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 Friday, March 15th, and today we are talking about why,

legally speaking, it is official. Craig Wright is not and never was Satoshi Nakamoto.

Before we get into that, however, if you are enjoying the breakdown, please go subscribe to it,

give it a rating, give it a review, or if you want to dive deeper into the 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. Hello, friends. For those of you who have been watching the endless saga of

Craig Wright, constantly suing anyone who says he isn't Satoshi, yesterday was a very

vindicating day. However, before we get into that, I have to make

mention a little bit of the price action, which is some of the worst we've seen in a couple of

weeks. Bitcoin fell off a cliff overnight, suffering a 7% drawdown to bring the price under

67,000. Over 500 million in liquidations were processed as leveraged traders watched some of the

gains of the last few weeks melt away. There had been some concern during the day about a string of hot inflation

data, which have likely pushed Fred rate cuts even farther back. We're even starting to hear

murmurs that an additional rate hike could be needed to snuff out inflation. The more proximate

cause, however, was ETF flows. The sell-off began as preliminary figures trickled in,

and they were ice-cold. Most funds put up a zero on Thursday, with Fidelity recording just 13.7 million

worth of inflows. That was a new low, but still the best performer of the first batch of numbers.

Grayscale recorded $257 million in outflows, which is right around their long-term average.

Although BlackRock hadn't

reported at that point, markets had seen enough and began to sell off. Once BlackRock reported

...