🌎 Cryptocurrency Market Sees Correction Amid Drop in Bitcoin ETF Inflows

The cryptocurrency market has experienced a significant correction following a notable decrease in Spot Bitcoin ETF inflows in the U.S.

Drop in Spot Bitcoin ETF Inflows

According to data provided by Farside Investors, Spot Bitcoin (BTC) ETFs in the U.S. recorded $53.3 million in inflows on July 17, marking an 87% decrease from July 16. This represents the lowest amount of net inflows for these investment products since July 5.

Data indicates that the iShares Bitcoin Trust (IBIT) saw $110.4 million in inflows. Meanwhile, the Fidelity Wise Origin Bitcoin Fund (FBTC) secured $2.8 million in net inflows on the same day.

Negative Trends for Other ETFs

Conversely, the Grayscale Bitcoin Trust (GBTC) recorded $53.9 million in outflows after two days of zero net flows. The Bitwise Bitcoin ETF (BITB) also experienced $6 million in outflows, continuing its negative momentum for the second time in the past two weeks.

All other ETFs remain neutral as the cryptocurrency ecosystem anticipates a correction. Notably, the total amount of spot BTC ETF inflows has surpassed the $16.5 billion mark thanks to cumulative inflows.

Market Capitalization and Trading Volume

According to data from CoinGecko, the global crypto market capitalization declined by 1.1% in the past 24 hours, currently sitting at $2.49 trillion. Furthermore, the total 24-hour trading volume also dropped by 19%, currently hovering around $91 billion.

Performance of Major Cryptocurrencies

Bitcoin (BTC) and Ethereum (ETH) each fell by 0.9% and 1.5% over the past 24 hours. At the time of writing, Bitcoin is trading at $64,790, while Ethereum is priced at $3,440.

On July 17, BTC briefly touched a local high of $66,000 as the spot Bitcoin ETF inflows reached $422.5 million a day earlier.