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21.11 - 12:49
Institutional managers bought $2B worth of Bitcoin in October
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Institutional inflows into Bitcoin (BTC) products picked up sharply in October, underscoring renewed bullish sentiment surrounding the flagship cryptocurrency.
Crypto investment products saw inflows totaling $288 million for the week ending Oct. 31, with Bitcoin accounting for $269 million, according to CoinShares’ weekly flows report.
Institutional demand for BTC has been picking up gradually over the past few months amid expectations that the United States Securities and Exchange Commission, or SEC, would approve its first Bitcoin exchange-traded fund. Those expectations came to fruition last month with two Bitcoin-linked products hitting the market.
The ProShares Bitcoin Strategy ETF, which officially launched Oct. 19, generated $1
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