Morgan Stanley's Bitcoin Trust (MSBT) launched with $30.6 million in inflows on its first day of trading, marking a solid, though not record-breaking, entry into the spot Bitcoin ETF market. The ETF began trading on the NYSE Arca with $34 million in volume, exceeding initial predictions. As of April 8, MSBT held 444.4 Bitcoin (BTC), valued at approximately $31.7 million.
Morgan Stanley's offering, which features the lowest fee among its competitors, trailed BlackRock’s iShares Bitcoin Trust (IBIT), which attracted $40 million in inflows.
Despite the strong performance of MSBT and IBIT, overall Bitcoin ETF flows were negative. The Fidelity Wise Origin Bitcoin Fund (FBTC) and the ARK 21Shares Bitcoin ETF (ARKB) experienced outflows of $79 million and $75 million, respectively. The Grayscale Bitcoin Trust ETF (GBTC) also saw further redemptions, contributing to a total daily outflow of $124.5 million from US spot Bitcoin ETFs.
This marks the second consecutive day of outflows, following a substantial $159 million on Tuesday, although it follows a strong Monday with $471 million in inflows.
MSBT's debut, while modest compared to the massive first-day volumes of ETFs launched in January 2024, is still positioned to be one of the year's top ETF launches, according to industry analysts.