Institutional investors continue to flock to Bitcoin despite the price soaring to a 5-month high.
follow report weekly from CoinShares, more than $ 226 million in capital flowed into the institute’s Bitcoin products over the past week. Bitcoin products dominated inflows for the third straight week, up 227% from the previous week.
The massive inflow coincided with a 12.5% increase in BTC price for the week, with BTC trading at around $ 54,000 in October.
CoinShares attributed the positive change in sentiment towards Bitcoin to recent green-light statements by the US Securities and Exchange Commission Gary Gensler regarding his first Bitcoin Futures ETF. UNITED STATES.
The increased activity surrounding Bitcoin has seen the total assets under management (AUM) of institutional crypto products soar to $ 66.7 billion last week – with CoinShares estimating the grand total – that’s only 5% less than the AUM record Branch from May.
Altcoin tracking products saw mixed performance this week, with the Solana (SOL) and Cardano (ADA) products generating inflows of $ 12.5 million and $ 3 million, respectively. However, the Ether (ETH), Polkadot (DOT), and Ripple (XRP) products suffered outflows of $ 13.6 million, $ 2.1 million and $ 600,000, respectively.
Cryptocurrency investment products have now seen inflows for eight consecutive weeks.
Many attribute BTC’s recent upward momentum to investor expectations that the SEC will approve a Bitcoin futures ETF in October.
While the SEC previously denied or renewed any application it received for physically-backed Bitcoin ETFs, the SEC is currently reviewing four applications for ETFs based on futures contracts regulated by the Chicago Mercantile Exchange (CME).
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According to Cointelegraph