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 Saturday, September 30th, and that means it's time for the

weekly recap. 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, back with another live episode with me and Scott Melker.

I say this at the end of the show, but I'll just tip you off at the beginning here, too.

This was an archetypal week of where the market is right now.

What I mean is that we are very clearly after the worst of the bear market, but we are very much

not in a new bull market yet.

We're in these strange, uncomfortable hinterlands that are a combination of nascent new efforts and

excitement, and a lot of cleanup from what came before. I think you'll see as we go through all

of these stories. That is the story of this week as well. So with that, let's get into this

conversation which aired

live on Friday morning. We're going to just dive into it right now. It is ETF a Palooza, man.

Thank God. It's actually things happening rather than just more speculation. You know, I mean,

it was interesting. It looked like the story was going to be about a set of rejections and delays again up until yesterday afternoon. So a nice unexpected twist, perhaps, at the end of the week. Yeah. So for anybody who didn't catch it, Valkyry gets approval to start buying E Futures for its existing Bitcoin ETF. So for those who are reporting that a new Ethereum futures ETF was approved,

that's actually not the case.

What happened is that Valkyrie here is converting their Bitcoin-only futures ETF

into a Bitcoin and Ethereum.

Very interesting how this happened.

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