This established Wall Street firm has officially entered the spot crypto asset sector. Its Morgan Stanley Bitcoin Trust recorded $30.6 million in capital inflows and $34 million in trading volume on its first day of listing on the New York Stock Exchange’s Arca platform.

These figures slightly exceeded analyst Eric Balchunas’ estimate of $30 million, but they still ranked second in a highly competitive market, falling short of the billions of dollars in trading activity that occurred when GBTC and IBIT were launched in early 2024.

As of April 8, the fund held 444.4 Bitcoin coins, with a market value of approximately $31.7 million, accounting for only 0.03% of the total holdings of US spot Bitcoin ETFs.

According to Monitored by Woofun AI, despite gaining an advantage due to its lowest fees in the industry, the fund’s capital inflows were not enough to reverse the overall trend of capital withdrawal in the market. On that day, the total net outflow from the US spot Bitcoin ETF market reached $124.5 million, including $11 million in redemptions from the Grayscale Bitcoin Trust.

This contrasted sharply with the massive inflow of $471 million on Monday, highlighting the extreme volatility in institutional capital flows. Historical data shows that on their first days of listing in January 2024, GBTC and IBIT saw trading volumes of $2.3 billion and $1 billion respectively, while current market sentiment is clearly more rational—even somewhat cautious.

Analysts note that although the late entry into the market resulted in a modest debut, this ETF still has the potential to become one of the most stable products in the past year. Its long-term target for average daily trading volume is over $60 million, which puts it in a comparable position to ETFs targeting emerging blockchain assets such as Solana and XRP.