The Wolf Of All Streets - Bull Run Ahead: Bitcoin ETFs Hit $4.5 Billion On The First Day

Starting point is 00:00:00 The Bitcoin spot ETF started trading yesterday, finally, and we're a smashing success. $4.6 billion in total volume shares trading hands. A lot of that, of course, GBTC. It's hard to talk about anything this week other than the ETF. So today's Friday 5 Reviewing the Week is a review of everything that had to do with this ETF madness and our views, of course, on what's likely coming in the future. NLW is here. Nathaniel madness and our views, of course, on what's likely coming in the future. NLW is here. Nathaniel Whittemore, of course. It's the Friday Five. Let's go. Thank goodness. Not a future thing, and we did it. Yeah. We made it. Barely, though. Barely.

Starting point is 00:01:07 It was close there for a minute. I got to give extreme credit to Balchunas and Seifert and all the other experts and analysts who literally said, January 10th, guys, chill. The whole time we wasted, when's it going to happen? Is it going to happen? Could it happen today? Last Friday, we thought it could happen on the show.

Starting point is 00:01:28 We just had to listen to those guys, and it happened to the day right they nailed it i mean the i think that the drama of the uh the hack the day before was just wild but i'm sure we're gonna get into all of that yeah we are so let's talk about the process first i think we should just say that there's some bad takes out there, some of them from my close friends. I know Rand Nooner is doing a show today about what an epic failure this was as a launch and sent a tweet about that. But Bitcoin ETFs take Wall Street by storm with historic debut, right? This was 4.6 billion of shares changing hands. There were records that were set. Grayscale Bitcoin Trust saw the largest ever first day turnover for an ETF with $2.3 billion. So about 50% of what we saw was GBTC. To be fair, a lot of that could be outflows. And it appears that when you really dig into the numbers and with T plus one settlements and all that, it's very hard to know the actual inflows. But about $720 million in inflows in the first day. It's going to get to a billion today. This is going to be the most successful, at least as a whole, launch ever surpassing the ITO, it looks like.

Starting point is 00:02:32 So seemingly all good things here. I don't really understand necessarily the bad takes. Here it actually is. Brandon said the Bitcoin ETF first day was terribly unsuccessful, claiming basically there's no inflows. Valchun is quickly correcting him. I don't know your thoughts on it, but seems that this is really great. Yeah, I understand that take. That take is the we need a new narrative take. So it's just calling a spade a spade. Sorry, Ran.

Starting point is 00:02:58 That's what it is. It's not based on reality. Look, the argument that it's somehow underperformed is based on a thing that everyone anticipated happening, which is some amount of value that was locked up in GBTC forever leaving that product. That was always going to happen. That doesn't make it an unsuccessful day. Secondly, to your point in terms of the actual sort of fund flows, we had talked last week about sort of what bar it needed to clear to be seen as really successful or not. And I think that sort of, there was no broad consensus on this,

Starting point is 00:03:36 but what you and I had talked about at least is in the range of the BITO, the ProShares Futures. Now that had going for it that it was the very top of the bull market, not the catalytic event for the start of a bull market, right? So it's a very different period in there. And so I think that to some extent we were always going to probably, as long as it didn't look like a total flop, forgive if it wasn't exactly there, but right, that was sort of the benchmark ish. We've seen seen it looks like it's going to be in that range. Now, on top of that, we also saw that it wasn't smooth sailing. In some ways, it was actually more contentious than we would have thought.

Starting point is 00:04:16 Vanguards putting their foot down and saying they're not going to offer it. Merrill being very sort of circumspect about it and not being really sure. This wasn't like everyone came out all guns blazing. Obviously, all these issuers did, but it's still not a product that is uncontroversial, right? And on top of all of that is a thing that you and I have been talking about for weeks now, and we're far from the only people to, which is that the value of this thing, ultimately, there will be an exciting pop and some set of things that happen right after it happens. But the point is going to be around the slow dissipation over the next six to 12 months as advisors start to understand

Starting point is 00:04:58 that this is available. They start to reconsider this asset class. They start to actually go do their due diligence, right? We just got statistics that showed how few advisors actually thought that this product was coming this year. It's not like on a dime, they're going to turn and demand their clients get in. In fact, if they're even a little bit responsible, they're going to wait for the dust to settle a little bit before they start to make up their mind around when a good entry point is. So you take all of those things together. And I think it makes it pretty clear that the negative takes are, like I said at the beginning, I think narrative driven and more media driven than anything else. Yeah, I think it makes for a good conversation today to

Starting point is 00:05:39 debate it. And totally, I've seen a lot of evidence to your point that ras are not even offering this yet they're waiting a couple days to even dig in decide then do the due diligence on which one of these 11 things they would want to even recommend to their clients right because they have to see how well they do uh go into the nuance of what the differences are how they're being managed and then they're going to even start having these conversations. So as you said, we have Vanguard, not even here, right. You're talking about the world Schwab did it.

Starting point is 00:06:10 Merrill, all of these Vanguard, by the way, basically saying no, never. Right. Yeah. They came out hard.

Starting point is 00:06:17 It wasn't like a, we're going to wait and see. So we have thousands and thousands of people who actually tried to go buy these and couldn't. Right. Which is meaningful. And I think we just need the dust to settle, as you said. So the amount that we did do in all of that context, I think is actually astounding. So as we said, let's talk about Vanguard because they won't offer spot Bitcoin ETFs. They say high volatility is bad for generating

Starting point is 00:06:43 long-term returns. They said this doesn't align with their ethos. They don't want their clients to be in things that can lose them money. Meanwhile, they always had availability of Bitto and GBTC, right? When GBTC swung from a 60% premium to a 50% discount, which made it many multiples more volatile even than Bitcoin. But now when you get the better product, the Bitcoin spot ETF, they're not going to offer them to their clients. I don't know if anyone saw, but I sort of jokingly started tweeting boycott Vanguard and asked to get it trending. And we did in fact get boycott Vanguard trending, pretty proud of that very small accomplishment. I closed, I have two Fidelity accounts, a Vanguard account. I moved everything from Vanguard into Fidelity. They're not going to tell me what to do with my money,

Starting point is 00:07:27 but what is going on here? Because they offer more volatile products on the same asset class. Yeah. It's an interesting play because look, it's much easier to understand political rhetoric than this is a business decision, right? So we got a tweet, for example, from Elizabeth Warren, and maybe I'm jumping ahead a little bit to something we were going to talk about, but we got the expected tweet, right? With Elizabeth Warren kind of saying like, the SEC is wrong basically now. And that makes tons of sense. We were always going to get that tweet. And yes, we can rail and say, you were for the SEC when it was against this. Now you're against the SEC. Where's the rule of law?

Starting point is 00:08:10 You're against the courts, blah, blah, blah, blah. Whatever sort of things we want to say, but that's so clearly not the point. This is a political statement. With Vanguard, it's way more confusing because it's what do they have to gain from making a political statement? I guess maybe the business positioning is that they think that the counter reaction is going to be so strong to this that it will reinforce their bona fides as not risky for a certain set of clients. But it's a very risky proposition to, in an American market, get into the game of telling people what they can and can't and what they should and shouldn't spend their money on. It's a very bold, I mean, it's a bold strategy, Cotton. Let's see

Starting point is 00:08:50 how it works out for them. Bold strategy. Let's see how it works out for them. I wish I had the soundbite of that now that we can play. But yeah, I mean, we all know that Gensler's in her pocket and now she's just outright criticizing the way that he handled it. And seemingly, Elizabeth Warren doesn't really believe in the United States judicial system, because this is 100% reason that this got approved is that Grayscale won. And Gary had to capitulate because he knew that epic lawsuits would be coming if he did this in the saltiest most just least convicted manner of all time basically said yeah i'm giving this to you but i don't endorse bitcoin we still think this is risky it's not as good as metals etfs went home and cried deeply into his pillow and now he has his overlord criticizing him publicly for the decision but this wasn't really the SEC's decision in the end. This was forced by the courts. Yeah. And I think it's extremely notable that Gensler himself was the swing voter because basically then what you had was four commissioners voting their conscience and perspective, right? You add the two, Mark and Hester, who have always been sort of on the pro

Starting point is 00:10:04 this, it's insane that we don't have this kind of side of things, or at least have for some time. And then you have the other folks who are, you know, more intransigent, including Carolyn Crenshaw, who wrote sort of, you know, the response letter. And Gensler being the swing vote makes it clear that for once he was assessing things from the good of the SEC and what the SEC can do. It says to me that he knew that if he denied the next the rest of this term was going to be spent fighting lawsuits from 11 different issuers, you know the parties involved, and that there was no room left for that fight. Given how nails on chalkboard clawing it was to get this thing out, it was very clear it was a forced decision for him. Yeah, and it's basically just hilarious to see that this vote ends up a vote on party lines with him as the quote unquote swing voter.

Starting point is 00:11:07 As you said, you can tell how conceived and preplanned this basically was on his side to make it look like it wasn't consensus. And you got the opinion, as you said, from Crenshaw that was so scathing. But then on the flip side, we get the very favorable opinion that we all love from Hester hester purse i don't know that we should get into all of the amazing quotes maybe i should say a few of them because it's just incredible how i think how much she criticizes her own agency for sure yeah i'm just going to read through these fast this is from laura shin who just summarized it today marks the end of an unnecessary but consequential saga for reasons i have explained many times before the logic of the long string of denials is perplexing. The commission has driven retail investors to less efficient means of attaining Bitcoin exposure in

Starting point is 00:11:52 the securities markets. Until a court reminded us that our unexplained discounting of the obvious financial and mathematical relationship between the spot and futures market falls short of the standard for reasoned decision-making, we persisted in denying a spot Bitcoin ETP. The commission, rather than admitting error, offers a weak explanation for its change of heart. Gary, we squandered a decade of opportunities to do our job. And guys, it actually gets crazier. Today's order does not undo the many harms created by the disparate treatment of spot Bitcoin products. First, our arbitrary and capricious treatment of applications in this area will continue to harm our reputation far beyond crypto. Diminished trust from the public will inhibit our ability to regulate the markets effectively.

Starting point is 00:12:34 Second, our disproportionate attention on these filings has diverted limited staff resources away from other mission-critical work. Over 10 years, likely millions of dollars of staff time has gone towards blocking these applications. Third, our actions have muddied people's understanding of what the SEC's role is. Over 10 years, likely millions of dollars of staff time has gone towards blocking these applications. Third, our actions have muddied people's understanding of what the SEC's role is. Fourth, by failing to follow our normal standards and processes and considering Bitcoin spot ETPs, we have created an artificial frenzy around them. Such an important point here, guys. Had these products come to market in the way other comparable products typically have, we would have avoided the circus atmosphere in which we now find ourselves. Fifth, we have alienated a generation of product innovators within our space. So powerful. That fourth one, I think, is not being discussed. But if they had just approved these in

Starting point is 00:13:18 the order that they had been filed, we wouldn't have, as she said, this circus of 11 filers competing for the AUM, basically putting themselves out of business with this fee war. I mean, Franklin Templeton's down to 0.19% today. I don't know if you saw that because they had a poor launch and have reduced it. This was, it ends up good for retail with the fees, but this was bad in every single way possible to have this Kentucky Derby in this race where they approved everyone. It should have just never happened this way. And everybody hates the SEC at this point. Yeah. I mean, one, it is absolutely the case that they have increased the excitement and

Starting point is 00:13:57 drama around this dramatically through their actions. Two, I think that one of the points that she makes, which is a point that others in the space have made, although it's as a sort of merit neutral regulator. For people who are in crypto who have long viewed the SEC as an opponent, that may not resonate super strongly because screw them, they've always sucked kind of a feel. But I think that it has at this point meaningfully drifted into other areas of credibility, where the SEC's view, the view of markets of the SEC is dramatically diminished. And I think that there are lots of reasons to be concerned with that in the world that we're headed into. One of them, just by way of sort of observation, is they have a few times tried to make statements around artificial intelligence and AI and markets and what that's going to look like. And no one is listening to them. Markets aren't

Starting point is 00:15:12 interested in what they have to say. Regulators aren't even really interested in what they have to say. And there are going to be questions of how AI powered trading should work and all these sort of things where the orderly function of markets could be changed based on a new technology. But the regulator has no more credibility to talk about technology because it's been seen now for a half decade or more, and especially the last few years, as just completely against a thing that it decides it's against. So no one wants to care. And unfortunately, the reality is that we live in a world where the government has a role to play in these markets. And if it has no credibility, it doesn't even get to exert the right role. So they've really hurt themselves

Starting point is 00:15:59 here in ways that I think will be manifest far beyond just juicing the numbers on day one of trading over here. Yeah. I mean, speaking of SEC credibility, it's literally their job to protect investors and they couldn't even protect their own X account as everyone saw. We can't have a conversation about this week in ETF madness without talking about the fact that the SEC's X account was hijacked to post a fake approval of Bitcoin ETFs. As they dug in, we found out they did not even have two-factor authorization on their account. The most basic form of protection you can put. They literally ended up manipulating the market massively because we actually saw the price action that we probably should have seen yesterday on the launch happen on Wednesday with the fake news. Really crazy.

Starting point is 00:16:49 And I think, to be honest, a big part of the story here, for me at least, was that Bitcoin was volatile up and down, but kind of ended up trading sideways. But much to Gary's depression, I would imagine here, Ethereum is where the flows came. We saw on the fake news, the second it happened, Ethereum absolutely pumped out of control against Bitcoin. And it has only continued since then, which I think is a function, obviously, of the rotation trade, a bunch of crypto degenerates. We can always count on them to do that. But we can also see BlackRock CEO Larry Fink backs Ether ETF. It took all of one day after the approval for Larry Fink to get out in the streets and start talking about the imminent approval of Ethereum spot ETF, already putting the pressure on the SEC. Didn't even give them 24 hours saying that it's deserved, that I see value

Starting point is 00:17:46 in having an Ethereum ETF. These are just stepping stones towards tokenization. And I really do believe this is where we're going to be going. One of the most powerful men in the world. He's now out there specifically talking about his own filing for an Ethereum spot ETF. So we have the SEC hack and the flows into Ethereum. Yeah. I i mean genzer tried so hard to use his statement to basically say no we're not going to do an ethereum etf and larry fink is just completely ignoring it and bulldozing that that down you know and again with when it comes to sort of institutions that lose credibility he's genzer's not going to be able to hold the line on this for as long as he might otherwise have, right?

Starting point is 00:18:28 It's just, once again, the same issues are going to come up, especially because they balk themselves in in the same way by approving a futures ETF. You know what? They don't really have any recourse here. Yeah, it's really crazy to see this sort of credibility slide and to see, as you said, it's slipping between their fingers. Because if you really go back to the beginning of this year, when the SEC was seemingly in control of everything, they went after Coinbase one day, Binance the next day. Maybe it was actually in flipped order.

Starting point is 00:19:00 We saw all these lawsuits. There seemed to be nothing to stop them. Now, literally nobody is afraid to oppose the SEC. We've seen them lose repeatedly in court. We see legislators attacking them very voc. Just really looking at the sort of just crazy bipolarity of how this industry felt at the beginning of the year as a result of the SEC versus at the end of the year, in the beginning of 2024, the SEC was really not on my bingo card. Yeah. I mean, listen, I think a great indicator of what you're talking about is we watched a little clip of that Jim Cramer conversion interview last week. And Andrew Ross Sorkin says, you know, Gary Gensler did a lot of jawboning and, and Cramer says it didn't work. And I think there are so many people who are not the crypto faithful by any stretch of

Starting point is 00:19:56 the imagination who are having that exact same conversation, jawboning, and it didn't work. And neither of those things is a good thing for it to not have worked or for it to job own. All of a sudden you relook at all those lawsuits and you're kind of thinking to yourself, did they just file all those things to sow chaos with no real intention of actually following them through? Are they just kind of looking to bully and get concessions because they assume that people didn't have the appetite and it's easier to settle with the SEC than to fight them.

Starting point is 00:20:32 And now all of a sudden they're staring down the barrel of a bajillion lawsuits that they don't really have the resources to fight on all those fronts all at the same time. It's just, you know, it's a tough spot to be in. I want to go back to this tweet from Balchunas in the chart that shows what the day one flows were. Because I haven't seen anyone talk about the fact that BlackRock came in third. We have actually Bitwise being the most successful, I guess, Fidelity second, iBit, which is BlackRock being third, and then ARK in fourth. And BlackRock actually is a very, very distant third here doing about half the flows. Now, of course, these flows haven't been totally calculated, again, based on T plus one. But Bitwise, the native crypto company that was really the dark horse here coming in first, I find this to be shocking and nobody's talking about it. How did Bitwise win this battle on the first day? Excuse me. Sorry. It feels like, so there's two possible interpretations. Either one, the crypto bona fides were a meaningful credential for consumers who are getting into this market. is people upping their allocation, people who already have crypto allocations,

Starting point is 00:21:50 upping their exposure through this product and choosing more crypto native institutions. Fidelity, in second, Fidelity, while obviously a traditional asset manager, has undeniably the most established bona fides when it comes to the crypto industry and the Bitcoin space of any of the big institutional managers. They're earliest to start being involved in the game. They've got leadership that's been broadly supportive for a very long time. And so Bitwise and Fidelity at the sort of top of the heap makes sense if you've got a more crypto native buying audience. Whereas BlackRock is more potentially of the converts from the traditional space who are getting their first exposure. Obviously, we have no way of knowing, but what I'd be really interested in from a statistical perspective is which percentage of

Starting point is 00:22:29 these fund flows are first-time buyers as opposed to existing hodlers upping their exposure. I still think it's awesome. I think that it creates momentum. It makes a crypto native player really at the top of the heap as those other new buyers come in. BlackRock's always going to be fine. There's going to be no shortage of AUM for them to access. So I think it's nothing but a good thing. I just think it probably expresses more about the buying audience and where demand came from in the first day than where sort of new buyers are thinking.

Starting point is 00:23:01 I agree, but we did have consensus based on Matthew Siegel's comments last week from VanEck and then others confirming it that BlackRock had up to $2 billion effectively lined up for the launch. Maybe that means we're going to see some serious fireworks today. Yeah, that'd be interesting. That'll be interesting to see. Yeah. I do think that you are correct generally, though, that when we talk about RIAs waiting to see how the dust settles, not having the conversations yet with their clients, really wanting to see which one of these are the winners. My feeling is that BlackRock will be the winner down the road because it will be the most familiar name to all of them when they do decide to come into the space. And so I think actually the vanguards being shut down and the Merrill Lynch's and all of those not offering this on the first day, probably actually doused a bit of the Blackrock fire and favored a crypto native like Bitwise because the crypto natives were the ones who were going to go in and find a way. Bitwise was already running their marketing campaign and has been out on every podcast. I mean, I talked yesterday to Hunter Horsley, the CEO here,

Starting point is 00:24:03 then we were on Spaces and we had Matt Hogan and Ryan, their researcher. They're everywhere. I mean, on the roadshow. It's amazing. If you don't see BlackRock on Twitter Spaces talking about their Bitcoin ETF. No, 100%. I mean, if you look at any podcast app, every episode has either Balcones or someone from Bitwise, right? I think it's a really good thing. And kind of what you're starting to see is an interesting, you know, you're culling the field a little bit to some fairly clear brand positioning. So if you look at this sort of the Cointucky Derby or whatever you want to call it, you got BlackRock, which is like, you know, whatever. It's the empire in Star Wars. They're always going to be there. There's no way they're not going to call it. You got BlackRock, which is like, you know, whatever. It's the empire in Star Wars. They're always going to be there. There's no way they're not going to do well. But there's some

Starting point is 00:24:50 folks who even if they're in traditional markets, BlackRock really does have that empire feel to them, right? Well, for people who are more traditional, but who, you know, still want something that's not BlackRock, you got Fidelity, right? Fidelity is kind of split in the difference between fully crypto native and traditional. They've been around for a while. You can get sort of excited about them because they're a known entity, but maybe they feel a little bit more sort of Bitcoin credible. Then you have the crypto native group in Bitwise, which I think the fact that they are out at the top does more for them long term than any of these other players in the sense that had they been lower, they would be just for those crypto natives, right, potentially, by being sort of at

Starting point is 00:25:33 the top of the heap by starting to get some momentum, they're going to be able to peel off some amount of the folks that might have gone with a fidelity or a BlackRock, because you know, they, they're open to looking at them, and then they dig in and they hear them talk based on all the media. They see that they're supporting Bitcoin developers, whatever it is that gets people excited. And it leads to more fun flows. You have ARK as the sort of fourth contender who are always up in the innovation space.

Starting point is 00:26:00 They're always doing cool things. 21Shares is a great company. And so ARK know, our arc probably wasn't anyone's pick for going to be the number one, but they're all have meaningful flows because it's, it makes sense as a part of arcs overall thing. You know, Kathy's been, you know, the longest sort of duration person in, in wall street in many ways. And so I think in some ways you see the race shaping up around those four and they each have kind of a slightly different market positioning that frankly really does fill in for a pretty wide swath of who might be an interested buyer in a way that I think one product couldn't. I think that there's actually a lot of value here for sort of market exposure for people being able to find an issuer that fits where they are in their investment journey. Apparently, just so you know, Jim Cramer is back at it as we speak. I'm seeing it in the comments

Starting point is 00:26:51 and sort of looked and he's on CNBC saying that now Bitcoin is going to roll over. So by the way, he said that it was going to be a sell the news event. Then he said that it was resilient. Then he said he doesn't think it's going to be a sell the news event, that it could just keep going up. And now he's saying that you should sell it. And he's now poo-pooing apparently on the ETF, saying it's not really an ETF, but it's an ETP. And oh my God, it's unbelievable to watch generally the flip-flopping in the media on a day-to-day basis with no new information and nothing changing,

Starting point is 00:27:23 just looking for something to talk about. And B, the fact that this trust versus ETF, ETP thing has been debated and litigated and settled multiple times by the Bloomberg guys over the years. My goodness. I think that it's a reasonable time for everyone to put their fingers in their ears, turn off their screens, enjoy a weekend of success. You know, listen, you can't even be mad at the media or individual content creators at this point. Gotta cover it. The relentless need for a new narrative is an extremely powerful force.

Starting point is 00:28:02 Listen, if you find content creators who can avoid that, stick with them because it's powerful, but it's always going to be the case. As soon as this thing went live, especially because it's sort of become a little bit more of a darling over the last couple of weeks, that we were going to have the counter reaction. And it's sort of, I think, pretty inevitable.

Starting point is 00:28:22 I know we're going to wrap it up soon, but I do want to point out once again, for those who are saying it's not a success, it's a failure, I get it. There's ways to look at it that way. But when you look at this chart, here's how spot Bitcoin ETFs compared to the big dogs, SPY and QQQ. Of course, that's SPY, SPY or QQQ is NASDAQ, SPX and NASDAQ, excuse me. In volumes yesterday, really held their own, especially a number of trades and shares. Even notionally, they got their respectable slice of pie via our note this morning. And you look at this chart, I mean, it was traded, the spot Bitcoin ETFs were traded as much as SPY, the S&P 500 ETF trust. They got their slice of notional, as he said. And when you look at volume of shares, it actually crushed QQQ and

Starting point is 00:29:05 SPDR. A lot of this obviously is GBTC and people exiting, as we know, and outflows. But this was just, it's exceptionally successful, even that there was this much volume. And he's pointed out that volume is really what matters because that's what's going to attract the flows. And the volume is there. And that's where traders on Wall Street and beyond want to be. You want to be where there's volume. I think when I think about this sort of week in this period, one of the most representative documents is going to be, as weird as this sounds, an op-ed in the Financial Times last week. I think we covered it last week, actually. It's this op-ed from a random contributor at FT. It's not an editor or anything like that. FT is easily the most antagonistic media outlet when it comes to

Starting point is 00:29:53 Bitcoin. It has been for some time. Alphaville is just sort of the Lex Luthor to Bitcoin Superman. And the whole point of the article, the op-ed, is that if the ZTF comes, he's going to put some in Bitcoin. And it's basically about his conversion experience that he had on this run somewhere on the cliffs in the UK. And effectively, what it is, is just sort of a point-by-point look at all of the different things that have been said about Bitcoin, that it doesn't have cash flows. And then he says to himself, well, but a huge portion of the S&P 500 didn't return cash last year either in the form of dividends. And we don't even care about dividends. So why do I care about that? And then he goes into the next critique and the next critique and the next critique. And ultimately where he lands is these things don't actually look all that different. And we've spent so much time sort of

Starting point is 00:30:49 trying to otherize Bitcoin and view it as some crazy thing. And it just doesn't seem all that crazy anymore. I think that sort of shift, this not some radical new revolutionary sort of shift this, you know, not some radical new revolutionary sort of idea infiltrating markets, but just this broad normalization, acceptance, reconsideration is what this moment is going to be. This is going to be a mass moment for reconsideration of Bitcoin from a bunch of different angles because this thing exists now. As we've said over and over and over again, it's not something that's going to play out in the form of days or even weeks. It's going to be months and years, but the thing existing is the point. It's supposed to exist. It should have existed for some time, and now it does. I have nothing left to add to that summary. I think we can move on and do that thing you described earlier where we don't pay attention to ETFs

Starting point is 00:31:43 anymore and go touch grass and hang out with our families and spend the weekend. Guys, follow NLW. Check out, obviously, The Breakdown. You had some great coverage of this, obviously, this entire week. And we're going to hopefully have five fresh topics next Friday.

Starting point is 00:32:01 All the amazing Friday Five and news that happened next week that hopefully has nothing to do with this. Maybe it'll be one of them. We'll at least have an honorable mention for the check-in. Looking forward to new coverage. Absolutely. All right, guys. Thank you so much. See you next week. Peace. Let's go.

The Wolf Of All Streets - Bull Run Ahead: Bitcoin ETFs Hit $4.5 Billion On The First Day

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