- Morgan Stanley central bank offers Bitcoin ETFs, targeting high-net-worth clients.
- BlackRock’s IBIT and Fidelity’s Wise Origin Bitcoin Fund draw $191M in inflows.
- Grayscale Bitcoin Trust faces $71.3M outflows amid market volatility.
Morgan Stanley will begin issuing Bitcoin ETFs to select clients, as reported by CNBC on Friday. Starting August 7, Morgan Stanley advisors will be authorized to propose the iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund to clients with specific eligibility requirements.
However, the bank remains cautious about Bitcoin: only clients with a net worth of at least $1.5 million, a high-risk tolerance, and an interest in speculative investments are qualified for Bitcoin ETF solicitation, according to CNBC sources. Morgan Stanley’s action is in response to meet growing client demand for digital assets
Criteria and Limitations of Investment
However, the bank is acting cautiously. It intends to analyze its clients’ Bitcoin holdings frequently to limit the risks associated with asset volatility.
Morgan Stanley’s decision to offer bitcoin ETFs distinguishes it from other banks, including Goldman Sachs, JPMorgan, Bank of America, and Wells Fargo, which have taken a more cautious approach to these products, prohibiting their advisors from promoting them until clients specifically request them.
Performance of Bitcoin ETFs
When spot bitcoin ETFs began trading in January, some brokerages, such as Fidelity or Charles Schwab (SCHW), began providing them openly, whilst other major brokerages, such as Morgan Stanley, were more cautious, offering the products to select clients on an unsolicited basis. Significant inflows and withdrawals across numerous funds indicate the market’s changing attitude toward these products.
According to recent data, BlackRock’s IBIT and Fidelity’s Wise Origin Bitcoin Fund have attracted significant inflows, with IBIT seeing $25.9 million and Fidelity’s fund experiencing a substantial $191.1 million. However, not all funds have performed as well; for instance, Fidelity’s FBTC recorded $48.4 million in outflows.
Other ETFs, such as Grayscale’s Bitcoin Trust, have seen significant withdrawals, which may be due to increasing costs or investor transfers to other investment vehicles. This dynamic highlights the constantly changing nature of investor attitudes and market movements in the digital asset area.
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