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, December 1st, and today we are talking about our worst

November in years. 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

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All right, friends, welcome to the beginning of December.

And now that November price action is in the books, what a dismal month it was.

Bitcoin was down 17.7%. As far as November's go, this was the worst November since 2018.

For those of you keeping track at home, that means

it was even worse than the November of 2022, when FTX collapsed and marked the end of a year-long

crypto winter. And while last month was miserable in absolute terms, the relative weakness

compared to other November's was a big part of the story. November is historically the best

month for Bitcoin seasonality. In fact, it is kind of the recipient and beneficiary of the story. November is historically the best month for Bitcoin seasonality. In fact,

it is kind of the recipient and beneficiary of the October narrative, even though we always

celebrated around October. Once again, this year, many were expecting a big run-up to end the year.

That wasn't to be, with a series of macro factors weighing heavily on Bitcoin and making it the

worst November in years.

Now, zooming into just the Thanksgiving weekend, the price action wasn't actually all that bad. Bitcoin surged on Wednesday afternoon, and Bitcoin was sitting at around $91,000

as the turkey was being carved on Thursday. That price level held throughout the weekend,

but Bitcoin plunged on Sunday night as the CME futures market opened. The price was crushed by

...