Morgan Stanley has entered the spot bitcoin ETF market with the launch of its Bitcoin Trust (MSBT), adding a major new issuer to an increasingly competitive field defined by fee pressure, shifting flows, and institutional positioning.

The fund debuted with roughly $30.6 million in net inflows and about $34 million in trading volume, offering an early signal of demand from the bank’s vast wealth management network. MSBT carries a 14 basis point fee, undercutting many existing products and reinforcing a broader trend toward lower costs across the sector.

Despite the launch, U.S. spot bitcoin ETFs recorded about $94 million in net outflows on Wednesday. Large redemptions from…

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