There's something worth highlighting today: Morgan Stanley has officially filed for a Bitcoin spot ETF, and the fee is set at 0.14%, the lowest in the market, cheaper than any existing product. Morgan Stanley has 16,000 financial advisors under its wing, managing $6.2 trillion in client assets. This is no small move. But the reality is, the news is out, and the market didn’t rally, which shows that current macro pressures are outweighing the positive sentiment. Short-term money has no interest in chasing this narrative. Meanwhile, another bearish factor is quietly brewing. Bitcoin miners, in their push to transition to AI data centers, have already signed $70 billion worth of AI contracts. Where’s the money coming from? By selling Bitcoin. Last week, MARA sold off, and this week, other miners are following suit. There’s no sign that this selling pressure is over yet.