According to a recent report by Morgan Stanley analysts, the spot Bitcoin ETF may attract a fund inflow of about $62 billion in the next 2-3 years. The analysts stated that only 7% (i.e., $230 billion) of the $3.3 trillion total gold volume used for investment purposes is held in the form of funds, while the rest is held in the form of gold bars and coins. The analysts pointed out that using gold as a benchmark and adopting the same volatility of 3.7, the potential size of the Bitcoin ETF is about $62 billion (i.e., $230 billion divided by 3.7). They added that this represents a "realistic goal" for the potential size of the spot Bitcoin ETF over time (possibly within two to three years). However, they noted that most of the implied net inflows may be due to the continuous rotation of existing tools towards ETFs.