Morgan Stanley debuted its spot Bitcoin ETF with $30.6 million in first-day inflows, placing second behind BlackRock despite broader outflows across US-listed funds.
The Morgan Stanley Bitcoin Trust began trading on NYSE Arca with $34 million in volume, slightly exceeding expectations, while holding 444.4 Bitcoin valued at roughly $31.7 million.
Offering the lowest fee among peers, the fund still trailed BlackRock’s iShares Bitcoin Trust, which attracted $40 million in inflows on the same day.
The launch comes as total flows for US spot Bitcoin ETFs turned negative, with $124.5 million in net outflows driven by redemptions from Fidelity’s FBTC and ARK 21Shares’ ARKB.
The debut highlights continued institutional interest in Bitcoin ETFs, although Morgan Stanley enters a market that has matured significantly since the 2024 launch wave set higher benchmarks for demand.
Earlier launches saw far stronger activity, with IBIT recording $112 million in inflows and Grayscale’s ETF generating billions in trading volume on day one.
Despite the relatively modest start, analysts suggest Morgan Stanley’s ETF could still rank among the stronger launches in the past year, reflecting ongoing competition in the expanding crypto ETF sector.
At the time of reporting, Bitcoin price was $71,877.55.