Morgan Stanley has launched the Morgan Stanley Bitcoin (BTC) Trust on NYSE Arca under the ticker MSBT, becoming the first major US bank to issue a spot BTC exchange-traded fund (ETF). The fund enters a crowded field of more than 10 spot BTC ETFs that collectively hold over $85 billion in assets. Competing on Cost and Distribution ETF analyst Eric Balchunas predicts $5 billion in assets under management within the first year and $30 million in day-one trading volume. MSBT carries an expense ratio of 14 basis points, making it the cheapest spot BTC fund on the market