2026 Is Off to a Strong Start for Bitcoin

TL;DR

• Spot Bitcoin ETFs kickstart 2026 with over $1.17 billion in inflows. 

• Morgan Stanley applied to the SEC for Bitcoin and Solana ETPs.

• MSCI won’t exclude Bitcoin treasury companies from its global indexes.

Spot Bitcoin ETF Inflows Surged Past the $1.17 Billion Mark in the First Two Days of 2026 🚀

The last quarter of 2025 was a disappointing one for spot Bitcoin ETF data nerds. 

Inflows slowed down, selling pressure was increasing, and the big numbers from earlier in the year weren’t there.  

However, things changed when the new year rolled along! 

According to Eric Balchunas from Bloomberg, the first two trading days of 2026 were exciting ones! 

With a $1.17 billion inflow streak over two days. According to Balachunas, this would be a $150 billion-a-year pace! 

Bitcoin’s price traded as high as $94,400 before cooling down to around $90,00 (at the time of writing), while the initial inflow wave has since slowed down. 

Nevertheless, it’s a great sign to see ETF investors back in the game to kickstart the new year.  

Morgan Stanley Applies for Spot Bitcoin and Solana ETPs 👀

I wrote about the increase in institutional adoption of Bitcoin amongst banks in December, and it seems there is no slowing down in this department in 2026 either! 

This week, Morgan Stanley announced that it had filed two new digital asset funds with the SEC. 

One is a spot Bitcoin and the other a spot Solana ETP. 

The bank stated in its press release: "The Morgan Stanley Bitcoin Trust and Morgan Stanley Solana Trust are pending regulatory approval and would be passive investment vehicles that seek to track the performance of the price of the relevant cryptocurrency."

Taking a closer look at the S-1 form that the bank filed with the SEC, it doesn’t yet state which custodian they will use or which fee structure will be set in place. We will need to wait and see what the SEC says and what fees the bank decides on. 

But it’s another strong signal that a U.S. bank is entering the digital asset market, seeking to offer digital asset exposure to its clients. 

MSCI Won’t Exclude Bitcoin Treasury Companies From Global Indexes 💪

At the end of last year, we heard that the MSCI is taking a close look at companies in its global indexes with large crypto exposure, which basically meant that the global index provider was taking a very close look at Michael Saylor’s Strategy (MSTR). 

Today, there is an update to the story.

MSCI announced that digital asset treasury companies (i.e., Strategy) can remain in the MSCI Indexes (at least for now). 

MSCI has stated that the current policy regarding companies with Bitcoin or digital treasury holdings won’t change for the time being. 

Therefore, any companies with digital asset exposure that are currently included in MSCI indexes will retain their inclusion, provided they continue to meet the existing eligibility criteria.

Interest in such an investigation stemmed from acknowledged feedback from institutional investors in Q4 2025, who expressed concerns that some digital asset treasury companies resemble investment funds, which MSCI typically excludes from its indexes. 

MSCI also said that distinguishing between investment-oriented entities and operating companies that hold digital assets as part of their core business requires further research and market input.

All good so far, right? 

Yes, because Strategy can remain in the indexes for now. JPMorgan analysts had warned that an exclusion could have triggered a significant stock hit, and MSCI is planning to launch a broader consultation on how it treats non-operating companies.

Elsewhere in Bitcoin 📖

A quick look at what else has been happening in Bitcoin: 

• Riot Platforms sold 1,818 BTC and currently holds 18,005 BTC on its balance sheet

• Polymarket believes there is a 58% chance that BTC will outperform gold in 2026

• The U.S. Dollar has lost 97% of its purchasing power since 1913

• Bitcoin whales are accumulating at an increased pace again

• Bitcoin’s yearly lows show a strong picture of recovery

Your fellow stacker in sats, 

Patrick Lowry

PS: Connect with me up on X if you want to hear more of my thoughts on Bitcoin and digital assets.

Disclaimer: The opinions expressed in this newsletter are solely those of the author and do not necessarily represent the views of any associated company. This newsletter is for educational and informational purposes only and should not be construed as investment, financial, or any other professional advice. Investing in cryptocurrencies is highly speculative and carries a significant risk of substantial financial loss, so you must conduct your own thorough research and consult with independent professional advisors before making any decisions.