Crypto funds surged Monday as bitcoin BTCUSD, +1.22% broke out from a recent trading range and rose to its highest in two months. There is no exchange-traded fund made up of direct crypto assets, although regulators are considering numerous applications for one, but two trusts are often used as proxies for digital currencies. The Grayscale Bitcoin Trust GBTC, +4.23% was up more than 12% at midday, while the Grayscale Ethereum Trust ETHE, -10.31% jumped nearly 30%. Many analysts believe demand for bitcoin is rising for the same reasons demand for gold GC00, +0.22% has surged: investors are seeking alternatives to stocks and cash. Bitcoin traded at about $10,354 at midday, up nearly 5% for the day, and some experts believe it could head to $15,000 next.
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