Morgan Stanley is loading up on Bitcoin

As Bitcoin (BTC) added more than $310 billion to its market capitalization over the past 30 days, reaching $1.57 trillion on September 14, Morgan Stanley (NYSE: MS) through its spot exchange-traded fund (ETF), Morgan Stanley Bitcoin Trust (MSBT), has been on a buying spree.

MSBT recorded a net cash inflow of $3.76 million on Friday, September 11, according to data from SoSoValue. As such, Morgan Stanley’s Bitcoin ETF has approximately $610.13 million in net assets at the time of writing.

MSBT’s daily cash flow. Source: SoSoValue

As such, MSBT has registered four consecutive days of cash inflows. Additionally, this BTC ETF has purchased Bitcoin on 11 days of the past 20 days, without any cash outflow, amounting to roughly $62.2 million. 

Notably, Morgan Stanley’s MSBT has posted only one day of cash outflow, of $5.26 million on May 29, since inception. In comparison, BlackRock’s iShares Bitcoin Trust ETF (IBIT) saw three consecutive days of cash outflows through Friday, amounting to $63.22 million.

At the time of publication, BlackRock’s IBIT had about $60.6 billion in net assets.

IBIT’s daily cash flow. Source: SoSoValue 

What’s next for BTC as the Morgan Stanley Bitcoin ETF relentlessly accumulates?

As the Morgan Stanley Bitcoin ETF continued its relentless accumulation, BTC price rallied 24.55% over the past 30 days, trading at $78,520 at the time of publication.

BTC/USD chart for 30 days. Source: Finbold 

However, the flagship coin has been trapped in a consolidation over the past three weeks, amid reduced demand from IBIT. Bitcoin price gained nearly 2% over the last 24 hours as crypto traders speculated on Tuesday’s cloture vote on the CLARITY Act, a proposed law in the United States set to legalize the cryptocurrency sector, as Finbold reported. 

Consequently, Bitcoin’s price could regain bullish sentiment once IBIT rejoins MSBT in daily accumulation.

Featured image via Shutterstock

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