As a seasoned crypto investor with a knack for spotting trends and a penchant for staying ahead of the curve, I find myself both intrigued and encouraged by Morgan Stanley’s recent move into Bitcoin ETFs. After years of observing the hesitant approach of traditional financial institutions towards cryptocurrencies, it’s refreshing to see a giant like Morgan Stanley stepping into the arena.
Major financial institution Morgan Stanley has unveiled its first investments in Grayscale Bitcoin Trust (GBTC) and ARK 21Shares Bitcoin ETF (ARKB). This disclosure follows Morgan Stanley’s recent revelation of significant holdings in the BlackRock iShares Bitcoin Trust (IBIT) to the U.S. Securities and Exchange Commission (SEC).
Morgan Stanley Holds Investments in Grayscale, Ark21Shares ETFs
As a researcher, I recently took notice of Morgan Stanley’s updated disclosures regarding their quarterly holdings. Specifically, they submitted two new 13F-HR/A filings with the U.S. SEC for the quarters ending on December 31, 2023 and March 31, 2024 respectively. These latest filings are additions to an earlier one filed this week.
Last year, the investment bank owned shares of both the Valkyrie Bitcoin and Ethereum Strategy ETF and the ProShares Bitcoin Strategy ETF (BITO). However, it’s important to note that the company did not engage in substantial investments in Bitcoin ETFs.
Following the introduction of spot ETFs in January, Morgan Stanley has chosen to invest in the Grayscale Bitcoin Trust (GBTC), Ark21Shares Bitcoin ETF, and BITO, as disclosed in its most recent SEC filing. As of March 31st, the financial institution held approximately $270 million worth of GBTC and 2.25 million shares of ARKB.
According to CoinGape’s report, the company recently announced that they own approximately 5.5 million shares of BlackRock’s iShares Bitcoin Trust, valued at about $190 million. This disclosure was made just a day after Goldman Sachs revealed their ownership of around 7 million shares of the iShares Bitcoin Trust, as well as 1.5 million shares from Fidelity’s FBTC.
At the moment, Morgan Stanley holds approximately 2,780 shares of Grayscale Bitcoin Trust, with a total value of around $148,000, and 26,222 shares worth about $1.57 million in the Ark 21Shares Bitcoin ETF. Notably, the company has decreased its investments in other Bitcoin ETFs during the second quarter.
Bitcoin Price To Rally With Bitcoin ETF Inflows
The recent increase in Bitcoin ETF investments over the past two days could indicate a shift in optimistic feelings about the market. Companies like BlackRock, Fidelity, Bitwise, Ark 21Shares, and Invesco Galaxy have seen inflows in their spot BTC ETFs on Friday. Conversely, Grayscale is still experiencing outflows. This suggests a potential change in direction for market sentiment.
Experts expect influxes into U.S. exchange-traded funds within a few weeks, potentially boosting institutional investors like Morgan Stanley, who could spur Bitcoin’s price rebound. Notable analysts such as Michael van de Poppe also forecast a 1-2 week period of subdued prices before we see another upward surge.
As a researcher, I’ve noticed an intriguing surge: Bitcoin’s price climbed approximately 2% within the past 24 hours, now standing at $59,362. In the same period, the price fluctuated between a low of $57,690 and a high of $59,847. Interestingly, the trading volume has seen a significant drop by 37% within the last day, suggesting reduced trader engagement possibly due to the worsening market sentiment that currently sits at an ‘extreme fear’ level 25 today.
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2024-08-17 17:12