Crypto World
Bitcoin Eyes $90K as Binance Buyers Ramp Up
Bitcoin extended its recovery after a 7% surge above $72,000 this week, reclaiming key technical levels and setting up a potential move toward the $90,000 zone as macro sentiment improves. Traders pointed to a constructive setup, with the cryptocurrency nudging past a symmetrical triangle pattern and stabilizing above critical supports, including the $68,000 area where major moving averages converge. Analysts highlighted that maintaining momentum above $70,000 would be essential to unlock the next leg higher, targeting roughly 25% gains to the $90,000 mark if the breakout holds.
Meanwhile, on-chain and derivatives activity signaled shifting market dynamics as traders expressed renewed buying conviction. A notable spike in taker buy volume on Binance, the largest crypto exchange by volume, followed a favorable macro development, further reinforcing a bullish tilt among market participants.
Key takeaways
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Bitcoin forms a bullish setup after reclaiming the $72,000 region, with a symmetrical-triangle breakout implying a target near $90,000.
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Binance taker buy volume surged by about $2.7 billion within two hours after the US-Iran ceasefire announcement, illustrating aggressive buying by futures traders.
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Binance net taker volume rose to about $1.02 billion—the highest since March 17—suggesting a broad return of aggressive buying activity on the platform.
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The Coinbase premium index turned positive, signaling renewed demand from U.S. participants after a prolonged period of negative readings.
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RSI has climbed to roughly 56, moving away from oversold conditions and adding to the case for continued upside pressure, provided Bitcoin can hold above key supports.
Technical setup reinforces bullish outlook
Bitcoin’s latest move sits atop a chart pattern that traders watch for directional cues. After breaking above the upper boundary of a symmetric triangle last week, the price began to stabilize above the $70,000 level, a threshold that previously served as a ceiling during the recent pullback. A daily close above this pivot would formally confirm the breakout, analysts say, with the next major resistance around the $76,000 area before buyers contend with the $80,000 zone. From there, a measured move could place Bitcoin on a path toward the $90,000 target, representing roughly a 25% advance from current levels.
A broader look at momentum shows the daily RSI firming to the mid-50s, up from oversold conditions in February. That shift in momentum, combined with the price trading above significant averages, lends a degree of confidence to bulls that the recovery could extend beyond the short term, provided demand remains steady and macro risk appetite improves.
“Bitcoin breaks through the crucial $71K level and builds a bullish structure,” noted Michael van de Poppe, founder of MN Capital, in a recent post. He emphasized that sustaining a hold above the breakout level would be critical for extending the rally toward higher highs and higher lows, a pattern that could reinforce upward momentum.
Analysts caution that the road to $90,000 includes intermediate hurdles, with the 76,000 and 80,000 ranges acting as tests before buyers are able to press toward the higher target. Still, the immediate setup—reclaiming key support, improving RSI, and a confirmed breakout—adds a pragmatic layer of confidence for buyers who have been cautious since the last correction.
Liquidity signals point to renewed buying appetite
Beyond the technicals, a surge in derivatives activity on Binance captured attention as a gauge of sentiment shifts. CryptoQuant researchers reported that taker buy volume—representing aggressive market-buy orders on Binance futures—jumped by about $2.7 billion within two hours following the US-Iran ceasefire announcement. The breakdown showed roughly $1.2 billion and $1.5 billion appearing in sequence, underscoring how macro headlines can quickly reallocate risk appetite toward Bitcoin.
“This sudden improvement in visibility allows investors to reposition in the short term, and sends a constructive signal for Bitcoin,” CryptoQuant analyst DarkFost commented on the rapid liquidity inflows.
The same data set indicated that Binance’s cumulative net taker volume climbed to about $1.02 billion—the strongest reading since March 17—highlighting a broader return of aggressive buying pressure from traders on the platform. Amr Taha of CryptoQuant noted that the flow suggested traders were buying with a view to improving macro sentiment, not merely reacting to a crypto-specific headline.
On-chain demand returns to the fore
In addition to derivatives activity, on-chain indicators echoed a renewed interest from U.S. participants. The Coinbase premium index, a barometer of demand relative to spot prices on Coinbase, flipped back into positive territory after a stretch of negative readings. The shift implies stronger willingness among U.S.-based buyers to acquire BTC at prevailing prices, aligning with the broader bid tone seen on exchanges and in market commentary.
Observers frame this combination of technical breakout, liquidity influx, and positive premium signals as a sign that Bitcoin may be reestablishing a foothold above key levels after weeks of consolidation. If macro catalysts continue to tilt favorably and risk appetite remains buoyant, the path toward higher targets could become more plausible for the remainder of the quarter.
What to watch next
Looking ahead, traders will be watching whether Bitcoin can defend the $70,000 to $72,000 zone on any pullbacks, paving the way for the next test of $76,000 and the critical hurdle at $80,000. A sustained close above $80,000 would add conviction to a longer-term upside narrative toward $90,000 and beyond, while a failure to hold could invite a retracement to lower support levels.
Beyond price action, the story remains sensitive to macro developments, including geopolitical headlines and broader risk sentiment. As traders recalibrate positions in response to evolving news, the question remains whether the recent surge in taker buying on Binance is a durable indicator of institutional-style participation or a temporary reaction to headlines.
Readers should monitor how the market responds to incoming data and policy signals in the days ahead, particularly any developments that influence U.S. risk appetite and the pace of global liquidity movement. The next few sessions could reveal whether Bitcoin sustains its momentum or enters a new phase of consolidation as traders reassess risk exposure.
Anthropic has built an AI model that can autonomously find and exploit zero-day software vulnerabilities at a level the company says surpasses decades of human security research and every automated tool in existence.
A closer look at its prowess suggests potential threats to crypto DeFi infrastructure. Let’s start by discussing its capability.
Cracks long-hidden vulnerabilities
Like finding a needle in a million haystacks, the model, Claude Mythos Preview, has a knack for uncovering software bugs that have long eluded human experts.
It found a 27-year-old bug in OpenBSD, an operating system built specifically to be hard to hack, for under $50 in compute.
It found a 16-year-old flaw in FFmpeg, the video software that powers most of the internet’s streaming infrastructure, that had been scanned five million times by automated security tools without anyone catching it.
It even wrote a browser exploit that chained four separate vulnerabilities together to break through two layers of security. And it took a publicly known Linux vulnerability and turned it into a full working attack in under a day for under $2,000, a job that would normally take a skilled human researcher weeks.
This has raised alarm bells in tech industry, and rightfully so, as Mythos already exists, is operational, and is uncovering vulnerabilities in code protecting user funds that no human or tool has found in 27 years. This stands in stark contrast to recent fears about quantum computing risks to Bitcoin, which remain largely theoretical.
Why should crypto developers care
The findings that matter most for crypto are in Anthropic’s technical blog, which says Mythos found security flaws in what the company calls ‘the world’s most popular cryptography libraries,’ including TLS, AES-GCM, and SSH. These are critical for internet security, securing HTTPS connections, encrypting data, and allowing developers to remotely access servers that support DeFi and exchange infrastructure.
Flaws or bugs in these could let someone forge certificates or decrypt private communications.
The risk is particularly high for DeFi protocols, which are open source software. Their code is publicly readable by anyone, including a model like Mythos that can autonomously catalog every weakness in a codebase at machine speed for near-zero marginal cost.
And while the roughly $200 billion locked in smart contracts across Ethereum, Solana, and other chains has been audited by humans and automated scanners, Anthropic claims Mythos operates beyond both.
The company noted that “mitigations whose security value comes primarily from friction rather than hard barriers may become considerably weaker against model-assisted adversaries.”
Multisig governance, which requires multiple people to approve a blockchain transaction, timelocks, which delay a transaction for a set period, and audit reports as proof of security are all friction-based defenses. In simple terms, it means that these measures slow things rather than blocking an attack at the code level.
So far, it hasn’t rattled market valuations. The CoinDesk DeFi Select Index has gained 7% in 24 hours, outperforming bitcoin and ether, as the temporary ceasefire between the U.S. and Iran has bolstered risk sentiment. But looking ahead, traders may want to keep an eye not just on macroeconomic factors, but also on developments around Mythos, given its potential implications for software and blockchain security.
All things said, the Mythos model will not be released to the general public yet, and is instead shared with a select bunch of 40 software giants, such as Google, Apple and Microsoft, under ‘Project Glasswing.’
A consortium of six major Swiss banks joined forces with Swiss Stablecoin AG to test use cases for a Swiss franc-pegged stablecoin, the country’s largest bank UBS announced Wednesday.
UBS, PostFinance, Sygnum, Raiffeisen, Zürcher Kantonalbank and BCV, alongside Swiss Stablecoin AG set up a sandbox in a coordinated push to bring blockchain-based payments into Switzerland’s financial system, the statement added.
The group will run the stablecoin trial period through 2026, allowing banks and other institutions to test transactions in a live but controlled setting.
The Swiss franc-pegged stablecoin project is designed to allow participants to simulate real payment flows with limits on users and transaction volumes to manage risk.
Switzerland does not yet have a regulated Swiss franc stablecoin with broad use. The banks aim to test how such a token could support payments, improve settlement speed and connect blockchain-based applications with traditional money.
The project will focus testing payment processes and exploring how programmable money could support financial services.
The stablecoin testing period will remain open to other banks, companies and institutions, the statement noted. The group aims to gather operational experience and assess whether a full market debut of a CHF stablecoin can follow.
The Swiss stablecoin testing period follows a consortium of 12 top banks including BBVA, ING, and UniCredit teaming up to back Qivalis, a digital euro that will debut in the second half of 2026, with the primary purpose of becoming the European alternative to dominant dollar stablecoins such as Tether’s USDT and Circle’s USDC.
Crypto World
Ceasefire lifts bitcoin, but animal spirits may not return just yet: Crypto Daybook Americas
The crypto market is back on the front-foot after a two-week ceasefire between the U.S. and Iran removed some of the geopolitical uncertainty and sent oil prices tumbling. Still, energy market dynamics are such that it may be too early to assume the return of animal spirits to risk assets.
Bitcoin has jumped 3% to $71,600 in the past 24 hours while ether (ETH), XRP (XRP), and solana (SOL) have all gained more than 5%. The CoinDesk 20 Index has outperformed bitcoin, rising 4.2 percent, which is typical when altcoins outpace the market leader.
Oil has plunged after Iran agreed to open the Strait of Hormuz, a key route for global shipments. WTI crude futures trading on NYMEX are down nearly 16 percent to $95 a barrel. When crude drops sharply, inflation fears ease, Fed rate hike calls weaken and crypto tends to rally.
Supporting the move is a drop in bitcoin and ether 30-day implied volatility, which measures market fear. Since the debut of spot ETFs two years ago, these numbers have evolved into VIX-like metrics, spiking during sell-offs and calming as panic fades.
The mood could get another lift later if Morgan Stanley’s bitcoin ETF debuts with strong volumes and inflows on day one. That would reinforce the story of institutional adoption.
“The recent pattern has been institutional demand showing up again through ETFs. When inflows are present, dips are bought faster and the market holds higher levels even when momentum cools,” Marex said.
Still, there are reasons to be cautious. The overnight rally was partly fueled by short positions being unwound after traders betting on a U.S.-Iran escalation got caught off guard. Shorts worth $431 million were liquidated in 24 hours, the largest since March 4, according to Coinglass. In cases like this, the market often chugs along waiting for fresh demand. Without it, gains can quickly reverse.
While oil is down to $85, it’s still $30 higher than before the conflict started on Feb. 28. Moreover, the ceasefire is temporary and not a permanent fix and for oil to drop further, hormuz tanker traffic and insurance rates need to normalize to pre-war levels.
“This remains a pause rather than a durable settlement, with the ceasefire conditional on how Iran manages passage through Hormuz over the coming weeks,” QCP Capital said. “That caution matters because the physical damage narrative has not gone away.”
Until then, oil could stay near $100 and keep risk assets like crypto in check. Stay alert.
What’s trending
Read more: For a comprehensive list of events that would be shaping up this week, see CoinDesk’s “Crypto Week Ahead“.
Today’s signal
The chart shows bitcoin’s daily price swings in candlestick format since October. The yellow line represents the 50-day simple moving average (SMA) of the price, and the white line shows the 100-day average.
As shown, the spot price has decisively moved above the 50-day average, a widely watched measure of near-term trends. The move indicates a strengthening of bullish momentum and follows the recent bounce from the trendline support at the February lows.
Prices, therefore, could see more upside ahead, with $76,100, the 100-day average, as the next level to watch. On the downside, the late March lows near $65,000 are expected to act as a demand zone, supporting pullbacks. If that level fails, prices could fall to $60,000.
Read more: For analysis of today’s activity in altcoins and derivatives, see Crypto Markets Today
President Trump is weighing a plan to relocate US troops away from NATO countries he considers “unhelpful” in the Iran conflict, according to the Wall Street Journal.
The proposal, still in early stages, is one of several White House options to pressure allies over limited support for US-led operations.
NATO Rift Over Iran Widens
The plan would shift portions of roughly 84,000 American troops stationed across Europe. Trump and his team have expressed frustration at allies who denied the US logistical help, airspace access, or base use during strikes against Iran.
Secretary of State Marco Rubio said the administration would need to reexamine NATO’s value.
Trump himself has called some allies “cowards” and labeled the alliance a “paper tiger.”
Countries viewed as supportive, including Poland, Romania, Lithuania, and Greece, could receive additional forces. Those nations have aligned more closely with Washington’s eastern flank priorities.
Trade Threats Already in Motion
Trump threatened to cut off all trade with Spain after it refused to allow US military bases to be used in strikes against Iran.
He directed Treasury Secretary Scott Bessent to end all dealings with Madrid.
Meanwhile, Trump announced immediate 50% tariffs on goods from any country supplying weapons to Iran, with no exclusions or exemptions.
Russia and China are Iran’s most significant weapons suppliers.
No tariff package specifically targeting “unhelpful” NATO members has been formally announced.
However, the Spain episode and Trump’s pattern of mixing military pressure with economic punishment suggest trade measures could follow.
“The proposal would involve moving US troops from ‘unhelpful’ countries and into countries that were ‘more supportive’ of the Iran War 2. The plan is early in conception and one of several that the White House is discussing to punish NATO,” the Kobeissi Letter indicated, citing the WSJ.
Whether tariffs become the matching stick for resisters may depend on how NATO responds as ceasefire talks with Iran continue.
The post Trump Weighs NATO Troop Shakeup as Punishment: Could Tariffs Be Next? appeared first on BeInCrypto.
Payment stablecoin issuers in the United States will be required to implement a regime targeting illicit finance under the proposed framework for the GENIUS Act.
In a Wednesday notice, the US Treasury Department said its Financial Crimes Enforcement Network and Office of Foreign Assets Control (OFAC) had issued a joint proposed rule to implement provisions of the GENIUS Act, signed into law in July 2025.
The proposal would direct payment stablecoin issuers to establish and maintain an anti-money laundering (AML) and countering the financing of terrorism (CFT) program, maintain a sanctions compliance program, and have the ability to “block, freeze and reject” certain stablecoin transactions. Issuers would be treated as financial institutions for purposes of the Bank Secrecy Act (BSA).
“Bringing stablecoin issuers into full BSA/OFAC compliance effectively turns them into bank-like gatekeepers,” Snir Levi, CEO of blockchain intelligence firm Nominis, told Cointelegraph. “That means significantly more wallet freezes, transaction blocking and asset seizures at scale,” he said.
Treasury’s notice was part of the implementation of the GENIUS Act, the stablecoin payments bill signed into law by US President Donald Trump last year. The legislation provides a framework for stablecoin issuers and is expected to be a boon for crypto markets. It will be effective 18 months after it was signed in July or 120 days after federal authorities issue related regulations.
Related: NYT revives Adam Back theory in latest bid to identify Bitcoin creator
On Tuesday, the US Federal Deposit Insurance Corporation (FDIC) issued its own proposed rule as part of the agency’s GENIUS Act implementation. The FDIC said stablecoin holders would not be insured under the bill, though reserve deposits for issuers would receive protection.
Stablecoin yield fight rages between US lawmakers and banking and crypto industries
While federal agencies work on implementation of the GENIUS Act, Congress has effectively been stalled on progress for a bill to establish a digital asset market framework, called the CLARITY Act when it passed the House of Representatives last year.
With the Senate Banking Committee yet to schedule a markup on the bill — a necessary step before a full floor vote in the chamber — crypto and banking representatives have been meeting with White House officials to discuss issues related to stablecoin yield, tokenized equities and ethics.
The White House’s Council of Economic Advisers said on Wednesday that a ban on stablecoin yield in the bill “would do very little to protect bank lending,” claiming that it would impose costs on users.
As of Wednesday, the banking committee had not rescheduled a markup on the CLARITY Act.
David Woodcock steps into the role as US senators await answers to questions on the agency’s dropping lawsuits against Justin Sun and several crypto companies.
The US Securities and Exchange Commission (SEC) has appointed David Woodcock as director of its division of enforcement as lawmakers press for answers on his predecessor’s departure.
In a Wednesday notice, the SEC said Woodcock would be taking over as the agency’s top enforcer starting on May 4. Sam Waldon will continue to serve as acting director of the division until then.
Woodcock, a partner at the law firm Gibson, Dunn and Crutcher, chairs that firm’s Securities Enforcement Practice Group. He previously worked as the director of the commission’s Fort Worth office from 2011 to 2015.
According to SEC Chair Paul Atkins, the appointment comes as the agency is “restoring Congressional intent by prioritizing cases that provide meaningful investor protection and strengthen market integrity.” Woodcock said that he planned to “execute the Chairman’s vision” in his role at the agency.
He replaces Margaret Ryan, who resigned in March. Her departure prompted several US lawmakers to question whether she left due to the SEC’s decision to drop several crypto-related enforcement cases.
Related: US Treasury moves forward with GENIUS Act, focusing on illicit finance
Two senators have called for Atkins to answer questions as to whether Ryan “faced resistance” from SEC leadership over enforcement cases tied to US President Donald Trump. These included a February 2025 decision — one month after the president took office — to drop a fraud case against Tron founder Justin Sun, tied to the Trump family-backed World Liberty Financial crypto platform.
“[The SEC] may have exercised preferential treatment for financial partners of President Trump against the advice and warnings of senior staff when the agency declined to litigate credible fraud cases,” wrote Senator Richard Blumenthal in a March 30 letter to Atkins.
“No investor benefit or protection” from past actions
On Tuesday, the SEC released a report on its enforcement results for the 2025 fiscal year. The agency reported seven enforcement cases of crypto companies that were registration-related and six related to the definition of a broker-dealer.
According to the SEC, it “identified no direct investor harm” and claimed that the cases “produced no investor benefit or protection,” calling them “a misinterpretation of the federal securities laws.” The narrative was the latest example of the SEC’s shift in enforcement of crypto-related cases following Trump’s inauguration.
TLDR
- The XFUNDS ETF, named Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT), toggles between bitcoin and U.S. Treasuries throughout the day.
- The fund focuses on bitcoin’s overnight performance, capitalizing on the largest share of returns that occur after U.S. market hours.
- XFUNDS CEO David Nicholas emphasized that the strategy targets bitcoin’s global trading behavior, especially outside U.S. market hours.
- The NGHT ETF reduces exposure to bitcoin during the day and increases its position in U.S. Treasuries.
- The launch of the XFUNDS ETF coincides with heightened competition in the bitcoin ETF market, with Morgan Stanley debuting its own spot bitcoin ETF.
The newly launched XFUNDS ETF, named Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT), offers investors a unique strategy. This fund toggles between bitcoin exposure and short-term U.S. Treasuries, adjusting throughout the day. It aims to capitalize on bitcoin’s performance during global market hours while minimizing exposure during U.S. trading hours.
XFUNDS ETF Shifts Between Bitcoin and Treasuries
The XFUNDS ETF targets Bitcoin’s movements outside of U.S. market hours. The fund’s strategy focuses on bitcoin’s overnight performance, which historically provides the most substantial returns. David Nicholas, CEO of XFUNDS, explained the fund’s approach, stating, “Bitcoin trades 24/7, and its behavior is increasingly driven by global activity outside U.S. market hours.”
To execute this strategy, the NGHT fund adjusts its holdings at the close of U.S. markets. It reduces exposure to Bitcoin and moves into U.S. Treasuries during the daytime. The ETF then shifts back to bitcoin after market hours, aiming to capture bitcoin’s “overnight alpha.” This strategy provides a targeted approach to trading the cryptocurrency market while minimizing risk during the day.
Rising Competition Among Bitcoin ETFs
The launch of the XFUNDS ETF comes at a time of increased competition in the bitcoin ETF market. On the same day, Morgan Stanley introduced its own spot bitcoin ETF, MSBT, with a 0.14% fee. This new product puts pressure on established players like BlackRock and Grayscale.
Financial experts believe that the MSBT could become a major player, with projections of $5 billion in assets under management within its first year. On the other hand, inflows into spot bitcoin ETFs are also gaining momentum. Recent data showed a surge of $471 million in net inflows, marking the largest single-day inflow in six weeks. This uptick signals growing investor interest in Bitcoin-focused ETFs.
Nasdaq filed a rule change on April 7 to expand its Exchange-Traded Product (ETP) definition to include Class ETF Shares, a hybrid product that blends mutual fund and ETF structures.
The amendment to Equity 1, Section 1(a)(15) would let issuers of these products use the exchange’s optional Initial ETP Open process on their first day of trading.
What the Rule Change Means for ETF Issuers
Class ETF Shares are exchange-traded shares issued by open-end funds that also offer traditional mutual fund share classes.
The SEC approved Nasdaq’s generic listing standards for these products in November 2025 under Rule 5703.
Separately, the SEC approved Nasdaq’s Initial ETP Open in May 2025. That process gives ETP issuers the option to delay a security’s opening from Pre-Market Hours at 4:00 a.m. ET until regular Market Hours at 9:30 a.m. ET.
The delay allows the Nasdaq Halt Cross to set an opening price, supporting more orderly price discovery.
Until now, only ETPs listed under existing Nasdaq rules could access that functionality. The new filing adds Rule 5703 to the list, extending the same option to Class ETF Shares.
A Growing Pipeline of Dual-Class Funds
The filing arrives as asset managers race to bring dual-class funds to market. The SEC has approved roughly 48 firms for multi-class ETF exemptive relief out of approximately 100 applications filed as of March 2026.
Major names including BlackRock, Fidelity, JPMorgan, and Morgan Stanley have all submitted applications.
However, operational infrastructure still lags behind regulatory progress. The DTCC’s automated solution for processing mutual fund-to-ETF share exchanges is not expected to go live until May 18, 2026.
Full custodian and market maker buildouts may not follow until late 2026 or 2027.
Nasdaq’s rule took immediate effect under Section 19(b)(3)(A)(iii) of the Securities Exchange Act.
The exchange has also asked the SEC to waive the standard 30-day operative delay, arguing the change is a non-controversial, definitional amendment that does not alter existing listing standards or the mechanics of the Initial ETP Open.
The SEC retains the authority to temporarily suspend the rule within 60 days if it determines the change raises investor protection concerns.
The post Nasdaq Wants to Give New ETFs a Smoother Launch Day appeared first on BeInCrypto.
Blockstream CEO Adam Back, downplayed the immediacy of quantum computing as a threat to the Bitcoin network, but emphasized the need for the industry to prepare.
A foundational figure in Bitcoin history for his cryptography work, dating back to the 1990s, Back laid out his central argument, saying that while quantum risk is real in theory, it is not yet practical, in an interview with Bloomberg on Tuesday.
Back noted that “the current hardware…generally doesn’t have any error correction.” That aligns with two recent papers highlighted in a thread on X, one a sober engineering analysis, the other a deadpan satire, which make that case from opposite directions. Together, they frame quantum computing as a long-term rather than near-term risk to cryptographic systems.
However, Back said the “lede” is not about dismissing the threat but about timing the response correctly. “We don’t have to agree about the timeline for quantum computers to become powerful enough to be a threat, because the prudent thing to do is to prepare Bitcoin and give people the option to migrate their keys to a quantum ready format, and to have, let’s say, a decade in which to do that.”
That timeline echoes reporting that post-quantum cryptography (PQC) is already moving from theory to implementation, particularly after NIST finalized standards in late 2024.
Back also stressed that preparation work is already active across the ecosystem, pointing to ongoing research and deployment. “There’s a 20-person research team that’s been working on this. Publishing papers and implementing things, putting them live.” He cited Blockstream’s Liquid network as an early proving ground.
The industry’s challenge is less about reacting to a breakthrough and more about coordinating a slow, orderly migration, before the risk becomes urgent.
UPDATE (April 8, 113:25 UTC): Adds link to Bloomberg interview.
Morgan Stanley’s spot bitcoin exchange-traded fund (ETF) began trading Wednesday with solid early activity, logging more than 1.6 million shares traded and roughly $34 million in inflows, the bank said.
The fund, listed under the ticker MSBT, tracks the CoinDesk Bitcoin Benchmark 4 PM New York Settlement Rate and charges a 0.14% expense ratio. It is the cheapest fund in the category, offering a clear, if narrow, pricing advantage to competitors.
MSBT entered the market with a different strength than others: distribution. Morgan Stanley’s wealth management arm oversees trillions of dollars in client assets and operates one of the largest financial advisor networks in the industry. That reach could help the fund gain traction as more investors access bitcoin through advisors rather than direct trading platforms.
Some experts anticipate the fund to draw capital from existing products, especially BlackRock’s iShares Bitcoin Trust (IBIT), the largest spot bitcoin ETF currently on the market. MSBT has a lot of catching up to do. IBIT, which launched among nine other ETFs in January 2024, has amassed over $53 billion in assets, quickly becoming the asset manager’s most successful ETF.
Wednesday’s trading offers an early signal of demand, though it remains to be seen whether MSBT can sustain momentum in a market dominated by a handful of large players.
UPDATE (April 8, 2026, 20:00 UTC): Adds additional detail.
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