On June 5th, Morgan Stanley announced a new referral arrangement with Galaxy, where eligible clients can lend digital assets like Bitcoin, Ethereum, Solana, and others to Galaxy, and after physical conversion, receive spot crypto ETP shares, including Morgan Stanley Bitcoin Trust.
This news is worth noting; the focus isn't just on adding another "buy crypto" entry point, but on traditional wealth management channels starting to integrate digital assets more smoothly into familiar product structures. According to Morgan Stanley's official statement, in some scenarios, the related processes can shorten account opening and conversion times by up to 75%, and the minimum trading threshold has been lowered from $25 million to $5 million. However, this arrangement is targeted at qualified clients and is not a full open to retail users.
On the same day, Securitize and Cantor Equity Partners II also made further progress with a joint announcement. The announcement states that the SEC has declared the relevant S-4 registration statement effective; CEPT shareholders will vote on June 29th. If the deal passes, the merged company is expected to be listed on the NYSE under the ticker SECZ, under the name Securitize Corp.
Looking at these two developments together, today’s more noteworthy aspect isn't whether the crypto prices have bottomed out, but rather that Wall Street and tokenization infrastructure companies continue to build "layers of packaging" for digital assets. One line is happening at the wealth management entry point, and the other at the connection between on-chain securities infrastructure and the public markets.
The problem is, the market hasn't warmed up in sync. Reuters reports that AI stocks and the upcoming mega IPOs are still absorbing risk appetite, and Bitcoin's performance this year remains among the weakest in at least a decade. Meanwhile, according to The Block, although spot ETFs for BTC and ETH have ended their continuous net outflows, the total daily net inflow is only about $22.4 million, closer to a halt, with no clear reversal yet.
The Block also cites data from Block Scholes, indicating that the combined daily trading volume of Nasdaq-100, S&P 500, and WTI perpetual contracts on Hyperliquid is about $1.3 billion. This detail suggests that part of the trading interest hasn't returned to mainstream spot cryptocurrencies but has shifted more toward on-chain derivatives that closely mirror traditional assets.
Therefore, today’s Web3 looks more like a fractured cross-section. On one side, institutions continue integrating crypto assets into ETPs, public markets, and tokenized securities structures; on the other side, market funds remain hesitant, even being drawn away by AI narratives and large IPOs. For the industry, the interface layer is still thickening, but risk appetite hasn't been collectively restored. $US30500

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