More tin foil hat theory. Morgan Stanley were among the main beneficiaries of the bitcoin correction through the structure of the IBIT note. MS collects structuring and distribution fees at issuance. As prices fell, the probability of early autocall declined, extending the life of the note and allowing MS to earn additional carry and hedging related income. The important part is: once IBIT fell more than roughly 25% and breached the downside barrier, losses were transferred to note holders. From that point on, investors absorbed losses one for one as prices continued to fall. Further drawdowns hurt investors but leave the bank largely insulated. https://www.bloomberg.com/news/articles/2025-11-18/morgan-stanley-s-complex-bitcoin-bet-draws-104-million-in-rout(James Van Straten)