Morgan Stanley has submitted revised Bitcoin spot ETF documentation to the US Securities and Exchange Commission again, planning to list as MSBT on NYSE Arca, while introducing BNY Mellon as custodian and Coinbase as prime broker. This entire configuration is essentially the standard combination of traditional finance + crypto-native already.

If approved, this could be the first major US bank to directly issue and underwrite a Bitcoin spot ETF. The significance lies not in the product itself, but in the role shift—Wall Street is beginning to move from selling products to making products.

In my view, this is not a near-term positive, but a long-term signal. Bitcoin is being treated as a standard asset, and the rules are gradually being reshaped by traditional finance.

Liquidity will improve, but at the same time, it will increasingly become an asset absorbed by the system, rather than the original thing that opposed the system.

#比特币ETF # Morgan Stanley #Traditional Finance