Morgan Stanley Exec: Crypto ETF Adoption Remains “Very Early” for Advisors
On March 17, 2026, Amy Oldenburg, Morgan Stanley’s Head of Digital Asset Strategy, stated at the DC Blockchain Summit that crypto ETF adoption is “still very early” among financial advisors. She noted that ~80% of spot crypto ETF activity on Morgan Stanley’s platform comes from self-directed investors, not advisor-managed accounts.
“This has been a journey, and we’re still very early on it,” Oldenburg said.
The firm began allowing bitcoin ETF purchases in brokerage accounts in 2024 and has since expanded access in a “managed and stepped” manner while advisors work through education and asset-allocation questions.
Institutions Formalizing Small Crypto Allocations
Large wealth managers are gradually publishing formal guidance for crypto exposure:
- Morgan Stanley global investment committee: up to 4% depending on risk tolerance (2025 guidance)
- Bank of America: 1–4% range
- BlackRock & Fidelity: similar 1–4% bands
- Bitwise CIO Matt Hougan: Some professionals are now considering ~5% (up from earlier ~1% recommendations)
These frameworks emerge as U.S.-listed spot bitcoin and ether ETFs have attracted >$68 billion in net inflows since launch (SoSoValue data).
Teddy Fusaro, Bitwise president, highlighted that many major brokerage and advisory platforms only started enabling advisors to place crypto ETFs in client portfolios in late 2025, a “watershed moment” for the advisory community.
Looking Ahead: Beyond Traditional ETFs
Panelists suggested the next phase could include:
- Tokenized real-world assets (RWAs)
- Blockchain-based settlement systems operating 24/7
- Continued advisor education on portfolio construction
Oldenburg emphasized that self-directed flows are “only a piece of the puzzle” and that Morgan Stanley continues working with advisors to integrate digital assets responsibly.
Investor Takeaways
- Advisor-managed crypto ETF allocations remain small and gradual → broad institutional adoption still developing.
- Self-directed investors are driving the majority of early flows.
- Watch for incremental increases in recommended allocation ranges (currently 1–5%) and continued advisor onboarding across major platforms.
