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, January 29th, and today we are catching up on

ETFs, markets, and more. 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

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Well, friends, like I said at the top, today is kind of a catch-up on everything that has been a

big theme for the past few weeks day. And first, of course, let's talk ETF. The BlackRock

Bitcoin ETF has achieved the milestone of two billion in assets under management. After a little

over two full trading weeks, Ibit is the leader of

a very strong pack. Fidelity's product trails just behind with over 1.8 billion in AUM. The arc

and bit-wise ETFs have each accumulated an extremely solid half a billion in assets as well.

Now, alongside rapid asset accumulation, other metrics are also demonstrating the efficiency of the

ETF wrapper. Price arbitrage has now almost entirely closed, with price premiums on the new

ETFs collapsing to less than a quarter of a percentage point. On the first Monday of trading,

this premium was closer to 1%. The GBT discount is almost completely eliminated at this point,

and crossed over into a minor

intraday premium at times late last week. Remarking on a chart of premium compression, Bitwise

CIO Matt Hogan wrote, This is the most beautiful chart I've seen in a long time. The ETF wrapper

is an incredible thing. Eric Balcunis wrote, shrinking arbitrage bans, a beautiful site, the US

EETF ecosystem doing its thing.

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