Morgan Stanley just launched a spot Bitcoin ETF and the trade is already dead

Morgan Stanley launched a spot Bitcoin ETF, joining BlackRock and Fidelity in the market. The crypto market cap surpassed $3.1 trillion, but the article argues that institutions entering now are missing peak returns, as early investors like MicroStrategy already capitalized. Bitcoin's momentum is waning near resistance levels, and risks like hacks and DeFi TVL declines persist.