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 Thursday, November 9th, and today we are talking about Bitcoin's

breakout and all of the bullish sentiment shift. But before we get into that, 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.

Hello, friends. Well, yesterday, as you know, we pivoted to bullishness, put the SBF trial behind us,

and faced firmly forward, and boy, has today extended the excitement.

So much so that I'm actually not even really covering the

biggest bull thing from today, which is BlackRock registering an Ethereum Spot ETF that happened

just as I was finishing, so I am sure that that will be front and center tomorrow. For now,

let's kick off today with a tweet from Stephen Lubka, who's the managing director and head of private

clients and family offices at Swan.

He tweets, I love how Bitcoin itself determines how busy my day is going to be.

Today is going to be crazy, thanks for almost cracking 37K overnight.

So let's start this report with the ETF speculation.

Grayscale has opened talks with the SEC in an attempt to finally move forward with the

conversion of the Grayscale Bitcoin Trust into an ETF. Grayscale sources said the company is now

in active discussions with the SEC's Division of Trading and Markets and the Division of

Corporate Finance. Both divisions play a key role in deciding ETF applications.

Now, Grayscale, of course, won its lawsuit against the SEC in August, with the court

ruling that the SEC must reconsider the firm's application to convert GBT.

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