This episode is sponsored by NYDIG.

On today’s episode of “The Breakdown,” NLW looks at the market’s reaction to a new bitcoin all-time high, including:

• The success of the first day of the ProShares bitcoin futures exchange-traded fund 
• Why the ETF didn’t end up being a “buy the rumor, sell the news” event
• Why the new ATH is all the more impressive given the recent FUD and actions by the Chinese government 
• Why this ATH has some very different on-chain dynamics from previous ones 

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NYDIG, the institutional-grade platform for bitcoin, is making it possible for thousands of banks who have trusted relationships with hundreds of millions of customers, to offer Bitcoin. Learn more at NYDIG.com/NLW.

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“The Breakdown” is written, produced by and features NLW, with editing by Rob Mitchell and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Tidal Wave” by BRASKO. Image credit: Konstantin Maksimov/iStock/Getty Images Plus, modified by CoinDesk.