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Institutional Financial Analysis

Home/Markets & Investing/BITCOIN ETF · CRYPTO IRS RULING

Morgan Stanley’s Bitcoin ETF Under-prices Incumbents to Capture Wealth Management Flows

EN

Elliot North

Bitcoin ETF · Apr 13, 2026

Morgan Stanley’s Bitcoin ETF Under-prices Incumbents to Capture Wealth Management Flows

Source: DojiDoji Data Terminal

Investors deposited between $30 million and $34 million into Morgan Stanley’s new spot Bitcoin ETF on its first day of trading. An additional $31.20 million entered the fund over the following two sessions, bringing total inflows to approximately $62 million.

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US Institutional Demand Drives $1.1 Billion Crypto Inflow

US investors drove $1.06 billion in inflows into crypto investment products last week, accounting for 95% of the global total. This surge was driven by regulated Bitcoin and Ethereum ETFs and favorable domestic economic signals. Total weekly inflows reached $1.1 billion, the largest since early January 2026. Total assets under management rebounded to levels last seen in early February. Bitcoin dominated the activity, capturing $871 million in inflows. Ethereum followed with $196.5 million. Short-Bitcoin investment products recorded $20.2 million in inflows, the highest weekly figure since November 2024.

The fund, which trades on NYSE Arca under the ticker MSBT, was launched with an expense ratio of 0.14%, the lowest in the U.S. market. This pricing strategy is designed to capture market share from incumbents by undercutting the cost of existing spot Bitcoin products.

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Institutional Bitcoin ETF Inflows Surge to $600 Million Over Two Days

U.S. spot Bitcoin ETFs now hold 721,000 BTC, valued at approximately $56.7 billion. The accumulation happened through two consecutive days of strong accumulation. U.S. spot Bitcoin ETFs pulled in $358.1 million in net inflows on April 9, led by BlackRock’s iShares Bitcoin Trust (IBIT), which captured $269.3 million. Fidelity’s Wise Origin Bitcoin Bitcoin Fund (FBTC) added $53.3 million, while Morgan Stanley’s newly launched ETF attracted $14.9 million. Other contributors included Bitwise’s BITB ($11.7 million) and ARK 21Shares’ ARKB ($4.8 million). On April 10, ETFs recorded another $240 million in net inflows, with BlackRock's IBIT leading with $137.6 million and Fidelity's FBTC adding $78 million. This surge follows a brief retreat where nearly $250 million in outflows occurred over two sessions. The rapid return of capital underscores how quickly institutions can actually rotate into crypto exposure when risk conditions improve.

Unlike smaller issuers, Morgan Stanley leverages an internal network of 16,000 financial advisors managing trillions in assets under advisement. This distribution channel allows the bank to route client demand directly into its own product rather than relying on external platforms.

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While large institutional allocators often prioritize liquidity and tight spreads over small fee differences, the 0.14% rate introduces pricing pressure across the category. The launch occurs as Bitcoin trades below previous highs and spot ETF flows have only recently stabilized after a period of net outflows.

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The Clarity Act Targets Cryptocurrency Classification Ambiguities

Digital asset innovation and compliance now depend on the resolution of cryptocurrency classifications and their regulatory treatment. The U.S. Senate is reconvening to consider the Clarity Act to address these ambiguities. The legislative proposal seeks to establish a structured regulatory framework for digital assets.

The lowest-cost fee structure forces other spot Bitcoin ETF issuers to consider fee reductions.

Related Brief2d ago
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Institutional ETF Inflows Reduce Available Bitcoin Supply

Available Bitcoin supply on exchanges is reduced when authorized participants purchase actual Bitcoin to back new shares generated by ETF inflows. On April 9, U.S. Spot Bitcoin ETFs recorded $358.1 million in net inflows, led by BlackRock’s iShares Bitcoin Trust (IBIT) with $269.3 million. Fidelity’s Wise Origin Bitcoin Fund (FBTC) contributed $53.3 million and Morgan Stanley’s MSBT added $14.9 million. Bitwise (BITB) added $11.7 million and Ark Invest (ARKB) added $4.8 million. Franklin Templeton (EZBC) and VanEck (HODL) each added over $2 million. Long-term holders expanded their holdings to 4,370,000 bitcoin as of April 7.

Bitcoin ETFcrypto IRS rulingETF inflows datacrypto money laundering enforcementFed interest rate decision

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