Morgan Stanley officially entered the Bitcoin ETF ring on April 8, 2026, with the launch of MSBT. The offering arrives with the lowest management fee in the segment — 0.14% — and a weapon that no competitor has at the same level: 16,000 financial advisors selling the product directly to end customers.
First day numbers
A strong debut by industry standards:
- $33.9 million in inflow on the first trading day;
- Trading volume above the average of 2024/2025 launches;
- Management fee 40% below the segment median.
Pressure on incumbents
Morgan Stanley's move puts pressure especially on BlackRock (IBIT) and Fidelity (FBTC), which currently lead market share. IBIT alone on April 21 absorbed $284 million in inflow — proving that institutional demand remains robust, but the market is beginning to fragment.
The trend, according to consulted institutional desks, is general fee compression. In 2024, it was not uncommon to see ETFs charging 0.25% or more. In 2026, any product above 0.20% will have difficulty attracting new assets.
Five consecutive days of positive inflow
The launch of MSBT was added to a positive sequence for the segment. On April 21, Bitcoin spot ETFs closed the fifth consecutive day of net inflows, with $238 million entering. This is a sign that institutional demand is not an isolated spike, but a continuous pressure.
How this resonates beyond the US
American crypto ETFs function as a global institutional thermometer. Consistent flow typically precedes movement in local ETFs (Canada, Brazil, Europe) and repositioning of proprietary desks. For those operating in Brazil, the signal is clear: the appetite of the big players is not cooling down.
The ON3X take
What Morgan Stanley's entry confirms is the thesis that Bitcoin is no longer niche. When a bank with 16,000 wealth advisors sells BTC as part of a diversified portfolio, the conversation about "alternative investment" loses its meaning.
For the retail user, the message is simple: the same institutional paths that direct capital to ETFs are the ones that, at the end, drive up the price. Having direct exposure — via spot, via your own wallet or via a regulated platform like ON3X — is the most capital-efficient way to ride this wave, without paying double custody fees.