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[Bitwise Advisor Jeff Park Discusses the Significance of Morgan Stanley Launching a Bitcoin ETF] Bitwise advisor Jeff Park stated on the X platform that Morgan Stanley's launch of a Bitcoin ETF is of great significance. Even two years after the first batch of spot Bitcoin ETFs dominated major liquidity, Morgan Stanley still chose to launch its own branded product. This reflects its internal wealth management channel's assessment that the market size and new client demand are commercially viable. Jeff Park pointed out that Bitcoin ETFs are not just financial products for asset management institutions but also carry symbolic significance on both brand and societal levels. They can reach specific client groups, such as ultra-high-net-worth independent investors, while also demonstrating defensive arrangements regarding platform distribution rights and fee retention.