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, January 29th. And today we are doing a grab bag

catch-up on a bunch of different topics from Gary Gensler's next gig to French authorities

investigating finance. Before we get into all 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. All right, friends, welcome back to the breakdown. Today we have a very

grab baggy, kind of a split show. There are some stories that are anchored in the past and the crypto world we're leaving behind.

There are some that are focused on the new and what's next.

But where I want to start is actually just a quick follow-up to yesterday's show about

DeepSeek.

Basically, as things have resolved, most analysts have come around to the same position that

we took this week, which is that this had pretty much nothing to do with Bitcoin.

Derivatives trader Gordon Grant said,

The deep-seek-induced sell-off certainly tested the correlation that Bitcoin has tended to exhibit

versus large-cap tech stocks and broader risk assets. The strength of Bitcoin's bounce back and

narrative shift alongside it can start to create a salubrious differentiation that Bitcoin differs

materially from and may actually have very little in common with the

blanket bets on an AI-powered future. Sir, that is the first time I have heard salubrious in a research

note, and I am here for it. Now, this focus on breaking the correlation with tech stocks carried

across a number of different analyses. QCP Capital wrote, this week could test whether

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