Key Highlights
- Morgan Stanley Bitcoin Trust (MSBT) accumulated over $103M in net inflows within six trading sessions
- The fund surpassed WisdomTree’s Bitcoin product, which began collecting inflows in January 2024
- Goldman Sachs submitted regulatory paperwork to the SEC for a Bitcoin-linked ETF product
- Combined US spot Bitcoin ETFs recorded $411.5M in net inflows Tuesday, returning 2026 cumulative flows to positive levels
- Bitcoin touched $76,000 before retreating to approximately $73,600 Wednesday
Morgan Stanley introduced its spot Bitcoin ETF on April 8 with an expense ratio of 0.14%, representing the market’s most competitive fee structure at launch.
During its initial six trading sessions, the Morgan Stanley Bitcoin Trust attracted $103 million in cumulative net inflows. This performance places the fund ahead of WisdomTree Bitcoin Fund, which accumulated $86 million since beginning operations in January 2024.
The MSBT recorded $19.3 million in inflows during Wednesday’s trading session, based on Farside Investors’ tracking data.
Arkham intelligence reveals the fund acquired $83.6 million in Bitcoin following its market debut. Current on-chain wallet holdings stand at approximately $64.4 million.
Industry observers characterize Morgan Stanley’s launch as the first bank-issued spot Bitcoin ETF from a major Wall Street institution. The product entered a marketplace already containing 11 competing spot Bitcoin investment vehicles.
BlackRock’s iShares Bitcoin Trust maintains market leadership with $64.3 billion in cumulative net inflows. Fidelity’s offering follows with $10.9 billion in net inflows.
Maintaining its current trajectory, MSBT could potentially surpass Invesco Galaxy, Valkyrie, and Franklin Bitcoin ETFs, which currently manage between $245 million and $375 million in net inflows.
Goldman Sachs Enters the Bitcoin ETF Market
Goldman Sachs submitted documentation to the SEC Tuesday for a Bitcoin-linked ETF launch. The financial institution previously expressed skepticism toward cryptocurrency assets.
That same trading day, collective US spot Bitcoin ETFs registered $411.5 million in net inflows, marking April’s second-strongest daily performance. This activity returned 2026 year-to-date flows to positive territory at approximately $245 million.
Combined assets under management for all US spot Bitcoin ETFs exceeded $96.5 billion, reaching the highest level observed since mid-March.
BlackRock dominated Tuesday’s inflow activity with $214 million. ARK 21Shares contributed $113 million while Fidelity recorded $45 million. Zero ETF products experienced outflows during that session.
Bitcoin Valuation and Blockchain Metrics
Bitcoin temporarily reached $76,000 Tuesday, marking its strongest price point since February. The cryptocurrency subsequently declined nearly 3% Wednesday to an intraday bottom of $73,617 as market participants secured gains following a 7% price surge.
Blockchain analytics demonstrate a significant decline in transfers of 1 Bitcoin or more to trading platforms. Binance data shows monthly averages dropping to roughly 6,000 Bitcoin, mirroring 2018 activity levels and substantially below the 15,400 Bitcoin average from 2021.
Worldwide, transfers of 1 Bitcoin or larger to exchanges decreased to approximately 27,500 Bitcoin, contrasting with roughly 80,000 at the 2018 maximum.
Market researchers attribute this pattern to elevated Bitcoin valuations, expanding ETF availability, and increased long-term accumulation strategies.
Bitcoin traded near $73,000 Wednesday, showing a 1% decline over 24 hours while posting gains of 2.9% across the previous week and 7.5% over the trailing 14-day period.
