Morgan Stanley’s newly launched spot Bitcoin ETF, the Morgan Stanley Bitcoin Trust (MSBT), has already outpaced the WisdomTree Bitcoin Fund (WBTC) in total net inflows, less than two weeks after its debut. According to Farside Investors data, MSBT drew $19.3 million on Wednesday, bringing its cumulative net inflows to $103 million — surpassing WisdomTree’s $86 million accumulated since January 2024.
MSBT began trading on April 8 with an expense ratio of 0.14%, one basis point lower than the Grayscale Bitcoin Mini Trust ETF (BTC). Its launch adds another option to a crowded U.S. spot Bitcoin ETF market that already includes 11 products, led by BlackRock’s iShares Bitcoin Trust (IBIT) with roughly $64.3 billion in net inflows and Fidelity’s Wise Origin Bitcoin Fund with about $10.9 billion. Other competitors include ETFs from Bitwise, ARK 21Shares, Grayscale, and more.
Momentum behind MSBT, if sustained, could push it past several mid-sized ETFs. Invesco Galaxy Bitcoin ETF (BTCO), Valkyrie Bitcoin ETF (BRRR) and the Franklin Bitcoin ETF (EZBC) currently show net inflows of about $245 million, $326 million and $375 million, respectively.
More asset managers are moving to enter the space: Goldman Sachs filed with the U.S. Securities and Exchange Commission this week to launch a Bitcoin-linked ETF, signaling continued interest from large financial firms.
The broader ETF landscape is also shifting. A Bloomberg analysis earlier this year found the average lifespan of ETFs dropped from 4.66 years in 2024 to roughly 3.5 years in 2025. Over 40 ETFs were liquidated in the first two months of 2026, though those closures did not include any major crypto ETFs; the average lifespan of the liquidated funds in that period was about 21 months, roughly half the average for ETFs liquidated in 2025. Bloomberg analyst James Seyffart warned in December that many crypto exchange-traded products could be shuttered by the end of 2027 if demand remains weak; at that time, more than 126 ETP applications were still awaiting SEC decisions.
Flow data cited: Farside Investors. This report is based on data available at publication; readers should verify figures independently.