Key Highlights
- Morgan Stanley Bitcoin Trust (MSBT) accumulated over $103M in net inflows within its first six trading days
- The fund has already surpassed WisdomTree’s Bitcoin product, which has been collecting inflows since early 2024
- Goldman Sachs submitted an SEC filing to introduce its own Bitcoin-linked exchange-traded fund
- Tuesday saw US spot Bitcoin ETFs record $411.5M in combined net inflows, turning 2026 figures positive
- Bitcoin reached $76,000 briefly before declining to approximately $73,600 by Wednesday
When Morgan Stanley’s spot Bitcoin ETF debuted on April 8, it carried an exceptionally competitive fee structure of 0.14%, establishing itself as the most affordable offering available in the marketplace at launch.
Within just six days of trading activity, the Morgan Stanley Bitcoin Trust attracted $103 million in cumulative net inflows. This performance enabled it to leapfrog the WisdomTree Bitcoin Fund, which had been steadily accumulating its $86 million total since launching in January 2024.
On Wednesday alone, MSBT recorded $19.3 million in fresh inflows, based on tracking data from Farside Investors.
According to Arkham’s blockchain analytics, the fund has acquired $83.6 million worth of Bitcoin since its market debut. Current on-chain wallet holdings stand at approximately $64.4 million.
The launch of Morgan Stanley’s product has been characterized as the first spot Bitcoin ETF directly issued by a major Wall Street banking institution. It now competes alongside 11 other spot Bitcoin funds operating in the United States.
BlackRock’s iShares Bitcoin Trust continues to dominate the space with an impressive $64.3 billion in cumulative net inflows. Fidelity’s offering follows with $10.9 billion in net inflows.
Maintaining its current trajectory, MSBT appears positioned to potentially surpass the Invesco Galaxy, Valkyrie, and Franklin Bitcoin ETFs, each holding between $245 million and $375 million in total net inflows.
Goldman Sachs Enters the Bitcoin ETF Arena
Goldman Sachs submitted regulatory paperwork to the SEC on Tuesday seeking approval for its own Bitcoin-linked ETF. This marks a notable shift for the financial institution, which previously maintained a skeptical stance toward cryptocurrency.
That same Tuesday, US spot Bitcoin ETFs collectively attracted $411.5 million in net inflows, representing April’s second-largest single-day total. This influx reversed 2026 year-to-date flows back into positive territory, reaching approximately $245 million.
Combined assets under management across all US spot Bitcoin ETFs climbed above $96.5 billion, marking the highest level observed since mid-March.
BlackRock dominated Tuesday’s activity with $214 million in inflows. ARK 21Shares contributed $113 million while Fidelity added $45 million. Notably, no fund experienced outflows during that trading session.
Bitcoin Valuation and Blockchain Metrics
Bitcoin momentarily touched $76,000 on Tuesday, representing its strongest performance since February. The cryptocurrency subsequently retreated nearly 3% on Wednesday, reaching an intraday bottom of $73,617 as investors secured gains following a 7% price surge.
Blockchain analytics reveal that transfers of at least 1 Bitcoin to cryptocurrency exchanges have experienced a significant decline. On Binance specifically, the monthly average has decreased to roughly 6,000 Bitcoin, mirroring levels seen in 2018 and substantially below the 15,400 Bitcoin recorded during 2021.
On a worldwide scale, transfers of at least 1 Bitcoin to exchanges have dropped to approximately 27,500 Bitcoin, a stark contrast to the roughly 80,000 Bitcoin seen at the 2018 peak.
Market observers attribute this trend to elevated Bitcoin valuations, expanded ETF accessibility, and an increasing preference for long-term holding strategies among investors.
As of Wednesday, Bitcoin was trading near $73,000, reflecting a 1% decline over 24 hours while maintaining gains of 2.9% across the previous week and 7.5% over a two-week period.
