The cryptocurrency market recently experienced a significant correction following a sharp decline in the inflows of Spot Bitcoin ETFs in the United States. Data provided by Farside Investors revealed that on July 17, spot Bitcoin ETFs in the U.S. saw only $53.3 million in inflows, marking an 87% drop from the previous day. This decrease represents the lowest level of net inflows for these investment products since July 5.
Specifically, the iShares Bitcoin Trust (IBIT) received $110.4 million in inflows, while the Fidelity Wise Origin Bitcoin Fund (FBTC) attracted $2.8 million in net inflows on the same day. However, the Grayscale Bitcoin Trust (GBTC) experienced $53.9 million in outflows following two consecutive days of zero net flows. Additionally, the Bitwise Bitcoin ETF (BITB) saw $6 million in outflows, signaling negative momentum for the second time in the last two weeks.
Despite these fluctuations, other ETFs remained relatively stable as the cryptocurrency market anticipated a correction. The total amount of spot BTC ETF inflows has surpassed $16.5 billion, thanks to cumulative inflows from various sources.
In line with this correction, data from CoinGecko indicates that the global crypto market capitalization decreased by 1.1% in the past 24 hours, currently standing at $2.49 trillion. The total 24-hour trading volume also dropped by 19%, now at $91 billion.
Both Bitcoin and Ethereum (ETH) experienced slight declines over the past 24 hours, with Bitcoin falling by 0.9% to $64,790 and Ethereum dropping by 1.5% to $3,440 as of the latest data. Despite these fluctuations, on July 17, Bitcoin briefly reached a local high of $66,000 when spot Bitcoin ETF inflows hit $422.5 million the day before.
Overall, the recent correction in the cryptocurrency market, driven by a significant decrease in Spot Bitcoin ETF inflows, has led to fluctuations in various ETFs and the global market capitalization. Investors are closely monitoring these developments as the market continues to adjust to changing dynamics and investor sentiment.