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, April 17th, and today we are asking, is the rally over?

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All right, so let's talk about what we're talking about here.

I will preempt anything and say that I am not bearish.

I'm not concerned.

But this is a topic of conversation.

It's an emerging narrative.

And so it's worth exploring.

The last six months have seen undoubtedly the strongest pre-having Bitcoin rally in history,

price more than doubled to reach new all-time highs. And while there are specific reasons for it, i.e. the ETF, it's still been

extremely notable. However, the last month has been choppy and tense. There was no breakout to higher highs.

Retail still isn't really there. It's not exactly clear to see where fresh momentum will come from.

Bitcoin is now down almost 10% since the end of last week. While bull market corrections

are completely normal for Bitcoin, some are starting to ask if this is more than just a

correction. Let's talk first about the ETF. Probably the biggest shift in Bitcoin markets over

the past month has been the ETF hype cooling off. During recent months, the market would move on every release of flow data.

We saw exaggerated responses to hot inflows, while any outflow triggered a huge correction.

Now, it seems like most people have moved on from tracking daily flows.

Last week, flows were firmly in the red, but that barely rated a mention among a range

...