Behind Morgan Stanley's move to launch a Bitcoin ETF, there is a careful consideration by traditional financial giants regarding brand positioning and client distribution. This is not just about launching a crypto asset product — it signifies that market demand has reached a level of genuine commercial viability. What does the emergence of such products mean for ultra-high-net-worth clients? The threshold for institutional involvement in the crypto space is lowering, and more and more investors can access Bitcoin through familiar financial channels. As leading financial institutions begin to take this market seriously, the overall maturity of the ecosystem is quietly advancing.