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 15th, and today we are talking about market

upsizing. 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. Well, friends, there are a very specific handful of themes in the crypto and Bitcoin space right now.

One is regulatory cleanup, which is inclusive of basically all of the fallout from Operation

Chokepoint 2.0 and the change of administration, basically a backwards-facing look at

regulatory challenges that we've

had. Another big theme right now is regulations and policy facing forward, this big question of what

the Trump administration will actually do. Another emergent theme, which may break into broader

consideration, is the AI agent narrative that seems to have some chance of breaking out as the non-Bitcoin

narrative for the cycle. Global geopolitical game theory is another big point of conversation,

and obviously that intersects the United States with the Bitcoin Strategic Reserve,

as well as numerous states in the U.S. and other nations. And the last major theme that

comes up over and over and over again is, of course, institutional

adoption, the integration and sewing together of the crypto ecosystem and the traditional

financial ecosystem.

What we're doing today is looking at a set of stories that all seem to indicate the trajectory

of that institutional adoption.

We know that in 2024, the Bitcoin ETFs set records

...