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/
Episodes
August 28, 2025 • 14 mins
Today’s Breakdown digs into a dramatic week for markets and politics as President Trump fires Fed Governor Lisa Cook, raising alarms about central bank independence, and floats equity stakes in private companies starting with Intel. From fears of emerging-market style governance to debates over whether Fed credibility still matters, we explore the mounting concerns about America’s economic order and what they could mean for investo...
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August 27, 2025 • 11 mins
Bitcoin’s post–Jackson Hole rally was short-lived, with prices plunging below $110,000 after a massive whale liquidation sent shockwaves through the market. Today NLW unpacks how 24,000 BTC moved for the first time in six years, the rotation into Ethereum, and the $640 million in liquidations that followed. Plus, what whale selling means for this cycle, how traders are framing the correction, and whether we’re nearing a late-stage ...
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August 26, 2025 • 14 mins
At last week’s Jackson Hole gathering, Jerome Powell delivered his final speech as Fed Chair. On the surface it was dry and technical, but markets read it as a dovish signal—and risk assets surged. In today’s Breakdown, NLW digs into what Powell actually said, why markets reacted so strongly, and what the revisions to the Fed’s monetary policy framework mean for inflation, employment, and the future of central bank independence.
B...
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August 24, 2025 • 9 mins
On this Long Read Sunday, NLW turns to Byron Gilliam’s Breakdown newsletter for a discussion of whether crypto narratives are finally becoming reality. From gold’s millennia-long hold on value perception to new empirical evidence linking sovereign risk and crypto adoption, the conversation explores how stories of Bitcoin as digital gold, a hedge against government dysfunction, and a tool for remittances are increasingly backed by d...
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August 23, 2025 • 22 mins
Markets turned their attention to Jackson Hole for Jerome Powell’s final speech as Fed Chair, while crypto and AI narratives kept investors on edge. NLW unpacks how Powell’s tone could shift rate cut expectations, the signals from Wyoming’s new state stablecoin, and why the crypto lobby is racing to lock in legislation before midterms. A slow summer week on the surface, but one filled with clues about where the next big fights will...
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August 22, 2025 • 12 mins
At the Wyoming Blockchain Summit, Federal Reserve Governor Christopher Waller delivered one of the most striking pro-crypto speeches ever from a senior central banker. Waller argued that decentralized finance is simply the next iteration of financial technology, praised stablecoins as now-mature infrastructure, and said the Fed itself must modernize its payment rails to be compatible with crypto. He even joked about trading meme co...
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August 21, 2025 • 15 mins
At this year’s Wyoming Blockchain Symposium, regulators and policymakers made it clear that crypto’s role in the U.S. financial system is entering a new chapter. Federal Reserve Governor Michelle Bowman delivered a groundbreaking speech on embracing innovation, SEC Chair Paul Atkins signaled fresh thinking on token regulation, and Senate Banking Chair Tim Scott weighed in on the market structure bill. Wyoming also launched its own ...
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August 20, 2025 • 14 mins
As Jerome Powell prepares for his final Jackson Hole address, we look back at how his speeches at the Fed’s most important annual gathering have shaped the past six years of monetary policy. From “transitory” inflation to the Volcker comparisons of 2022, Powell’s Jackson Hole moments trace the story of his tenure and the economic landscape we’re living through today.
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August 19, 2025 • 13 mins
After hitting new all-time highs above $124,000, Bitcoin is showing its first signs of weakness. Traders are watching closely as a six-week rally cools off, with historical cycles suggesting a pullback could be near. We look at seasonal market patterns, analyst expectations for Q4, and the growing influence of Bitcoin treasury companies. Plus: the latest on China’s slowdown, altcoin season signals, and Gemini’s surprise IPO plans.
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August 17, 2025 • 12 mins
On this week’s Long Read Sunday, NLW reads two essays exploring the intersection of Bitcoin, crypto, and politics. The first, Red Coin Blue Coin: The New Politics of Exposure, looks at the rise of politically branded Bitcoin treasuries—from Michael Saylor’s Strategy to Trump Media’s $2 billion BTC bet—and asks whether investors are buying the coin or the campaign. The second, A Regulator’s Radical Defense of Privacy by Byron Gillia...
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August 16, 2025 • 22 mins
In this week’s Friday Five, NLW and Scott break down U.S. Treasury comments that rattled Bitcoin markets and offered a rare glimpse into America’s BTC holdings, then dive deep into Circle’s launch of a layer one blockchain—and why it’s sparking debate about the return of private chain walled gardens. The conversation explores how rate cuts could hit Circle’s revenue, potential ripple effects for Coinbase, and the shifting competiti...
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August 15, 2025 • 12 mins
Bitcoin hits $124K and Ethereum surges close to a new record as altcoin mania returns. Meanwhile, institutional exchange Bullish rockets 200% in its IPO before plunging—raising questions about froth in the crypto cycle. NLW unpacks the wild price action, the macro forces driving the rally, and whether this bull run is overheating or just getting started.
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August 14, 2025 • 13 mins
Circle has announced Arc, its own EVM-compatible layer 1 blockchain powered by USDC, joining Stripe, Tether, and Robinhood in the corporate app chain trend. Critics warn it could fragment crypto and undermine decentralization, while supporters see potential for commercial finance use cases. Plus, a mixed CPI report keeps September rate cut hopes alive despite stubborn inflation, as political battles heat up over Fed appointments an...
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August 13, 2025 • 12 mins
NLW breaks down the brewing Senate battle over the crypto market structure bill, with Elizabeth Warren signaling a shift toward acknowledging the need for legislation. We explore Democratic critiques of the Lummis proposal, the strategic implications for regulation, and how this fight could shape the industry’s next chapter. Plus, updates on the Genius Act’s impact on stablecoins, Stripe’s stealth blockchain project, and the red-ho...
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August 12, 2025 • 14 mins
Bitcoin starts the week near all-time highs after a surprise Sunday night rally, even as rumors swirl of another China crypto ban. NLW unpacks why the reports are misleading, the real story of Beijing’s growing unease over Hong Kong’s new stablecoin regime, and what it could mean for capital controls. Plus, Harvard’s $116M Bitcoin buy signals a shift in institutional attitudes, and the White House crypto council sees a leadership c...
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August 10, 2025 • 13 mins
A new long read argues that crypto’s biggest weakness is its inability to tell its own story—an issue magnified by the mainstream media’s fixation on outdated narratives. NLW agrees with much of the piece, but brings a unique perspective as the former architect of FTX’s high-profile marketing push, including stadium naming rights, Super Bowl ads, and celebrity campaigns. He explains the strategy behind those controversial moves, wh...
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August 9, 2025 • 20 mins
This week’s Friday Five is packed with U.S. government moves that signal crypto policy has shifted from rhetoric to action. NLW and Scott break down the SEC’s surprising guidance that puts liquid staking outside securities law, Hester Peirce’s call to enshrine financial privacy in the digital age, and the Tornado Cash verdict’s implications for developers. They also cover Trump’s executive orders opening 401(k)s to Bitcoin and othe...
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August 8, 2025 • 13 mins
In a closely watched case for crypto developers, a New York jury found Tornado Cash co-founder Roman Storm guilty of operating an unlicensed money transmitting business, while deadlocking on money laundering and sanctions charges. NLW unpacks the strange twists of the trial, the judge’s controversial rulings, and why the verdict sets a troubling precedent for DeFi.
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August 7, 2025 • 13 mins
President Trump is preparing an executive order targeting financial institutions over politically motivated debanking, but critics argue it's missing the real culprits—federal regulators. NLW dives into the legacy of Operation Chokepoint, what this new order aims to change, and whether it will prevent future abuses. Then, in a big move for crypto, the SEC clarifies that most liquid staking protocols don’t constitute securities offe...
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August 6, 2025 • 11 mins
Washington is buzzing with crypto action. From the CFTC's new crypto sprint to Hester Peirce's bold stand for privacy, this episode dives into the shifting regulatory winds—and what they mean for the future of Bitcoin, markets, and crypto infrastructure. NLW covers ETF outflows, macro pressures, and why the AI economy might be holding up GDP while the labor market struggles. Plus, Project Crypto at the SEC might be the biggest inst...
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