The Globe and Mail reports in its Wednesday edition that bitcoin is trading close to its all-time high, but new competition from south of the border has led many investors to withdraw funds from Canadian bitcoin exchange-traded funds. The Globe's Mark Burgess writes that spot bitcoin ETFs in Canada have seen $655-million in outflows this year as of March 31, according to Linda Ma at National Bank Financial Markets in Toronto. Meanwhile, U.S.-based spot bitcoin ETFs, which launched in January after receiving long-awaited regulatory approval, have brought in $40.8-billion (U.S.). BlackRock's iShares Bitcoin Trust has seen $14-billion (U.S.) in inflows since it began trading in January. The movement in assets comes as the crypto asset is trading in the $65,000 (U.S.) range after hitting a record high of more than $73,000 (U.S.) mid-March. Spot bitcoin ETFs had an almost three-year head start in Canada, with Purpose Investments launching Purpose Bitcoin ETF in February, 2021. While still the largest crypto ETF based in Canada, with $2.7-billion in assets under management between its currency-hedged, unhedged, U.S.-dollar versions, the fund has seen outflows of $513-million this year, according to National Bank data.