Bitcoin's largest ETF, iShares Bitcoin Trust ($IBIT), has seen year-to-date net inflows despite a 20% price drop for $BTC, while the second-largest fund, Fidelity's $FBTC, has seen equivalent outflows. According to Seeking Alpha data, the $IBIT fund now holds over 60% market share among spot Bitcoin ETFs. Ethereum ETFs have not mirrored this trend, with the Grayscale Ethereum Mini Trust ($ETH) seeing inflows as the larger iShares Ethereum Trust ($ETHA) sees outflows amid a 28% YTD decline for $ETH. Morgan Stanley launched its own spot Bitcoin ETF, the $MSBT, on April 8, 2026.