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 8th, and today we are talking about, of course, the

ETF excitement. Before we get into that, however, if you are enjoying the breakdown, please go

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Hello friends. Well, listen, I am going to sound like a bit of a broken record this week.

It is just ETF excitement all of the time. And frankly, until this thing actually happens,

it's just going to be the major thing that everyone is talking about.

I think then treat this week a little bit like a play-by-play in one of the most significant

transformational periods in Bitcoin's history, and I'm sure there will be plenty to catch up on

once we've got this formal approval, and everything actually kicks off.

So, what has been going on?

Well, the SEC database saw an influx of ETF paperwork on Friday.

All of the issuers, including BlackRock, Grayscale, and Fidelity, have now updated their

19B4 filings, presumably to their final form. 19B4 filings, you'll remember, set out the proposed

rule changes, which would allow the ETFTFs to be listed on exchanges.

The SEC will need to approve these forms, along with S1 prospectuses before trading can commence,

and finalized S-1s poured in early this morning. Now, on that front, by far the most notable thing was the incredible fee war. Coming into the morning, Fidelity had been the low water market,

0.39%. But by the end of the morning, that was firmly in the middle of the pack. So here's where

things stood. Hashtex had a 0.9% fee. Valkyrie had a 0.8% fee. Wisdom Tree had a 0.5% fee.

...