Recorded live on January 10, 2024, the day spot Bitcoin ETFs were approved in the United States, Brian Cubellis hosts an emergency episode with Alex Thorn, head of firmwide research at Galaxy Digital, just hours after trading began. With over $1.7 billion in volume in the first hour alone, the conversation covers which ETF issuers are best positioned, the competitive dynamics between BlackRock, Fidelity, Invesco, and Grayscale, and the long-term implications of traditional finance becoming a distribution channel for Bitcoin education. Alex and Brian discuss Hal Finney's prescient 2010 Bitcoin Banks post, how ETFs are a Trojan Horse for real Bitcoin adoption, and the significance of SAB 121 as a barrier preventing banks from custodying Bitcoin at scale.