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US Spot-Bitcoin ETF Frenzy Takes Toll on Legacy Funds – Bloomberg

all41author 8 months ago 0

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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world
Americas+1 212 318 2000
EMEA+44 20 7330 7500
Asia Pacific+65 6212 1000
The frenzy for spot-Bitcoin ETFs in the US is taking a heavy toll on years-old investment products that had led the way in bringing cryptocurrencies to the fund world.
Investors have pulled a total of $738 million from Bitcoin vehicles on German, Canadian, and Swedish exchanges so far in 2024, according to data from CoinShares International Ltd. As Bitcoin marks new all-time highs, the majority of exiting investors are likely switching from one Bitcoin product to another in pursuit of lower management fees, according to Stéphane Ouellette, chief executive officer at FRNT Financial Inc.

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