Bitcoin is soaring and nearing its all-time high.

 The cryptocurrency rose 8% to $67,310 on Monday, exceeding its $44,000 start-of-year valuation  

 And less than $2,000 from its November 2021 record high of $69,000.  

 What's driving the rally? Bitcoin is surging due to demand for spot bitcoin exchange traded funds, say cryptocurrency observers  

Experts say ETFs, which allow investors to dabble in crypto more safely than ever, have drawn a tremendous amount of cash this year.   

 "Investors are realizing that bitcoin is an uncorrelated asset, making it ideal for portfolio diversification,"   

 LMAX Group market strategist Joel Kruger told CBS MoneyWatch. 

 A spot bitcoin ETF gives investors direct bitcoin exposure without holding it. Spot bitcoin ETFs hold bitcoins, not futures contracts.    

A business manages each spot bitcoin ETF by issuing shares of its bitcoin assets purchased from other holders or an authorized cryptocurrency exchange.  

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