Grayscale bitcoin ETF saw record daily outflows as bitcoin tumbled

economictimes.indiatimes.com:

bitcoin continued on Tuesday, accompanied by record outflows from Grayscale's Bitcoin Trust, accelerating the asset losses by the fund since it converted into an exchange traded fund this year.

Grayscale's ETF notched a daily record of $642.5 million in outflows on Monday, according to data from BitMEX Research, when bitcoin tumbled about 4%. The cryptocurrency was down another 2% by mid-afternoon Tuesday, bouncing off session lows. Data for Tuesday's flows will be available Wednesday morning.

Investors have been unloading holdings in the Grayscale fund since it converted into an ETF Jan. 10. Meanwhile, money has flowed into the nine new spot bitcoin ETFs approved by the U.S. Securities and Exchange Commission on the same date.

Monday's outflows from the Grayscale ETF brought the total to roughly $12 billion since Jan. 10, though the 52% gain in bitcoin's price has helped counterbalance some of those losses. The fund's assets now stand at $27.2 billion, compared to $29 billion on the first day of trading in the new ETFs.

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