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 Monday, January 25th, and today we are talking about why the

Bitcoin whales just won't stop buying. First, though, a little bit of housekeeping. I am actually

in the process of moving this week, so it's

going to be a little crazy on my end. Because of that, I have a couple great interview episodes

coming up tomorrow and Wednesday, but I wanted to let you know just in case something insane

happens and I don't mention it. That's why. Today's episode is a little bit different. It's a little bit more

of a grab bag episode, kind of like an extended brief with a little bit more for each topic,

but with five topics instead of three. I also wanted to note for the YouTube listeners slash

viewers, I'm really going to try to start doing chapters pretty soon to make it easier to get right to where the

different topics start. So if you find yourself interested in one of the topics or two of the

topics, but not all of the topics, I apologize that I don't have chapters yet. They're coming,

and I appreciate you watching and listening. With that, let's get into our extended brief,

and we're going to kick off with the main topic

that I mentioned right at the top, Bitcoin whales accumulating.

So last week was a little rough in Bitcoinville, as we obviously discussed a number of times.

I saw many people asking, what does this price retrace mean for the institutional narrative? Is this the end? Was that

just a drop in the hat? Are people going to be freaked out and turn away? Well, rather than look at

anecdotes, let's talk about data. A coin desk piece last week came out called institutions keep buying

Bitcoin's dip despite near-term volatility, and it included

...