Morgan Stanley just launched a BTC ETF with an annual fee of 0.14%, which is even lower than BlackRock’s 0.25%. A century-old investment bank entering the crypto space at the coldest time, with the lowest fee rate—this is clearly a move to bottom-fish. Issuing ETFs in a bull market is just icing on the cake; issuing them in a bear market is what you call value investing. Look at the timing it picked—US-Iran ceasefire, BTC breaking 72,000—the narrative and the product line up. The crypto world isn’t short of stories; what it lacks are institutions and money. Since investment banks are here, where else could the money go?