Jeff Park, an advisor at Bitwise, commented on Morgan Stanley's launch of a Bitcoin ETF on the X platform, stating that he sees the move as significant. Park noted that two years after the initial Bitcoin spot ETFs dominated liquidity, Morgan Stanley's decision to launch its own-brand product reflects its assessment through internal wealth management channels that the market size and demand from new clients remain commercially viable. Park further pointed out that Bitcoin ETFs are not only financial products for asset management institutions but also carry brand and social symbolic significance, allowing them to reach specific client groups such as ultra-high-net-worth independent investors. He also believes this move can be seen as a defensive arrangement regarding platform distribution rights and fee retention—controlling client relationships through proprietary products rather than relinquishing distribution revenue to third parties. Against this backdrop, Park expressed his optimism about Bitwise and Morgan Stanley's related initiatives.