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, June 24th, and today we are talking about the slump.

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slash breakdown pod. All right, friends,

happy Monday. Hopefully you had a good weekend because it wasn't all that fun in the world of

Bitcoin and crypto, at least not from a sentiment perspective. In fact, it was another rough weekend

for Bitcoin with the price plunging below 61,000. We're now entering the third week of

the correction with the total

drawdown hitting 13%. And that is all before today's price action, which continue to send

Bitcoin lower. This correction is not as deep as the one in April, but it has been far more

persistent. Liquidity is extremely poor and price continues to bleed out day after day. And while

sentiment on the timeline has been deteriorating rapidly,

Bitcoin-specific indicators aren't quite as dire as you might think.

Santiment, a service that scraped social media posts for Bitcoin commentary, has been showing

negative sentiment since May 23rd. They tweeted earlier in the weekend,

The crowd is mainly fearful or disinterested toward Bitcoin as prices range between 65K to 66K.

This extended level of fud is rare, as traders continue to capitulate.

BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward

the patient.

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