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 Monday, August 5th, and today we are talking about the big Bitcoin and broader market crash.

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Hello, friends. Woo, it was a brutal one today. I guess for us over here in Crypto Land, it's been

brutal for a little bit longer than everyone else. But today we are obviously talking about the

market crash. What, if anything Bitcoin or Crypto has to do with it? What happened in those

areas? And just generally generally we're going to

try to get a sense of what the hell is going on. Maybe for the sake of fidelity to this show,

let's start with the crypto side of the equation, where Bitcoin sold off hard on Sunday night,

which was frankly capping off a rough week already for crypto markets. Even before the Sunday

night flush, it had already been the worst week since the

FTX collapsed back in November 2022. As I record, Bitcoin is trading around $53,000 after beginning

last week at $69,500. Altar an absolute bloodbath, with most prominent tokens down 15% or more

overnight. Ethereum is faring even worse, suffering a 23% drawdown last night and losing a third of

its value over the weekend.

It is now round-tripped an entire year worth of price action.

I saw a meme that said Ethereum 2.0.

No, Ethereum to zero.

Total open interest for crypto futures has declined by almost 40% over the past week, with

over 800 million in liquidations on Sunday. Now, the only news that comes from the CryptoWorld, total open interest for crypto futures has declined by almost 40% over the past week, with over

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