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 Monday, November 24th, and today we're talking about Scott Besson

walking into a Bitcoin bar. Before we get into that, however, if you are enjoying The Breakdown,

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All right, friends, let's kick off as always with a little bit of price chat. After a relatively quiet weekend, some are asking is the bottom finally in for Bitcoin. Friday saw some nasty

price action to end the week with Bitcoin extending its slide all the way down to 80,500.

Around $2 billion in leverage positions were liquidated in another series of sharp moves down.

But markets fell quiet on Friday afternoon and remained subdued all weekend.

Bitcoin floated up to a weekend high of $88,000 and entered the week trading it around $86,000.

It's not much to go on so far, but a little bit of stability was enough

to trigger some hope among analysts. In his Monday morning newsletter, Checkmatey noted that Bitcoin

found support on the true market mean, the average cost basis for all coins acquired in secondary

markets. Grim Capital wrote, Bitcoin funding rates are now starting to roll over into the negative.

This means bottom catchers are starting to give up. A real bottom can now develop. It's nothing inclusive for the moment, but if you are looking for signs of a bottom, they are starting to appear. Looking back at this month's drawdown, J.P. Morgan suggested it wasn't crypto-native sellers driving the price action. In a Friday note, they wrote, instead it has been non-crypto

investors, mostly retail investors who typically use spot and Ethereum ETFs to invest in the

crypto market, that appear to have been mostly responsible for the continuation of the

crypto market correction in November. Interestingly, J.P. Morgan doesn't view the ETF flows as

institutional investors, but instead, the average retail investor with an e-trade account.

The research note also pointed out that retail buyers have been piling into equities during the drawdown on that side of the market. Analysts wrote, It would thus be a mistake to extrapolate the selling of crypto ETFs as a signal that retail investors are turning bearish on risk assets more broadly, including equities. They argue that all that's really happened so far is an

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