Institutional managers bought $2B worth of Bitcoin in October


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 line with CoinShares’ weekly flows report.

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Institutional demand for BTC has been choosing up step by step over the previous few months amid expectations that the USA Securities and Change Fee, or SEC, would approve its first Bitcoin exchange-traded fund. These expectations got here to fruition final month with two Bitcoin-linked products hitting the market.

The ProShares Bitcoin Technique exchange-traded fund (ETF), which launched formally on Oct. 19, generated $1 billion in assets under management 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 line with CoinShares.

For the month of October, Bitcoin funds as an entire generated $2 billion in inflows, bringing the year-to-date complete to almost $6.4 billion. By comparability, Ether (ETH) funds have obtained $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.

Associated: Why now? SEC took eight years to authorize a Bitcoin ETF in 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 line with Cointelegraph Markets Pro.