Bitwise advisor Jeff Park posted on social media, stating, “Here’s a point most people are overlooking regarding why Morgan Stanley’s launch of the Bitcoin ETF is Bitcoin an ‘epic win’: · It means the market size far exceeds the expectations of crypto professionals, especially when it comes to attracting new clients.Although the IBIT has become the fastest ETF in history to reach $80 billion in AUM, Morgan Stanley still believes there is a significant amount of genuine, unmet demand in the market. This sends a strong signal: we are still in the very early stages. · This means that Bitcoin is not only economically significant to clients but also socially significant.Morgan Stanley is betting that even if this ETF does not ultimately become a “phenomenal hit,” the intangible brand value it generates will significantly enhance its own influence.· Essentially, this is a defensive move to counter platform disintermediation and the outflow of fees.Given that liquidity is already highly concentrated in the IBIT, Morgan Stanley’s decision to launch its own Bitcoin ETF effectively acknowledges a key reality: it is the party that controls the distribution channels that truly owns the customers—not whether the product itself is “better.”