Despite a promising start for a new Bitcoin ETF from Morgan Stanley, investors continued to pull money out of these funds. Ether and Solana also saw price drops, and XRP trading remained quiet.
Key Takeaways
- Morgan Stanley’s MSBT drew $30.6 million, but bitcoin ETFs still lost $93.9 million amid uneven demand.
- Blackrock IBIT added $40.38 million, yet Fidelity FBTC saw $79.12 million in exits, signaling weak alignment.
- Ether ETFs lost $18.6 million while Solana saw a modest $1.9 million exit, suggesting selective flows may persist.
MSBT Debuts Strong as Bitcoin ETFs Lose $94 Million
A new entrant arrived with momentum for bitcoin ETFs, but it wasn’t enough to flip the continued funds exit. Bitcoin ETFs extended their outflow streak, shedding $93.9 million even as Morgan Stanley’s much-anticipated MSBT made a strong first impression.
The debut fund drew $30.6 million in inflows with its management fee of 0.14%, the lowest among all bitcoin ETFs, making it an attractive proposition in a market searching for direction.
However, looking at the bigger picture revealed a more complex situation. Blackrock’s IBIT ETF saw the largest inflows at $40.38 million, proving it’s a reliable source of buying. The launch of MSBT also indicated growing interest in these products. Unfortunately, these inflows weren’t strong enough to offset the selling activity in other areas.
Fidelity’s FBTC recorded a sharp $79.12 million outflow, while Ark & 21Shares’ ARKB followed with $74.70 million in exits. Grayscale’s GBTC added another $11.10 million in outflows. The imbalance tipped the day firmly into negative territory. Total trading volume reached $3.04 billion, with net assets settling at $91.90 billion.
The message was nuanced. Demand exists, but it is uneven and quickly offset.
Ether ETFs mirrored that pattern. The group posted a $18.6 million net outflow, despite strong inflows into select products. Blackrock’s ETHB continued to build momentum, attracting $44.23 million, while 21Shares’ TETH added $1.98 million.
However, the outflows were broader and heavier. Fidelity’s FETH led with a $32.43 million exit, followed by Blackrock’s ETHA at $20.64 million. Grayscale’s ETHE and its Ether Mini Trust saw additional outflows of $6.11 million and $5.66 million. The result was another net negative day. Trading volume came in at $958.09 million, with net assets at $12.56 billion.
Beyond the majors, activity remained subdued. XRP ETFs saw no trading movement, with net assets holding at $950.14 million.
Solana ETFs continued to drift lower, posting a $1.9 million outflow spread across multiple funds. Grayscale’s GSOL led with $867,120 in exits, followed by Bitwise’s BSOL at $779,580 and Vaneck’s VSOL at $274,100. Trading volume stood at $23.86 million, with net assets closing at $793.91 million.
From my perspective, what we’re seeing is a fragmented market. While new capital is definitely coming in – the launches of MSBT and IBIT demonstrate that – it’s not yet substantial enough to counteract the ongoing outflows from existing funds. It’s not a lack of demand, but rather a misalignment of factors that’s holding things back.
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2026-04-09 15:27