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Institutional crypto investors have continued to accumulate more Bitcoin despite the token hitting a five-month high. A recent report revealed that about $226 million worth of Bitcoin was purchased by crypto whales, with Bitcoin products dominating inbound flows for the third consecutive week.
And as the large inflows continue, BTC has kept increasing in value, gaining 12.5% the past week and trading at $54,000.
A High Expectation For The First Bitcoin ETF
Some experts have attributed that increased investments in BTC to the recent announcement by the Securities and Exchange Commission (SEC) Chairman, Gary Gensler.
He assured the public the commission is close to approving a Bitcoin exchange-traded fund (ETF) for the first time. Investors are in a positive and bullish mindset, hoping that the news can galvanize Bitcoin’s price.
While institutional investors are pillion $226 million in BTC last week, other assets saw an outflow of $13.6 million. It suggests that the sentiment towards BTC is not related to any activity that affects the entire crypto industry.
Some Altcoins Products Also Doing Great
As a result of the increased interest in BTC investment, assets under management (AUM) for institutional crypto products have surged to $66.7 billion. Coinshares estimated that the currency value is only 5% less than May’s record AUM level.
Some altcoin products have also shown a good performance while others witnessed a slight fall in price. Cardano (ADA) and Solana (SOL) products generated $3 million and $12.5 million respectively in the past week.
But funds that offer exposure to tokens like Ripple (XRP), Polkadot (DOT), and Ether (ETH) had outflows of $600,000, $2.1 million, and $13.6 million each.
The SEC Could Grant Its First Bitcoin ETF Approval Soon
But for the eighth consecutive week, crypto investment products have posted inflows, which shows a steady interest in the market.
The SEC has been reluctant to issue an approval for any Bitcoin ETF, arguing that the sector is practically new and much research is still needed. However, the commission is deliberating on issuing an approval for four applications ETFs on the regulated futures contract of the Chicago Mercantile Exchange (CME).
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