大摩比特幣 ETF 上市滿月：狂吸 1.94 億美元「零流出」，超低費率成殺手鐧

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Morgan Stanley's spot Bitcoin ETF, "MSBT," set an astonishing record in its first month of trading: it accumulated $194 million in inflows without recording a single day of net outflows. This "zero-loss" achievement stands out as unique among all its competitors during the same period. The fund, named "Morgan Stanley Bitcoin Trust (MSBT)," officially debuted on April 8 of this year. Amy Oldenburg, Head of Digital Asset Strategy at Morgan Stanley, stated that this is the most successful ETF launch in the firm's history. On its first day of trading, MSBT attracted $30.6 million in inflows with a trading volume of $34 million. Eric Balchunas, a senior ETF analyst at Bloomberg, even ranked the fund's launch performance in the "top 1%" of all ETF issuance records in the U.S. It is worth noting that on the same day MSBT listed, the overall spot Bitcoin ETF market saw a net outflow of $94 million, highlighting its strong appeal. Data from SoSoValue shows that in the first two weeks of MSBT's listing, daily inflows were between $10 million and $20 million. While this slowed to a few million dollars in subsequent trading days, it never dropped below zero. In contrast, the overall spot Bitcoin ETF market experienced significant volatility during the same period: on April 17, there was a single-day inflow of $664 million, but on May 7 and 8, there were consecutive outflows of $278 million and $146 million, respectively. On May 7, MSBT still recorded a net inflow of $5.7 million, while BlackRock's IBIT recorded a net outflow of $27.2 million, Fidelity's FBTC saw a net outflow of $97.6 million, and ARKB saw a net outflow of $26.6 million. On that day, MSBT's market price traded at a 0.24% premium to its Net Asset Value (NAV), higher than IBIT's 0.18% and FBTC's 0.13%, indicating that market demand for MSBT exceeded the issuer's pace of creating new shares. Even more impressively, just six trading days after its debut, MSBT's cumulative net inflows surpassed $103 million, overtaking WisdomTree's BTCW, a fund that has been trading since January 2024 and has only accumulated $86 million in total historical inflows. The Appeal of Low Expense Ratios MSBT has an annual management fee of just 0.14%, making it the lowest-cost spot Bitcoin ETF in the U.S. The second lowest is Grayscale's Bitcoin Mini Trust (BTC) at 0.15%, followed by Bitwise's BITB at 0.20%, ARKB at 0.21%, while IBIT and FBTC are both at 0.25%. Grayscale's flagship fund, GBTC, continues to charge 1.50%. While this 0.11 percentage point (11 basis points) difference might be negligible for individual retail investors, for institutions, it translates to savings of $1.1 million per year for every $1 billion invested. "Financial Advisor Channel" Yet to Launch Morgan Stanley revealed that almost all of the funds that flowed into MSBT in its first month came from "self-directed" clients. This means that Morgan Stanley's massive wealth management army—comprising approximately 16,000 financial advisors managing over $9.3 trillion in client assets—had not yet officially sold the product to clients during the first few weeks of the fund's listing. Amy Oldenburg stated: "The trading in the first week or two was almost entirely client-driven, which means our financial advisors haven't even started promoting this asset yet." Once this channel is fully opened, MSBT will gain a powerful sales pipeline that other Bitcoin ETF issuers will find difficult to match. At the same time, Morgan Stanley is actively testing a cryptocurrency spot trading service with a 50-basis-point fee per transaction on its E*Trade platform, initially offering BTC, ETH, and Solana (SOL). Resurgence in Spot Bitcoin ETF Demand The first month of MSBT's listing coincided with a recovery in overall demand for spot Bitcoin ETFs. According to SoSoValue, as of May 8, the 13 U.S. spot Bitcoin ETFs had recorded net inflows for six consecutive weeks, totaling over $3 billion, marking the longest streak of consecutive inflows since last summer. Currently, the total net assets of all spot Bitcoin ETFs stand at $106.6 billion, accounting for approximately 6.67% of Bitcoin's market capitalization, with cumulative net

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發佈：2026-05-11 08:00:15

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