MSBT Spot BTC ETF Makes Strong Start with 30M$ Inflow

MSBT Spot BTC ETF Records Inflows on First Day

Morgan Stanley Bitcoin Trust (MSBT), the first spot Bitcoin ETF offered by a U.S. bank, recorded $30.6 million in inflows at the start of trading. The fund, which began trading on NYSE Arca on Wednesday, slightly exceeded Bloomberg ETF analyst Eric Balchunas's $30 million forecast with a $34 million trading volume. As of April 8, MSBT holds 444.4 Bitcoin (BTC) worth approximately $31.7 million, accounting for 0.03% of the estimated 1.29 million BTC holdings of U.S. spot BTC ETFs. Offering the lowest fees, MSBT ranked second that day after BlackRock's iShares Bitcoin Trust (IBIT); IBIT saw $40 million in inflows.

Source: Farside

Mixed Flows in U.S. Spot BTC ETFs

Total U.S. spot Bitcoin ETF flows trended negative; Fidelity Wise Origin Bitcoin Fund (FBTC) saw $79 million, ARK 21Shares Bitcoin ETF (ARKB) $75 million, and Grayscale Bitcoin Trust ETF (GBTC) $11 million in outflows. According to Farside data, the daily total outflow reached $124.5 million. MSBT's inflow remained modest compared to the billions in volumes from GBTC and IBIT during the January 2024 approval wave, but it ranks among the best ETF launches in the past year.

Source: Eric Balchunas

BTC Technical Outlook and Support/Resistance Levels

During the MSBT launch, BTC price was at 72,969.90 USD level, up +0.22% in 24 hours. RSI at 61.63 is in the neutral zone, overall trend is upward but Supertrend gives a bearish signal. EMA 20: 69,962. Supports: S1 72,585 (strong, -0.76%), S2 68,115 (-6.87%). Resistances: R1 74,455 (strong, +1.80%), R2 78,962 (+7.96%). For detailed analysis, visit our BTC spot analysis and BTC futures pages. These data indicate that new ETFs like MSBT could increase BTC demand.