On Tuesday, bitcoin hit a six-month high and was on the verge of breaking the record, as traders hoped that the anticipated listing of a futures-based U.S. exchange-traded fund would signal a surge in investment into bitcoin and cryptocurrency assets.

During the Asian session, Bitcoin, the world’s most valuable cryptocurrency, climbed as much as 1.5 percent to $62,991, its highest level since April’s record high of $64,895.

It is up 40% in October on expectations that the introduction of bitcoin exchange-traded funds (ETFs), of which many are in the works, will allow billions of dollars to flow into the sector handled by pension funds and other institutional investors.

The Securities and Exchange Commission (SEC) of the United States is anticipated to approve ProShares’ Bitcoin Strategy ETF on Tuesday, with the ticker BITO.

Analysts warned that because the fund will not invest directly in bitcoin, but rather in Chicago-traded futures, it may have no immediate impact on flows. Speculators, on the other hand, have been betting that its launch will be a good indication of spot prices.

Bitcoin futures climbed on Tuesday, closing at $62,690, and spot prices could rise if capital continues to flood in, according to Arcane Research’s cryptocurrency analysts.

“This could result in increased buying pressure on the CME, leading open interest to grow. More cash and carry opportunities will emerge as a result, putting pressure on the spot market to buy “In a note, they stated.

Crypto ETFs have been introduced in Canada and Europe this year, owing to a surge in interest in digital assets. Although Invesco canceled its intentions for a futures-based ETF on Monday, VanEck and Valkyrie are among the fund managers pursuing U.S.-listed ETFs.

According to CNBC, Nasdaq authorized the Valkyrie Bitcoin Strategy ETF’s listing on Friday, and Grayscale, the world’s largest digital currency manager, is planning to turn its Grayscale Bitcoin Trust into a spot bitcoin ETF.

After a 75-day period in which the SEC could object to its listing elapsed on Monday, the ProShares ETF is expected to begin trading on Tuesday.

The second-largest cryptocurrency, ether, has followed bitcoin’s climb and traded steadily on Tuesday. It was the last trading at $3,790, up 1.2 percent.