Morgan Stanley's Bitcoin ETF Withdraws $9.3 Million
Morgan Stanley's MSBT Bitcoin ETF has withdrawn $9.3 million worth of BTC from Coinbase Prime, signaling continued institutional accumulation in the cryptocurrency market.
The withdrawal of 123.21 BTC is a significant move, and its timing is particularly noteworthy as it comes at a time when price sits at $75,601.21 on the 4-hour chart, testing the lower Bollinger Band support at $75,703.72.
The technical analysis suggests that while the MACD death cross at -338.62 keeps the structure bearish, there is still room for a relief bounce before any sustained move. The RSI at 32.5 indicates oversold conditions, which could lead to a short-term price increase.
Traders are now watching for a confluence between the lower band and EMA200 as the next decision zone, with failure likely to accelerate downside pressure across the broader crypto market.