Morgan Stanley spot Bitcoin ETF enters a crowded market with a structural advantage its competitors cannot easily replicate – a captive distribution network that Bloomberg Senior ETF Analyst Eric Balchunas argues could translate into durable, advisor-directed inflows from day one. Ahead of the fund’s anticipated debut, Balchunas framed the bank’s roughly 16,000 financial advisors not as a sales force but as an embedded demand channel, one that operates differently from the retail-driven flows that have defined the ETF market’s first phase. The mechanical distinction matters. When an independent ETF issuer launches a product, inflows depend on retail sentiment, institutional mandates, and open-market demand