Morgan Stanley’s hit a milestone with zero outflows in one month. Amidst all this, the price of has been attempting to break above the $82,300 level.
Morgan Stanley’s MSBT has been making history in the market. This Bitcoin ETF has not seen any net outflows since its launch on April 8. In other words, over 30 days of no outflows. Amid all this movement, the price of BTC has been trying to break out above the $82,300 level but has failed.
Over 30 Days With No Outflows for the MSBT
According to SoSoValue data, the Morgan Stanley MSBT has been on a roll in the past month. Since its launch on April 8, it has managed to experience no outflow days. On the other hand, the fund has now seen around $193M inflows in that period. This performance has pushed its total AUM to $239M.
The Bloomberg ETF analyst Eric Balchunas has been talking about how special Morgan Stanley’s MSBT is since its launch. He took to X to call its launch one of the top 1% of ETF launches. He called it that because MSBT managed to reach $27M in volume in just 12 hours on its launch day.
Interest in this ETF is rising as it has just a 0.14% sponsor fee, which is currently one of the lowest among all Bitcoin ETFs. Given that the rest of the ETFs are all similar, the fee is the main differentiator. In the end, what this big milestone proves is that people entering the fund have maintained their positions instead of moving money out during short-term BTC price swings.
The Price of BTC Attempts to Break Out
When it comes to the price of BTC it has recently tried to break out from the $82,300 level but has failed. CoinMarketCap shows that the BTC price increased from $79,730 to over $80,800 in the past seven days. In that period, the value even managed to reach $82,299 but it failed to break past this level and got quickly rejected.
At the moment, the immediate resistance level for BTC sits at $81,000. The price of BTC would then need to go past the $83,000 level. Once that resistance level is flipped into support, the long-term BTC targets sit between $86,000 and $88,000. These are big 50-week MAs. Meanwhile, the support level for BTC is between the $80,400 and the $80,500 levels. If a dip comes, the price of BTC may drop to $75,000 which is a key support level.
Technical Analysis Shows a Bearish Scenario
Nevertheless, the technical analysis for BTC is painting a more bearish picture. According to Investing.com, the 14-day RSI indicator has a value of 44 which is in the sell zone. This shows that sellers are controlling the momentum right now, pushing it downward but still not in the oversold zone (below 30).
Additionally, its 13-day bull/bear power indicator has a value of -514 which is also showing red. In other words, bears are now pushing the price of BTC below its 13-day average. This is confirmed through the 14-day CCI indicator which also sits in the sell zone with a value of -81. This means the BTC price could experience a rise in volatility.
A Strong Start for Morgan Stanley’s MSBT
For now, Morgan Stanley’s first month in the Bitcoin ETF market has been great. Nearly $200M in inflows, over $240M in total assets and 0 daily outflows in just 30 days is tremendous in a market known for volatility. The next major test may come if Bitcoin successfully breaks above the $82,300. A confirmed breakout could potentially increase ETF inflows across the industry.