According to CoinShares Oct 12 Weekly digital asset fund feeds report, over $ 226 million in capital was poured into institutional Bitcoin (BTC) products last week. Bitcoin products dominated inbound flows for the third week in a row, posting a 227% week-over-week increase.
The large inflows coincided with the price of BTC gaining 12.5% for the week, with BTC hovering around $ 54,000 on October 8.
CoinShares attributes the change in positive sentiment towards Bitcoin to recent statements by the Chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler, suggesting that the long-awaited approval of the states’ first Bitcoin exchange-traded fund (ETF) -United could be imminent. .
Growing activity around Bitcoin saw combined assets under management (AUM) of institutional crypto products reach $ 66.7 billion last week – CoinShares estimates total is only 5% of industry record in May.
Altcoin tracking products posted a mixed performance for the week, with Solana (SOL) and Cardano (ADA) products generating entries of $ 12.5 million and $ 3 million respectively. However, funds with exposure to Ether (ETH), Polkadot (DOT) and Ripple (XRP) suffered outflows of $ 13.6 million, $ 2.1 million and $ 600,000 each.
Crypto investment products have now registered entries for eight consecutive weeks.
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Many onlookers attribute the recent bullish momentum in BTC to expectations that the SEC will soon approve a Bitcoin ETF based on futures.
While the SEC has previously rejected all requests it has received for physically backed Bitcoin ETFs, the SEC is currently deliberating on four requests for exchange-traded funds based on Chicago Mercantile Exchange (CME) regulated futures.
With CME Futures Markets Offering Product Already Insured And Overseen By US Regulators, Experts Such As Senior ETF Analyst For Bloomberg Eric Balchunas Believe Bitcoin Futures ETFs ‘Likely On Time’ To Receive A Fire regulatory green this month.