Compass Investments

Throughout June, weve seen a sell-off in Bitcoin (BTC), and over the past few days, its price has remained well below the $70,000 level.

In the third week of June, there were brief spikes above the $67,200 mark around June 15, but that was the extent of it. At the time of publication, the price stands at approximately $63,130.

However, this sell-off did not prevent Morgan Stanley (NYSE: MS) from increasing its Bitcoin holdings.

Explanation: What is a cryptocurrency ETF?

Morgan Stanley took center stage in March when it filed with the Securities and Exchange Commission (SEC) for the lowest-cost exchange-traded fund (ETF) in the U.S. that trades Bitcoin on the spot market. The company set its management fee at just 0.14% .

This beat out the offerings of all its key competitors. Grayscales Bitcoin Mini Trust charges 0.15% , while BlackRocks iShares Bitcoin Trust (IBIT) charges 0.25% .

An ETF pools investors funds to track the performance of an asset such as Bitcoin and trades on a regular stock exchange, allowing people to earn returns on their investments without directly owning the coins.

To manage the fund, Morgan Stanley has engaged Coinbase as its primary broker and custodian, as well as BNY for cash management and administrative functions.

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Data from Arkham Intelligence, sourced from the blockchain, shows that between June 15 and 19, the Morgan Stanley Bitcoin Trust ETF acquired 232 BTC worth over $15 million without a single outflow of funds.

Each inflow came from Coinbase Primethe funds primary custodian and prime brokeras part of steady activity over several days.

Morgan Stanleys Bitcoin accumulation pattern also stands out against the broader backdrop, as June proved to be a difficult month for Bitcoin ETFs.

According to SoSo Value, net outflows from Bitcoin ETFs in June stand at $2.26 billion as of this writing.”,”detected_source_language”:”RU