Why the Crypto ETF Market May Be Entering a Commodity Phase

Morgan Stanley’s proposed ethereum and solana exchange-traded funds (ETFs) would enter a market where issuers increasingly offer similar exposure to the same assets. The firm recently amended both filings with the U.S. Securities and Exchange Commission (SEC) to include a 0.14% management fee, below Grayscale’s 0.15% and Franklin Templeton’s 0.19%. The narrow spread signals intensifying price competition.

Brian Rudick, chief strategy officer at Solana treasury company Upexi and formerly head of research at crypto trading firm and liquidity provider GSR, argued that the fee matters less than what it suggests about the market’s development. On July 9, he shared on X:

“Issuers don’t compete on price until the product is close to a commodity and the fight is for share, the same compression the spot BTC ETFs went through.”

“ SOL ETF AUM already crossed $1B, led by Bitwise’s BSOL, so there is real share to fight over,” he added.

The argument places the 0.14% fee within a shift from product creation to asset gathering. Once several issuers offer similar exposure, management costs become one of the clearest points of distinction. His comparison with spot bitcoin ETFs suggests ethereum and solana products may be entering the same phase of fee compression.

Bitwise launched its solana ETF, BSOL, on NYSE Arca in October 2025, marking the first U.S.-listed vehicle to provide direct exposure to spot SOL. The fund goes beyond simple price tracking by actively staking its holdings, allowing staking rewards to contribute to fund returns after applicable expenses.

How Morgan Stanley Designed the Ethereum and Solana Trusts

The Morgan Stanley Ethereum Trust would trade on NYSE Arca under the ticker MSSE and track the Coindesk Ether Benchmark 4PM NY Settlement Rate. Alongside its proposed 0.14% fee, Morgan Stanley Investment Management intends to stake 50% to 80% of the trust’s ether under normal conditions.

BNY and Coinbase Custody would hold the ethereum trust’s assets. Staking providers and custodians would receive an aggregate 5% of staking rewards, leaving the remainder with the trust. Net rewards would be distributed monthly, but at least quarterly, though the filing does not guarantee the amount.

The Morgan Stanley Solana Trust would trade on NYSE Arca under the ticker MSOL and track the Coindesk Solana Benchmark 4PM NY Settlement Rate. It would also carry a proposed 0.14% fee. The trust may stake up to 100% of its SOL while keeping some holdings unstaked for redemptions, expenses and distributions.

BNY and Coinbase Custody would also serve as custodians for MSOL. Staking providers and custodians would receive 5% of staking rewards, leaving 95% with the trust. Net rewards would be distributed monthly, but at least quarterly, while validator block rewards and transaction fees would not accrue to shareholders.

What Morgan Stanley’s Bitcoin ETF Shows About the Strategy

Morgan Stanley has already used the same fee level in its spot bitcoin product. The Morgan Stanley Bitcoin Trust began trading under the ticker MSBT on April 8, 2026, with a 0.14% annual management fee. That undercut Blackrock’s IBIT at 0.25% and Bitwise’s spot bitcoin ETF at 0.20%.

MSBT became the first proprietary spot cryptocurrency ETF launched under the name of a major U.S. commercial bank. As of July 10, 2026, it traded at $18.47 per share and held about $364.23 million in total net assets. Its debut ranked in the top 1% of ETF launches by volume and early adoption.

The proposed ETH and SOL funds remain preliminary, and shares cannot be sold until the registration statements become effective. No firm launch dates have been announced. SEC effectiveness and subsequent asset flows would show whether Morgan Stanley’s combination of low fees, staking income and bank-backed distribution can win market share.

A closely followed crypto strategist and trader is revealing his price targets for Bitcoin (BTC) and two altcoin projects.

In a new strategy session, analyst Jason Pizzino tells his 329,000 YouTube subscribers that based on the average true range (ATR) indicator Bitcoin could soon break through key price target resistance levels.

The ATR indicator measures volatility by showing an asset’s trading range over a specified period.

“You can see the dying off here of the average true range of the bar. Previous cycles, look what happened. Average true range picks up, dies off, dies off, dies off, and then you start to get a higher low form and by that stage, you’re really a decent way from the stealth zone.”

According to the analyst, Bitcoin has historically made “stealth moves” to the upside when the ATR indicator reaches a local low and price continues to consolidate or puts in higher lows.

The analyst’s key price targets to the upside include $63,300 on the daily chart, $65,200 on the weekly chart and $72,000 on the monthly chart.

Bitcoin is trading for $60,176 at time of writing, down nearly 3% in the last 24 hours.

Next up, the analyst believes that Ethereum (ETH) competitor Solana (SOL) will move toward its current cycle top.

“With the higher lows and now trying to push higher above the 50% at $137. Next target on the weekly chart is $165. And then we go towards $190, $210. So $190 is above these tops. Then $210 is the current top for Solana. So it’s on its way. It hasn’t got those longer-term time frames confirmed yet, and those longer terms are the weeklies.”

Solana is trading for $141 at time of writing, down more than 8% in the last 24 hours.

Lastly, the analyst predicts that Render (RNDR), the graphics processing unit (GPU) rendering blockchain, will reclaim a double-digit value.

“Now, what do we need to see until it gets there? Obviously higher lows, and that would happen throughout this next couple of months, maybe even up to four months as we get to that [US presidential] election… If I keep seeing higher lows, it’s not going to stop me from getting into the market if it breaks out through that period.”

Render is trading for $7.04 at time of writing, down 7.7% in the last 24 hours.

 

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On Dec. 15, crypto agency Valkyrie Investments — which lately launched the second Bitcoin-futures change traded fund (ETF) — launched the Steadiness Sheet Alternatives ETF, buying and selling as VBB on Nasdaq, “to satisfy the rising demand for crypto investing in a straightforward approach.”

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The fund is an actively managed ETF that invests in revolutionary public corporations with publicity to Bitcoin: corporations that instantly or not directly put money into, transact in, or in any other case have publicity to Bitcoin, per the fund’s prospectus.

“This fund is supposed to fulfill the wants of any investor that desires to put money into corporations with publicity to Bitcoin with out the dangers of holding spot Bitcoin comparable to safety, custody, a scarcity of familiarity with numerous buying and selling venues, and extra,” Brian McQuade, director of enterprise improvement at Valkyrie Investments, advised GOBankingRates.

McQuade defined that the launch was prompted by a collection of discussions with funding and monetary advisors. The subject? Easy methods to finest meet the rising demand for crypto investing in a well-recognized, simple to grasp product that’s out there in conventional funding and retirement accounts.

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“Additionally, it is a product that aligns nicely with our philosophy of bringing crypto asset investments to the broader public, and with our perception that corporations holding Bitcoin on their stability sheet could outperform people who don’t,” McQuade mentioned.

VBB’s prime holdings embody MicroStrategy, Block, Coinbase, Tesla, International, Paypal, MasterCard, BlackRock and Robinhood, in keeping with the fund’s brochure.

“The Fund is not going to put money into bitcoin instantly or not directly via the usage of derivatives. Traders looking for direct publicity to the worth of bitcoin ought to think about one other funding apart from the Fund,” the prospectus continues.

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In October, the agency launched the Valkyrie Bitcoin Technique, which is buying and selling on the Nasdaq underneath the ticker BTF. That fund goals to solely observe the worth of Chicago Mercantile Alternate (CME) Bitcoin futures, in keeping with Valkyrie. Bitcoin futures, that are agreements to purchase or promote an asset sooner or later at a particular worth, are absolutely regulated within the U.S. on the CME. The objective of the fund — which doesn’t make investments instantly in Bitcoin — is to trace the worth of those merchandise in a liquid basket of securities. “By doing so, BTF supplies publicity to a wider viewers of traders, advisors and extra, with out the pitfalls and hurdles sometimes related to investing instantly in crypto property,” the corporate mentioned in a press release.

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And in November, Valkyrie launched a decentralized finance (DeFi) fund “off the again of shopper demand.”

“The Valkyrie Onchain DeFi fund, along with investing within the DeFi tokens, holds our property on-chain,” CEO Leah Wald advised GOBankingRates on the time. “This permits us to take part within the upside, whereas gaining further yield from lending, liquidity swimming pools, farming & staking within the on-chain DeFi ecosystem. We get the appreciation plus the compounded yield generated from on-chain DeFi participation. Along with investing in DeFi tokens, the fund will maintain property on-chain.”

Extra From GOBankingRates

This text initially appeared on GOBankingRates.com: Valkyrie Launches Steadiness Sheet Alternatives ETF With Publicity to Bitcoin, Targets ‘Rising Demand for Crypto Investing in an Straightforward Means’

Macro guru Raoul Pal says he stays very bullish on Bitcoin, Ethereum and 4 large-cap altcoins as crypto continues to see adoption on a worldwide scale. 

In a brand new interview on enterprise and entrepreneurial YouTube channel Goko Group, Pal says he expects the full crypto market to rise 100x within the coming years on the again of exponential adoption. 

“[Crypto] is the quickest rising adoption in any know-how in all recorded historical past. We’re going to go from 150 million customers to a billion customers in three and a half years. It’s going from $2 trillion to $200 trillion as an asset class in all probability in 10 years.”

In keeping with Pal, he’s taking a look at six crypto property which he thinks have essentially the most stable potential primarily based on their fundamentals.

“What you do is have a look at these cryptocurrencies and say, ‘How many individuals are utilizing it? Is that community rising and are folks constructing stuff on it?’ In the event you can reply these questions with sure, then you definitely’ve received funding

Those that I see that in proper now are Bitcoin, Ethereum, Solana, Terra and possibly Polkadot or Avalanche. These are those with a bigger market cap. We’re seeing actual use circumstances, a number of folks adopting it and plenty of folks growing purposes on it.”

For many who need to hold it easy, Pal says traders ought to take an in depth have a look at Ethereum (ETH). 

“Simply take Ethereum. Ethereum is just like the web of cash. It’s just like the software program platform that the whole lot is being constructed on, and it might not go up essentially the most, however it’s going to go up a hell of loads as a result of it’s received large community results. It’s simple to know. It’s simple to commerce. It’s simple to purchase. It’s liquid and also you don’t must study too many new issues.”

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