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 Saturday, January 27th, and that means it's time for the weekly recap.

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breakdown pod. Hello, friends, back with another

weekly recap conversation between Scott Melker and I, and there are lots of interesting topics this

week. We, of course, check in on the GPTC fund flows and the ETFs, we look at some China macro,

and we look at the hidden centralization that tends to afflict crypto networks, specifically in the

case of Ethereum.

It's a great conversation. I know you'll enjoy it, so let's dive in.

Are we so back, baby? Is it time? Are we celebrating yet? We never left. We never left.

We just needed something else to talk about for a minute. That's right. But when in doubt,

there is something we can

always talk about. And story number one on this Friday 5, of course, is the Bitcoin spot

ETFs, right? I've got this dashboard here from the tie showing the market cap. Ibit,

I shares Bitcoin trust. That's obviously BlackRock over $2 billion now in market cap, which I was

surprised. But more interestingly, I think, G in market cap, which I was surprised.

But more interestingly, I think GBT down to 20.95, it was 21 when I loaded this this morning.

So clearly there is still some outflows happening here in real time.

And Fidelity, right in the race with 1.7.

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