Speaker 1: Hey, it's Alex with the Token Metrics Daily Pulse from
Speaker 1: March twenty six to twenty twenty six. Got a lot
Speaker 1: to cover today, and honestly, the headline alone is worth
Speaker 1: your time. But first, a quick word from our sponsor. Okay,
Speaker 1: so here's what's happening. Fanny May just accepted bitcoin as
Speaker 1: mortgage collateral. Let that land for a second. This isn't
Speaker 1: some fintech startup running a crypto mortgage pilot. This is
Speaker 1: the government sponsored entity that backstops roughly half of all
Speaker 1: US mortgages, putting bitcoin on its balance sheet. Framework. The
Speaker 1: program runs through coinbased custody and a company called Better
Speaker 1: Home as the originator, which means the infrastructure is already
Speaker 1: built and operational. We're talking about a twelve trillion dollar
Speaker 1: mortgage market just acknowledged that bitcoin is real collateral. Bitcoin's
Speaker 1: down a few percent today. The market is selling while
Speaker 1: the plumbing of American home ownership is being rewired around it.
Speaker 1: That tension is the whole story. So where does that
Speaker 1: leave the broader market? Not great? Honestly, Bitcoin sitting just
Speaker 1: under seventy thousand, down a few percent on the session.
Speaker 1: Ethereum's down over five percent. So lah Na's down nearly
Speaker 1: six The total market cap is around two point four
Speaker 1: to five trillion and falling. Here's the number I'd actually
Speaker 1: focus on, though. Bitcoin dominance is at fifty six and
Speaker 1: a half percent and climbing. When dominance rises this fast
Speaker 1: during a sell off, it means one thing. Alt coin
Speaker 1: holders are getting squeezed out. First, This isn't the whole
Speaker 1: market collapsing. It's a rotation into bitcoin and out of
Speaker 1: everything else. The DeFi total value locked is sitting around
Speaker 1: ninety five billion, which is fine, but it's not telling
Speaker 1: a bullish story right now. On the narrative side, though,
Speaker 1: and this is where it gets interesting. Deep pen tokens
Speaker 1: are up nearly forty percent on the week, AI tokens
Speaker 1: up thirty to three percent, meme coins up thirty four percent,
Speaker 1: All of that during a broad market sell off. That's
Speaker 1: not random. That's retail chasing narrative beta, while institutions quietly
Speaker 1: reduce exposure. Keep that in mind, all right, So what's
Speaker 1: actually driving all this? Let's go through the big stories first.
Speaker 1: The Fanny May thing deserves more context. The way this works,
Speaker 1: you use your bitcoin or USDC as collateral through coinbase
Speaker 1: better home originates the mortgage Fanny May backs it. The
Speaker 1: comparison I keep coming back to is this. It's the
Speaker 1: your parents finally use Venmo moment for crypto, except it's
Speaker 1: Fanny May and the stakes are twelve trillion dollars. If
Speaker 1: this program sees real origination volume in its first thirty days,
Speaker 1: expect competing institutions to announce similar pilots fast. If volume
Speaker 1: is negligible, it's a press release, not a structural shift.
Speaker 1: Watch for coinbase to mention mortgage custody numbers in their
Speaker 1: next earnings call. That's your tell. Next up, Mara Holdings.
Speaker 1: So mah Ras sold one point one billion dollars worth
Speaker 1: of bitcoin to buy back debt and the stock jumped
Speaker 1: ten percent on the news. Think about that for a second.
Speaker 1: A bitcoin miner sold its core asset and the market
Speaker 1: rewarded it. What the market is actually saying is we
Speaker 1: were never really paying you for the bitcoin. We were
Speaker 1: paying you for the balance sheet optionality. Coin shares flagged
Speaker 1: separately that some listed miners could get as much as
Speaker 1: seventy percent of their revenue from AI by end of
Speaker 1: this year. The bitcoin mining narrative is quietly becoming an
Speaker 1: AI infrastructure narrative wearing a miner's hard hat. If other
Speaker 1: major miners announced similar pivots in the next week, the
Speaker 1: whole sector is getting repriced away from bitcoin price correlation. Okay, Circle,
Speaker 1: this one's worth explaining because the move was wild. Circle
Speaker 1: stock dropped twenty five percent in a single session on
Speaker 1: fears about the Clarity Act, the stable coin legislation moving
Speaker 1: through Congress. Then it started rebail because analysts pointed out
Speaker 1: the Act targets distributors more than issuers, which would actually
Speaker 1: help Circle's core business. This is the market doing what
Speaker 1: it always does, overreacting to a regulatory headline before reading
Speaker 1: past the first paragraph. The twenty five percent drop looks
Speaker 1: increasingly like an overreaction, but the final bill language isn't locked,
Speaker 1: so the risk isn't gone. It's just been repriced. On
Speaker 1: the political side, Stand with Crypto, the coinbase backed advocacy
Speaker 1: group just launched a voter hub and started endorsing congressional
Speaker 1: candidates ahead of the November twenty twenty six midterms. Here's
Speaker 1: why this matters. The current pro crypto majority in Congress
Speaker 1: isn't guaranteed to survive redistricting in retirements. Stand with crypto
Speaker 1: is essentially buying regulatory insurance if the market structure and
Speaker 1: stable coin bills don't pass before November. They want to
Speaker 1: make sure that people voting in January are still on
Speaker 1: their side. Whether that influence is real or not will
Speaker 1: know by May when the primary polling comes in. And
Speaker 1: then there's the narrative rotation data. Deep Pin up nearly
Speaker 1: forty percent on the week, AI tokens up thirty three,
Speaker 1: memes up thirty four. The deepin move is the one
Speaker 1: I'd watch most closely. A nearly ten billion dollar category
Speaker 1: posting forty percent weekly gains during a risk off period
Speaker 1: suggests genuine new capital entering, not just relative outperformance. AI
Speaker 1: tokens are riding the same macro tailwind as in Nvidia
Speaker 1: and the broader AI infrastructure build out. The meme move
Speaker 1: is probably just memes being memes, but the other two
Speaker 1: have structural legs quick hits before we get to risk.
Speaker 1: Brazil passed a law directing seized crypto into public security funding.
Speaker 1: Governments are no longer treating confiscated crypto as a liability,
Speaker 1: they're building budget lines around it, and in Nvidia is
Speaker 1: facing a certified class action lawsuit over crypto revenue disclosures.
Speaker 1: The allegation is they misrep presented how much GPU revenue
Speaker 1: came from crypto mining versus gaming. That case could set
Speaker 1: disclosure precedent for any tech company with crypto exposure worth watching.
Speaker 1: All right, before we get into the risks, quick word
Speaker 1: from our sponsor. Okay, we're back. Let's talk about what
Speaker 1: to watch for. So what should you actually be worried
Speaker 1: about right now? Three things? First, alt coin beta bleed,
Speaker 1: Ethereum down over five percent and solo nod down nearly
Speaker 1: six against Bitcoin's mild or three percent drop in a
Speaker 1: single session, Bitcoin dominance at fifty six and a half
Speaker 1: percent and climbing. When dominance rises this fast during a selloff,
Speaker 1: alt coin longs are the first to get margin, called
Speaker 1: the pain trade is still lower for alts, not higher. Second,
Speaker 1: minor balance sheet stress. Mara selling over a billion in
Speaker 1: bitcoin to cover debt is a headline win today, but
Speaker 1: it also signals that at current price levels, miners are
Speaker 1: under enough pressure to liquidate core holdings. If Bitcoin dips further,
Speaker 1: expect more force selling from miners who can't pivot to
Speaker 1: AI fast enough, and that selling hits the spot market
Speaker 1: directly third, regulatory headlines moving faster than regulatory reality circles.
Speaker 1: Twenty five percent single day drop on a misread of
Speaker 1: the Clarity Act shows how fast institutional money moves on
Speaker 1: legislative news, even when the read is wrong. The Clarity Act,
Speaker 1: stable coin bills, and mid term dynamics are all live variables.
Speaker 1: One unexpected committee vote or leaked draft language could reprice
Speaker 1: the entire regulatory narrative. Overnight net positioning cautiously bearish until
Speaker 1: Bitcoin holds above sixty nine thousand for three consecutive sessions,
Speaker 1: and alt coin dominance stops declining. Looking ahead, Two things
Speaker 1: on my radar for the next week. First, operational details
Speaker 1: from the FANNI May crypto mortgage program if IF, Coinbase
Speaker 1: and better Home published first origination numbers that validates this
Speaker 1: as real infrastructure and not just a press release, and
Speaker 1: it could trigger competing bank announcements fast. Second, the Stand
Speaker 1: with Crypto endorsement rollout continues through April. The first round
Speaker 1: of polling data on endorsed candidates will tell us whether
Speaker 1: crypto's political capital can actually move votes, which directly affects
Speaker 1: the legislative timeline for everything from market structure to stable coins. Also,
Speaker 1: worth flagging from prediction markets. There's nearly coin flip odds
Speaker 1: on a mega eatf air drop by June thirtieth, with
Speaker 1: almost a million dollars in volume on that bet. That's
Speaker 1: a live positioning trade in the ethereum ecosystem, not idle speculation.
Speaker 1: By the way, if you want the full written breakdown
Speaker 1: with all the source links and deeper analysis, check out
Speaker 1: our newsletter at tokenmetrics dot com. It's all there. This
Speaker 1: is educational content, not investment advice. Always do your own research.
Speaker 1: I'm Alex, See you next time.