🚀 WHAT CAN WE LEARN FROM MORGAN STANLEY'S LAUNCH OF A BITCOIN ETF? 1️⃣ First, the market size is much larger than anticipated. In the ETF industry, it's rare for a mainstream product to launch nearly two years after its market leader and still be considered commercially viable. IBIT has reached $80 billion in assets under management, but Morgan Stanley still believes there is a large untapped customer base. This suggests that there is still significant room for growth in Bitcoin demand within traditional finance, and the market is still in its early stages. 2️⃣ Secondly, Bitcoin has social value in addition to its financial value. Unlike gold – a traditional safe-haven asset but with few branded ETFs – Bitcoin is XEM as a symbol of innovation. Offering Bitcoin ETFs allows institutions to demonstrate a modern mindset, thereby reaching affluent and discerning clients. Even if the ETF's size doesn't skyrocket, the brand and positional benefits remain significant. 3️⃣ Thirdly, this is a defensive move in terms of platform and distribution. In finance, the entity controlling the distribution channel retains control over the client. Without its own product, advisors would use third-party ETFs, resulting in lost fees and reduced autonomy. Therefore, from a fundamental strategic perspective, this decision is logical and almost unavoidable. ( Chia to @dgt10011 - expert at Bitwise)