Morgan Stanley's Bitcoin ETF pulled in $34 million on its first day of trading.

Morgan Stanley's Spot Bitcoin ETF Debuts With $34M Inflows, 0.14% Fee

Morgan Stanley just jumped into the spot bitcoin ETF race. The firm's MSBT fund saw active trading on its first day, with more than 1.6 million shares changing hands and roughly $34 million in inflows.

The fund tracks the CoinDesk bitcoin benchmark and charges a rock-bottom 0.14% fee—the lowest in its class. Price is clearly the selling point.

Beyond the low fee, MSBT also benefits from Morgan Stanley's massive wealth management network. The hope is to tap traditional investors through financial advisors.

That said, the market is still dominated by large incumbents. BlackRock's IBIT, for example, has already topped $53 billion in assets. Industry watchers expect MSBT could pull some existing money in the short term, but its long-term performance will hinge on sustained inflows.