The Bitcoin investment landscape is being reshaped by evident supply shortages, US government asset liquidations, and a noticeable dominance of holding strategies over mining. The government's sale of Bitcoin contrasts with the accumulation trend among banks and potentially other nation-states, signaling a complex interaction of forces that could influence Bitcoin's short-term volatility and long-term value.
The news cycle is moving very quickly over the last two days, despite price being firmly in consolidation. Below, I summarize the major stories of the week so far you have to know about in this market environment.
Morgan Stanley aims to be the first wirehouse to launch a Bitcoin ETF, ahead of UBS.
The industry is in a waiting game, with banks observing each other before making a move.
UBS has a set timeline for introducing Bitcoin ETFs.
Morgan Stanley is reportedly vying to outpace UBS to become the first wirehouse to offer spot Bitcoin exchange-traded funds (ETFs) in the US. Andrew, @AP_Abacus on X, citing internal Morgan Stanley notes, suggested that the bank might soon announce its entry into Bitcoin ETFs. This development is part of a broader "race" among global banks to incorporate Bitcoin ETFs into their offerings. Eric Balchunas, a Bloomberg ETF expert, noted that both Morgan Stanley and UBS are yet to add Bitcoin ETFs, with the industry in a "holding pattern" waiting for one to make the first move.
Andrew responded, “UBS already approved in PWM (>$10MM) but must be marked ‘unsolicited’. Technically on the platform already. These posts are about full approval across entire platform and advisors allowed to solicit inclusion in client portfolios.”
UBS had a plan to introduce Bitcoin ETFs between April 8 and April 12. Despite these advancements, some banks remain skeptical about Bitcoin as an investment class, with Goldman Sachs expressing doubts about its viability. They will be left behind...
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