Как запуск крипто-ETF поможет Morgan Stanley укрепить свою репутацию на финансовом рынке How the Launch of Crypto ETFs Will Help Morgan Stanley Strengthen Its Reputation in the Financial Market

Morgan Stanley’s investment bank stands to benefit from the launch of its own ETFs, even if their returns are modest. This perspective was shared by ProCap’s Chief Investment Officer, Jeff Park.

On January 6, Morgan Stanley submitted applications to the U.S. Securities and Exchange Commission for the establishment of two spot ETFs, one tracking Bitcoin prices and the other focused on Solana. If approved, over 19 million clients of the bank’s wealth management division will gain access to these products.

According to the expert, the financial institution is prioritizing long-term branding advantages rather than solely focusing on capital inflows.

Park believes that the introduction of a Bitcoin spot ETF indicates the “foresight and audacity” of the asset manager. This creates an image of a forward-thinking company, which is crucial in the competition for talent.

“This is a positive external factor that will aid in the recruitment of top specialists amidst competitors,” emphasized ProCap’s CIO.

He also pointed out Morgan Stanley’s plans to monetize its brokerage arm, ETRADE, through partnerships in tokenization and cryptocurrency trading. The digital asset market has proven to be significantly larger than industry professionals had anticipated, the expert added.

Morningstar analyst Brian Armor speculated that Morgan Stanley’s «unexpected» move aims to transition existing clients to its own funds.

“The bank’s entry into the crypto-ETF sector will lend legitimacy to the market, prompting others to follow suit,” Armor stated in a comment to Reuters.

At the beginning of 2026, the cryptocurrency market exhibited resilience due to renewed capital inflows into spot ETFs. However, fundamental on-chain indicators continue to decline, signaling underlying weakness in demand.

Bitcoin finished 2025 in a consolidation phase below the $92,000 resistance level. Prices steadied due to institutional flows amidst low holiday liquidity. On January 5, the leading cryptocurrency was trading around $93,000, while Ethereum was holding steady near $3,200.

According to BRN, net inflows into spot Bitcoin ETFs from December 29 to January 2 amounted to $459 million with trading volumes around $14 billion. Ethereum funds attracted $161 million, while XRP-based products saw inflows of $43 million. This shift in trend followed prolonged outflows in December.

Timothy Misir, head of research at BRN, noted that the growth is driven by external capital, as domestic market resources are depleted.

“Optimism has returned, but investor confidence remains conditional,” the analyst stressed.

The foundational picture contrasts with price dynamics. At the end of December, the 30-day change in Bitcoin’s realized capitalization dipped into negative territory, halting one of the longest capital inflow periods in the network’s history. Long-term holders began to realize losses at an accelerated pace, despite a relatively stable price.

Misir described the situation as typical for a late-cycle phase: volatility decreases, and the main stress factor becomes time. Investors are exiting the market not out of fear but due to exhaustion.

Analysts at QCP Capital also express caution. Despite positive signals in the options market and interest in long positions, liquidity remains fragile. Traders have shifted their focus from political news to macroeconomic data that will influence future interest rate expectations.

American spot ETFs based on XRP recorded their first trading day with a negative balance, ending a 36-day inflow streak.

On January 7, total outflows from five funds amounted to $40.8 million. Only the TOXR product from 21Shares reported negative dynamics, with investors withdrawing $47.25 million. Funds from Canary, Bitwise, and Grayscale recorded modest inflows of about $2 million.

BTC Markets analyst Rachel Lucas referred to the first outflow as a “significant shift,” although she noted its modest scale—less than 3% of total inflows. The expert attributed the situation to profit-taking following XRP’s rise from $1.8 to $2.4 and overall market correction.

Lucas emphasized that fundamental indicators remain strong: exchange reserves are at lows, and transaction volumes are high. With a renewal of capital inflows, the asset may test the $3 mark.

It is worth recalling that in October, Morgan Stanley analysts advised financial consultants and clients to incorporate cryptocurrencies into multi-asset portfolios.