The Breakdown - The Five Most Important Stories This Week

Episode Date: November 23, 2025

NLW and Scott Melker cover why this may be the first baby bear market in our new tradfi integrated paradigm. Enjoying this content? SUBSCRIBE to the Podcast: https://pod.link/1438693620 Watch on YouTube: https://www.youtube.com/@TheBreakdownBW Subscribe to the newsletter: ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠https://blockworks.co/newsletter/thebreakdown⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ Join the discussion: https://discord.gg/VrKRrfKCz8 Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownBW

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 Friday, November 21st, and that means it's time for the Friday 5. 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 in the show notes or go to bit.ly slash breakdown pod. All right, friends. Well, unfortunately, we are back with a kind of glitory. gloomy Friday 5. Everyone I think is trying to figure out what the heck is going on with the number go down. We spend a bunch of time talking about that and where we think it goes next. And ultimately,

as you will see, neither of us is all that concerned. Good morning bear market enthusiasts. It's nice to have you here for the Friday 5. I checked coin market cap. Prices aren't that good. No, no, it's a, this is not a fun one. Usually it waits until, uh, thanks. Thanksgiving to really lean in like this. Does that mean that we can possibly get a good Thanksgiving? You know, we just finally bought them here. And then we're back to prices from like last week. And everybody's extremely excited about that.

Like 90,000 looks amazing. That's what I'm hoping for now. How fast our expectations reset. Yeah, it is very fast. I mean, let's just talk about the market here to sort of set the table. Bitcoin headed for worse months since crypto collapse of 2022. Of course, we know that these are the FtX days. Actually, when you look at a lot of things technically on the chart, it's worse.

I looked RSI on the daily chart is more oversold. If you look at the Fear and Greed Index and you believe in that, fear is much higher or the number there is much lower. This is a significant event right now. It's at least for sentiments, you know, we're getting another $1.5 billion worth of levered positions since yesterday. It seems like now what used to be a full market event of a billion was like FTX, right, a billion to two billion.

Now that's a daily occurrence. And we have Bitcoin dropping below 81,000 for the first time since April 11th. Pretty, pretty disgusting out there. Yeah. I mean, I think that the question is part of what makes this a real challenge. And I guess, you know, I was thinking about what my sort of like base framework for understanding this all is, is we are now experiencing, it feels like, the first big sort of correction, bare market type event of the post-institutional post-ETF cycle.

It could be that we ultimately look back at it and it was just an extreme correction relative to everything else. But it also could be that we are now experiencing the first what a baby winter or hopefully a baby winter feels like in the context of this new era that we're in. You know, the four-year cycle, I think most people think has to change, inevitably has to change in some ways following sort of the mass introduction of institutions. And we don't really have emotional patterns yet for what things look like that aren't, you know, a deep bear market following a blow off top or, you know, some crazy fraud thing because we just haven't lived through.

There's going to be a new normal that gets created. And we don't know what that pattern is yet. We feel unmoored in addition to sad about the price, you know, like at least when price is doing a thing that you expect, even if it's a shi thing that you expect, you can deal with it. You know, you're like, you brace yourself and you hold on. This. This. We feel. you start, we're flying without a rudder, you know, we have no idea. We're flying without a rudder because there's no fundamental reason to point to for why it's happening, right? We've always get these massive corrections in bull markets. If we're calling this a bull market, we can debate that for another day. But on the way up from, you know, 17,000 to 129, we have multiple 30%

corrections. We've done that every cycle. In 2021, which is largely viewed as one of the most bullish years in the history of crypto, right? The fourth year of a massive four-year cycle. we had to drawdown in 30 days from 69,000 to sub 30,000. Of course, we kind of chopped around at 2830 and then went all the way back up to 69,000. But at that point, we had Tesla is not taking Bitcoin and trying to shut down. This time, it's just seemingly happening in a vacuum. And I think that that's what's driving people so crazy. I mean, Rao Paul actually had a great thread about this.

I will say that part I like the best, my strategy is to add into these selloffs, but I'm okay with large swings and P&L in a long-term multi-year trend, as I've explained many times, but everyone's circumstances and time horizons are different. That is my approach here, too. And it's interesting, you can go through a few charts. I mean, Charlie Bilello, far from one of us, right? At 80,600, Bitcoin's now down around 36% from its all-time high of 126. That's the biggest correction off an all-time high since 22. Is this unusual volatility for Bitcoin? Not at all. We've seen similar or bigger drawdowns every year. It does feel a little different, maybe because, as you said, we're just so tied to the macro and the rest of the world and we've become institutionalized.

So you have this huge wildcard as to what's going to happen. I mean, we're seeing the AFL flows. It's not pretty there. It feels different because we're not idiots and we can't pretend to be. And you can't have it both ways that we're in this new paradigm where, like, we're tethered to sort of, you know, traditional markets at a different way. And also, we should expect these same massive drawdowns in bare market behavior. You're like, I'm sorry, you can't really, I mean, maybe it proves itself out to be that the Bitcoin pattern of those types of drawdowns persist in spite of that. But I think that part of the uneasiness, certainly that I feel, is it doesn't seem to me like it should be that way in quite the same way anymore. It feels more dramatic than a major macro asset should draw down, you know, like, scary in the previous things. And I think that a lot of people have that, the, the, the, the to know that we really don't know what's going on. And so it's, you know, this is a case,

I think, where humility can actually make you feel better because we just don't understand yet. So it's hard to draw a good conclusion, but it's also hard to draw an overly negative conclusion. I do think that one pattern that I'm seeing a lot, and this is far from wanting to characterize everyone this way, but if you are a crypto person who has had the privilege of not giving a shit about what's going on in traditional markets for the last X years that you've been in crypto, you no longer have that privilege. idea that we don't have any sense of why this should be happening is limited if you are not watching. We are in a larger market moment where, in addition to your points about fear and greed

and being an extreme fear moment, I think I was at 13 earlier this week. I don't even know what it is right now. This market cannot get over its own concerns anymore. There is something fundamental has broken in and around the way that people are thinking about AI. Basically, there's a, a terminology that's floating around right now. Someone called it, I can't remember what it was, Sam Sabbot, it was SS, but it was basically the argument is that this massive spade of deals that Sam Altman and Open AI announced were actually so immense, this is $1.4 trillion in commitments.

They were so scary that the market actually sort of started to get really, really nervous about just how much of its sort of hopes and dreams were pinned on this one half billion dollars or half trillion dollar startup, coming through with $1.4 trillion in commitments over the next handful of years. And I think that ever since that sort of took hold over the last couple of months, the thing that has been propping up the market for three years since the cutting cycle began, which is AI enthusiasm, has not had the power to make people overlook all of the utter shittiness that has underlied the market for the rest.

We've been in this K-shaped sort of market for a very long time, and now the bottom of that K is dragging the rest of it down. And so the question becomes, when you have that broader context, is Bitcoin responding just a little bit more aggressively than other risk assets as it sort of, you know, risk can't catch a break? Or is it actually a leading indicator of where people are headed? And I think that's the even scarier one, frankly, if you're... That's the scary part, is if you buy the tip of the risk spear argument,

and you can even make the further argument down that rabbit hole that micro, strategy itself was the tip of the spear to lead the Bitcoin drawdown, which is a sign for all risk assets drawing down. And so it's scary. But what's crazy? I showed it. Crypto fear and greed on that one. I've seen as low as six. It was saying 14 today. Stock fear and greed 5% off the all time high is eight. Yeah. I mean, this is absurdity just really amplifies the point you just made about how much uncertainty there is in markets. A lot of this having to do with non-existent job data, shut down. There are a lot of exogenous factors right now that are obviously playing into markets. Yeah. And we are also dealing with a macro political context where even if you love Trump,

it is undeniable that any Trump administration is going to be wildly less predictable than any other type of administration. And markets don't like unpredictability. They like some of the things that come out of the politics, but unpredictability is a really hard environment. And so you just have right now. Unpredictability, stacked on volatility, stacked on, you know, changing narratives, stacked on all these other things. Also, as we talked about, you know, last week, I think, we're coming up on the end of the year and there is real seasonality in traditional markets that has nothing to do with four-year cycles. It just has to do with lock it in profits. To your point, we five percent off all-time highs, you know, fear at eight, fear and greed at eight, that's a pretty good time to be like,

I'm going to eat it on the, you know, the five percent that I could have. Cash it in the streets. You know, buy the blood, even if it's yours. I mean, we've been doing this for centuries in markets. And when you have this extreme fear, oversold conditions, all like historically, RSI, you know, has never gone this low in a sell off like this. It's been lower. I mean, these are all generally bottom could be close type signals, but that bottom could be 75. Yeah.

Right. I mean, that could happen in the day. This is Bitcoin. So nothing would surprise me at this point. I can tell you that having been here a lot of times, I'm very much in the camp of I'm buying everything I can get my hands on right now. I don't even have a portfolio tracker. The best part of the FDX collapse for me was that Blockfolio went with it,

and I never downloaded another one. So, and, you know, I've got Arch Public running, buying the hell out of these dips algorithmically bought a ton this morning. I'm loving it. Like I literally tweeted, I'm more of a panicked buyer than a panicked seller. Yeah. Because none of this shakes my long-term conviction. To be quite honest, if we get to a price where my long-term conviction starts to be shaken,

that is the exact moment that I should sell the house to buy more Bitcoin, because if I'm at that point, it's the bottom. Yeah, absolutely. Look, I think it is absolutely the case, if we're looking for sort of optimistic things here, that the free fall is way harder for the crypto and particularly the Bitcoin community than, honestly, the landing is. The landing is when we all shake ourselves off and start buying like crazy. And remember, that this is, this asset has the most profound and growing sort of base of people who will not sell at basically any price, who will do whatever they can to be able to start to scoop that up and build that floor. When we haven't hit that floor, it feels really hard because we just,

again, it's just another leg down, another leg down. It's just, especially if you're, you know, kind of, we're all terminally online and watching it. Once we get to wherever the bottom is, it'll take us about five minutes to stop stressing about it and just start looking back in the other direction. Legacy internet and infrastructure are brittle, plagued by downtime, coverage gaps, and outdated financing models. Communities and builders are left behind while capital sits locked out. Althea is changing that. Since 2018, their technology has powered resilient, sustainable networks across the U.S. and abroad. With Althea L1, they built the world's first blockchain

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spike from 27 to 70% in 24 hours after Dovish Fed comments. Funny because when I went to open this, I thought it was going to be about how far the odds were down because yesterday I was talking about 27% on the show and laughing that it had been 88% before. But seemingly now, depending on which Fed commentator or governor you listen to, which opinion you listen to, we have predictive markets literally all over the place as to the odds of a rate cut. And I do think whether it actually is fundamentally meaningful or not, this is the narrative that people are attaching their future predictions on markets to. I have never seen in any rate cutting cycle since I started paying attention, you know,

with the podcast, the mass swings in expectation that there are around this one, which makes sense, right? You have a wildly divided Fed. You have, you know, new governors on there. You have the jockey. for Trump favor heading into Powell's term ending. There's just all of these reasons that, you know, sort of from a personnel perspective, then, of course, you have the complete lack of data that they're running with. You have all this is sort of intense political pressure.

And it's just clear in markets. Markets are, they're so back and forth to your point around what they think is going to happen. And I do agree that in the absence of other potential headwinds, they are pinning a lot of hopes on this. I think, unfortunately, anyone who thinks that even if we do, get another cut, it's going to be meaningful, is going to be pretty disappointed. The cuts have not done what markets wanted them to do in the immediate term from a price action standpoint at any point

this year. All I had to do was listen to all the fiscal dominance homers. You know, Lin Alden, nothing stops this train. A lot of people, including us on this show, I've been screaming about it for a very long time that the Fed is largely neutered. That's not where the liquidity is going to come from. And every time they've cut, so far, rates have gone up. So the market has not. So the market has not believed the Fed twice, why would they believe them for another 25 bips in December? I do think, I do think, though, that right now the market needs psychologically to hang on to something because it no longer can hang on to Nvidia earnings. You know, I mean, look, it tried, like, Nvidia had a bubble killing moment for about five minutes, and then the next

day, it was just, yep, so it needs something. And so, listen, if markets want to hang on to that hope of a rate cut, even if it doesn't sort of materialize in the way that they want, I'm for it. Yeah, I think people realize at first, they really, Nvidia, this is incredible. They're going to save markets. And then I think a day later, they were like, damn, if we really need to count on Nvidia to save markets, we're really screwed. And I think that a lot of people are realizing that we've been counting on Nvidia to save markets for the last three years at this point. Yeah, it's pretty crazy. Okay, so now we get into the micro strategy FUD. J.P. Morgan Mourns of Microstrategy Delisting risk for major equity indices. Funny, I was just reading stories a day or two

ago about how it was a layup that micro strategy was going to be added to the S&P. And now we're talking about them being removed from the MSCI, potentially, the cues, which they've recently been added to because the stock has performed so poorly, to put it in context. Micro Strategies, Bitcoin position is almost red. This cost basis is 74. We were at 80 this morning. So getting pretty close.

Not that we haven't been here before. He was 50% underwater, I think, when it went from 30 to 17 or so. this is, as it says, 8% away from their position. Just 46 days ago, Microstrategy's Bitcoin position was up 70%. The stock is now down 70% from its record high. Can Saylor keep buying? I love that we were asking that question last week, and he put in his biggest buy in months. Yeah.

Sailor finds ways to buy. That's sort of the one thing you can set your clock by. Yeah, I mean, so what do you think of this? Is this a fud situation? Is this a, oh my gosh, this could really crash Bitcoin. Should we have been looking to micro strategies collapse? this entire time as that leading tip of the spear, as I mentioned before. I think it's a useful bellwether to sort of see what markets are saying about this.

I would say that right now, this is a random single analyst note that has gotten amplified because of the broader narratives, right? C.C. Morgan said it. He came back from the grave, J.T. Morgan. This is the sort of the financial knowledge complex is, again, random analyst says something in a note that has a logo on it. And it's really up to the market how much they want to grab onto that narrative and run with it right now.

And so it's almost more interesting. The prediction itself or the warning itself is less interesting than how much it gets amplified by other commentators, which is really sort of, I think, the tell around what markets are thinking right now. Yeah, I agree with that. And of course, you know, last week,

did we talk about on this show, the Titanic sinking? No. So he obviously, you know, Oh, yeah, we did. The Titanic sinking with him on the lifeboat. And clearly he was not talking about micro strategy and Bitcoin sinking, but there was some confusion.

Well, now we get this one. Oh, my God. So, like, we're just in the winter. Our boat is iced over. We're sitting on top of the iceberg this time, at least instead of sinking as a result of it. I get. I feel like he's having a really good time, honestly.

I mean, he's enjoying the release of Nano Banana Pro for sure. But look, go back, go back to that image. Michael, if you were listening, you need an AI image. You need an image consultant because look at these guys shooting daggers at him for beating them into this horrifying situation. Look at his crew. Those guys are not planning to endure. They're planning to. No, they're about to eat him. They're about to eat him and use his sweater to burn a fire, man. I love this guy. I really do. But man, like, I think it's not like he knows exactly what he's doing. This is trolling the critics of the last one. You don't post another boat

after all of the boat drama. But yeah, yeah, those guys aren't like celebrating and coming up with a plan to help him get the boat off the island. No. Oh, man. He looks tough. He looks good. He does. I mean, yeah, he's, he's very AIable, it turns out. I really like, like sailors face a lot. Yeah, I mean, and they look accurate. You do my face and I look like some kind of weird alien. I don't know. Maybe I just looks like some kind of weird alien. Anyways, crypto exchange, crack and confidentially files for US IPO. So this is some bullish news, right? I mean, $20 billion valuation here, still clearly a thirst for public offerings of crypto infrastructure and exchanges in the market. Yeah. So my sense is funny because last week they, you know,

they had the fundraise and they were very circumspect. They're like, we're not going to race to IPO or anything. And then five minutes later that they filed this. But look, it makes sense. they missed this window this summer, the IPO window. And I think that they were smart enough to know that there was not a chance, so they weren't going to rush it, you know, with that. But what I think is happening now is I would not anticipate them going public into a bad market. I think that they are going to have everything ready so that the second there is a glimmer. And it feels like that window opens up again. They can be the circle of this IPO cycle that sort of kicks things off or maybe it was the E-Tor, whichever one you want to choose, right?

One of those very first that sort of signals to everyone that things are back up and running again. Look, they just raised $800 million. They've got a healthy balance sheet. It's not like they have plenty of money to weather whatever comes next. They're just positioning, in my estimation, to be the first to move when it's the right time again. Yeah, I think that they know exactly what they're doing and they're not going to learn the lessons

of all coins past of launching directly into a bearer. market and hoping for the best. Yeah, I don't think that's the play. Oh, my God. You know what? I want to skip ahead. It's not the next story, but that's just too good of a segue to what's happening right now here. Monad, I see on Coinbase Fizzles 12 hours after launch. I mean, outside of maybe Mega Eith and what was that one, Barra chain, but certainly for this year, Monad is the most hyped token launch of the year. And then they got it on Coinbase as their first launch on that platform there were some early interest, but they ended up not even being able to raise the total amount that they were looking for. So speaking of launching a all-coin sort of ICO right into the depths

of a bear market, which to their credit, they couldn't have anticipated. They had to plan this. Yeah. I mean, I think there's a couple things going on here. The first is if you want to take the sort of bleary view, which I think is important in this case, retail is just there is no retail. It's just us chickens who've been here the whole time, you know, so we're just circuble. money around and none of us have any goddamn money right now. So what do we expect? You know, so I think that that is meaningfully a part of it is that there wasn't, there wasn't a new set of excited Coinbase users that joined for the first time. And, you know, Monad was part of their early experience in the way that, you know, Solano was a couple cycles ago or whatever for some new new

newbies coming in. And so there was, you know, this is sort of feeling, I think, a lack of that, that base of new excitement and new capital. The other part, and this is a more sort of me, parroting other people's analysis that I thought was interesting is the corollary to that is that the people who are here maybe wouldn't want to do this in a Coinbase way, right? Like there may be a misalignment between the Coinbase ICO platform and the people who are still around who want to do token sales now. People may want to just buy directly and, you know what I mean? It's a more sophisticated buyer that's still here. And so all the things that Coinbase does to make it easy come with a bunch of costs, that that group of people doesn't want to have, you know.

There is also questions of, you know, like the amount that was going to, through the ICO as opposed to the amount held by five percent. Yeah, like there's all these, all these sort of structural questions. My instinct is that it's a combination of all these things. But look, my strong prediction is that Coinbase is going to persevere. They're going to keep pushing these things out. They're going to keep, you know, normalizing this. And it'll be what it's going to be.

If this was even like a month ago and there were some all coins ripping and being, whenever that was and B&B was up over a thousand and stuff, I think this would be very successful. I think these are constant reminders that if Bitcoin's down, nothing good is happening. Yeah, you can push as hard as you want. They could literally have Tupac and Biggie coming back from the dead to do a launch concert from Onead,

and this thing would probably be falling flat right now in this market. Yeah. All right. So on to the next story here. Abu Dhabi Fund tripled Bitcoin bet in months before, crypto cash, the Abu Dhabi Investment Council increased its holding in Black Rocks, I shares Bitcoin trust ETF, almost 8 million shares as of September 30th, worth about 518 million at the time.

We're going to need to adjust that number. But we do have sovereign wealth funds buying Bitcoin. Look, there's still a lot, like, you know, we're in sort of like the blearyest part of the analysis cycle, but there's still tons and tons of tailwinds. And, you know, we got a couple different institutional buys. We got Harvard increasing their allotment. We got the Abu Dauvadov and Wealth Fund. So, you know, I think that these players are playing a longer game.

And, you know, this is not going to chase them off. Do you think that there are a lot of institutions out there, sovereign wealth funds, big walls of money that are just looking at the price action right now and salivating? Let me ask you guys a better question. Do you think there's more of them salivating or more of them saying this was a scam and I'm out? They're definitely, I don't think that any of them are saying this is a scam and I'm out. I think that we radically overestimate the amount that these guys think about us is sort of my feeling. And so the folks that are the advocates internally that have been pushing for it for a while,

I do think that it is more likely, the competing forces that you're going to have are some sort of, you know, less extreme version of what you just described, where you're going to have some advocates internally who are saying, we've been waiting for a good entry price and is, you know, it's looking good now because, you know, their peers didn't want to get in when it was, 120,000 in noseweed territory. I think that those folks are beating the drum right now, saying let's do this thing. But then there are others who don't want to get into Bitcoin, who think that, you know, who have never changed their feeling that it's a scam. And my guess is that there are those debates raging all over the place right now. And it's just a question of,

you know, look, the companies that get over themselves and go with the folks who think that it's a good entry price, I think are going to be rewarded. Yeah, I agree with that 100%. I think more likely they're going to be excited to buy at a much lower price than, let's say, all of the treasury companies who went all in at the dead top. Exactly. Man, what has happened? It's not one of our stories, but what is going to happen there? I mean, even the biggest ones, you know, like Ford Industries, I remember for Solana,

which great, didn't they buy all of it at 220, 230? Yeah. I mean, we'll find out. With no dry powder to buy anymore. Like, at least you can look at Michael Saylor and Tom Lee. and say they're good enough at financial engineering to continue to buy the dip at better prices like you would want to as an individual. What we got was a bunch of treasury companies who felt like it was their mandate to have no cash on the balance sheet. So they just went all in.

It was the worst time. Yeah. I mean, you know, their future is going to be basically determined by how long, sustained and deep the drop is. And we'll see from there. But, you know, I think we mentioned this a couple shows ago. One of the things that makes crypto weird is that our startups fail in public because they're dealing with assets that everyone else can buy right away. And so startup themes that explode where you go from 100 companies doing a thing to two winners, it all happens live in a much more vicious way, whereas sort of, you know, when you're talking about private companies in different startup sectors, they just sort of fade away. And you just hear about them in a little people quietly change their LinkedIn to move on with their

lives. And then they resurface a year later doing something else. Very different for us. When we fail, we fail spectacularly and publicly. Yeah. And I guess this is the last story we had tagged for this. Rep Warren Davidson introduces the Bitcoin for America Act, which would allow basically Americans to pay their taxes in Bitcoin, which would be a budget neutral way, I guess, of adding to the strategic Bitcoin Reserve. I'm not sure if you can call a budget neutral as they are because that would be taxes that aren't coming in in dollars that we need to fund the government. But hey, I'm here for it. And I think that, listen, we didn't even discuss them, but there's a lot of things that

happened in the government this week. The SEC is saying that cryptocurrency, does not even on their 2026 agenda lists, SELIG or CLEG, you know, potentially being the Senate has to vote of M, but CFTC chairman. We know. There's been a lot of things, right? And so I think this is just one more in a long line of pro-Bitcoin things happening in the United States government.

Yep, absolutely. I mean, I think it's interesting that he chose now to release this. We'll see where it goes. You know, a lot of bills get introduced to just sort of shape the conversation. This has a little bit of the feel for that. But, you know, maybe he thinks there's. momentum that we're not seeing. Yeah. I don't think it passes, but I think it's great press. I think that the actual strategic Bitcoin Reserve has to pass before we can pass a bill that allows us to

add to the strategic Bitcoin Reserve. Yes. Yes, indeed. That is, I think, the technical sequence that it would need to follow. Anything else exciting? I mean, should we start a polymarket on what boat-related theme Michael Saylor will be next? I don't know. I think that at some point soon, we're going to start remembering that we're actually better at pain than other people are, and we'll start to feel better. For now, it's just kind of gloomy. You know, each week it's been lower than the week before when we talked about it, and it's never fun to be in that moment. But, you know, Thanksgiving's coming. The holidays are coming. There'll be other things to compete for our attention, hopefully. And we'll just to see where things go.

Yeah, at my old gym, there was a big sign. Everybody knows the no pain, no gain, right? but it was spelled at the gym K-N-O-W, so know your pain. And then you can know your gain. And I really like that because it really suits us exceptionally well because we've known the pain before and we know what comes next. I have extremely high conviction, no matter how long we stay down or what's going to happen, that eventually this will trade much, much higher. And I will be happy that I went ahead and bought.

The last thing I want to do is not buy here because I'm waiting for 75, then it hits 77, then I buy it 125. There you go. That will be the true pain. I would much rather just go ahead and buy it here at 85 and call it today. All right, guys, that's all we got for you here on the Friday 5. Please check out NLW on X everywhere else, especially the breakdown because it is the best daily podcast that we have in this space. And everybody's cheat, cheat for what's going on the market, man.

So thank you for that. And I'll see you next week. Well, maybe not. I don't know. Thanksgiving. No, probably not. We'll have to talk about that. I'm probably not going to see you guys next week.

Thursday and Friday, I'll be off. All right, man. See you. All right, Matt.