Pull the data: Morgan Stanley MSBT：0.14% Grayscale Mini Trust：0.15% Franklin Templeton EZBC：0.19% Bitwise / VanEck：0.20% BlackRock IBIT：0.25% IBIT is currently the absolute leader in the $84 billion BTC spot ETF market. Morgan Stanley uses 0.14% to beat 0.25% Why at this particular time? Three reasons. Firstly, institutional clients are demanding. Morgan Stanley manages over $4 trillion in client assets. When your clients are high net worth individuals and family offices, what they want is not the best ETF, but an ETF that can be approved by the compliance department. Home brand+lowest rate=perfect answer. Secondly, rate wars are moats. Once ETFs are scaled up, the rate advantage will snowball. Vanguard defeated the entire mutual fund industry with low fees, and Morgan Stanley learned this strategy. Bloomberg's ETF analysts expect MSBT to be approved for launch in early April. My judgment is simple: this is not news about an ETF product. This is a signal of the comprehensive integration of traditional Wall Street forces and crypto native forces. When Morgan Stanley is willing to compete in this market with the lowest rate, it indicates one thing—— It's not testing the water. It's fighting for territory. Looking back a year later, this may be a turning point in the BTC ETF rate war. Cheap, always the strongest moat Sending this message is to give you some confidence in BTC, otherwise no one would mention crypto in the entire timeline