The manager of the agency bought $2B worth of Bitcoin in October

Institutions flow into Bitcoin (Bitcoin) The product rebounded sharply in October, highlighting a new round of bullish sentiment surrounding the flagship cryptocurrency.

According to CoinShares’ weekly traffic report, in the week ended October 31, the total inflow of crypto investment products was 288 million U.S. dollars, of which Bitcoin inflows were 269 million U.S. dollars.

Institutional demand for BTC With the expectation that the US Securities and Exchange Commission (SEC) will approve its first Bitcoin exchange-traded fund, Bitcoin has been gradually picking up in the past few months.These expectations were fulfilled last month Two products linked to Bitcoin are launched.

ProShares Bitcoin Strategy Exchange Traded Fund (ETF) was officially launched on October 19, $1 billion in assets under management In the first two days, Become The fastest fund ever to reach this milestone. However, according to CoinShares data, unlike the previous record week, the total amount of funds flowing into the US Bitcoin ETF in the most recent period was only $53 million.

In October, the overall inflow of Bitcoin funds was 2 billion U.S. dollars, bringing the year-to-date capital inflows to nearly 6.4 billion U.S. dollars. In contrast, ether (Ethereum) The fund has received US$1.05 billion since the beginning of the year. Taking all crypto assets into account, the inflow in 2021 last week reached 8.7 billion U.S. dollars, which is 30% higher than that of the whole of last year.

related: Why now? The U.S. Securities and Exchange Commission spent eight years authorizing Bitcoin ETFs in the U.S.

Bitcoin price reached an all-time high of over $67,000 last month, and then fell back. According to reports, at the time of writing, the leading cryptocurrency is worth $61,000. Cointelegraph Markets Pro.