The Breakdown

A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks. Subscribe to The Breakdown newsletter: https://the-breakdown.carrd.co/
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Last Episode : July 15, 2025 2:50pm
Last Scanned : 5 hours ago


Episodes
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Bitcoin starts the week by smashing through $120,000, triggering a wave of excitement on crypto Twitter and in traditional finance alike. NLW breaks down the immaculate vibes, the record ETF inflows, and how institutional capital is finally moving with urgency. Meanwhile, Washington launches its most ambitious legislative push on crypto to date, with stablecoins leading the charge and opposition intensifying. From BlackRock’s record-breaking ETF to Grayscale’s legal showdown with the SEC, and from Trump’s crypto ties to the global monetary backlash against U.S. stablecoins—this is one of the most pivotal weeks yet in Bitcoin’s history.
Sources:
https://www.coindesk.com/opinion/2025/07/07/without-operational-alpha-bitcoin-treasury-company-premiums-will-collapse
https://www.bloomberg.com/opinion/articles/2025-07-09/bitcoin-buying-and-coffee-are-too-frothy-a-mix?sref=qUxVp6JU
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Published Tuesday
Confirmed 10
The State of Bitcoin Treasury CritiqueOn today's Long Read Sunday, NLW explores two critiques of the growing phenomenon of Bitcoin treasury companies. First, Bloomberg columnist Lionel Laurent argues that corporate Bitcoin purchases signal a frothy market frenzy reminiscent of past speculative bubbles. Then, K33’s Torbjørn Bull Jenssen warns that without an actual operational strategy beyond simply buying Bitcoin, these companies' market premiums are doomed to collapse. NLW dissects where these critiques land—and where they miss the mark—in a thoughtful discussion about the real financial engineering at play and what might come next for Bitcoin treasury firms.
Sources:
https://www.coindesk.com/opinion/2025/07/07/without-operational-alpha-bitcoin-treasury-company-premiums-will-collapse
https://www.bloomberg.com/opinion/articles/2025-07-09/bitcoin-buying-and-coffee-are-too-frothy-a-mix?sref=qUxVp6JU
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Published Sunday
It's another Friday Five, and the top story is clear: Bitcoin has surged to a new all-time high, nearing $119,000. NLW breaks down what's driving the price action, from broader market optimism fueled by IPO resurgence and treasury company mania, to structural crypto demand spurred by ETFs. Plus, Elon Musk's America Party embraces Bitcoin, Fed minutes hint at imminent rate cuts amid tariff uncertainty, a mysterious whale moves $8 billion in ancient Bitcoin, and Capitol Hill gears up for a crucial crypto policy showdown next week.
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Published Saturday
Elon Musk Launches a Bitcoin-Friendly Political Party
Elon Musk just announced the formation of the "America Party," embracing Bitcoin and sparking political chaos. Meanwhile, Congress bets on explosive economic growth through massive spending, and House Republicans prioritize crypto legislation. Plus, the government drops its appeal in the landmark Tornado Cash sanctions case, but the criminal trial against its developer looms large.
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Published Wednesday
The Mystery of the $8 Billion Ancient Bitcoin Whale
Over 80,000 Bitcoin, untouched since 2011 and now worth $8 billion, suddenly moved this holiday weekend, sparking wild theories—from secret whales to quantum hacks. NLW explores the intrigue, risks, and possibilities behind one of Bitcoin's largest-ever transactions, and the deeper questions it raises about Bitcoin privacy, security, and the mythos of crypto’s earliest adopters.
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Published 07/08
Stablecoins and Streaming Money
On this Long Read Sunday, NLW explores two transformative essays about how stablecoins and AI agents are set to reshape money. Paul Brody explains why financial streaming via stablecoins could free up trillions in capital. Jason Cottrell outlines how the fusion of stablecoins and agentic AI is revolutionizing consumer payments.
Sources:
https://www.coindesk.com/opinion/2025/06/24/the-future-of-money-is-streaming-now
https://composable.com/insights/stablecoins-ai-agents-digital-payments
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Published 07/06
A Mid-Year Bitcoin Check-In
We're halfway through a wild year for Bitcoin and crypto, with treasury companies stacking sats, ETFs finally breaking through, and Robinhood diving deep into tokenization. Amid a noisy debate on market manipulation versus genuine growth, NLW unpacks the key narratives shaping Bitcoin’s trajectory into the second half of 2025.
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Published 07/03
Trump Eyes Fed Shake-Up as Markets Brace for Cuts
Speculation swirls around who could replace Jerome Powell as Trump hints at naming a new Fed chair early—potentially upending central bank independence. NLW breaks down the leading contenders, market reactions, Trump’s radical debt issuance ideas, and why healthcare cuts and tariffs might be the real macro shocks ahead of July 4th.
Source: https://www.coindesk.com/opinion/2025/06/26/whats-next-for-tokenization
Brought to you by:
Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal.
To learn more, visit Grayscale.com -- https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)
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Published 07/01
The Five Most Important Stories in Crypto This Week
In this week’s Friday Five, NLW unpacks a major shift in crypto policy: Fannie Mae and Freddie Mac have been ordered to treat crypto as mortgage-worthy assets—a milestone in crypto’s integration into mainstream finance. He also covers BIS’s takedown of stablecoins, the surge in Bitcoin dominance, Texas’ new Bitcoin reserve law, and the emerging wave of tokenized stocks and private equity offerings. From macro stabilization to tokenization trends, this episode maps where crypto’s financialization cycle is heading next.
Brought to you by:
Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal.
To learn more, visit Grayscale.com -- https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)
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Published 06/29
Crypto Mortgages Are Here
A sweeping look at crypto's mainstream march. From Fannie Mae and Freddie Mac counting crypto toward mortgage applications to the SEC signaling ETF redemption upgrades and SoFi relaunching crypto services, today's episode is packed with updates showing how deeply digital assets are integrating with traditional finance. Plus, Republic’s controversial plan to tokenize SpaceX equity raises big questions about the future of private markets on-chain.
Brought to you by:
Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal.
To learn more, visit Grayscale.com -- https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)
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Published 06/27
The Central Banks Strike Back on Stablecoins
The Bank for International Settlements (BIS)—the central bank for central banks—has delivered a major critique against stablecoins, arguing they lack critical features for mainstream adoption. NLW explores the BIS's warnings, their preference for central bank digital currencies (CBDCs), and what this means as the U.S. nears stablecoin legislation. Plus, a quick market check-in as geopolitical tensions pause.
Brought to you by:
Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal.
To learn more, visit Grayscale.com -- https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)
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Published 06/26
Texas Gets to Bitcoin Buying
On today's Breakdown, the big story is Texas becoming the first state to actively build a Bitcoin reserve. Governor Greg Abbott has signed legislation allocating an initial $10 million to the reserve, making Texas the clear frontrunner in a growing state-level Bitcoin adoption trend. Plus, a quick check-in on escalating tensions—and attempts at ceasefire—in the Middle East.
Brought to you by:
Grayscale offers more than 20 different crypto investment products. Explore the full suite at grayscale.com. Invest in your share of the future. Investing involves risk and possible loss of principal.
To learn more, visit Grayscale.com -- https://www.grayscale.com//?utm_source=blockworks&utm_medium=paid-other&utm_campaign=brand&utm_id=&utm_term=&utm_content=audio-thebreakdown)
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Published 06/24