Bitcoin [BTC] fell more than 6% over a volatile 48 hours and broke below the $70,000 support level, retracing toward early-March prices. Long liquidations stayed contained at under $120 million, while a newly created wallet withdrew 2,650 BTC ($179.6 million) from Binance and short-term holder inflows to Binance declined to 25,000 BTC from roughly 100K BTC in early February.

Morgan Stanley updated its S-1 for its proposed spot Bitcoin ETF, MSBT, and set a 0.14% management fee. If approved by the SEC, the fee would undercut rivals in the roughly $85 billion to $92 billion spot BTC ETF market, including Grayscale’s 0.15% and BlackRock and Fidelity at 0.25%. The bank also outlined earlier steps such as a $1 million seed investment and proposed custodians Coinbase and BNY Mellon.

Crypto market sentiment has slid to its lowest level in months, while larger Bitcoin holders have been adding coins. Over the past 30 days, wallets holding 10 to 10,000 BTC accumulated about 61,568 BTC (+0.45%), and wallets under 0.01 BTC added roughly 213 BTC (+0.42%). The backdrop included choppy broader markets and renewed geopolitical tensions, alongside a Crypto Fear & Greed Index reading of 10 on Thursday and 13 on Friday.

Morgan Stanley has proposed launching a spot Bitcoin ETF with a 0.14% fee, as outlined in its latest S-1 registration statement filed on Friday. The fee would sit one basis point below the Grayscale Bitcoin Mini Trust ETF and 11 basis points under BlackRock's iShares Bitcoin Trust ETF, potentially intensifying price competition among US spot Bitcoin funds.

Strategy accumulated about 45,000 BTC over the past 30 days, marking its quickest 30-day buying pace in nearly a year. Over the same period, other corporate bitcoin treasury buyers collectively purchased under 1,000 BTC, as the sector’s activity and market share concentrated further around Strategy.

US lawmakers unveiled a draft Digital Asset PARITY Act on Friday that would adjust tax rules for digital assets but drew criticism for leaving Bitcoin (BTC) outside key relief. The proposal would exempt certain stablecoin payments under $200 from gain/loss recognition if the token stays within 1% of its dollar peg, and it would let some proof-of-stake participants defer taxes on staking rewards. The Bitcoin Policy Institute urged lawmakers to extend similar treatment to miners and other block-reward recipients.

Bitcoin slid to $65,530 on Friday after trading near $71,300 on Thursday, an 8% drop that coincided with broader risk-off moves tied to US economic uncertainty and the Israel-Iran war. Options pricing on Deribit implied a 53% probability that BTC remains under $66,000 by April 24, while $210 million in leveraged long BTC futures was liquidated and the $18.6 billion monthly options expiry left most calls worthless.

Bitcoin slid more than 6% over the past 24 hours to $65,703, with BTC at $66,023 at press time, as over $102 million in positions were liquidated. Network participation also weakened, with active addresses falling from 938,609 on August 8, 2025, to 655,908 on March 25, 2026. Peter Brandt's chart levels keep attention on the $65,000 area, with $49,000 highlighted as a potential downside target if weekly support fails.