Markets
Capital flows into Spot BTC ETFs plummeted by 87%, crypto market faces correction
The cryptocurrency market saw a notable correction after a significant decrease in inflows to Spot Bitcoin ETFs in the United States
According to data provided by Farside Investors, spot Bitcoin (Bitcoin) U.S. ETFs saw $53.3 million in inflows on July 17, down 87% from July 16. This was the lowest amount of net inflows for investment products since July 5.
Data shows that the iShares Bitcoin Trust (IBIT) fund alone saw $110.4 million in inflows. The Fidelity Wise Origin Bitcoin Fund (FBTC) also saw $2.8 million in net inflows yesterday.
In contrast, the Grayscale Bitcoin Trust (GBTC) saw $53.9 million in outflows after two days of zero net flows. 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 has exceeds $16.5 billion mark thanks to cumulative inflows
According to data According to CoinGecko, the global cryptocurrency market cap has decreased by 1.1% over the past 24 hours and currently stands at $2.49 trillion. The data shows that the total 24-hour market cap trading volume also fell 19%, currently sitting at $91 billion.
Bitcoin and Ethereum (ETH) have fallen 0.9% and 1.5% in 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 day before.