• Fri. May 24th, 2024

$2 Billion Worth of Bitcoin Bought by Institutional Managers in October



Nov 4, 2021

Over the course of time, the cryptocurrency industry has made its name throughout the globe. The industry has gained tremendous growth throughout the globe and they have become huge traction for mainstream institutions.

In the month of October 2021, as the price of Bitcoin (BTC) reached its all-time high of around $66k per BTC, it became the center of attention for mainstream institutions.

Several mainstream institutions tried their best to resist Bitcoin and its attraction. As Bitcoin’s price crossed the $65k per BTC, things took a different turn. Now, the mainstream institutions know they would miss out big if they don’t invest in Bitcoin.

This is the reason several mainstream institutions have started investing in Bitcoin. In the month of October, the inflow of transactions for purchasing Bitcoin has been on the rise. This figure has surged in the month of October and demonstrates exactly how many investments have come Bitcoin’s way.

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The data from the on-chain data analytics firms shows that in the last week of October 2021, a huge transaction inflow was recorded for Bitcoin products. According to reports, a total of $269 million worth of investments were made in Bitcoin. The data shows that a total of $288 million worth of investments were made in cryptocurrencies in the same period.

This shows that out of the total investments, only $19 million were invested in other cryptocurrency products. From the total investments, a total of 93.4% of the investments were made in Bitcoin in the last week of October. This goes to show that it is not just the crypto-investors but also the mainstream institutional investors that are bullish about making investments in Bitcoin.

One of the major reasons that have led to a sudden jerk in the price of Bitcoin is the leaning of the US Securities and Exchange Commission (SEC) towards Bitcoin.

It is quite promising for the entire Bitcoin community to learn that the US SEC has recently approved a couple of requests for Bitcoin Exchange-Traded Funds (ETFs).

With more approvals expected from the US SEC surrounding the Bitcoin ETFs, it is natural for institutional investors to latch on to the opportunity. The mainstream institutions have been wanting to increase their investment and asset portfolio for a while.

This is when Bitcoin has proven to be a great investment choice for investors, whether they are aiming for short-term investments or long-term investments.

With US SEC allowing cryptocurrency and asset management firms to launch Bitcoin ETFs, things are going to change a lot surrounding Bitcoin investments. With Bitcoin being launched through regulated and mainstream channels, more investments are bound to come Bitcoin’s way.

The entities that will inject huge investments in cryptocurrencies and especially, Bitcoin, would be the mainstream institutions.


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