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 Thursday, July 10th, and today we are, of course, talking about

Bitcoin's new all-time high, as well as a bunch of macro. Before we get into that, however,

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In retrospect, it was inevitable. After bouncing back quickly from the Iran conflict and spending all-month trending higher, Bitcoin has, yes indeed, friends, reached a new all-time high. It briefly traded above $112,000 yesterday afternoon, exceeding the previous

highs in May. Now, this isn't an archetypal Bitcoin breakout. Instead, the chart is just

grinding higher, taking out pockets of liquidity along the way. It doesn't feel like a surprise

or the start of a mania, but rather, the continued price adjustment as Bitcoin continues to

take up its mantle as a mainstream asset.

Yesterday morning, Stack Hoddler wrote,

When you've been around Bitcoin for a while, you start to feel a breakout before it happens.

109,500 this morning and a breakout feels imminent.

If you adjust for the dollar weakness, we've been in this range since November of 2024,

which means we've spent nine months building a foundation for the next

move higher. He discussed all of the tailwinds that have been pushing price forward, including

treasury companies, high net worth investors, and the continued rise of the Bitcoin ETFs.

Continuing, he wrote, what we're actually witnessing is the end of Bitcoin as a secret.

Bitcoiners have had an incredible edge in the past 10 years because we understood something

that most people were reluctant to believe. But the capital markets have finally sniffed it out.

...