Bitcoin
Why Bitcoin is up 1.1% in the last hour
Analysis
Bitcoin rose about 1.1% over the past hour as bullish ETF-related headlines hit the tape, with reports that Morgan Stanley tapped Coinbase and BNY Mellon for custody in its proposed Bitcoin ETF—seen as supportive of institutional participation. The move was reinforced by market coverage noting BTC spiking above $72,000 alongside strength in crypto-linked stocks like Coinbase and Strategy.
Contributing Factors (3)
Morgan Stanley taps Coinbase and BNY for Bitcoin ETF custody
Coming as BTC exchange-traded funds flows turn positive, the moves follow the Wall Street bank's applications with the SEC for Bitcoin, Solana, and Ethereum funds.
Coinbase, Strategy lead crypto stocks higher as bitcoin spikes above $72,000
Crypto-related equities saw large gains at the Wednesday open, rebounding from Tuesday's selloff.
Morgan Stanley names Coinbase and BNY as custodians in proposed bitcoin ETF filing update
Morgan Stanley's updated S-1 filing named Coinbase and BNY as custodians for its proposed bitcoin exchange-traded product.
Move Details
Explanation Confidence
High confidence in the explanation based on source reliability and timing.