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These Traders Paid a 100% Premium for Bitcoin at the Market Top

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Why Cryptocurrencies Keep Crashing

Losing money as everything from stocks to oil to corporate debt tumbles? It could be worse.

To see what may be one of the most poorly timed trades of the past year, take a look at the $1 billion Grayscale Bitcoin Investment Trust. On Dec. 18, the day before Bitcoin’s epic crash began, buyers of the trust propelled its premium over net asset value to more than 100 percent. In rough terms, it was like shelling out $40,000 for Bitcoins that were trading near $20,000 in the spot market.