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, based on CoinShares’ weekly flows report.

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Institutional demand for BTC has been choosing up steadily over the previous few months amid expectations that america 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. Nonetheless, not like the earlier record-breaking week, inflows into U.S.-based Bitcoin ETFs totaled solely $53 million for the newest interval, based on CoinShares.

For the month of October, Bitcoin funds as an entire generated $2 billion in inflows, bringing the year-to-date complete to just about $6.4 billion. By comparability, Ether (ETH) funds have obtained $1.05 billion because the 12 months started. When accounting for all crypto belongings, 2021 inflows reached $8.7 billion final week, which is 30% increased than all of final 12 months.

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, based on Cointelegraph Markets Pro.