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Winners and Losers In the Spot Bitcoin ETF Race
While cryptocurrency has a reputation for drawing investors from outside the mainstream, the biggest winners of the newly launched spot bitcoin funds are two of the best-known names in the industry. Since spot bitcoin exchange-traded funds began trading on Jan. 11, investors have poured $12.1 billion into them, of which over 80% has gone to either BlackRock’s iShares brand or Fidelity Investments. “They’re both massive asset managers with incredible reach and the strongest distribution networks …everyone is a client of iShares, and other firms don’t have platforms like Fidelity,” says Bryan Armour, ... (full story)