Recently, Morgan Stanley's research report has caused a stir in the crypto world. Analyst Nikolaos Panigirtzoglou and his team have made an important judgment: the outflow of funds from spot Bitcoin ETFs is clearly slowing down, which suggests that the major sell-off in the crypto market may have bottomed out.

Even more interesting are the data from CME Bitcoin futures. There is no sign of large-scale exit by institutional investors, and deleveraging signals are not obvious; big funds are still holding on. What does this mean? It indicates that smart money has not given up yet.

Morgan Stanley predicts that as long as ETF outflows continue to improve, the short-term stabilization and rebound of the crypto market are highly likely. Of course, they also remind us to pay attention to changes in macroeconomic data, as that is ultimately the decisive factor.

For investors holding assets like BTC, ETH, or SHIB, this institutional logic is still worth considering. The market sentiment turning point might be within this time window, and the key is whether you can catch the bottom.