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, August 6th, and today we are doing the second day of follow-ups

around this big market crash. We'll be talking about Bitcoin, Defi holding up,

ETF flows, and a trading day recap. 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.ly slash breakdown pod. So, after a combination of factors set off a global

meltdown in risk assets on Monday, it's time now to survey the damage. U.S. markets opened with

trepidation after watching record declines in Asian

stocks overnight. We saw a huge gap down at the opening bell, with the NASDAQ plunging by 6.3%,

and the S&P 500 down 3.6%. Both indexes bounced hard and traded in a range for the remainder of the

session. There were muted gains after 10 a.m., but both indexes ended the day down significantly.

Crypto markets followed a similar trajectory, but on a faster timeline.

The bulk of the drawdown had already been digested by morning on the East Coast,

so all that was left was the recovery.

Both Bitcoin and Ethereum saw a decent recovery throughout the day,

with each finding a bottom at around 9 a.m.

Bitcoin gained 12% from that point, while Ethereum had a 13% revival.

Neither managed to fully recover to price levels from Sunday afternoon and remained around 10% down.

While neither of those markets were proclaiming strength were a long way from the peak doom

that was anticipated for Monday. Remember, most Asian markets saw their worst trading day in

...