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.

The breakdown is sponsored by nexo.io and produced and distributed by coin desk.

What's going on, guys? It is Saturday, January 16th, and that means it's time for the weekly recap. We have just concluded our second full week in January 2021 Bitcoin, and I think

in many ways, this is a quintessential pattern-setting week for what we're

going to see throughout this year. Today on the weekly recap, I'm going to talk about five

things that I expect being pretty standard factors week over week throughout the year to come.

And first up on that list is volatility.

Last weekend, Bitcoin hit a crazy all-time high of nearly 42,000. It was the end of a crescendo

that had been going back five weeks. We had four weeks in a row of double-digit gains. However,

on Sunday into Monday, it crashed down all the way

back under 30,000. On Thursday, however, we were all the way back up at 40,000 again. And then on to

today, Friday afternoon, as I'm recording this recap, we've slumped back down between 35 and 36,000.

At first, the narrative around the first drop was miner-selling. However, data shows otherwise.

For the past six months, flows from mining wallets to exchanges have been steady. Since July,

according to research from CoinDesk, miners have sent an average of 2,100 coins per week to exchanges,

and this week, we're on track to finish with them having only sent about 1,200 bitcoins,

hardly some massive new sell pressure.

Perhaps a better explanation is the selling of some large firms.

The larger the actor, the more constrained they are about when

they take profits, and also the more concern they are with trying to accumulate at cheaper prices.

This rally had been going up so much, it perhaps seemed like a good time to try to take some

...