Happy Thursday!

Bitcoin needs a new narrative. That’s not just anyone’s opinion, but a top Morgan Stanley executive saying — and the firm recently introduced its own Bitcoin ETF.

Bitcoin ETFs have shed all of their dollar value added since the 2024 election. But what’s happening under the hub? The Bitcoin value has stayed almost the same…

Plus, SpaceX is targeting a $1.75 trillion valuation — bigger than any IPO ever. Retail investors get 30% of the float, but most will chase it after the opening pop. There's a smarter move: 8 tickers that already carry SpaceX exposure on their books. Buy before tomorrow to get on the inside before the bell rings.

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TOP STORY

Bitcoin Needs A New Catalyst, Ethereum, Solana, XRP Have Distinct Appeal, Top Morgan Stanley Exec Says

Morgan Stanley’s head of digital asset strategy Amy Oldenburg says Bitcoin could reach $1 million — but the path to a new all-time high needs a catalyst that hasn't arrived yet.

Oldenburg said the firm's Bitcoin ETP had the best first-day ETF debut in Morgan Stanley's history, and the bank recommends 0%-2% Bitcoin allocations in standard portfolios and 2%-4% in aggressive ones.

On why Bitcoin hasn't hit $200,000 despite spot ETFs, corporate treasuries, and institutional infrastructure, Oldenburg's answer is attention competition: commodities, AI, quantum computing fears, and broad asset-allocation shifts keep pulling capital away…

SPECIAL OFFER

Largest IPO In History Hits Tomorrow. Here's The Backdoor In.

SpaceX is targeting a $1.75 trillion valuation — bigger than any IPO ever. Retail investors get 30% of the float, but most will chase it after the opening pop. There's a smarter move: 8 tickers that already carry SpaceX exposure on their books. Buy before tomorrow to get on the inside before the bell rings.

QUICK N DIRTY

Kevin O’Leary has bad news for Bitcoin bulls: price will go nowhere until this one crucial bill passes.

Dogecoin has been reeling in the bear market and now a key technical indicator is flashing a signal. Last time that happened, DOGE dumped 31%…

Space X and its record IPO is the only thing everyone’s talking about. That’s also leaving a mark on crypto. Here’s why the capital rotation into AI is hurting BTC.

FINTECH FOCUS

Bitcoin ETFs Still Hold 93% Of Their BTC: Are Institutions Not Bearish After All?

Bitcoin ETFs have lost 54% of their dollar value from the October 2025 peak, but Scott Melker says the headline is wrong. ETFs still hold 1.27 million BTC, down just 7.2% from the 1.37 million peak, meaning 93% of the coins never left.

"The decline in price that's being reported is price. It is not redemptions," Melker told Yahoo Finance. The seller breakdown confirms it: hedge funds dumped 31,400 BTC, brokerages sold 18,800, and Jane Street trimmed 10,800.

Meanwhile advisors, the largest ETF holders at 150,300 BTC, cut just 5.9%, and banks quietly bought the dip: JPMorgan added 3,000 BTC, Wells Fargo picked up 4,000, and Abu Dhabi's Mubadala sovereign wealth fund accumulated 1,100.

The macro headwind is real though…

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