Institutional managers buy $ 2 billion worth of Bitcoin in October

Institutional inflows into Bitcoin (BTC) products rebounded sharply in Octoberwhich underscores the renewed bullish sentiment surrounding the flagship cryptocurrency.

According to the CoinShares Weekly Flows Report, for the week ended October 31, crypto investment products had total inflows of $ 288 million and Bitcoin accounted for $ 269 million.

Institutional demand for BTC has gradually recovered over the past few months as the US Securities and Exchange Commission was expected to approve its first exchange-traded Bitcoin fund. Those expectations were met last month when two Bitcoin-related products hit the market.

Institutional managers buy $ 2 billion worth of Bitcoin in October
Institutional managers buy $ 2 billion worth of Bitcoin in October

The ProShares Bitcoin Strategy ETF, which was officially launched on October 19, generated $ 1 billion in assets under management in the first two days, making it a fund More quickly to reach this milestone. Unlike the record-breaking week before, however, entries in US-based Bitcoin ETFs recently amounted to just $ 53 million, according to CoinShares.

For the month of October, Bitcoin funds generated a total of $ 2 billion in inflows, bringing the total for the year to date to nearly $ 6.4 billion. For comparison: Ether (ETH) has raised $ 1.05 billion since the beginning of the year. Taking all crypto assets into account, inflows reached $ 8.7 billion last week in 2021, which is 30% more than all of the previous year.

Bitcoin’s price hit an all-time high of over $ 67,000 last month before correcting downward. At the time of this writing, the leading cryptocurrency was valued at $ 61,000, according to Cointelegraph Markets Pro.

Similar Posts