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Crypto exchange-traded products (ETPs) saw their largest weekly inflows in more than a year, according to an Oct. 30 report from asset management platform CoinShares. Inflows were $326 million for the week ending Oct. 27, dwarfing the $66 million recorded over the previous week.

ETPs are investment funds whose notes or shares are designed to track the price of a particular asset. In the case of crypto ETPs, they usually track the price of large market-cap cryptocurrencies such as Bitcoin (BTC) or Ether (ETH). Some investors prefer to get exposure to crypto prices through funds rather than holding these assets themselves, as shares of these funds can be held in a traditional brokerage account.

An ETP “inflow” occurs when the fund’s price rises faster than its underlying asset, which causes the fund to buy the asset. This is generally seen as bullish for the underlying asset. By contrast, an “outflow” occurs when the fund has to sell the asset because the prices of their notes or shares are declining relative to their target, which is usually seen as bearish.

According to CoinShares’ report, weekly inflows for the week ending Oct. 27 were $326 million. This was the highest since July 2022, 15 months ago. It was also the fifth straight week of ETP inflows.

Related: Gary Gensler’s Bitcoin ETF position is ‘inconsistent’… says Gary Gensler

Weekly crypto fund flows in 2023 as of Oct. 27. Source: CoinShares

According to CoinShares, one possible explanation for the sudden rise in inflows could be “rising optimism from investors that the U.S. Securities and Exchange Commission is poised to approve a spot-based Bitcoin ETF in the U.S.,” which could anticipate that there will be inflows to U.S.-based funds after approval.

Despite the sharp increase in inflows, this week represented only the 21st largest increase ever recorded, CoinShares said. The largest weekly inflows last week went into Bitcoin ETPs, which represented 90% of the total. Solana’s SOL (SOL) also benefited from the optimistic spirit pervading the market, as it saw $24 million in inflows. However, Ether funds went in the opposite direction, suffering $6 million worth of outflows.

Despite multiple applications being filed over the years, the SEC has yet to approve a spot Bitcoin ETP. Van Eck amended its application on Oct. 19, presumably to comply with the agency’s concerns. Hashdex also met with the SEC on Oct. 25 in an effort to get their spot Bitcoin ETP approved.