FxWirePro- Major Crypto levels and bias summary 
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Morgan Stanley, the largest wealth manager in the U.S., has authorized its 15,000 advisers to recommend Bitcoin ETFs to clients, signaling a significant milestone for cryptocurrency adoption.
Morgan Stanley Advisers Approved
Cointelegraph was informed by a source close to the situation that on August 7th, Morgan Stanley, the biggest wealth manager in the US, gave the green light to its 15,000 financial advisors to begin suggesting Bitcoin ETFs to customers.
An earlier CNBC (via EconoTimes) story stated that the financial advice was planning to begin suggesting BTC ETFs on Aug. 7, and this person—who was not authorized to talk publicly on the matter—confirmed that plan. The iShares Bitcoin Trust (IBIT) from BlackRock and the Wise Origin Bitcoin Fund (FBTC) from Fidelity are the only products that Morgan Stanley is currently endorsing.
For cryptocurrency, winning over Morgan Stanley marks a watershed moment. According to financialplanning.com, its advising network oversees assets worth around $3.75 trillion, with $1 trillion of that amount held in client accounts that are self-directed, Cointelegraph shares.
Fund Researchers Witness Uptake
Two blue chips among Bitcoin exchange-traded funds are IBIT (BlackRock) and FBTC (Fidelity). Roxanna Islam, head of sector and industry research at VettaFi—a fund researcher—told Cointelegraph that they are witnessing uptake among both wirehouses like Morgan Stanley and independent financial planners.
"Exciting to see the potential this asset class brings amongst retail investors, RIAs, institutional investors and beyond," said Matt Horne, head of digital asset strategists at Fidelity Investments, speaking to Cointelegraph about the strong demand across all client segments since the launch of these spot crypto ETPs.
Advisors may pour a flood of capital into spot Bitcoin exchange-traded funds (ETFs), according to Matthew Sigel, head of digital assets research at VanEck, who spoke with Cointelegraph before the platform's further adoption.
Large financial advice businesses, or wirehouses, have been slow to adopt spot cryptocurrency exchange-traded funds (ETFs) until recently. Independent businesses known as registered investment advisors (RIAs) were the only ones allowed to accept client funds from financial counselors in the past.
With the recent spot crypto ETPs, "the RIA community tends to be early on the investment adoption curve," Horne noted, adding that the RIAs were also early adopters of the ETF vehicle.
