The Week Crypto Moved Forward While Prices Fell Behind

The Breakdown

Blockworks

Business, Investing

4.8 • 806 Ratings

🗓️ 17 November 2025

⏱️ 24 minutes

🔗️ Recording | iTunes | RSS

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Summary

Extreme fear grips the market and Bitcoin dips into the mid-$90Ks, but the real story is everything happening underneath the sell-off. This Friday 5 breaks down the heavy wallet distribution, the liquidation wave, and why short-term price pain contrasts so sharply with long-term structural progress — from new SEC/CFTC clarity efforts to bipartisan draft legislation, from Coinbase’s launchpad experiment to JPMorgan’s deposit token push. A clear look at the week when crypto quietly advanced despite the charts. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.3	It's a daily podcast on macro, Bitcoin, and the Big Picture Power Shifts remaking our world.
0:18.4	What's going on, guys? It is Friday, November 14th, and that means it's time for the Friday
0:22.8	5. 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.L.Y slash breakdown pod. All right, friends, back after last week off with another Friday 5. It's kind of a
0:40.8	gloomy one, but I think... in the show notes or go to bit.ly slash breakdown pod. All right, friends, back after last week off with another Friday five.
0:40.2	It's kind of a gloomy one, but I think it's just a very short-term gloominess, as you will hear.
0:44.8	Still lots and lots of tailwinds being built for the future, so without any further ado, let's dive in.
0:51.5	Good morning, bare market enthusiasts, and welcome to the dystopian future hell that is crypto.
0:59.5	You're going to welcome NLW.
1:01.8	Bear market things, you know?
1:04.2	It's a baby bear.
1:05.5	Bitcoin $95,500.
1:09.0	Clearly it's all over.
1:10.3	I haven't even looked. Let's see where crypto fear and greed has got to be low. Let's pull that up. 16. Extreme fear. Yesterday, extreme fear. I don't know, man. Seems like there's a lot of depression and maybe a bottom is approaching. Yeah. I mean, who knows? I think that there's a lot that you can point to in all
1:29.7	directions, I'm sure, which we will unpack throughout this episode. Yes, we will. I still think that
1:36.2	this image is living Renfrey in a lot of people's heads when it comes to the cycle theory and where
1:40.7	we're at this 2023 Reddit post that said the pattern would put this
1:44.2	cycles all time high on the 6th of October 2025 exactly when we hit 126,000 people looking
1:52.6	for reasons for this renewed sell-off of course as well though.
1:56.3	You had Michael Saylor saying Hoddle, apparently the Titanic's going down.
2:00.1	Oh, my God. What are we doing here?
2:02.8	I don't know, man. I don't think that picture says what he thinks that picture says.
	...

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