Morgan Stanley's Surprising Bitcoin Bet Sends Prices Soaring
Morgan Stanley's Bitcoin ETF, MSBT, has been a surprise contributor to the recent surge in Bitcoin prices. According to onchain intelligence platform Arkham, MSBT has bought $51.5 million of BTC over the past 20 trading days without any outflows. This is significant because it suggests that Morgan Stanley is increasing its exposure to Bitcoin rather than selling off its holdings.
The move comes as Bitcoin continues to defy expectations and climb higher. Despite a historically weak month for the cryptocurrency, September's sell-off has been relatively contained so far. Bitcoin has risen 3.86% in the last 24 hours to $81,234 and is up 5.04% weekly.
The strong demand for Bitcoin is also reflected in various indicators. According to Glassnode, the current bid is strong enough that BTC can be spent in profit without the price immediately rolling over. This suggests a sustained bull market, which would confirm the positive sentiment around Bitcoin.