Morgan Stanley has made a historic entry into the spot Bitcoin ETF race. After just six days of trading, the Morgan Stanley Bitcoin Trust (MSBT) has officially surpassed the WisdomTree Bitcoin Fund (BTCW) in total net inflows. While WisdomTree spent over two years accumulating $86 million, Morgan Stanley’s massive wealth management network powered MSBT to $103 million in less than two weeks. This surge is largely attributed to MSBT’s ultra-low 0.14% expense ratio—currently the lowest in the market—and the bank's shift toward direct institutional balance sheet allocation.