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 Nidig and produced and distributed by CoinDesk.

What's going on, guys? It is Sunday, July 4th. Happy July 4th to all of those of you in the U.S.

And hell to everyone else from around the world as well. Today, the theme of this Longreed

Sunday is going to be freedom. Freedom from FUD. There has been

such an endless barrage of FUD over the last few months that people have been asking me for a show

going through and debunking it all. But I didn't have to do that because Jeff Dorman and the

folks over at ARCA wrote a piece this week called

debunking 10 digital asset bear market theses. It's a great overview of a lot of the common

logic that people are using to argue that we're heading into a bare marketer that were

already there. So without any further ado, let's read the piece. Debunking the bare market theses. Digital assets had another

horrific week across the board, with prices of most assets down 10 to 30%. And sentiment is as bad

as we've seen in over a year, as buyers remain on strike while shorts continue to build.

This is perhaps a bit surprising given that just about every digital asset other than Bitcoin

is still up triple digits year to date.

But everywhere we look, someone is shouting digital assets bear market.

Here's the problem, though.

We can't come up with a single reason that validates why the market is all of a sudden

so convinced that digital assets are going into an extended funk.

We spent all week asking industry leaders, funds, and traders what the bear thesis actually

is that has traders and random BTC number generators so confident about upcoming price declines.

...