Morgan Stanley’s Bitcoin ETF drew $371 million of share contributions while Bitcoin erased $66.8 million

- Morgan Stanley's Bitcoin ETF hauled in $371 million in share contributions while Bitcoin politely vaporized $66.8 million of value — because nothing says "institutional grade" like buying the top and calling it a strategy. MSBT's NAV dropped 14.01%, almost entirely from unrealized Bitcoin depreciation, meaning the asset did the bleeding, not the fund mechanics. Redemptions? A rounding error. 25 baskets versus 1,790 creation baskets. That's not outflow, that's dust on the hash manifest. The trust held 5,059 BTC worth $299 million at quarter-end, and shares outstanding kept climbing post-June, so someone's still buying the dip that hasn't dipped yet. Bottom line: inflows were real