Morgan Stanley запускает биткоин-ETF: реальная логика — от масштабов рынка до борьбы за клиентов

【BlockBeats】There’s a detail many people in the market haven’t noticed. Why is this move by Morgan Stanley so critical for Bitcoin? Let’s break it down.

First, let’s look at the market capacity issue. As the fastest-growing ETF to reach $80 billion in scale in history, IBIT has set a record. But what does this mean? Morgan Stanley’s judgment is that this is just the beginning. They’ve detected significant unmet genuine demand in the market, particularly in attracting new customers. The signal is clear: we’re still in the very early stages right now, with enormous space ahead.

The second dimension is social attributes. For financial institutions, Bitcoin is no longer just an economic tool. Morgan Stanley is betting that even if this ETF doesn’t become a blockbuster, simply launching the product itself can substantially boost brand value. This is a social-level investment, not just about returns.

The third and most critical point is actually defensive positioning. Platform disintermediation and fee outflows—these risks are real. IBIT has already accumulated so much liquidity, so why does Morgan Stanley still need to launch its own? Because they’ve figured out a key fact: those who control distribution channels truly own the customers. Whether the product itself is superior is no longer the core issue; whoever controls the customer gateway controls the rules of the game.