The launch of a Morgan Stanley Bitcoin ETF raises a critical question: Has the institutional trade already been front-run? While the initial ETF success was significant, the transition for RIAs and major wirehouses is notoriously slow. Much of the institutional capital remains under-allocated and is still in the decision-making phase. We are likely looking at a multi-year capital rotation rather than a single event. ▶️ https://www.youtube.com/watch?v=kXKfeXvt4HY(Deribit)