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, February 22nd, and today we are talking about the first

Canadian Bitcoin ETF and why it is absolutely crushing things right now. First up,

however, let's do the brief. First on the brief today, the roller coaster

is back. Bitcoin got up to over $58,000 this weekend before a huge 15% down move all the way back

under 50,000, hitting 47,000 on Coinbase Pro before rebounding to around 53,000 at the time of this recording.

Now, I've seen a bunch of narrative interpretations pointing to Yellen comments from this morning

or pointing to rising U.S. bond yields, but in this circumstance, I'm just not buying it.

Since we broke 30,000 at the beginning of this year, we've had exactly one

significant pullback. Otherwise, it has been a straight shot up. Now, regular listeners will know

that I spend a lot of time thinking about narratives, but they're not in terms of these micro

movements and short-term movements. They're much about the broader patterns and cycles that Bitcoin

and other assets find themselves within. I do think that we've seen a few indicators that specific

individual news, a la Tesla, can actually shift the market one direction or another, but right now

it feels to me like we've just been rising so fast that there was inevitably going to be a little bit of a pullback.

Also, there could be a specific reason to be cheering for that pullback.

Imagine that you're one of these firms that over the last few months has decided to allocate to Bitcoin,

but you're staring at a price that's up about 100% where it was at the beginning of the year.

It seems entirely plausible that you're waiting to pull the trigger into at least some move down,

some retracement, some pullback.

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