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 Wednesday, July 19th, and today we are talking about crypto funding

and the continued shift away from the bear market blues. Before we get into that, however,

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ly slash breakdown pod. Hello, friends. Well, today I want to start with a quote from

Jake Trevinsky. Jake is the head of policy at the blockchain association, and actually this

tweet, which was from today, was a quote tweet of himself from September 2021.

In that original tweet, he had said, it was 12 months since last all-time high. Everything in

crypto was down 85 to 99%. Twitter was quiet and angry. Traders were giving stocks a try. Nobody

believed another bull market like that would ever come again. It was January 2019.

Here we are today, trading JPEG's worth more than houses. Now, his quote tweet today read,

That mania ended. The market collapsed. The bad guys got blown out or locked up. Twitter is

quiet and angry. But memories of our very bad 2022 are fading, the big guys are launching

ETFs, Congress is moving legislation, the SEC is losing in court, the early bull vibe is strong.

Now, if you've been listening to this show regularly, you have definitely grok that I've been

feeling like there is a palpable psychological shift in the markets. I think that there

have been three key moments in 2023 that have made that shift real. The first came during the banking

crisis. The psychological impact of seeing Bitcoin not only hold but rally as people were lining up

to get their deposits out of regional banks around the country was not just a big moment for us.

It was a mainstream

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