No, Morgan Stanley Not Selling BTC: Onchain Data

According to onchain intelligence platform Arkham, New York-based financial services giant Morgan Stanley isn’t selling through its Bitcoin ETF.

Arkham noted that Morgan Stanley’s Bitcoin ETF, MSBT, has bought $51.5 million of $BTC over the past 20 trading days, without a single day of outflows. Notably, it is one of the few Bitcoin funds with no down days this month.

According to onchain data, spot Bitcoin ETFs finished the week with a strong Friday session, adding $433 million in net inflows. That marks back-to-back positive days to close the week after heavier outflows earlier on, with FBTC leading Friday at $311 million, followed by BlackRock’s IBIT with $108 million.

Ethereum ETFs likewise saw $144 million in net inflows on Sept. 18, as buyers returned to the market.

Bitcoin indicators flip

As of this writing, Bitcoin is trading up 3.86% in the last 24 hours to $81,234 and up 5.04% weekly as cryptocurrencies rose after Wednesday’s Fed rate cut, which was largely seen as a headwind for risk assets.

Bitcoin has risen for three days in a row, marking a sharp surge on Friday to above $81,000 and reaching a high of $81,720 early Saturday. Bitcoin is more than halfway through its historically weakest month, yet September’s usual sell-off has been relatively contained so far, despite the recent policy and macroeconomic headwinds.

The largest cryptocurrency by market capitalization remains on track for its first quarterly gain in a year, with several indicators now turning positive.

According to Glassnode, the current bid is strong enough that $BTC can be spent in profit without the price immediately rolling over. A sustained entity-adjusted SOPR above 1 is characteristic of a bull market, while a break back below 1 would signal that this demand is fading.

$BTC has also reclaimed the True Market Mean, which puts the price back above a crucial level and back into a bullish regime. The next major overhead resistance is the corporate treasury cost basis around $80,000 and finally the ETF cost basis at $85,000.

As regards its price action, $BTC is climbing into a thickening liquidation shelf with a dense cluster sitting around $83,000–$86,000. If reached, the price could move quickly through this zone as shorts, which have been building for several weeks, are forced to cover.