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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Morgan Stanley Authorizes Advisors To Offer Bitcoin ETF Products, Report

Ronaldo Marquez
Ronaldo Marquez
11 months ago
3 mins read
Bitcoin ETF

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Morgan Stanley, one of the largest investment banks in the United States, has announced that it will soon allow its 15,000 financial advisors to offer Bitcoin ETF (exchange-traded fund) products to eligible clients. 

Interestingly, this is the first time a major Wall Street bank has given its wealth management division the green light to promote crypto-based investment products.

Bitcoin ETF Exposure For High-Net-Worth Investors

According to a CNBC report, sources familiar with the policy change said that Morgan Stanley will allow its advisors to urge clients to buy shares of two specific Bitcoin ETFs – BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity’s Wise Origin Bitcoin Fund (FBTC). The new offering will reportedly go live on Wednesday, August 7.

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Morgan Stanley’s decision reflects growing investor demand for exposure to the cryptocurrency market. The firm noted that the move is a response to its clients’ appetite, as well as an effort to stay ahead of the booming digital asset landscape.

However, Morgan Stanley is taking a cautious approach with its Bitcoin ETF rollout. The bank is restricting eligibility to clients with a net worth of at least $1.5 million, an “aggressive” risk tolerance, and the desire to make speculative investments. 

Additionally, CNBC reported that Bitcoin exchange-traded funds will only be available in taxable brokerage accounts, not retirement accounts. The bank will also closely monitor clients’ overall crypto holdings to ensure they do not become overly exposed to the highly volatile asset class. 

Currently, the only crypto investments approved for purchase at Morgan Stanley are the two Bitcoin ETFs and private funds from Galaxy and FS NYDIG, which were made available starting in 2021.

BTC Trading Volumes Spike 25%

According to data from SoSo Value, the total net inflow for Bitcoin spot ETFs on Thursday reached $50.64 million. This was driven by a significant $191 million net inflow into the Grayscale Bitcoin Trust mini ETF, as well as a $25.9 million net inflow into BlackRock’s Bitcoin ETF. However, the Grayscale Bitcoin Trust’s primary ETF (GBTC) saw a net outflow of $71.3 million on the same day.

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After opening the week at around $70,000, the Bitcoin price pulled back steadily over the course of last week to the $62,750 level on Friday. This retracement prevented Bitcoin from consolidating above the key resistance level of $70,000, which is crucial on BTC’s path back to its all-time high of $73,700 reached in mid-March.

Despite this, there were signs of underlying strength, as CoinGecko data showed a 25% increase in Bitcoin’s 24-hour trading volume, reaching $46.9 billion.

Bitcoin ETF
The 1 day chart shows BTC’s price trending downwards after opening the week at $70,000. Source: BTCUSDT on TradingView.com

Featured image from DALL-E, chart from TradingView.com 

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Ronaldo Marquez
Ronaldo Marquez

Ronaldo Marquez

Ronaldo is an experienced crypto enthusiast dedicated to the nascent and ever-evolving industry. With over five years of extensive research and unwavering dedication, he has cultivated a profound interest in the world of cryptocurrencies.

Read more

Ronaldo's journey began with a spark of curiosity, which soon transformed into a deep passion for understanding the intricacies of this groundbreaking technology.

Driven by an insatiable thirst for knowledge, Ronaldo has delved into the depths of the crypto space, exploring its various facets, from blockchain fundamentals to market trends and investment strategies. His tireless exploration and commitment to staying up-to-date with the latest developments have granted him a unique perspective on the industry.

One of Ronaldo's defining areas of expertise lies in technical analysis. He firmly believes that studying charts and deciphering price movements provides valuable insights into the market. Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision.

Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities.

Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth.

However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape.

Ronaldo also recognizes the importance of maintaining a healthy body and mind, regularly hitting the gym to stay physically fit. He immerses himself in books and podcasts that inspire him to become the best version of himself, constantly seeking new ways to expand his horizons and knowledge.

With a genuine desire to become the best version of himself, Ronaldo is committed to continuous improvement. He sets personal goals, embraces challenges, and seeks opportunities for growth and self-reflection. Ultimately, combining his passion for cryptocurrencies, dedication to learning, and commitment to personal development, Ronaldo aims to go hand-in-hand with the exciting new era that the emerging crypto technology is bringing to the world and societies.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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