The total number of Bitcoin (BTC) held by funds has hit an all-time high amid the increasing market optimism about the potential approval of a spot exchange-traded fund (ETF) in the U.S.

Data from ByteTree shows that the amount of BTC held by funds increased by more than 20,000 in October to its record high of 863,434 BTC, approximately $31.7 billion.

Per ByteTree’s dashboard, ProShares’ Bitcoin Strategy ETF (BITO) holds the largest amount of BTC, with 47,949 BTC worth $1.41 billion.

Last week, CryptoSlate reported that BITO had emerged as one of the major beneficiaries of the current euphoria in the market.

Other investment products, including BTCetc Bitcoin Exchange Traded Crypto (BTCE), Bitcoin Tracker Euro (XBTE), and Bitcoin Tracker One (XBT), hold BTC worth $960.14 million, $756.08 million, and $603.95 million, respectively.

Charlie Morris, the ByteTree founder, suggested that the growing balance indicated that the “demand for safe havens” investment was growing.

ETF approval imminent?

Grayscale’s CEO Michael Sonnenshein has hinted at his firm readiness for the launch of a spot BTC ETF, saying:

“It’s been a ten-year dress rehearsal. We’re ready for the main event.”

Although Sonnenshein didn’t explicitly reference Bitcoin in his statement, the crypto community has suggested that the statement was referring to the possible approval of a spot Bitcoin ETF,  considering the timing of the post.

Over the past months, the crypto community has eagerly awaited the SEC’s decision on many ETF applications filed by several traditional financial institutions, including BlackRock and Grayscale. The optimism surrounding the possibility of an approval has greatly improved market conditions, with BTC rallying near $38,000 and Ethereum trading above $2,000.

Echoing this sentiment, Nate Geraci, an ETF expert and investment advisor, suggested that approval might come as early as this week.

Geraci’s forecast aligns with earlier speculations by Bloomberg’s James Seyffart, who recently indicated that the SEC has an 8-day window period to approve the litany of applications before it. However, this window will close on Friday, Nov. 17.

Geraci shared a screenshot that explained that:

“The consensus is the SEC will batch approve spot Bitcoin ETFs because the agency wants to avoid being perceived as playing kingmaker in what will be an extremely high-stakes and absurdly competitive market.”