Bitcoin's had four months of negative net ETF outflows for the first time ever.

But even though there's net negative outflows, we're still seeing inflows into it because net

outflows doesn't mean that there's not positive inflows also coming in.

And these tend to come from the longer term allocators.

We still have some pension funds.

We still have some asset managers purchasing this and

they're there for the longer term and they're probably holding up the structural floor, but not

enough to get us a quick V-shaped rally. The following conversation is an extension of a recent

episode all about the Bitcoin halving and how the new wave of institutional participation promises

to shape

the four-year cycle moving forward. For the best experience, be sure to go back and check it out

if you missed it. And don't forget to hit like and subscribe so you don't miss any more. And

with that out of the way, let's start the show. This episode is brought to you by Nexo.

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Nothing said on the breakdown is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only and any views expressed by anyone on the show are opinions, not financial advice. Host and guests may hold positions in the company's funds or projects discussed. Okay, welcome everybody to The Breakdown. I'm your host, David Connellis. With me is my special guest, Blockworth's research analyst and host of the new Inflection Point podcast, Mark Aujon.

Thanks for joining us today. Thanks for having me. Excited to be here.

Yeah, I kind of wanted to jump off straight away into this whole thing about whether the Bitcoin

halvings are really mechanically relevant to supply and demand dynamics because to me, I like that ship has like sailed a long time ago

because there's like a lot of things in the Bitcoin space and the Bitcoin market that outweigh

...