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 Thursday, October 31st, and the identity of Satoshi has been revealed.

But not really. 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.

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Well, friends, happy Halloween and happy Bitcoin White Paper Day. Today is exactly 16 years since the

Bitcoin White Paper was published, which to me feels like, I don't know, the best opportunity

we've ever had for a new all-time high on White Paper Day, although it doesn't appear that we're

going to get that. Bitcoin spent all of yesterday stuck in a tight range. The lowest it got was

71,300 shortly after the stock market opened in New York. The highest it went with 72,900

right at the close. Overnight trading had an even tighter range hovering a few hundred dollars

above 72,000.

Nothing is moving in the anticipation builds.

This is now the longest Bitcoin has traded above $70,000 in history.

Byzantine General remarked on how bizarre this moment is, tweeting,

Bitcoin is basically at all-time high and Perp's funding is flat.

If you had told me a year ago that funding would be neutral at all-time highs, I wouldn't have believed you. The ETFs put in another monster day, recording 890 million worth of inflows in total, which was their second largest on record. BlackRock was responsible

for 872 million of that on their own, which is a new record for that fund. Weekly net inflows

are already above 2 billion, and yet the price is completely stuck.

At the time of recording, we actually had gone down a little bit, but we're still over $70,000.

The price action is a little reminiscent of the end of 2020, when Bitcoin spent three weeks

ranging between $16,000 and $20,000 before finally breaking out. Now, speaking of Satoshi,

...