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, November 21st, 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 slash breakdown pod. All right, friends, well, unfortunately, we are back with a kind of gloomy Friday

5. Everyone I think is trying to figure out what the heck is going on with the number go down.

We spend a bunch of time talking about that and where we think it goes next. And ultimately,

as you will see, neither of us is all that concerned. Good morning, bear market enthusiasts. It's nice to have you here for the Friday

five. I checked coin market cap. Prices aren't that good. No, no, it's a this is not a fun one.

Usually it waits until Thanksgiving to really lean in like this. Does that mean that we can possibly get a good Thanksgiving? You know, we just finally bought them here. And then we're back to prices from like last week. And everybody's extremely excited about that. Like $90,000 looks amazing. That's what I'm hoping for now. How fast our expectations reset. Yeah, it is very fast. I mean, let's just talk about the market here to

sort of set the table. Bitcoin headed for worse months since crypto collapse of 2022. Of course,

we know that these are the FTX days. Actually, when you look at a lot of things technically on the

chart, it's worse. I looked RSI on the daily chart is more oversold. If you look at the fear and greed

index and you believe in that, fear is much higher or the daily chart is more oversold. If you look at the Fear and Greed Index and you believe in

that, fear is much higher or the number there is much lower. This is a significant event right now.

It's at least for sentiments, you know, we're getting another $1.5 billion worth of levered positions

since yesterday. Seems like now what used to be a full market event of a billion was like FTX, right?

A billion to $2 billion.

Now that's a daily occurrence.

And we have Bitcoin dropping below $81,000 for the first time since April 11th.

Pretty, pretty disgusting out there.

Yeah.

I mean, I think that the question is part of what makes this a real challenge. And I guess, you know, I was thinking about what my sort of like

base framework for understanding this all is, is we are now experiencing, it feels like, the first

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