Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond.

This episode is sponsored by BitStamp and Cipher Trace. The breakdown is produced and distributed by CoinDesk.

And now, here's your host, NLW.

Welcome back to The Breakdown.

It is Wednesday, June 3rd, and today we are going to be looking at a topic that has all of Twitter really

talking, which is the disconnect between markets and the world around us. And the way that we're

going to do it is by looking at five different numbers that tell the story of markets right now.

Each of these numbers is a stand-in for a larger representative force in markets.

And I thought this would be a good way to explore a number of different dimensions all at once.

So let's dive in. All right, the first number that we're going to look at is 37.7%. That is the

return of the S&P 500 over the last 50 days. The important part of this is

this is now officially the largest 50-day rally in history. The S&P's low was hit on March 23rd, and ever

since then, there has been a steady climb as effectively the Federal Reserve steps in and

says they will backstop the entire economy no matter what it takes, no matter what strategy it takes.

That has been music to the market's ears.

And right now, this is the only thing that matters in these markets, what the Fed is willing to do to make sure

asset prices go up. Analysts like Mike Larson from Weiss ratings have said that the disconnect

between markets and fundamentals is as high as anything they've ever seen. But even that fact,

even that agreed upon fact, is not stopping people from going all in on this market.

And they have historical precedent.

The previous seven other largest 50-day rallies, in each case, stocks were higher both six and 12 months every single time.

So effectively, the bet here, the bet on the stock market right now

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