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, near an FTX, and produced and distributed by CoinDesk.

What's going on, guys? It is Wednesday, June 22nd, and today we are asking whether Bitcoin

miners are contributing to the market's price troubles. Before we get into that, however,

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I also work with FTX.

So for the past couple of days, we have been discussing the state of the markets.

The debate has sort of been whether we've reached a local bottom, something where we're likely to see

a mean reversion or at least some sustained relief rally, or whether more broadly we're transitioning to a sort of

protracted bottom phase. So far, we've discussed this largely in terms of three things. First,

the larger macro landscape. How a secular shift in monetary policy is creating the context

for basically all downturns across all asset

classes. Second, we've been discussing crypto-specific failures and problems. So this is the

Terralunas of the world, the Celsius story, the 3AC story. And in each case, there is a shared

through line, which is leverage unwinding and opaque institutions that have

sometimes big tie-ups to one another that we didn't previously know about. Third, we've also been

looking at data about how different market participants have been reacting, most notably a fairly

significant capitulation in the period leading up to and around the crash that happened Friday into Saturday.

...