So the point that Travis was making and that I'm going to reinforce here is that November shows

just how bare market proof the crypto industry is.

That doesn't mean there couldn't be a lot of pain coming, but even if or when it does,

there's going to be a lot of significant players who still have the capital to weather the storm

and keep the whole thing moving forward.

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 been on, guys? It is Thursday, December 2nd, and today we're talking about November,

the month that just passed. Now, I find the discussion from the last few weeks pretty interesting

in the sense that there has been this

vibe, almost this anticipation of a bare turn. We've been ready to rinse our hands and say,

that's it. We must be going the other direction. Get ready for winter. It feels to me partially just

like PTSD from the 2017 cycle and seeing the timeline is close enough in the year, but I don't necessarily

think that that's borne out by reality. It could also be that the number from Plan B's

stock to flow model for the month was 98K, so people see that not being hit as a disappointment as well.

Third and finally, after the raging upward motion of October,

aka October, maybe November was just a little bit of a letdown, right? In any case, I want to tell

kind of a different story about November, and the way that I want to do it is actually to crib

one of my favorite people in the industry, Travis Kling. Travis Kling writes one of the most

essential monthly

newsletters for his fund, Ikega. And part of what he does is he writes a list of the top news

...