Morgan Stanley's Bitcoin ETF Buys $51.5 Million Worth of BTC
New York-based financial services giant Morgan Stanley has not been selling through its Bitcoin ETF (MSBT) as onchain data suggests. According to Arkham, a platform that provides onchain intelligence, Morgan Stanley's MSBT has bought $51.5 million worth of BTC over the past 20 trading days without a single day of outflows.
This is one of the few Bitcoin funds with no down days this month. The strong buying activity in MSBT comes as spot Bitcoin ETFs saw a surge in net inflows, adding $433 million by the end of the week. Ethereum ETFs also saw $144 million in net inflows on September 18.
Bitcoin's price has been rising, up 3.86% in the last 24 hours to $81,234 and up 5.04% weekly after the Federal Reserve's rate cut. The largest cryptocurrency by market capitalization is now more than halfway through its historically weakest month, yet September's sell-off has been relatively contained so far.
Several indicators are turning positive, with the current bid strong enough that BTC can be spent in profit without the price immediately rolling over. The True Market Mean has also been reclaimed by BTC, putting the price back above a crucial level and into a bullish regime.