Grayscale bitcoin ETF saw record daily outflows as bitcoin tumbled

FILE PHOTO: Representations of cryptocurrency Bitcoin are seen in this illustration picture taken in Paris, France, March 9, 2024. REUTERS/Benoit Tessier/Illustration/File Photo

(Reuters) -A selloff in 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.