Institutional investors continue to pile into Bitcoin, even though prices are at a five-month high.

Over $226 million in capital was introduced into institutional Bitcoin products over the last week, according to CoinShares’ Digital Asset Fund Flows Weekly report on Tuesday. Indeed, Bitcoin products led inflows for the third straight week, posting a week-on-week rise of 227%, reports Cointelegraph.

These inflows coincided with the price of Bitcoin rising 12.5% for the week, hitting the $54,000 mark at the end of last week. At the time of writing, the Bitcoin price stands at $57,465.

The soaring Bitcoin activity led to the combined assets under management (AUM) of institutional crypto products increasing last week to $66.7 billion. This is just 5% less than the record AUM posted in May, according to a CoinShares estimate.

In addition, Solana and Cardano products have generated inflows of $12.5 million and $3 million respectively for the week. Whereas in contrast, funds with exposure to Ether, Polkadot and Ripple reported outflows of $13.6 million, $2.1 million and $600,000 each.

In fact, cryptocurrency investment products have reported inflows for eight consecutive weeks.

Moreover, many analysts are accrediting Bitcoin’s recent bullish action to forecasts the U.S. Securities and Exchange Commission (SEC) will soon give its approval to a futures-based Bitcoin ETF.

Although the SEC has rebuffed previous applications for physically-backed Bitcoin ETFs, it is now contemplating four applications for ETFs on the Chicago Mercantile Exchange's (CME) regulated futures contracts.

According to Bloomberg senior ETF analyst, Eric Balchunas, Bitcoin futures ETFs are “likely on schedule” to receive regulatory approval in October.