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 Saturday, June 3rd, and that means it's time for the weekly recap.

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LY slash breakdown pod. Well, friends, we are decidedly heading into the summer

lull. You can just feel it. It happens every year in markets more broadly, but it feels like

it's especially going to do so this time around. On yesterday's show, we talked all about how the Fed

might be likely to pause at the upcoming FOMC meeting, but whether they pause or not, there's

really no clarity

about where they head next, and we're just kind of in wait and C mode. That wait and C mode is even

more clear in crypto, where we just saw the lowest monthly volumes in a couple years in May.

Prices for assets like Bitcoin and Eith are sort of lilting sideways and slightly down after

the first monthly decline that we've had in 2023. And frankly, right now, there just isn't that much energy in the space.

Now, part of that is because we are still being dragged down on some level by the cleanup from

previous years. Today, we're going to check in on a couple examples of that.

One of them comes from Singaporean sovereign wealth fund Temasek. They've now completed their

postmortem of the fund's disastrous $275 million investment in FTX, which was marked down to zero

following the collapse of the exchange. Now, an independent team conducted a review and found there

was no misconduct on the part of the investment team that greenlit the deal. However, despite

this exoneration, Temasek said in a statement on Monday that, quote,

...