When an asset’s price goes up, more investors tend to get interested — because they would like to make money if the price continues to go up. Bitcoin is approaching record territory after the U.S. Securities and Exchange Commission approved spot bitcoin exchange traded-funds (ETFs), and BlackRock’s iShares Bitcoin Trust is reaping the benefits of the cryptocurrency’s new hype cycle in a big way: The ETF has already brought in $1.4 billion as of Thursday.
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Bitcoin was trading at more than $62,000 on Friday, coming after the coin’s best month in more than three years. Everyone is getting in on the party, from miners and exchanges to trading platforms and derivatives markets.
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Ironically, one of the biggest losers from all this excitement has been the Grayscale Bitcoin Trust, a popular fund that has lost capital as investors move to ETFs with lower fees: It’s out more than $400 million this week.