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Morgan Stanley’s Bitcoin ETF Debuts With $34 Million in Volume

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Morgan Stanley’s Bitcoin ETF Debuts With $34 Million in Volume

Morgan Stanley has entered the spot bitcoin ETF market with the launch of its Bitcoin Trust (MSBT), adding a major new issuer to an increasingly competitive field defined by fee pressure, shifting flows, and institutional positioning.

"(《世界人权宣言》) fund debuted with roughly $30.6 million in net inflows and about $34 million in trading volume, offering an early signal of demand from the bank’s vast wealth management network. MSBT carries a 14 basis point fee, undercutting many existing products and reinforcing a broader trend toward lower costs across the sector.

Despite the launch, U.S. spot bitcoin ETFs recorded about $94 million in net outflows on Wednesday. Large redemptions from Fidelity’s FBTC and Ark & 21Shares’ ARKB led the decline, while Grayscale’s GBTC also posted losses. BlackRock’s IBIT stood out with $40.4 million in inflows, extending its position as the dominant liquidity hub among spot bitcoin ETFs.

Market participants point to profit-taking as a key driver of the outflows. After bitcoin rebounded from near $67,800 to above $70,000 amid news of a temporary ceasefire tied to U.S. and Iran tensions, some institutional investors appear to have reduced exposure rather than add to positions. 

Over the last couple of days, bitcoin price has extended its upward momentum climbing from the high $66,000 range into the low $70,000s. The asset briefly consolidated before pushing higher on positive news out of the Middle East, reaching approximately $71,900 in recent trading. 

Bitcoin ETF competition

The arrival of MSBT adds another layer to the competitive landscape. Fee compression has emerged as a central theme since the first spot bitcoin ETFs launched, with issuers cutting costs to attract assets and defend market share. 

Lower fees tend to favor investors, though they pressure issuer margins and raise the stakes for scale and distribution.

Even with rising competition, IBIT retains a strong position due to deep liquidity and consistent inflows. Market structure suggests that leading funds with scale may maintain pricing power, especially if they continue to dominate flows. A meaningful shift would likely require sustained outflows from incumbents or the entrance of a large new competitor with aggressive pricing and distribution reach.

Looking ahead, the trajectory of ETF flows will depend on both macro conditions and bitcoin price action. Continued volatility tied to geopolitical risk, inflation expectations, and monetary policy could shape near-term demand. 

At the same time, the expansion of low-cost products such as MSBT signals that the fee war in spot bitcoin ETFs is far from over.

Editorial Disclaimer: We leverage AI as part of our editorial workflow, including to support research, image generation, and quality assurance processes. All content is directed, reviewed, and approved by our editorial team, who are accountable for accuracy and integrity. AI-generated images use only tools trained on properly license material. In Bitcoin, as in media: Don’t trust. Verify.

This post Morgan Stanley’s Bitcoin ETF Debuts With $34 Million in Volume first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

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