In Brief:
- Inflows into digital asset investment products totaled $288 million last week.
- In October, Bitcoin funds received $2 billion in inflows.
In October, institutional inflows into Bitcoin (BTC) products increased sharply, indicating renewed optimism about the flagship cryptocurrency.
According to CoinShares’ weekly flows report, Crypto investment products saw inflows totaling $288 million last week as bitcoin futures exchange-traded funds (ETFs) saw little activity.
Bitcoin saw the majority of inflows last week, totaling $269 million, bringing total inflows for October to $2 billion.
Bitcoin funds received $2 billion in inflows in October, bringing the year-to-date total to nearly $6.4 billion. In comparison, Ether (ETH) funds have received $1.05 billion since the beginning of the year.
Total funds into digital asset investment products for the year to date now stand at a record $8.7 billion, which is 30% more than the total for 2020.
Profits were influenced by the ProShares Bitcoin Strategy ETF (BITO), the first bitcoin-based exchange-traded fund (ETF) to begin trading in the United States.
In its first two days, the fund generated $1 billion in assets under management, making it the fastest fund to reach that milestone.
CoinShares stated in the report, “The record-breaking previous week, following the US Securities and Exchange Commission permitting a Bitcoin futures ETF decision, was not repeated last week with only $53 million of inflows from US-based ETFs.”
