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Institutional managers acquire $2B worth of Bitcoin in October By BTC Peers

by Mike Robinson

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© Reuters. Oct. 2, 2018: $2B of Bitcoin purchased by institutional managers

October saw record funds as institutions inflows to BTC products increased sharply.

Bitcoin funds received $2 billion in outflows in October. This brings their total year to date at $6.4 trillion. Since the beginning of the year, Ether (ETH), funds have earned $1.05 trillion. Last week’s inflows from crypto assets totaled $8.7billion, which is 30% more than the entire year.

The week that ended October 31 saw a record $288 million for crypto investments products. Bitcoin accounts for the majority of that figure, with a total of $269 million, according to CoinShares’ weekly flows report.

In the last few months there has been a surge in institutional demand for BTC due to renewed optimism about the cryptocurrency’s flagship. There was also expectation that the United States Securities and Exchange Commission would approve the first Bitcoin-exchange-traded fund.

Two Bitcoin-linked products were launched last month to further fuel those expectations. ProShares Bitcoin Strategy ETF quickly became the most successful fund in terms of generating $1 billion assets within two days. CoinShares reports that the inflows into U.S. Bitcoin ETFs for the last week totaled $53 million, which is lower than the record.

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