Welcome back to the breakdown, an everyday analysis breaking down the most important stories in Bitcoin, crypto, and beyond.

This episode is sponsored by BitStamp and Crypto.com.

The breakdown is produced and distributed by CoinDesk. And now here's your host, NLW.

Welcome back to The Breakdown. It is Thursday, July 9th, and today's episode is a recap of the

absolute best macro content from June.

It's a new thing I'm experimenting with called the Macromedia Index.

And basically the inspiration is that there is so much great insight that comes from

financial Twitter that is just lost forever based on the ceaseless march of markets

and the constant gnaw of new insight, new information.

And I really think that when we try to understand what has happened, finding a way to capture

some of that and bottle it up is really important. So I'm releasing this as a Twitter thread,

as a blog post, an email, and as a podcast simultaneously. We'll see how the

podcast format works out. To be honest with you guys, it's the one that I'm the least confident of,

but we'll give it a try. Before that, however, let's do the brief. First up on the brief, it's

Thursday, which means it's jobless claims day. Last week, we had 1.427 million new jobless

claims, and this week, economists expected around 1.375 million. We beat those numbers, actually,

and saw only 1.314 million new claims. I say only, but of course, there's still 1.3 million people filing new claims.

Additionally, we saw a drop from the close to 20 million continuing claims that we had seen

for the last several weeks, down to 18.1 million continuing claims. So why does this matter? In my

estimation, this jobless claims report that comes out

every Thursday is one of the key narrative barometers for helping people understand how they should

feel about markets right now. And in that light, what matters is whether the actual claims numbers

...