Morgan Stanley готовится изменить правила игры с собственными крипто-ETF Translation: Morgan Stanley is poised to change the game with its own crypto-ETFs.

Morgan Stanley’s investment bank stands to benefit from launching its own ETFs, even if these funds yield low returns. This perspective was shared by Jeff Park, the investment director at ProCap.

On January 6, Morgan Stanley submitted applications to the U.S. Securities and Exchange Commission to launch two spot ETFs. One of these funds will track the price of Bitcoin, while the other will focus on Solana. If approved, over 19 million clients of the bank’s wealth management division will gain access to these products.

According to the expert, the financial institution is banking on long-term reputational advantages, not just on immediate capital influx.

Park believes that the introduction of a spot Bitcoin ETF demonstrates the “foresight and boldness” of the asset manager, helping to foster the image of a progressive company, which is particularly crucial in the competition for attracting talented employees.

“This is a positive external factor that will aid in recruiting top specialists amidst competition,” the Chief Investment Officer of ProCap emphasized.

He also pointed out Morgan Stanley’s plans to monetize its brokerage division ETRADE through partnerships in tokenization and cryptocurrency trading. The digital asset market has turned out to be significantly larger than industry professionals initially anticipated, the expert added.

Brian Armor, an analyst at Morningstar, speculated that Morgan Stanley’s “unexpected” move is aimed at transitioning existing clients to its own funds.

“The bank’s entry into the crypto ETF space will bring legitimacy to the market, and others may follow suit,” Armor stated in comments to Reuters.

At the beginning of 2026, the cryptocurrency market exhibited resilience thanks to a renewed influx of funds into spot ETFs. However, fundamental on-chain indicators continue to decline, indicating underlying weakness in demand.

Bitcoin finished 2025 consolidating below the resistance level of $92,000. Prices stabilized due to institutional inflows amid low holiday liquidity. On January 5, the first cryptocurrency was trading around $93,000, while Ethereum held steady at around $3,200.

According to BRN, from December 29 to January 2, the net inflow into spot Bitcoin ETFs totaled $459 million, with a trading volume of approximately $14 billion. Ethereum funds attracted $161 million, while XRP-based products gathered $43 million. The trend reversal occurred after prolonged outflows in December.

Timothy Misir, head of research at BRN, noted that the growth is fueled by external capital, while the internal resources of the market are depleted.

“Optimism has returned, but investors’ confidence remains conditional,” the analyst stressed.

The fundamental picture contrasts with the price dynamics. At the end of December, the 30-day change in Bitcoin’s realized capitalization fell into negative territory, interrupting one of the longest capital inflow periods in its history. Long-term holders began to accelerate their loss realizations, despite a relatively stable exchange rate.

Misir characterized the situation as typical for the late stage of a cycle: volatility decreases, and the main stress factor becomes time. Investors are leaving the market not out of fear, but due to exhaustion.

Analysts at QCP Capital maintain a cautious outlook as well. Despite positive signals in the options market and interest in long positions, liquidity remains fragile. Traders’ attention has shifted from political news to macroeconomic data that will determine future rate expectations.

American spot ETFs based on XRP recorded negative balances for the first time, breaking a 36-day inflow streak.

On January 7, the total outflow from five funds amounted to $40.8 million. Only the TOXR product from 21Shares showed negative dynamics, with investors pulling out $47.25 million. Funds from Canary, Bitwise, and Grayscale experienced a slight inflow of about $2 million.

Rachel Lucas, an analyst at BTC Markets, referred to the first outflow as a “notable shift” but noted its modest scale—less than 3% of the total inflows. She explained the situation as profit-taking after XRP rose from $1.8 to $2.4 and an overall market correction.

Lucas emphasized that fundamental indicators remain strong: exchange reserves are at lows, and transaction volumes are high. With a resumption of influx, the asset could test the $3 mark.

Recall that in October, Morgan Stanley analysts advised financial consultants and clients to consider adding cryptocurrencies to multi-asset portfolios.