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, June 11th, 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.com slash breakdown pod. All right, friends, back with another Friday 5 this week. And obviously,

obviously, we are talking about Bitcoin's new all-time high. It's at 118,000, 119,000 at the time of

recording. Lots to dig into around why it is where it is and what it means going forward. So without

any further ado, let's dive in. Woke up, checked coin market cap, saw the price, said good price. I was on a stream yesterday with Gary Cardone and it was like 113 and we were celebrating. And I was like, I'm going to wake up. It's going to be like 118, no big deal. It was there. So basically I'm a profit. There it is. Nailed it. Who could have seen a three or four percent Bitcoin move coming?

The thing is, like, it's a big deal that we're obviously making a new all-time high after ranging for a couple months.

But relatively, it's not even a huge move for Bitcoin. Up 6 percent is really a nice day.

But it's nothing crazy. I don't know why people are so shocked. But this is the big first story of the day.

Obviously, we can take a look at coin market cap, everything pretty much up here. And then once again,

Bitcoin hits new all-time high at 116. We can change that's almost 119. Nearly a billion

shorts, get liquidated, of course. And Ethereum reclaims 3,000 as BlackRock Spot Ethereum

ETF, not just $300 million in record daily inflows. So let's talk price action first.

So let's talk about what we can comfortably say that it's not about. And it's pretty clear that

this is not some exogenous crypto-specific catalyst, right? No big new statement,

no big new announcement. In fact, to the extent that there has been any sort of policy

stuff this week, it's been, you know, contentious. So it's clearly not just a crypto-specific

phenomenon. I think that it feels like it's connected to a broader sort of risk-on move in

markets in general, right? You had Nvidia touch 4,000 earlier this week, you know, sort of some

amount of relative strength in traditional markets, even though there are kind of like, you know,

warning signs on the horizon or concerns around, you know, tariff round 18 or whatever coming up in

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