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 Thursday, January 25th, and today we are talking ETF updates.

Are the GBT-Outflows done? What do they mean for Normies?

Etc, et cetera, et cetera, et cetera.

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 of the show notes or go to bit.

ly slash breakdown pod. So friends, yesterday we did a big macro day, and today we are catching up

on ETFs and the Bitcoin markets. And the big question has been basically ever since the

ETF, why is the Bitcoin price going down?

Is it a sell-the-news event? Is it just grayscale? And what might the impacts be? For example,

Jim Bianco recently tweeted, the spot Bitcoin ETF started on January 11th when the price was

49,021, 10 minutes after the ETF trading began. Two weeks later, the

Selden News correction is now 21% and not yet showing signs of bottoming. This may not sound

like much to experience DGens, but to Normie's first getting into crypto, they got rugged.

They are all sitting on big losses when they could have been in SPY or KKQQ and gloating.

Crypto is now at real risk of seeing its great hope to get serious Tradfye money fail.

What can save it?

Take out 49K.

How long will that take?

What if it's a year or more?

So, the wave of outflows from the Grayscale Bitcoin Trust continues to absolutely dominate

...