We have seen a Bitcoin (BTC) sell-off this whole June, and the price is way below $70,000 for the past few days. In the third week of June, we saw momentary spikes of above $67,200 around Jun
We have seen a Bitcoin (BTC) sell-off this whole June, and the price is way below $70,000 for the past few days.
In the third week of June, we saw momentary spikes of above $67,200 around June 15, but that was about it. As of press time, it's trading around $63,130.
But the sell-off didn't deter Morgan Stanley (NYSE: MS) from accumulating more Bitcoin.
Related: Explained: What is a crypto ETF?
Morgan Stanley made headlines in March when it registered its cheapest U.S. spot Bitcoin exchange-traded fund (ETF) with the SEC. It set the management fee at just 0.14%.
This undercut every major rival. Grayscale's Bitcoin Mini Trust charges 0.15%, while BlackRock's iShares Bitcoin Trust (IBIT) charges 0.25%.
An ETF pools investor money to track an asset like Bitcoin and trades on a regular stock exchange, letting people gain exposure without holding the coins themselves.
To run the fund, Morgan Stanley tapped Coinbase as prime broker and custodian and BNY for cash and administration.
On-chain data from Arkham Intelligence shows that between June 15 and June 19, the Morgan Stanley Bitcoin Trust ETF bought 232 BTC worth more than $15 million without a single outflow.
Morgan Stanley transfers between June 4 to June 18Arkham
Every deposit arrived from Coinbase Prime, the fund's primary custody and prime broker, in steady activity over days.
Morgan Stanley's Bitcoin accumulation pattern also stands out because June has been punishing for BTC ETFs.
As per SoSo Value, June's Bitcoin ETF net outflows during June so far is clocking $2.26 billion at press time.
Related: Morgan Stanley is unleashing 15,000 wealth advisors to sell Bitcoin ETFs
