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, February 10th, and today we are talking about a sentiment

wipeout. 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 of the show notes or go to bit.ly

slash breakdown pod. All right, friends, we have a bit of a

grab bag episode today, lots of small topics that will all be bundled together. But we kick it off

with the frame, which is that sentiment has gone from bad to worse as the crypto market bleeds

lower. Bitcoin fell below 95,000 on Sunday hitting a one week low, and expressing a sort of disbelief that I think is pretty common right now,

Bitcoin Munger wrote,

If you told me last year that Bitcoin would be at 96,000, coupled with the most constructive fundamental backdrop imaginable and sentiment would be this bad, I would not believe you.

But here we are.

Now, Bitcoin itself is only down around 13% from the all-time high set three weeks ago,

far from the usual 30% bull market pullbacks.

And realistically sentiment on Bitcoin Twitter itself isn't too bad, especially among the non-traders.

But everywhere else, the vibes are feeling very, very low.

THG wrote, way too many people apparently full-ported microcap or meme coins, huh?

That was a risky move.

The crypto market now has over 11 million

coins, and that's just the ones that did well enough to be listed on Coin Gecko. In 2017, the list

contained 1,300 alts, and even that felt like far too many to keep track of. Attention, and therefore

...