According to CoinShares’ weekly flows report, crypto funding merchandise saw inflows of $288 Mln for the earlier week ending Oct. 31, with BTC contributing $269 million.
Institutional demand for Bitcoin has gradually increased in recent months, owing to hopes that the US Securities and Exchange Commission, or SEC, will approve the first BTC exchange-traded fund. Last month, two Bitcoin-related products made their debut on the market, confirming those predictions.
In its first two days, the ProShares Bitcoin Strategy ETF, which formally launched on Oct. 19, generated $1 billion in assets under administration, making it the fastest fund to ever reach that milestone. In contrast to the previous record-breaking week, inflows into US-based Bitcoin ETFs totaled only $53 million in the most recent period, according to CoinShares.
BTC funds as a whole attracted $2 billion in inflows in October, increasing the year-to-date total to over $6.4 billion. Since the beginning of the year, Ethereum (ETH) funds have amassed $1.05 billion. When all crypto assets are taken into account, 2021 inflows hit $8.7 billion last week, up 30% from the previous year.
This month, BTC reached an all-time high of over $68,780 USD before dropping downward. According to coinmarketcap, the primary cryptocurrency was worth $68,014 USD at the time of writing.
Bitcoin Price Chart – Source: CoinMarketCap