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Morgan Stanley’s Bitcoin ETF To Go Live: 5 Things Smart Money Is Watching First

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Morgan Stanley’s spot Bitcoin ETF, trading under the ticker MSBT, is set to debut on NYSE Arca on April 8 with a 0.14% management fee, the lowest of any US spot Bitcoin fund.

The product makes Morgan Stanley the first major US bank to issue a proprietary spot Bitcoin ETF rather than distribute a third-party fund. With roughly 16,000 financial advisors overseeing $6.2 trillion in client assets, the stakes extend well beyond a single ticker.

What Smart Money Will Track on Day One

Here’s what smart money and institutional investors will be tracking from the get-go:

1. Opening volume will test whether trillions in traditional wealth are moving

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The combined launch-day volume across all spot Bitcoin ETFs in January 2024 reached roughly $4.6 billion. For a single new entrant, even $500 million to $1 billion would stand out.

Strong turnover would confirm that Morgan Stanley’s distribution network is converting interest into orders.

Weak volume would raise questions about whether investors have already committed to rivals.

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2. The premium-to-NAV gap will expose real demand versus hype

New ETFs sometimes open at a premium when enthusiasm runs ahead of arbitrage.

A tight spread between MSBT’s market price and its net asset value (NAV) would signal efficient market-making and serious institutional participation.

A persistent discount, on the other hand, would suggest tepid early demand.

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3. The 0.14% fee is a weapon, and competitors will need to respond

MSBT’s expense ratio sits one basis point below Grayscale’s Bitcoin Mini Trust at 0.15% and 11 basis points under BlackRock’s iShares Bitcoin Trust (IBIT) at 0.25%.

Because spot Bitcoin ETFs offer nearly identical exposure, even small cost differences can redirect billions over time.

4. Early advisor allocation signals matter more than Bitcoin’s price move

Morgan Stanley’s advisors have previously recommended portfolio allocations of 2% to 4% in crypto for eligible clients. The firm recently appointed Amy Oldenburg as Head of Digital Asset Strategy.

The move formalized crypto as a core execution priority rather than a research exercise.

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Even a conservative shift of existing allocations into MSBT could generate tens of billions in new demand.

MicroStrategy CEO Phong Le has estimated that a 2% allocation across the platform could translate into roughly $160 billion in buying pressure, dwarfing most existing funds.

“Morgan Stanley Wealth Management oversees about $8 trillion in AUM and recommends a 0–4% bitcoin allocation. A 2% allocation would represent $160 billion, ~3X the size of IBIT. $MSBT: Monster Bitcoin,” he wrote.

5. Day-one flows will hint at whether MSBT becomes a gateway or stalls

MSBT launches with a small seed of approximately $1 million. Net creation activity on the first day will offer an early read on whether advisors are actively placing client orders.

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The figure also matters because MSBT is not a standalone product. Morgan Stanley is simultaneously rolling out direct crypto spot trading through E*Trade for Bitcoin, Ether, and Solana, and has filed for a Solana trust.

Jed Finn, head of wealth management, has called direct crypto trading “the tip of the iceberg,” signaling plans for custody, wallets, and tokenized assets.

The Bigger Picture

The broader US spot Bitcoin ETF market holds roughly $90 billion in assets. If MSBT captures even a fraction of the wealth flowing through Morgan Stanley’s advisory network, it could shift competitive dynamics across the sector and compress fees further.

Spot Bitcoin ETF Total Net Assets
Spot Bitcoin ETF Total Net Assets. Source: SoSoValue

However, some analysts caution that investors have already picked their preferred funds, with IBIT alone holding over $54 billion.

While tomorrow’s open may not settle that debate, it will offer the first concrete data on whether a bank-branded, ultra-low-cost Bitcoin ETF can pull capital away from established players or whether the market has already consolidated around its early winners.

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Bitcoin surges past $72,000 as oil crashes on a two-week U.S.-Iran ceasefire

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Bitcoin surges past $72,000 as oil crashes on a two-week U.S.-Iran ceasefire

Bitcoin and U.S. stock futures surged Tuesday evening while oil prices collapsed after President Donald Trump confirmed a two-week ceasefire between Iran and the U.S. via Truth Social.

BTC, the leading cryptocurrency by market value, rose to a high of $72,699, up 5% in 24 hours, according to CoinDesk data. The broader market followed suit with the CoinDesk 20 Index jumping 5% to 2,034 points. Futures tied to the S&P 500 climbed 1.9%, while those linked to the tech-heavy Nasdaq popped 2.2%. Dow Jones futures jumped roughly 1.8%.

Meanwhile, the per-barrel price of West Texas Intermediate (WTI) crude collapsed more than 10% to $95 alongside a similar decline in Brent oil.

The risk-on action followed a two-week suspension of a planned widespread bombing campaign against Iran.

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“I agree to suspend the bombing and attack of Iran for a period of two weeks,” Trump wrote in a post to Truth Social Tuesday evening, just before his 8 p.m. ET deadline.

“This will be a double sided CEASEFIRE! The reason for doing so is that we have already met and exceeded all Military objectives, and are very far along with a definitive Agreement concerning Longterm PEACE with Iran, and PEACE in the Middle East.”

Iran confirmed the ceasefire, saying that t “if attacks against Iran are halted, our Powerful Armed Forces will cease their defensive operations.” It added that oil tankers could safely transit the Strait of Hormuz for two weeks via coordination with Iran’s armed forces and with due consideration to technical limitations.

“Iran also confirms a two-week ceasefire. But the reopening of the Strait of Hormuz is somewhat muddled, with a warning of “technical limitations” and the need of “coordination” with the Iranian military. Still, it re-opens the flow of oil and LNG,” Javier Bias, Bloomberg’s opinion columnist covering energy and commodities, said on X.

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For over a month, uncertainty tied to the Iran war kept risk assets under pressure. While bitcoin mostly traded choppy, its upside was persistently capped by the resulting oil rally, and inflation fears while spurring traders to seek bearish positioning in futures market.

The the latest upswing in prices has seen exchanges liquidate nearly $600 million in leveraged crypto futures positions. Of that amount, over $400 million came from bearish short bets.

This implies strong bullish momentum and a squeeze against short‑sellers, reinforcing upward pressure on the price as traders scram to cover their losing positions.

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Latest AI news: China’s MizarVision aids Iran

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Latest AI news: China's MizarVision aids Iran

The latest AI news China Iran artificial intelligence military US bases geopolitics story escalated on April 5 when an ABC News exclusive revealed that the US Defense Intelligence Agency has confirmed Iran’s Islamic Revolutionary Guard Corps is actively using AI-enhanced satellite imagery from a Chinese firm called MizarVision to identify, prioritize, and target US military installations across the Middle East.

Summary

  • MizarVision, a partially state-owned Chinese geospatial AI company, has been publishing AI-annotated high-resolution satellite imagery of US military bases on open-source platforms, with automated detection of aircraft, Patriot missile batteries, fuel depots, radar systems, and troop concentrations — capabilities once limited to classified national intelligence agencies
  • DIA officials assess that the IRGC is actively using these datasets to refine missile and drone strike planning, compressing what previously required days of intelligence analysis to minutes; one intelligence official characterized the activity as a Chinese company “we believe maliciously, providing intelligence on an open-source platform”
  • MizarVision posted at least six detailed analyses of Saudi Arabia’s Prince Sultan Air Base between February 24 and 27, identifying Patriot positions and aircraft locations; the base was struck less than 48 hours later, and one US service member later died from injuries sustained in the attack

The latest AI news China Iran artificial intelligence military US bases geopolitics threat took concrete form on April 5 when ABC News first reported that the US Defense Intelligence Agency had assessed Iran’s IRGC as actively exploiting satellite imagery datasets from MizarVision — a Chinese geospatial AI firm with approximately 5.5% Chinese government ownership — to improve the precision and tempo of missile and drone strikes against US and allied forces.

MizarVision’s platform integrates machine learning trained on military signatures, automatically classifying aircraft types, radar arrays, hardened shelters, fuel depots, command centers, and naval vessels based on shape, thermal patterns, and contextual indicators. The AI adds geospatial metadata tags that can be directly integrated into targeting software and command-and-control systems. Its stated mission is to “democratize and universalize geospatial intelligence” — a goal that US defense officials now say Iran has operationalized for warfare.

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Traditional targeting intelligence collection, processing, analysis, and dissemination cycles take days. MizarVision’s AI reduces that to minutes by automatically generating tagged, geolocated target packages from commercially available satellite imagery. For Iran’s IRGC — which lacks the classified satellite constellation and imagery analysis units of a major power — this represents asymmetric capability: outsourcing targeting intelligence from a commercially accessible platform while maintaining operational plausibility.

DIA officials told ABC News that Iran is using these datasets not just to identify targets but to conduct pattern-of-life analysis, tracking deployment routines and periods of maximum vulnerability. That allows the IRGC to shift from broad saturation attacks toward selective strikes against air defense radars, maintenance shelters, and fuel storage facilities — the specific nodes that reduce US air combat effectiveness.

The Prince Sultan Air Base Sequence

The most alarming evidence centers on Prince Sultan Air Base in Saudi Arabia. MizarVision published detailed posts identifying Patriot missile battery positions on February 24, and aircraft parking locations on February 27. On March 1, satellite imagery showed smoke rising from damaged sections of the base following an Iranian strike. US intelligence later confirmed one service member was seriously wounded and subsequently died.

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The Geopolitical Dimension

MizarVision has also published imagery of Diego Garcia, Israeli positions, Australian naval movements, and TSMC’s semiconductor plant construction, extending the concern from conflict intelligence to strategic industrial surveillance. China officially maintains a neutral position on the Iran war. The firm operates within a Chinese government framework that analysts describe as providing Beijing “plausible deniability” — the ability to assist regional partners while avoiding direct military involvement.

As crypto.news reported, Iran has already struck tech and energy infrastructure across the Gulf as part of its asymmetric response strategy. As crypto.news noted, each confirmed escalation in the conflict has produced immediate crypto market sell-offs, with the AI targeting dimension now adding a new layer of unpredictability to any de-escalation timeline.

“Future wars will be shaped as much by who can interpret and weaponize data fastest as by who fields the most advanced missiles, aircraft, or air defense systems,” one GDC analyst assessed — a conclusion the MizarVision case has now made difficult to dispute.

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Bitcoin Hovers Around $69,000 as Trump’s Iran Deadline Looms

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BTC Chart

Spot Bitcoin ETFs recorded their strongest daily inflows since February on Monday despite ongoing geopolitical tensions.

Crypto markets retreated on Tuesday as President Donald Trump’s self-imposed deadline for Iran to reopen the Strait of Hormuz drew closer, dampening risk appetite across global markets.

Bitcoin is trading at $69,200, according to CoinGecko, recovering from an intraday dip below $68,000 but still well off Monday’s brief push above $70,000. Ethereum is changing hands at $2,112, while Solana trades at $82. XRP fell 1.6% to $1.32.

BTC Chart
BTC Chart

The total cryptocurrency market capitalization stands at approximately $2.45 trillion, down less than 1% in the past 24 hours.

Among the top 100 tokens by market cap, Rain (RAIN) led gainers with a 9.8% rise, followed by Zcash (ZEC), up 8% to $276. On the downside, Algorand (ALGO) dropped 7%, and Avalanche (AVAX) fell 6.2% to $8.75.

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Iran Deadline Dominates Sentiment

Trump escalated his rhetoric early Tuesday, posting on Truth Social that “a whole civilization will die tonight” if Iran fails to comply with demands to reopen the critical shipping lane that handles roughly one-fifth of global oil and gas flows. Vice President J.D. Vance said the military objectives of the war in Iran have been achieved, but the administration’s ceasefire demands remain unmet.

U.S. equities ended the day mostly unchanged, while West Texas Intermediate crude held above $110 per barrel as fears of continued supply disruption weighed on energy markets.

Traders widely expect the Federal Reserve to hold rates steady at its April meeting, reflecting the view that wartime inflation will keep the central bank sidelined.

ETF Inflows Defy Risk-Off Mood

Despite the geopolitical turmoil, spot Bitcoin ETFs posted $471 million in net inflows on Monday, the largest single-day intake since Feb. 25, according to SoSoValue.

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The figure sits well below January’s peak flow regime, when multiple trading days topped $700 million, but marks a notable acceleration after BTC and ETH ETFs reversed a multi-week outflow streak in late February. March saw $1.32 billion in total net inflows, coinciding with Bitcoin’s first green monthly candle in six months.

Liquidations and Derivatives

Bitcoin alone accounted for roughly $92 million in liquidations over the past 24 hours, according to CoinGlass. Liquidations were almost equally shared between long and short positions amid choppy trading.

The Crypto Fear & Greed Index sits at 11, deep in extreme-fear territory and near the lowest sustained readings since the Terra collapse in mid-2022.

Looking Ahead

The immediate catalyst for market direction is the 8 PM ET Iran deadline. Trump has repeatedly extended similar ultimatums in recent weeks, blunting their market impact, but the scale of rhetoric suggests tonight could break the pattern in either direction.

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Bitcoin has been range-bound between $62,000 and $75,000 since early February. A resolution in the Strait of Hormuz standoff would likely trigger a relief rally across risk assets.

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Cardano Whale Activity Climbs, Yet ADA Price Struggles Below $0.25

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Brian Armstrong's Bold Prediction: AI Agents Will Soon Dominate Global Financial

TLDR

  • The number of Cardano whale wallets holding over 10 million ADA has reached a four-month high.
  • Whale activity increased by 5.2% over the past nine weeks, despite ADA’s price remaining depressed.
  • ADA’s price is 11% higher than its lowest point in February, but has not shown significant upward movement.
  • Cardano’s network processed over 4 billion ADA in transactions, amounting to over $1 billion in on-chain volume.
  • Large holders accumulated 220 million ADA in March, bringing their total holdings to nearly 14 billion tokens.

The number of wallets holding over 10 million ADA tokens has reached a four-month high of 424. According to Santiment, this marks a 5.2% rise over the past nine weeks, even though Cardano’s price remains subdued. Despite the increased whale activity, ADA continues to trade below its previous highs.

Cardano Whale Activity Shows Strong Accumulation

Recent data from Santiment reveals that ADA’s price is 11% higher than its February 5 low this year. However, the rise in whale activity has not led to an immediate price surge. Santiment suggests that if the accumulation persists while the price remains low, it could eventually lead to a bullish divergence.

Analytics platform TapTools reported a 4 billion ADA transaction volume over the last five days, equating to over $1 billion. This shows that the increased activity among whales is paralleled by rising network usage. Despite this, the price of ADA has not yet reacted positively, remaining stuck below key resistance levels.

ADA’s Struggles Continue Amid Increased Whale Holdings

Whale interest in Cardano has been noticeable for weeks, with analysts like Ali Martinez highlighting that large holders accumulated 220 million ADA in late March. These whales now hold nearly 14 billion ADA, making up around 37% of the total supply. However, ADA’s price continues to remain stagnant, trading at $0.24, a 42% decline in the past three months.

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Even with the accumulation trend, ADA’s price remains 92% lower than its all-time high of over $3. Cardano’s recent performance in terms of trading volume also lags behind competitors like Solana and XRP, which processed $2.6 billion and $1.5 billion in transactions, respectively, over the same period. This shows that while whale activity is increasing, ADA’s broader market performance remains underwhelming.

Bearish Trend Persists Despite Growing Whale Interest

Despite the uptick in whale holdings, ADA continues to trade below its 50, 100, and 200-day exponential moving averages. This keeps the broader trend bearish, regardless of the accumulation. On Twitter, user gnarleyquinn raised concerns, suggesting that Cardano’s market dominance, which has dropped from 4.5% in 2021 to around 0.3% today, may lead to a decline in the coming years.

The ongoing price struggles show that Cardano has not decoupled from the broader altcoin market. While whales continue to accumulate, ADA’s future price movements remain uncertain. It remains to be seen whether the increasing accumulation will ultimately lead to a change in price dynamics for Cardano.

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Americans Lost $11B to Crypto Scams in 2025, Says FBI

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FBI, Fraud, United States, Crimes, Scams

According to the bureau, a large number of minors aged 17 and younger were included in complaints related to crypto or crypto ATMs, resulting in more than $5 million in losses.

The US Federal Bureau of Investigation (FBI) reported that Americans’ losses from crypto-related scams increased to more than $11 million in 2025.

In its annual internet crime complaint report released on Monday, the FBI said that cryptocurrency and AI-related scams were “among the costliest” for Americans in 2025, with 181,565 complaints totaling more than $11 billion. According to the bureau, it received more than one million complaints in 2025 reporting losses of about $21 million due to cyber-enabled crimes.

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FBI, Fraud, United States, Crimes, Scams
Crypto complaints and financial losses have risen sharply in recent years. Source: FBI

The FBI’s Internet Crime Complaint Center reported that investment scams resulted in the highest percentage of victims reporting losses in crypto as opposed to cash, debit cards, gift cards and other media of exchange. In addition, about 10% of the 13,168 complaints involving cybercrimes targeting minors aged 17 and younger were related to crypto or crypto ATMs, resulting in more than $5 million in losses.

The complaints the FBI received were despite the bureau’s efforts to “identify and notify people who are currently falling victim to cryptocurrency investment fraud” through its Operation Level Up in 2024. Globally, blockchain analytics platform Chainalysis reported in March that illicit addresses received $154 billion in 2025, driven in part by sanctions evasions.

Related: Cambodian lawmakers propose severe prison time for crypto scammers

Scammers use Tron blockchain token to con users using FBI

According to the FBI report, there were 32,424 complaints involved in impersonation of government officials, resulting in about $800 million in losses. However, the report did not mention bureau officials issuing a March notice warning Americans that a token on the Tron blockchain was impersonating the FBI with the goal of obtaining personal information.

Tron users reported receiving a token with the FBI logo claiming that their wallet was “under investigation.” The users were then prompted to enter personal information under the guise of an FBI anti-money-laundering verification to avoid their accounts being frozen.

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Magazine: Are DeFi devs liable for the illegal activity of others on their platforms?