On-chain data indicates the Morgan Stanley Bitcoin Trust ETF withdrew 106.04 BTC from Coinbase Prime, a single custody-related movement flagged by wallet-tracking analysts monitoring the fund’s holdings. The observed transfer moved 106.04 BTC out of a Coinbase Prime address associated with the Morgan Stanley Bitcoin Trust ETF, based on wallets identified by Arkham. Coinbase Prime is the institutional custody and trading platform used by many U.S. spot Bitcoin funds. For related coverage, see Morgan Stanley Bitcoin ETF Draws $34M on Day One as Fee Pressure Builds.