WEBVTT

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

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<v Speaker 1>March twenty six to twenty twenty six. Got a lot

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<v Speaker 1>to cover today, and honestly, the headline alone is worth

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<v Speaker 1>your time. But first, a quick word from our sponsor. Okay,

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<v Speaker 1>so here's what's happening. Fanny May just accepted bitcoin as

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<v Speaker 1>mortgage collateral. Let that land for a second. This isn't

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<v Speaker 1>some fintech startup running a crypto mortgage pilot. This is

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<v Speaker 1>the government sponsored entity that backstops roughly half of all

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<v Speaker 1>US mortgages, putting bitcoin on its balance sheet. Framework. The

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<v Speaker 1>program runs through coinbased custody and a company called Better

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<v Speaker 1>Home as the originator, which means the infrastructure is already

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<v Speaker 1>built and operational. We're talking about a twelve trillion dollar

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<v Speaker 1>mortgage market just acknowledged that bitcoin is real collateral. Bitcoin's

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<v Speaker 1>down a few percent today. The market is selling while

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<v Speaker 1>the plumbing of American home ownership is being rewired around it.

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<v Speaker 1>That tension is the whole story. So where does that

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<v Speaker 1>leave the broader market? Not great? Honestly, Bitcoin sitting just

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<v Speaker 1>under seventy thousand, down a few percent on the session.

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<v Speaker 1>Ethereum's down over five percent. So lah Na's down nearly

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<v Speaker 1>six The total market cap is around two point four

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<v Speaker 1>to five trillion and falling. Here's the number I'd actually

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<v Speaker 1>focus on, though. Bitcoin dominance is at fifty six and

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<v Speaker 1>a half percent and climbing. When dominance rises this fast

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<v Speaker 1>during a sell off, it means one thing. Alt coin

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<v Speaker 1>holders are getting squeezed out. First, This isn't the whole

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<v Speaker 1>market collapsing. It's a rotation into bitcoin and out of

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<v Speaker 1>everything else. The DeFi total value locked is sitting around

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<v Speaker 1>ninety five billion, which is fine, but it's not telling

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<v Speaker 1>a bullish story right now. On the narrative side, though,

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<v Speaker 1>and this is where it gets interesting. Deep pen tokens

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<v Speaker 1>are up nearly forty percent on the week, AI tokens

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<v Speaker 1>up thirty to three percent, meme coins up thirty four percent,

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<v Speaker 1>All of that during a broad market sell off. That's

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<v Speaker 1>not random. That's retail chasing narrative beta, while institutions quietly

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<v Speaker 1>reduce exposure. Keep that in mind, all right, So what's

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<v Speaker 1>actually driving all this? Let's go through the big stories first.

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<v Speaker 1>The Fanny May thing deserves more context. The way this works,

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<v Speaker 1>you use your bitcoin or USDC as collateral through coinbase

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<v Speaker 1>better home originates the mortgage Fanny May backs it. The

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<v Speaker 1>comparison I keep coming back to is this. It's the

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<v Speaker 1>your parents finally use Venmo moment for crypto, except it's

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<v Speaker 1>Fanny May and the stakes are twelve trillion dollars. If

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<v Speaker 1>this program sees real origination volume in its first thirty days,

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<v Speaker 1>expect competing institutions to announce similar pilots fast. If volume

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<v Speaker 1>is negligible, it's a press release, not a structural shift.

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<v Speaker 1>Watch for coinbase to mention mortgage custody numbers in their

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<v Speaker 1>next earnings call. That's your tell. Next up, Mara Holdings.

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<v Speaker 1>So mah Ras sold one point one billion dollars worth

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<v Speaker 1>of bitcoin to buy back debt and the stock jumped

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<v Speaker 1>ten percent on the news. Think about that for a second.

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<v Speaker 1>A bitcoin miner sold its core asset and the market

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<v Speaker 1>rewarded it. What the market is actually saying is we

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<v Speaker 1>were never really paying you for the bitcoin. We were

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<v Speaker 1>paying you for the balance sheet optionality. Coin shares flagged

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<v Speaker 1>separately that some listed miners could get as much as

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<v Speaker 1>seventy percent of their revenue from AI by end of

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<v Speaker 1>this year. The bitcoin mining narrative is quietly becoming an

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<v Speaker 1>AI infrastructure narrative wearing a miner's hard hat. If other

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<v Speaker 1>major miners announced similar pivots in the next week, the

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<v Speaker 1>whole sector is getting repriced away from bitcoin price correlation. Okay, Circle,

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<v Speaker 1>this one's worth explaining because the move was wild. Circle

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<v Speaker 1>stock dropped twenty five percent in a single session on

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<v Speaker 1>fears about the Clarity Act, the stable coin legislation moving

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<v Speaker 1>through Congress. Then it started rebail because analysts pointed out

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<v Speaker 1>the Act targets distributors more than issuers, which would actually

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<v Speaker 1>help Circle's core business. This is the market doing what

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<v Speaker 1>it always does, overreacting to a regulatory headline before reading

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<v Speaker 1>past the first paragraph. The twenty five percent drop looks

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<v Speaker 1>increasingly like an overreaction, but the final bill language isn't locked,

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<v Speaker 1>so the risk isn't gone. It's just been repriced. On

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<v Speaker 1>the political side, Stand with Crypto, the coinbase backed advocacy

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<v Speaker 1>group just launched a voter hub and started endorsing congressional

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<v Speaker 1>candidates ahead of the November twenty twenty six midterms. Here's

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<v Speaker 1>why this matters. The current pro crypto majority in Congress

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<v Speaker 1>isn't guaranteed to survive redistricting in retirements. Stand with crypto

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<v Speaker 1>is essentially buying regulatory insurance if the market structure and

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<v Speaker 1>stable coin bills don't pass before November. They want to

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<v Speaker 1>make sure that people voting in January are still on

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<v Speaker 1>their side. Whether that influence is real or not will

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<v Speaker 1>know by May when the primary polling comes in. And

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<v Speaker 1>then there's the narrative rotation data. Deep Pin up nearly

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<v Speaker 1>forty percent on the week, AI tokens up thirty three,

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<v Speaker 1>memes up thirty four. The deepin move is the one

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<v Speaker 1>I'd watch most closely. A nearly ten billion dollar category

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<v Speaker 1>posting forty percent weekly gains during a risk off period

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<v Speaker 1>suggests genuine new capital entering, not just relative outperformance. AI

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<v Speaker 1>tokens are riding the same macro tailwind as in Nvidia

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<v Speaker 1>and the broader AI infrastructure build out. The meme move

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<v Speaker 1>is probably just memes being memes, but the other two

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<v Speaker 1>have structural legs quick hits before we get to risk.

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<v Speaker 1>Brazil passed a law directing seized crypto into public security funding.

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<v Speaker 1>Governments are no longer treating confiscated crypto as a liability,

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<v Speaker 1>they're building budget lines around it, and in Nvidia is

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<v Speaker 1>facing a certified class action lawsuit over crypto revenue disclosures.

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<v Speaker 1>The allegation is they misrep presented how much GPU revenue

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<v Speaker 1>came from crypto mining versus gaming. That case could set

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<v Speaker 1>disclosure precedent for any tech company with crypto exposure worth watching.

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<v Speaker 1>All right, before we get into the risks, quick word

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<v Speaker 1>from our sponsor. Okay, we're back. Let's talk about what

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<v Speaker 1>to watch for. So what should you actually be worried

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<v Speaker 1>about right now? Three things? First, alt coin beta bleed,

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<v Speaker 1>Ethereum down over five percent and solo nod down nearly

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<v Speaker 1>six against Bitcoin's mild or three percent drop in a

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<v Speaker 1>single session, Bitcoin dominance at fifty six and a half

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<v Speaker 1>percent and climbing. When dominance rises this fast during a selloff,

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<v Speaker 1>alt coin longs are the first to get margin, called

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<v Speaker 1>the pain trade is still lower for alts, not higher. Second,

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<v Speaker 1>minor balance sheet stress. Mara selling over a billion in

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<v Speaker 1>bitcoin to cover debt is a headline win today, but

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<v Speaker 1>it also signals that at current price levels, miners are

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<v Speaker 1>under enough pressure to liquidate core holdings. If Bitcoin dips further,

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<v Speaker 1>expect more force selling from miners who can't pivot to

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<v Speaker 1>AI fast enough, and that selling hits the spot market

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<v Speaker 1>directly third, regulatory headlines moving faster than regulatory reality circles.

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<v Speaker 1>Twenty five percent single day drop on a misread of

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<v Speaker 1>the Clarity Act shows how fast institutional money moves on

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<v Speaker 1>legislative news, even when the read is wrong. The Clarity Act,

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<v Speaker 1>stable coin bills, and mid term dynamics are all live variables.

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<v Speaker 1>One unexpected committee vote or leaked draft language could reprice

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<v Speaker 1>the entire regulatory narrative. Overnight net positioning cautiously bearish until

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<v Speaker 1>Bitcoin holds above sixty nine thousand for three consecutive sessions,

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<v Speaker 1>and alt coin dominance stops declining. Looking ahead, Two things

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<v Speaker 1>on my radar for the next week. First, operational details

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<v Speaker 1>from the FANNI May crypto mortgage program if IF, Coinbase

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<v Speaker 1>and better Home published first origination numbers that validates this

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<v Speaker 1>as real infrastructure and not just a press release, and

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<v Speaker 1>it could trigger competing bank announcements fast. Second, the Stand

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<v Speaker 1>with Crypto endorsement rollout continues through April. The first round

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<v Speaker 1>of polling data on endorsed candidates will tell us whether

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<v Speaker 1>crypto's political capital can actually move votes, which directly affects

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<v Speaker 1>the legislative timeline for everything from market structure to stable coins. Also,

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<v Speaker 1>worth flagging from prediction markets. There's nearly coin flip odds

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<v Speaker 1>on a mega eatf air drop by June thirtieth, with

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<v Speaker 1>almost a million dollars in volume on that bet. That's

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<v Speaker 1>a live positioning trade in the ethereum ecosystem, not idle speculation.

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<v Speaker 1>By the way, if you want the full written breakdown

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<v Speaker 1>with all the source links and deeper analysis, check out

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<v Speaker 1>our newsletter at tokenmetrics dot com. It's all there. This

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

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<v Speaker 1>I'm Alex, See you next time.