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 Wednesday, July 24th. And today we are catching up on the first day of

EFETFs, some more on Mount Cox distribution, and the latest scuttlebutt around Kamala Harris,

the Bitcoin Conference, and whether we're going to see a changing of the guard when it

comes to Democrats and crypto. 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 in the show

notes or go to bit.ly slash breakdown pod. Hello, friends, a bunch of catch-up stories today,

the first of which is that the first day of trading for the Ethereum

ETFs is in the books, and results look fairly strong. The products saw a significant amount

of volume trading more than $1.3 billion worth. By way of comparison, the Bitcoin ETFs traded

around $4.5 billion on launch day. Trading was concentrated on the BlackRock and grayscale products,

with none of their rivals

cracking $100 million in volume. The launch itself was clearly a sell-the-news event,

with Ethereum dropping by 1.5% in the opening half hour and finding a bottom down 2.5% by

lunchtime. A reasonable recovery in the afternoon made the trading day largely awash.

Van Spencer of Framework Ventures commented on how relatively

strong that price action was, tweeting, notable that Bitcoin dumped 10% on day one of the ETF and

EF is flat. Powerful stuff in my opinion. As expected, the outflows from Grayscale's Eith E were brutal.

The fund lost $484 million after starting the day with a little over 9 billion in assets.

Just 15 million of these funds flowed into their low-fee mini-ETF.

...