Institutional managers bought $ 2 billion worth of Bitcoin in October

Institutional investments in Bitcoin (BTC) products rose sharply in October, underscoring renewed optimism around the leading cryptocurrency.

According to CoinShares’ weekly flow report, cryptocurrency investment products saw total inflows of $ 288 million for the week ended October 31, with Bitcoin accounting for $ 269 million.

Institutional demand for BTC has grown steadily over the past few months as the US Securities and Exchange Commission was expected to approve its first exchange-traded Bitcoin fund.

Those expectations came true last month when two Bitcoin-related products hit the market.

Officially launched on October 19, the ProShares Bitcoin Strategy ETF generated $ 1 billion in assets under management in the first two days the fastest Means to reach this milestone. However, unlike the previous week’s record, inflows into US-based Bitcoin ETFs have been just $ 53 million recently, according to CoinShares.

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Bitcoin funds generated a total of $ 2 billion in inflows in October for a grand total of nearly $ 6.4 billion. By comparison, Ether (ETH) funds have raised $ 1.05 billion since the start of the year. Taking all cryptocurrencies into account, capital inflows in 2021 were $ 8.7 billion last week, 30% more than all of the previous year.

Related: Why now? It took the SEC eight years to license a Bitcoin ETF in the United States

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