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.
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.
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