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, October 8th, and today we are talking about the big

polymarket deal. Before we get into that, however, if you are enjoying the breakdown, please go

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conversation, come join us on the Breakers Discord. You can find a link in the show notes or go

to bit.ly slash breakdown pod. All right, friends, today we are talking

about the New York Stock Exchange parent company investing in polymarket. But before we do a quick

market update, Bitcoin suffered a 4.2% correction on Tuesday as the run at new all-time highs failed.

The sell-off started as the trading day began in New York and traded to a low of 120,600 in the early afternoon. Trading was rangebound near the lows throughout the day, but rose to 123,000 overnight. So far, this doesn't look like a trend reversal, but we'll need to see a higher high soon to avoid Bitcoin sweeping lower. Trader Bitbull commented, Bitcoin is now trying to flip its previous all-time high into support. I wouldn't be surprised

to see a fake out below it, but overall a new weekly close above 123K is needed. This will set the

stage for the next 20 to 30% rally in the coming weeks. Future's open interest barely moved on the

drawdown and funding rates barely budged. Don Crypto-Trades noted that around 19% of global

open interest was added over the past

week, commenting, it's not completely out of proportions, but to get a sustainable run, I'd rather

see open interest come down slightly first. If it keeps running at this pace, we risk getting

overheated earlier. QCP capital, meanwhile, wasn't sure whether the recent price action

should be considered sustainable or overextended.

They wrote,

Some may argue the 12% surge in Bitcoin over the past week appears overdone given the lack of major catalysts.

But the narratives driving this rally should not be dismissed.

They listed an outperformance in gold, the government shutdown, and Bitcoin reserves

...