. Second, if it holds,

122
00:07:40.879 --> 00:07:44.519
<v Speaker 1>crypto gets a sustained macrotail wind. If it breaks early,

123
00:07:45.120 --> 00:07:49.040
<v Speaker 1>expect a sharp reversal. And Third, any movement on the

124
00:07:49.079 --> 00:07:51.639
<v Speaker 1>Genius Act in the US Senate, with the White House

125
00:07:51.680 --> 00:07:55.600
<v Speaker 1>clearing stable coin yield and the FDIC proposing a supervised

126
00:07:55.639 --> 00:07:59.639
<v Speaker 1>framework for stable coin issuers. Senate progress this week could

127
00:07:59.639 --> 00:08:02.560
<v Speaker 1>lock it in the US regulatory structure for stable coins,

128
00:08:03.000 --> 00:08:05.759
<v Speaker 1>and that affects pretty much everyone building in this space.

129
00:08:07.160 --> 00:08:10.920
<v Speaker 1>That's the daily Pulse for April eighth, twenty twenty six.

130
00:08:11.480 --> 00:08:14.120
<v Speaker 1>If you found this useful, share it with someone who's

131
00:08:14.120 --> 00:08:17.120
<v Speaker 1>trying to make sense of crypto. That's genuinely the best

132
00:08:17.120 --> 00:08:19.399
<v Speaker 1>way to support what we're doing here. You can also

133
00:08:19.439 --> 00:08:22.800
<v Speaker 1>subscribe to the newsletter at tokenmetrics dot com for the

134
00:08:22.839 --> 00:08:26.920
<v Speaker 1>full written breakdown with all the sources. This is educational content,

135
00:08:27.120 --> 00:08:30.879
<v Speaker 1>not investment advice. Crypto is higher risk. Always do your

136
00:08:30.879 --> 00:08:33.720
<v Speaker 1>own research. I'm Alex Cynx, Time