Key Highlights
Morgan Stanley Bitcoin Trust (MSBT) accumulated over $103M in net inflows within its first six days of trading
The fund has already eclipsed WisdomTree’s Bitcoin product, which has been gathering assets since early 2024
Goldman Sachs submitted regulatory filings to introduce its own Bitcoin-focused ETF
Tuesday saw US spot Bitcoin ETFs collectively attract $411.5M, returning 2026’s cumulative flows to positive levels
Bitcoin touched $76,000 before retreating to approximately $73,600 mid-week
Debuting on April 8 with an expense ratio of merely 0.14%, Morgan Stanley’s spot Bitcoin ETF established itself as the most competitively priced offering available when it hit the market.
During its initial six trading sessions, the Morgan Stanley Bitcoin Trust amassed $103 million in cumulative net inflows. This achievement places it ahead of WisdomTree’s Bitcoin Fund, which has collected $86 million since beginning operations in January 2024.
On Wednesday alone, MSBT drew in $19.3 million, based on tracking data from Farside Investors.
According to Arkham’s analytics, the fund has acquired $83.6 million worth of Bitcoin since its inception. Current on-chain wallet holdings stand at approximately $64.4 million.
Industry observers have characterized Morgan Stanley’s launch as the first spot Bitcoin ETF issued directly by a major Wall Street bank. The product joined an existing field of 11 competing spot Bitcoin investment vehicles in the United States.
BlackRock’s iShares Bitcoin Trust continues to dominate the sector with $64.3 billion in aggregate net inflows. Fidelity’s competing fund has attracted $10.9 billion in net contributions.
Maintaining its current momentum, MSBT appears positioned to potentially surpass the Invesco Galaxy, Valkyrie, and Franklin Bitcoin ETFs, which currently hold between $245 million and $375 million in total net inflows.
Goldman Sachs Enters the Competition
Goldman Sachs submitted documentation to the SEC on Tuesday seeking approval for its own Bitcoin-linked ETF. This represents a notable shift for the banking institution, which has historically maintained a skeptical stance toward cryptocurrency.
That same day, US spot Bitcoin ETFs collectively registered $411.5 million in net inflows, marking April’s second-strongest single-day performance. This influx pushed the year-to-date 2026 flow totals back above zero to approximately $245 million.
Combined assets under management across all US spot Bitcoin ETFs climbed above $96.5 billion, reaching the highest point since mid-March.
BlackRock dominated Tuesday’s activity with $214 million in inflows. ARK 21Shares contributed $113 million while Fidelity captured $45 million. Notably, no ETF experienced outflows during that trading session.
Bitcoin Pricing and Network Metrics
Bitcoin momentarily surged to $76,000 on Tuesday, marking its strongest performance since February. The cryptocurrency subsequently declined nearly 3% on Wednesday, reaching an intraday bottom of $73,617 as market participants locked in gains following the 7% upward movement.
Blockchain analytics reveal that transfers of one Bitcoin or more to centralized exchanges have experienced a substantial decline. Binance’s monthly average has dropped to roughly 6,000 Bitcoin, matching 2018 levels and significantly below the 15,400 Bitcoin recorded during 2021.
On a worldwide basis, transfers of at least one Bitcoin to exchanges have decreased to approximately 27,500 Bitcoin, compared to roughly 80,000 during 2018’s peak period.
Market analysts attribute this trend to elevated Bitcoin valuations, expanding ETF availability, and increased preference for long-term holding strategies.
As of Wednesday, Bitcoin was changing hands near $73,000, representing a 1% decline over 24 hours while posting gains of 2.9% across the previous week and 7.5% over the trailing two-week period.
