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Bitcoin Soars Above $71K on Back of Strongest ETF Inflows Since March

Buckle up, crypto enthusiasts! Bitcoin surged past $71,000 in Asian trading today, fueled by the biggest single-day inflow of investment into Bitcoin ETFs since March.

This bullish surge coincides with the release of provisional data showing a whopping $880 million injection into U.S.-listed Bitcoin ETFs on Tuesday. Fidelity’s FBTC led the charge, attracting a cool $378 million, followed closely by BlackRock’s IBIT at $270 million. Even Grayscale’s GBTC, previously notorious for outflows, managed to snag $28 million.

This stellar day marks the second-highest overall inflow ever recorded by Bitcoin ETFs since their January launch, highlighting a renewed sense of optimism in the market. The dismal period from mid-April to early May, characterized by stagnant or even negative inflows, seems to be a distant memory.

Bloomberg analyst Eric Balchunas chimed in, noting that these ETFs have raked in a staggering $3.3 billion over the past four weeks, pushing their net YTD figure past the $15 billion mark. This surge in activity comes hot on the heels of the long-awaited approval for a U.S.-listed Ether ETF and positive murmurs surrounding cryptocurrencies from the ongoing presidential campaign.

Get ready for a wild ride, crypto world! With such strong institutional backing and a potentially crypto-friendly political landscape on the horizon, the future looks bright for Bitcoin and its brethren.

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