market is treating the E*TRADE rollout like a retail convenience feature, but the important part is distribution the official product page is live: BTC, ETH and SOL spot trading on E*TRADE, 0.50% commission, no added spread, powered by zerohash, with Morgan Stanley research wrapped around it. that is not memecoin liq. it is another major broker teaching mainstream accounts to treat crypto like a normal line item. mechanically, this matters more for access than for immediate onchain flow. if a broker already owns the customer, the next battle is who owns the custody, routing, data, and eventual product shelf around that customer. majors benefit first because the menu is still just BTC, ETH, and SOL, and transfers are still marked coming soon. the risk is that this stays a closed broker sandbox and mostly recycles existing CEX demand. if transfers, asset coverage, and client adoption stall, the headline is bigger than the flow. watch whether the list expands beyond the first three majors, whether transfers actually ship, and whether other wealth platforms have to cut pricing or copy the model. distribution is becoming the moat. NFA