October turned out to be a record-setting month for Bitcoin as institutional investors acquired BTC funds worth $2 billion. In fact, bitcoin funds have generated almost $6.4 billion from investments alone since the inception of the year.
On the other hand, the year-to-date inflows for Ethereum (ETH) products currently stand at $1.056 billion. With people increasingly parking funds in crypto, Bitcoin has gone mainstream with a massive market cap of $1.18 trillion.
The institutional inflows in BTC skyrocketed at a time when the Securities and Exchange Commission (SEC) granted approval for Bitcoin Futures ETF trading. Even prior to the approval of authorities, the demand for Bitcoin among investors was booming owing to bullish sentiment towards mainstream crypto assets.
Bitcoin Futures ETF breaks records
It must be noted that the Bitcoin ETF did not get authorized overnight in the United States. In fact, the authorization of the ETF is nothing less than a milestone in crypto history. The SEC delayed the matter for 8 long years before finally granting regulatory approval to the Bitcoin ETF.
Proshare’s Bitcoin ETF smashed records within one day of hitting the crypto market, amassing a trading volume of over $1 billion. What’s noteworthy is that the value of Bitcoin (BTC) hit new record highs on October 20 with its price equaling $66,974.
As of now, the world’s biggest cryptocurrency is valued at $61,137 and its price is expected to rise in the future.