Institutional inflows into Bitcoin (BTC) merchandise picked up sharply in October, underscoring renewed bullish sentiment surrounding the flagship cryptocurrency.
Crypto funding merchandise noticed inflows totaling $288 million for the week ending Oct. 31, with Bitcoin accounting for $269 million, in accordance with CoinShares’ weekly flows report.
Institutional demand for BTC has been selecting up step by step over the previous few months amid expectations that the US Securities and Trade Fee, or SEC, would approve its first Bitcoin exchange-traded fund. These expectations got here to fruition final month with two Bitcoin-linked merchandise hitting the market.
The ProShares Bitcoin Technique exchange-traded fund (ETF), which launched formally on Oct. 19, generated $1 billion in property below administration in its first two days,becoming the quickest fund to ever attain that milestone. Nevertheless, not like the earlier record-breaking week, inflows into U.S.-based Bitcoin ETFs totaled solely $53 million for the latest interval, in accordance with CoinShares.
Good have a look at simply how ridic $BITO‘s first two days of quantity have been. Right here it’s vs the following most profitable ETF launches of all time. It did double any of them, and is in good co w/ second day progress (see $QQQ, $GLD) by way of @tpsarofagis pic.twitter.com/WLzQt7yD3t
— Eric Balchunas (@EricBalchunas) October 21, 2021
For the month of October, Bitcoin funds as a complete generated $2 billion in inflows, bringing the year-to-date complete to just about $6.4 billion. By comparability, Ether (ETH) funds have acquired $1.05 billion because the yr started. When accounting for all crypto property, 2021 inflows reached $8.7 billion final week, which is 30% larger than all of final yr.
Why now? SEC took eight years to authorize a Bitcoin ETF within the US
The Bitcoin worth reached an all-time excessive above $67,000 final month earlier than correcting decrease. On the time of writing, the main cryptocurrency was valued at $61,000, in accordance with Cointelegraph Markets Professional.