The recent decline in inflows into spot Bitcoin exchange-traded funds (ETFs) correlated with a pullback in the price of Bitcoin (BTC), indicating that ETF demand was a major factor in the cryptocurrency’s ascent to a new all-time high on March 14.
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All things considered, the ETFs have been the most successful debut on the American market, having surpassed $150 billion in trading volume by April 1 and garnered over $12 billion in inflows in record time.
Although ETF activity has moderated over the last two weeks—”The Nine” saw outflows for five days in a row from March 18 to 22 and lower overall flows overall since then—that could soon change as reports indicate that UBS and Morgan Stanley are getting ready to begin exposing clients to the ETFs starting next week.
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Andrew, a crypto enthusiast whose X username is AP_Abacus, claims that Morgan Stanley executives are racing to launch first after UBS announced their intentions to be the first wirehouse to fully approve access to spot BTC ETFs for their clients.
He claimed to have information from sources suggesting Morgan Stanley plans to launch access “a few days before UBS” in response to an increase in interest in Bitcoin ETFs from international banks.
Eric Balchunas, a senior ETF analyst at Bloomberg Intelligence, responded to Andrew’s post by stating that he had received information from a source indicating that banks have not yet added Bitcoin ETFs and are still in a “holding pattern.”
He continued by saying that everyone is “waiting for one of them to go first,” which “then gives the rest cover,” and that they are “in a compliance game of chicken.”
“So [it] will probably be an all-at-once type moment,” Balchunas said. “When it happens is the ultimate question.”
In response, Andrew stated that they are “technically on the platform already” because “UBS already approved for Private Wealth Management but must be marked ‘unsolicited,'” he said.
“These posts are about full approval across the entire platform and advisors allowed to solicit inclusion in client portfolios,” Andrew said, to which Balchunas replied, “Correct. Unsolicited is already in effect.”
The update from today comes after one from Andrew on Tuesday, in which he mentioned that sources had informed him that UBS intended to open up access to spot Bitcoin ETFs on its entire platform the following week.
On March 26, he tweeted, “Several sources confirm that Morgan Stanley is set to approve Bitcoin ETFs on its platform in the next two weeks,” making his initial announcement that Morgan Stanley was looking into the possibility of listing spot BTC ETFs.
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