Institutional managers bought $2B worth of Bitcoin in October

The crypto market is in a downturn, and institutional investors seem to be taking advantage of this. However, some experts are questioning what will happen if the price falls even more.

The “bitcoin stock predictions” is a cryptocurrency. It was first released in 2009, and it has been the most popular digital currency ever since. The institutional managers bought $2B worth of Bitcoin in October.

 

In October, institutional inflows into Bitcoin (BTC) products increased dramatically, indicating a fresh positive outlook for the flagship cryptocurrency. 

According to CoinShares’ weekly flows report, crypto investment products received $288 million in inflows for the week ending Oct. 31, with Bitcoin accounting for $269 million.

The United States Securities and Exchange Commission, or SEC, is expected to approve the first Bitcoin exchange-traded fund, so institutional demand for BTC has been progressively increasing over the last several months. Last month, two Bitcoin-linked items entered the market, confirming those predictions.

The ProShares Bitcoin Strategy ETF, which went live on Oct. 19, amassed $1 billion in assets under management in its first two days, making it the quickest fund to ever do so. In contrast to the previous record-breaking week, CoinShares reports that inflows into US-based Bitcoin ETFs reached just $53 million in the most recent week.

Take a look at how ridiculous $BITO’s first two days of trading volume were. Here’s how it stacks up against the next most popular ETF launches of all time. It has doubled all of them and is doing well in terms of second-day growth (see $QQQ, $GLD). pic.twitter.com/WLzQt7yD3t via @tpsarofagis

October 21, 2021 — Eric Balchunas (@EricBalchunas)

Bitcoin funds as a whole received $2 billion in inflows in October, increasing the year-to-date total to roughly $6.4 billion. Since the start of the year, Ether (ETH) funds have received $1.05 billion. When all cryptoassets are included, last week’s inflows totaled $8.7 billion, up 30% from the same period last year.

Why are we doing this now? The US Securities and Exchange Commission took eight years to approve a Bitcoin ETF.

Last month, Bitcoin hit an all-time high of almost $67,000 before dropping down. According to Cointelegraph Markets Pro, the top cryptocurrency was worth $61,000 at the time of writing.

Genesis Digital Assets is a company that has been in the cryptocurrency market for over two decades. The institutional managers bought $2B worth of Bitcoin in October. Reference: genesis digital assets stock.

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