Bitcoin Climbs Past $42,000 as Grayscale ETF Outflows Slow

Bitcoin briefly climbed past $42,000 amid a slowdown in outflows from the $20 billion Grayscale Bitcoin Trust that strategists said may help to stanch a two-week slump in the token.

About $4.8 billion has exited the more than decade-old Bitcoin portfolio — the world’s largest — since it became an exchange-traded fund on Jan. 11, data compiled by Bloomberg show. Bitcoin had shed around 20% in the same period.

WATCH: Bitcoin crosses the $41,000 level.

Source: Bloomberg

The fund’s conversion from a closed-end format allowed investors to close out a popular arbitrage trade and sparked disposals by the estate of the bankrupt FTX exchange. The daily pace ...