October was a record-breaking month for Bitcoin funds, as institutional inflows into BTC products picked up sharply within the month.
Throughout October, Bitcoin funds generated $2 billion in inflows, bringing the year-to-date total to about $6.4 billion. Ether (ETH) funds, on the other hand, have raked in $1.05 billion since the year began. When accounting for all crypto assets, 2021 inflows reached $8.7 billion last week, a 30% increase from all of last year.
For the week ending Oct. 31, crypto investment products raked in a whopping $288 million. Bitcoin accounts for the majority of that figure, with a total of $269 million, according to CoinShares’ weekly flows report.
The renewed bullish sentiment around the flagship cryptocurrency has caused a rise in the institutional demand for BTC over the past few months, amid expectations that the United States Securities and Exchange Commission (SEC) would approve its first Bitcoin exchange-traded fund.
Those expectations were fueled further when two Bitcoin-linked products hit the market last month. The ProShares Bitcoin Strategy ETF became the fastest fund to generate $1 billion in assets under management within the first two days of its launch. According to CoinShares, inflows into U.S.-based Bitcoin ETFs totaled only $53 million for the past week, unlike the previous record-breaking week.