Institutional investors are continuing to pile into Bitcoin despite prices pushing up to a five-month high.
According to CoinShares’ Oct. 12 Digital Asset Fund Flows Weekly report, more than $226 million in capital flowed to institutional Bitcoin (BTC) products this past week. Bitcoin products dominated inflows for the third consecutive week, posting a week-over-week increase of 227%.
The heavy inflows coincided with the price of BTC gaining 12.5% for the week, with BTC sitting at around $54,000 on Oct. 8.
CoinShares attributes the positive shift in sentiment towards Bitcoin to recent statements from U.S. Securities and Exchange Commission (SEC) chairman Gary Gensler’s suggesting the long-awaited approval of the United States’ first Bitcoin exchange-traded fund (ETF) may be just around the corner.
The surging activity surrounding Bitcoin