Welcome back to The Breakdown with me, NLW.

It's a daily podcast on Macro, Bitcoin, and the Big Picture Power Shifts remaking our world.

What's going on, guys? It is Friday, March 22nd, and today we are, well, catching up on basically

everything from earlier in the week. Before we get into that, however, if you are enjoying the

breakdown, please go subscribe to it, give it a rating, give it a review, or if you want to dive

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Well, friends, today is a very, very grab bag day here on the breakdown. And really what we're going to be doing is catching up on all the themes and topics that we had started talking about

earlier in the week. So you should know exactly what's going on as you head into your weekend.

We start as we have to with the ETFs, where this week has generally been a

bloodbath. After seeing record inflows last week, the ETFs have now experienced a record week of

outflows. The Friday data isn't in yet, but the first four trading days have each been rough.

Net outflows reached 835 million across all products with net redemptions each day. Of course, this has been driven by

Grayscale. Grayscale has seen over 1.8 billion worth of Bitcoin pulled out of GBTC across four days,

which if you're looking for good news and silver linings and all of this, means that the reason

that we've had net outflows is not because money is flowing out of the other ETF products.

It really is just

gray scale. The question, of course, is what's going on, and many think that it might be the

Genesis bankruptcy estate, liquidating their holdings after gaining approval a few weeks ago.

Bloomberg Senior ETF analyst Eric Balcunas tweeted, the more I think about it, the more likely

the uptick in flows is related to the bankruptcies because of the size and consistency.

The flows in February showed what retail outflows like, smaller and a random pattern.

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