Buyers of spot bitcoin ETFs aren’t buying actual bitcoin — but that’s working out just fine so far for folks buying into BlackRock’s fund.

BlackRock’s iShares Bitcoin Trust (IBIT) has outperformed bitcoin since Thursday’s launch.

Although, it’s perhaps better to say IBIT has performed less poorly than bitcoin. The top crypto has fallen 10.2% since the ETFs went live to IBIT’s 8.9% losses, more than a full percent between them.

Read more: Bitcoin ETF Tracker

In fact, IBIT’s share price is doing better than all its rivals. As of 11:50 am ET, Valkyrie’s BRRR and Franklin Templeton’s EZBC are the worst performing bitcoin ETFs, respectively down 10.6% and 10.8%,…

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