Colossal Money Flows to Bitcoin! “MooNovember” Is Here For BTC Price Action to Hit $80k!

The primary crypto coins on Monday experienced some sort of decline, picked up the stride eventually. The total crypto market cap stands at $2.66 trillion and has gained over 2.22% of profits round the clock. 

Meanwhile, the market leader has been procuring huge institutional money inflows post the US SECs approval of Bitcoin’s futures ETF. The gush out of the institutional interest in Bitcoin has been restored after inflows had not lived up to the expectation in September. 

A Plethora of Money Flows to Bitcoin Network!

The start of the final quarter has been phenomenal for the BTC price action post the approval of Bitcoin futures ETFs by the US SEC. The network has experienced a whacking great money inflow by institutional investors, followed by a surge in bullish sentiments.

The latest report from Coinshares has revealed exciting insights on expanding interest towards vivid crypto products. The overall crypto-asset investment products gratified an inflow of $288 million over October last week. Whereas, Bitcoin products have solely experienced inflows of $266 million. 

Institutional investments have progressed gradually over the last month post the launch of two Bitcoin-linked products. ProShares Bitcoin Strategy ETF launch on October 19th has alone raised $1 billion in assets under the management in just two days as per the insights of Coinshares. Subsequently, post the launch of the second product Valkyrie Bitcoin Strategy ETF, the flagship asset has experienced inflows of $269 million in the last week. On the whole, the funds as a whole procured a $2 billion investment in October. 

Also Read : Here’s When Bitcoin Price Will Head Towards Deeper Correction

Upcoming Bitcoin ETF To Boost The Adoption!

If we keenly notice the BTC price action in the month of August or September, the adoption rate was at a slow pace. The year-to-date performance has almost doubled post the launch of ETFs. However, as more Bitcoin ETFs are in line for the launch it is expected to drive more adoption in the coming days. 

Collectively, with no specific upgrades in the month of September, the Bitcoin price closed at $40k. Followed by the increasing bullish sentiments, and launch of Bitcoin futures ETFs has driven the price momentum to $60k in October. Yet again institutional investors have jumped in with huge investments over the past week, if accumulation continues then the flagship asset has been expected to hit $80k by the end of November. 

Source: https://coinpedia.org/bitcoin/colossal-money-flows-to-bitcoin/