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.

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What's going on, guys? It is Thursday, September 30th, and today we are talking about why this fall,

aka this autumn, could be Bitcoin season. So one quick correction before I get into this.

Yesterday, most of the times that I was referring to Cracken Settlement with the CFTC,

I said the correct number of $1.25 million.

But at one point in the show, I said that their settlement was $125 million,

which obviously would have been a much bigger deal.

Just wanted to make it clear that it was a

$1.25 million settlement. All right, let's talk about why this fall could be Bitcoin season,

and to get into the conversation, let's talk about how the crypto industry uses the word

season in general. This refers to a sort of cyclicality that has been present historically

in the crypto industry. Basically, the idea is that as part of the market cycle, a Bitcoin

rally tends to then move into what people have called alt season. The idea here is that people

who have made a bunch of money and Bitcoin

then recycle their profits into alts, which they view at that part of the cycle, is having

a bigger opportunity to grow more over some period of time. Those alt cycles always encourage

a sort of mania, and then eventually they pop, and people who are wanting to stay in the

crypto industry retreat to some safer assets, specifically Bitcoin. We languish in obscurity

for a while, and then eventually the cycle starts again. Now, of course, there are lots and lots

of debates about the super cycle, and whether a super cycle, or at least least just a breaking of the traditional four-year

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