The Financial Post reports in its Wednesday edition that cryptocurrency investors waded back into the market last week, riding a surge in bitcoin. A Bloomberg dispatch to the Post says exchange-traded funds tracking bitcoin and ether attracted more than $3.2-billion last week, with the U.S.-traded iShares Bitcoin Trust ETF alone seeing a nearly $1.5-billion inflow -- the most this year (all figures U.S.). Other bitcoin-focused funds also saw meaningful infusions, with investors adding more than $620-million to the ARK 21Shares Bitcoin ETF and $574-million into the Fidelity Wise Origin Bitcoin Fund. Meanwhile, ether products posted their first net weekly inflows since February. Spot bitcoin surged 10 per cent to about $94,000, its best week since the days following the U.S. presidential election. Crypto enthusiasts also point out bitcoin's resilience versus stocks during President Donald Trump's trade war and the subsequent upheaval it has caused in financial markets. The token is flat this year, compared with the S&P 500's nearly 6-per-cent drop, a pattern that has reignited calls that the cryptocurrency is acting as a new type of haven akin to gold, which has also rallied. IBIT is the largest bitcoin ETF.
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