Bitcoin ETF

Bitcoin

Arkham

We have seen a&nbsp;<a rel="noopener noreferrer nofollow">Bitcoin </a>(BTC) sell-off this whole June, and the price is way below $70,000 for the past few days.&nbsp;
In the third week of June, we saw momentary spikes of above $67,200 around June 15, but that was about it. As of press time, it's trading around $63,130.
But the sell-off didn't deter Morgan Stanley (NYSE: MS) from accumulating more Bitcoin.
<a href="https://www.thestreet.com/crypto/explained/explained-what-is-a-crypto-etf-and-why-does-it-matter" rel="noopener noreferrer nofollow">Related: Explained: What is a crypto ETF?</a>
<h2 id="cheapest-fund-in-the-category">Cheapest fund in the category</h2>
Morgan Stanley made headlines in March when it&nbsp;<a href="https://www.thestreet.com/crypto/markets/morgan-stanley-files-for-cheapest-bitcoin-etf" rel="noopener noreferrer nofollow">registered</a>&nbsp;its cheapest U.S. spot Bitcoin&nbsp;exchange-traded fund (ETF)&nbsp;with the SEC.&nbsp;It set the management fee at just 0.14%.
This undercut every major rival. Grayscale's Bitcoin Mini Trust charges 0.15%, while BlackRock's iShares Bitcoin Trust (IBIT) charges 0.25%.&nbsp;
An ETF pools investor money to track an asset like Bitcoin and trades on a regular stock exchange, letting people gain exposure without holding the coins themselves.
To run the fund, Morgan Stanley tapped Coinbase as prime broker and custodian and BNY for cash and administration.
<h3 id="popular-on-thestreet-roundtable">Popular on TheStreet Roundtable:</h3>
<ul>
 <li><a href="https://www.thestreet.com/crypto/markets/analyst-sends-blunt-message-on-elon-musks-bitcoin-ties" rel="noopener noreferrer nofollow">Analyst sends blunt message on Elon Musk's Bitcoin ties</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/cathie-wood-predicts-bitcoin-to-1-25-million-as-supply-vanishes" rel="noopener noreferrer nofollow">Cathie Wood predicts Bitcoin to $1.25 million as supply vanishes</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/michael-saylor-reveals-key-reason-for-bitcoins-crash" rel="noopener noreferrer nofollow">Michael Saylor reveals key reason for Bitcoin's crash</a></li>
</ul>
<h2 id="bitcoin-buys-in-a-brutal-june">Bitcoin buys in a brutal June</h2>
On-chain <a href="https://arkm.com/explorer/entity/morgan-stanley" rel="noopener noreferrer nofollow">data from Arkham Intelligence</a>&nbsp;shows that between June 15 and June 19, the Morgan Stanley Bitcoin Trust ETF bought 232 BTC worth more than $15 million without a single outflow.&nbsp;
<figure><a href="https://arkm.com/explorer/entity/morgan-stanley" rel="noopener noreferrer nofollow"></a>
 <figcaption>
 Morgan Stanley transfers between June 4 to June 18 
 Arkham
 </figcaption>
</figure>
Every deposit arrived from Coinbase Prime, the fund's&nbsp;primary custody and prime broker, in steady activity over days.
Morgan Stanley's Bitcoin accumulation pattern also stands out because June has been punishing for BTC ETFs.
As per <a href="https://sosovalue.com/assets/etf/us-btc-spot" rel="noopener noreferrer nofollow">SoSo Value</a>, June's Bitcoin ETF net&nbsp;outflows during June so far&nbsp;is clocking&nbsp;$2.26 billion at press time.&nbsp;
<a href="https://www.thestreet.com/crypto/markets/morgan-stanley-is-unleashing-15000-wealth-advisors-to-sell-bitcoin-etfs" rel="noopener noreferrer nofollow">Related: Morgan Stanley is unleashing 15,000 wealth advisors to sell Bitcoin ETFs</a>

Morgan Stanley quietly buys Bitcoin amid selloff

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