Hedge funds including Millennium Management, Capula Management and Tudor Investment increased their exposure to U.S. spot bitcoin exchange-traded funds in the third quarter, securities filings showed, as a popular election-driven arbitrage trade ramped up. The cryptocurrency surpassed the $90,000 level to reach an all-time high earlier this week, although it has pared gains. During the election price volatility, some hedge funds have been taking advantage of a price difference between spot bitcoin and its derivatives in the futures market in a leveraged trade, according to analysts.