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Blockworks

A daily analysis of macroeconomics, bitcoin, geopolitics and big picture power shifts, hosted by Nathaniel Whittemore @nlw. The Breakdown is part of Blockworks.

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The Breakdown

Bitcoin has spent the opening weeks of 2026 trading sideways, but beneath the surface a second phase of institutional adoption is taking shape. This episode unpacks why Morgan Stanley’s move toward a Bitcoin ETF matters, how this “round two” differs from the first era of arm’s-length distribution via ETFs, and why structured products signal deeper strategic intent from Wall Street. The conversation then turns to the fragile state of U.S. market structure legislation, the fight over stablecoin yield, and why regulatory clarity is now the gating factor for the next wave of adoption. Finally, the episode explores the growing influence of ratings agencies on Bitcoin-linked products and what that means for institutional demand as the window for a true inflection point rapidly narrows.

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Phase Two of Institutional Bitcoin Adoption

A seismic escalation in the clash between the White House and the Federal Reserve as reports emerge that Fed Chair Jerome Powell is under criminal investigation, raising unprecedented questions about central bank independence, the credibility of US institutions, and the future of the dollar. This episode breaks down what the investigation is actually about, why Powell is framing it as political retaliation, how lawmakers and markets are reacting, and what a direct assault on Fed autonomy could mean for equities, bonds, gold, Bitcoin, and America’s position at the center of the global financial system.

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Powell Under Prosecution and the End of Fed Independence

Morgan Stanley makes a major bet on crypto adoption by filing for in-house Bitcoin and Solana ETFs, a sharp reversal that signals real demand inside its massive wealth management network and another step toward crypto becoming table stakes for traditional finance. The episode also covers MSCI’s decision to keep MicroStrategy in its indexes, the resulting rebound across crypto treasury companies and miners, and why index inclusion still matters so much for price action. Finally, there’s an update from Washington, where a crypto market structure bill heads toward a contentious committee vote, with stablecoin yield, AML provisions, and banking lobby pressure setting up one of the clearest regulatory showdowns yet.

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Morgan Stanley Goes All In on Crypto

Bitcoin is off to a quietly strong start to the year, notching its longest green streak in months and pushing back toward key resistance levels, but conviction remains conditional as traders debate whether this is the start of a new leg higher or just another trap. Today’s episode looks at the mix of narratives behind the move, from options market shifts and ETF inflows to geopolitical uncertainty and simple new-year portfolio resets. It also digs into Coinbase’s renewed push to become an everything financial app, the intensifying rivalry with Robinhood, Washington’s increasingly uncertain path toward crypto market structure legislation, China’s first hard regulatory signal of the year, and why physical security risks are becoming a more central part of the crypto conversation.

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Bitcoin’s Cautious Green Start to 2026

The capture of Venezuela’s president marks one of the most aggressive geopolitical moves in years, and markets are racing to figure out what it actually means. This episode unpacks why oil barely moved despite Venezuela’s enormous headline reserves, why those reserves may be far less economically meaningful than advertised, and how the real strategic target may be China rather than energy prices. It also looks at why gold and silver surged, why Bitcoin barely flinched, and how a more openly transactional US approach to statecraft could reshape global risk pricing in the months ahead.

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Venezuela Shockwaves and the New Geopolitics of Markets

Bitcoin enters 2026 in a strange and unfamiliar place, coming off a flat year, a post-halving cycle that never caught fire, and a market defined more by boredom than euphoria or panic. This episode catches up on everything that happened over the holiday break, from Bitcoin’s muted price action and crushed altcoins to ETF flows, institutional positioning, and the growing sense that the four-year cycle may be fading.

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Bitcoin Starts 2026 in Uncharted Territory

The final episode of the year looks back at the forces that actually mattered for Bitcoin and crypto in 2025, and it’s not price. The conversation unpacks how institutional adoption turned Bitcoin into a normalized asset class across TradFi, how the regulatory environment shifted from crackdown to clarity through guidance, enforcement reversals, and stablecoin legislation, and how Trump-era crypto politics shaped the narrative without fully derailing the agenda. Then the focus turns forward to the three themes most likely to define 2026: tokenization and stablecoin implementation battles, the return of quantum risk as a real investor-facing question, and a macro setup dominated by Fed leadership uncertainty and a wide distribution of rate-cut outcomes. In the headlines: a year of normalization sets the stage for a year of infrastructure.

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The 2025 Bitcoin Year in Review

Coinbase closes the year with its biggest product overhaul ever, launching commission-free stock trading alongside prediction markets, on-chain Solana trading, custom stablecoins, simplified derivatives, and an AI-powered advisor—signaling a clear ambition to become an everything exchange and a vertically integrated financial institution. The episode unpacks why the crypto-native backlash misses the larger transformation underway, and why this move looks less like a retreat from crypto and more like crypto dissolving into mainstream finance.

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Coinbase Comes for All of Finance

Congress has officially kicked the crypto market structure bill into 2026, a move that surprises no one but still carries real risk as negotiations drag into an election year shaped by shutdown fights, midterms, and deep partisan disagreements over ethics, DeFi compliance, and stablecoin yields. Despite the delay, momentum hasn’t fully died, with ongoing talks, a draft still to come, and the possibility that industry lobbying dynamics could shift the calculus next year. Meanwhile, regulators aren’t waiting: the FDIC is moving quickly on rules that would allow banks to issue stablecoins under a clear framework, Tether is backing a bid to bring USDT to the Lightning Network, and tensions inside DeFi are boiling over as DAO token holders confront the limits of governance and ownership in a world where TradFi is arriving on-chain.

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Crypto Market Structure Slips to 2026

Bitcoin takes another sharp leg down, wiping out leveraged longs and pushing market sentiment firmly into the anger phase of this bear market. Thin liquidity, failed dip-buying on leverage, and continued whale selling are making a durable bottom hard to form, even as smaller wallets continue to accumulate. Macro pressure from a hawkish Fed, year-end risk aversion, and broader market unease are weighing on prices, while MicroStrategy’s latest Bitcoin buys fail to spark a rally. Still, a more constructive regulatory tone from the SEC on crypto privacy stands out as a rare bright spot amid otherwise gloomy market conditions.

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Bitcoin Slides Again as Anger Takes Over the Bear Market

Today’s episode looks at how the traditional financial and policy apparatus around Bitcoin and crypto is shifting from quiet hostility to reluctant accommodation, and what that means for market psychology at this stage of the drawdown. From MicroStrategy building a $1.44B cash buffer to avoid selling BTC, to Kalshi’s move toward on-chain tokenization, to Congress’ blistering report on Operation Chokepoint 2.0 and the about-face from Vanguard and Bank of America on Bitcoin access, the signs of a changing tide are everywhere.

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The Walls Around Crypto Are Finally Cracking

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