To be clear on the scope of these liquidations, I gave you the broad numbers yesterday, the

aggregate approaching 10 billion. But to me, the bigger crazy number is 775,000 traders who had their

accounts liquidated. That is a huge move. And part of what made this extra crazy is that, on the

way down, the apes kept opening up levered longs trying to catch the bounce back,

and then getting those liquidated as well. So even the attempts to counter the move down

ended up contributing to the overall picture. 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.

The breakdown is sponsored by nexo.io and produced and distributed by CoinDes.

What's going on, guys? It is Thursday, May 20th. And man, we had a hell of a day yesterday.

Truly one for the record books. I think I read it was Eith's second worst day on record. It saw Bitcoin touch lows that it hadn't seen since

February. And the dynamics of the crash were particularly shocking. It was like watching the

free fall of this entire industry. Yesterday felt like some combination of people

scrambling to get out, people scrambling to get in, people scrambling to explain which

fud it was that had caused this thing, and then of course people scrambling to make their

prognostications about where we go next. Now, however, we've had a full day, which is the

crypto equivalent of a week in normal markets, under our

belts. We've recovered a lot of the losses. Bitcoin is literally all the way back at 42,000,

where it started. We've reset our positions, and we've had a chance to more dispassionately explore

what happened. If you listened to the show yesterday, you heard me go through each of the big areas of

fud and argue that the issue ultimately wasn't any one of those concerns, but an overall market

narrative fatigue, nervous newbies, and liquidations that made everything more extreme. Today, I want to

expand on that using a ton of great analysis

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