Institutional inflows into Bitcoin (BTC) products picked up sharply in Oct, underscoring renewed bullish sentiment surrounding the flagship cryptocurrency.

Crypto investment products saw inflows totaling $288 million for the week ending Oct. 31, with Bitcoin bookkeeping for $269 one thousand thousand, according to CoinShares' weekly flows report.

Institutional demand for BTC has been picking up gradually over the past few months amidst expectations that the U.s. Securities and Exchange Commission, or SEC, would approve its kickoff Bitcoin exchange-traded fund. Those expectations came to fruition last month with two Bitcoin-linked products hitting the market place.

The ProShares Bitcoin Strategy commutation-traded fund (ETF), which launched officially on Oct. 19, generated $1 billion in assets under management in its first two days, becoming the fastest fund to ever attain that milestone. Notwithstanding, unlike the previous tape-breaking week, inflows into U.S.-based Bitcoin ETFs totaled only $53 million for the about recent catamenia, according to CoinShares.

For the month of October, Bitcoin funds as a whole generated $ii billion in inflows, bringing the twelvemonth-to-engagement total to nearly $half dozen.4 billion. Past comparison, Ether (ETH) funds have received $one.05 billion since the year began. When accounting for all crypto assets, 2022 inflows reached $8.7 billion last week, which is 30% higher than all of last year.

Related: Why now? SEC took eight years to authorize a Bitcoin ETF in the US

The Bitcoin price reached an all-time loftier above $67,000 last month before correcting lower. At the time of writing, the leading cryptocurrency was valued at $61,000, according to Cointelegraph Markets Pro.