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 Tuesday, April 16th, and today we are talking about crypto around the world.

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Hello, friends. It is a little slow out there, I will admit. I think there are a couple reasons for that. We have been on a blistering pace the past few months, both with news and with

price action. And there's naturally a little bit of a calm and a pullback, I think,

that's happening now. Second, as we discussed yesterday, there are, of course,

a lot of geopolitical and sort of macro instabilities right now that are kind of chilling everything

out at the moment. Third, however, I think there is also the pre-having lull. We're now a few days

before the anticipated halving, and to some extent it feels like the market catching their breath.

Travis Kling actually had an interesting thought about the state of the markets last night.

He tweeted,

The thing that makes right now so interesting is that Bitcoin is probably fine and heading higher,

and the market is kind of trained at this point to equate that to alts moving higher too.

But very few market participants have any real conviction in hardly any alts,

certainly not at these levels.

It's almost entirely a game of hot potato. The price action in alts over the last few days and

the last six weeks has pulled the curtain back on the market structure for alts. There is very

little bid for hardly any of these assets. When they all ripped together, it's mostly been a mirage.

...