Have you heard that Morgan Stanley is preparing its spot Bitcoin ETF under the ticker MSBT? Interestingly, the bank has already registered an initial capital of one million dollars to launch it. According to documents filed with the SEC, the fund plans to engage BNY Mellon for administrative functions and Coinbase as the primary broker for storing Bitcoin assets.

This clearly shows how traditional financial giants are trying to make Bitcoin more accessible to ordinary investors. If approved, Morgan Stanley's ETF will join a dozen other spot funds that have already raised over $56 billion. The current BTC price is around $72.69k, and such moves by banks add legitimacy to it.

What struck me is that Bhutan quietly sold most of its Bitcoin in October, reducing its holdings from 13,000 to less than 4,000. The country has evidently changed its crypto strategy. It will be interesting to see what this means for the market.