Morgan Stanley Bitcoin ETF loses $66.8M in 85 days, still attracts $371.1M inflows

The divergence between a paper loss and sustained subscriptions suggests the fund's early investors are treating drawdown as an entry condition rather than a deterrent — a notable shift from the redemption reflex that often follows weak launches. It also puts Morgan Stanley's distribution muscle on display: a wirehouse can keep a volatile product funded even when its mark-to-market is underwater. Whether that subscription pace holds if the loss deepens is the open question, and it matters for how other wealth managers time their own crypto ETF entries.