Institutional investors pile into Bitcoin, high expectations for ETF rollup

Despite Bitcoin touching its five-month high, institutional investors are all in for piling more of it. As per a report “Digital Asset Fund Flows Weekly” published by CoinShares on October 12, over $226 million have inflowed into the market, grabbing BTC products in the last seven days.

Bitcoin dominance has increased by 1%, standing at 46.31. BTC products dominance is up by 227% week-over-week. The price of the king coin has increased hugely and is sitting at $57,500 on October 12. The price of Bitcoin rose from $42,000 to $57,000 in less than two weeks.

The U.S. Securities and Exchange Commission (SEC) recently made statements indicating that the approval of the nation’s first BTC exchange-traded fund (ETF) can roll up soon. These statements by SEC chairman Gary Gensler brought positive sentiments for BTC, sparking up the price even more.

The surging prices of BTC led to combined Asset Under Management (AUM) growing up to $66.7 billion last week. 

Despite the BTC price surging, the performance of altcoins looks average. For instance, funds offering exposure to ETH, DOT, and XRP recently witnessed outflows of $13.6 million, $2.1 million, and $600,000, respectively.

Institutional investors expecting ETF rollup

There have been a constant institutional investors money inflow in the crypto assets for more than eight weeks in a row which provides massive bullish momentum to the market. Many experts are also attributing the recent growth of the king coin to the SEC signals of approving a BTC ETF.

Previously the SEC has refused to look at any application received for physically-backed BTC ETFs. But now, it is deliberating four applications for ETFs under the futures contracts by Chicago Mercantile Exchange’s (CME).

Eric Balchunas, the senior ETF analyst at Bloomberg, believes that the BTC futures ETFs are “likely on schedule” and might roll up real soon, within a month.