Bitcoin Stalls at $75,000 as Morgan Stanley ETF Attracts ₱5.97 billion ($100 million)
Tether announced a ₱8.96 billion ($150 million) funding program to help recover losses from the Drift Protocol hack, which cost roughly ₱17.03 billion ($285 million). The move signals maturing stablecoin infrastructure amid regulatory scrutiny.
Key Takeaway
Wall Street's $100 million bet validates Bitcoin even as the price stalls at resistance.
Bitcoin is hovering near $75,000 while Morgan Stanley's Bitcoin ETF attracted ₱5.97 billion ($100 million) in its first week of trading.
Analysts described the inflow figure as excellent according to DL News. The move marks another Wall Street validation of Bitcoin as traditional finance giants expand their crypto offerings. Morgan Stanley CEO James Gorman had previously called crypto a speculative asset class in 2023 interviews, but the firm reversed course after gaining SEC approval in 2024 to offer spot Bitcoin ETF access to wealth management clients.
The $75,000 level has become psychological resistance for Bitcoin. Chainalysis Director of Research Jamie Cox said the on-chain profit-taking at this level is healthy consolidation, not reversal. Bitcoin stalled near $69,000 during its 2021 bull run due to similar profit-taking by long-term holders before a correction.
Tether announced a $150 million funding program to help recover losses from the Drift Protocol hack, which cost roughly $285 million. Elliptic co-founder Eamon Maguire said USDT's reserve recoveries signal maturing stablecoin infrastructure amid regulatory scrutiny. Tether faces ongoing EU MiCA regulations that require full reserve backing and monthly disclosures.
The stablecoin issuer had received a $41 million fine from the U.S. CFTC in 2021 for misleading reserve claims. Tether improved transparency through quarterly attestations starting that year. The Drift Protocol recovery effort aligns with MiCA compliance requirements to avoid potential delisting risks in European markets.
Fidelity Digital Assets Head Tom Jessop said traditional finance giants like Morgan Stanley are validating Bitcoin as an asset class and accelerating institutional adoption.
