Bitcoin
Spot BTC ETF inflows drop 87%, crypto market faces correction
Cryptocurrency Market Witnesses Notable Correction Following Significant Decrease in Spot Bitcoin ETF Inflows in the US
According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs in the US saw $53.3 million in inflows on July 17, down 87% from July 16. This is the lowest net inflow for investment products since July 5.
Data shows that the iShares Bitcoin Trust (IBIT) alone saw $110.4 million in inflows. The Fidelity Wise Origin Bitcoin Fund (FBTC) also brought in $2.8 million in net inflows yesterday.
On the other hand, the Grayscale Bitcoin Trust (GBTC) saw $53.9 million in outflows after two days of zero net inflows. The Bitwise Bitcoin ETF (BITB) saw $6 million in outflows — recording negative momentum for the second time in the past two weeks.
All other ETFs remain neutral as the crypto ecosystem expected a correction. Notably, the total amount of spot BTC ETF inflows overcome the $16.5 billion mark thanks to accumulated flows
According to data According to CoinGecko, the global cryptocurrency market cap has fallen by 1.1% over the past 24 hours and currently stands at $2.49 trillion. The data shows that the 24-hour total volume of business also fell 19%, currently around US$91 billion.
Bitcoin and Ethereum (ETH) are each down 0.9% and 1.5% over the past 24 hours. The two largest cryptocurrencies are trading at $64,790 and $3,440 at the time of writing.
On July 17, BTC briefly touched a local high of $66,000 as spot Bitcoin ETF inflows hit $422.5 million the previous day.