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.

What's going on, guys? It is Monday, March 18th, and today we are talking about all sorts of things,

a little bit of a Bitcoin correction, plus some ETF flows and interesting speculation.

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breakdown pod. Hello friends. Welcome back to a new week. Bitcoin is in the midst of a fairly

significant correction after hitting new all-time highs above 73,000 back on Thursday. Since then,

the price has dropped more than 10%.

The deepest part of the drawdown happened late on Saturday night, as Bitcoin plunged below

65,000, roughly 10% from the highs. We've since seen a brief recovery to 68,000, but no stable

levels, suggesting that the strength of recent weeks has dissipated. There was no large liquidation spike,

but rather persistent liquidations that have weighed on the market since Thursday. More than

1.3 billion in long liquidations have been processed in the last four days. It seems as though

leveraged traders had piled into every dip on the way down, adding more fuel to the liquidation

fire. The last flush on Saturday night appears to have been accompanied by the smallest liquidation, which could mean that traders have finally taken the hint and stopped

buying the dip with leverage. Changes to futures open interests seem to confirm this theory.

Open interest is down by around 10% since Thursday, but it took the entire weekend to get there.

A decent chunk of positions were taken off during each drawdown with a slight rebuild into each bounce. Most commentators remain constructive on crypto markets over the medium term.

Investor Jesse Eccle tweeted,

There are bearish selloffs and there are bullish selloffs. This is clearly a bullish selloff.

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