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 Monday, November 10th, and today we are talking about weather. Well,

the whole thing is all over. 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 deeper into the conversation, come join us on the Breakers Discord. You can find a link of the show notes or go to bit.ly slash breakdown pod.

All right, friends.

Well, we had a very big week of news while I was away, but for Bitcoin, it's hard to rank any piece of news above the dramatic price action. Bitcoin had one of its most impactful selloffs of this cycle last week, briefly falling below 100K on Tuesday and Friday. Bitcoin was already in the middle of a downtrend to begin last week,

but a sharp sell-off saw a 3.6% loss on Monday and a 4.7% loss on Tuesday. Now, the 100K level

hasn't been tested since June, and although the level held up, it was troubling to see it

tested twice in a week. That level represents a 20% drawdown, and while that's still within

the normal range

for a Bitcoin bull market, many are starting to think the cycle might be over.

Sentiment was certainly some of the worst we've seen this cycle.

Crypto Quant head of research, Giulio Moreno, warned that there is nothing but air

below 100K, stating, if the price doesn't manage to hold the $100,000 area and breaks

downwards, there are higher risks of targeting $72,000 in a one-to-two-month period. Others were far more sanguine about the price move. Nick Puckrin, the co-founder of Coin Bureau, said, Bitcoin under $100,000 tends to fill crypto investors with an almost biblical level of dread. But despite the drops, Bitcoin is only about 20% below its all-time high. This is crypto, not the bond

market. A 20% fall is often just a buying opportunity. Timothy Misner, the head of research at BRN,

said, Tuesday's sell-off was violent but not terminal. This was leveraged, not belief, exiting the

system. The system is leaner, healthier, and less vulnerable to cascading risk now. But sentiment

remains brittle, and patience

remains the most valuable position on the board. Now, there are a wide range of catalyst for the

sell-off that are all worth touching upon. Within the crypto markets, whale selling is taking

a huge share of the blame. According to sentiment analysis firm Santiment, Bitcoin whales have

...