SINGAPORE, (Reuters) – The SINGAPORE stock market hit a six month high on Tuesday and is within striking distance from a new record. Traders believe that the anticipated U.S. listing of a futures-based U.S. exchange-traded fund will bring in investment flows to bitcoin and other cryptocurrency assets.

Bitcoin rose to $62,991 during the Asia session, its highest level since April’s record high of $64,895 (or 1.5%).

This is due to hopes that bitcoin exchange traded fund (ETF) will enable billions to flow into this sector, which are being developed by several institutional investors.

ProShares’ Bitcoin Strategy ETF will list Tuesday under ticker BITO if the Securities and Exchange Commission of the United States does not object.

Analysts warned that this fund won’t invest in bitcoin directly, but in Chicago-traded futures. This may have no immediate impact on flows. However, speculators bet that its launch will signal a rise in spot prices.

Bitcoin futures rose Tuesday. They were trading last at $62,690. Spot prices may rise if more cash flows in, according to cryptocurrency analysts from Arcane Research.

This could increase the buying pressure for CME and cause open interest to rise. They stated that this will increase cash flow and provide more carry options, which could lead to increased buying pressure in spot markets.”

This year, Crypto ETFs launched across Europe and Canada amid growing interest in digital assets. VanEck, Valkyrie and other fund managers are pursuing U.S. listed ETF products. However Invesco has since dropped plans to launch a futures-based ETF.

CNBC reports that Grayscale is now planning to make its Grayscale Bitcoin Trust a spot Bitcoin ETF after the Valkyrie Bitcoin Strategy ETF was approved by the Nasdaq.

After a period of 75 days during which ProShares ETF could be objected to it being listed, trading will begin on Tuesday.

Ether is the second most popular cryptocurrency. It has been following bitcoin’s growth and trading firmly on Tuesday. Last time, it rose 1.2% to $3,790.