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, January 31st, and that means it's time for the Friday 5. 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.combeck. Hello, friends. Back with another Friday five. Frankly, this week was a bit less eventful than the crazy first week of the Trump administration, which we had last week. But that doesn't mean there was nothing going on. In fact, the slightly less rapid fire news gave us a chance to expand out to where we see some of the big trends heading in this conversation. So let's dive into it, and I hope you enjoy.

Good morning, sir.

What's happening?

I can tell you that the other day I was starting to feel like there was never going to be an

old season again.

It was over.

I was starting to feel overwhelmed with emotions.

Not really, but the thoughts were creeping in, talking to my team, and then I said,

this has got to be the bottom. Yeah. And since then, price had bounced lovely. We have Bitcoin

at $104,600, which the fact that we have sort of this overwhelming bearishness or questions about

what's happening with the market when

price is a few percent off the all-time high. I guess just shows you how impatient people are,

but how badly alt coins have underperformed and how overexposed people likely are to them.

Yeah, I think you're right. I think that we've got kind of a more complex, you know,

thumbs up, thumbs down kind of scenario here,

where one, I think you're right, there's probably a mismatch between where people have exposure

and what's doing well that's causing some discord. But then, too, I think in general, people are

kind of unmoored just because this cycle isn't following any of the patterns we're used to like

especially people have been around a couple cycles it always feels like it's breaking the cycle

pattern and then it's actually just the cycle pattern whereas this one really is kind of its own

...