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Spot BTC ETF Inflows Drop 87%, Crypto Market Faces Correction
The cryptocurrency market witnessed a notable correction after a significant drop in inflows of Spot Bitcoin ETFs in the US
Second data provided by Farside Investors, Bitcoin spot (BTC) ETFs in the United States saw $53.3 million in inflows on July 17, down 87% from July 16. This is the lowest amount of net inflows for investment products since July 5.
Data shows that iShares Bitcoin Trust (IBIT) alone saw $110.4 million in inflows. Fidelity Wise Origin Bitcoin Fund (FBTC) also brought in $2.8 million in net inflows yesterday.
On the other hand, Grayscale Bitcoin Trust (GBTC) saw $53.9 million in outflows after two days of zero net inflows. Bitwise Bitcoin ETF (BITB) saw $6 million in outflows, recording negative momentum for the second time in the last two weeks.
All other ETFs remain neutral as the cryptocurrency ecosystem was expecting a correction. In particular, the total amount of spot inflows of BTC ETFs is overcome $16.5 billion milestone thanks to cumulative inflows
Second data According to CoinGecko, the global cryptocurrency market cap has dropped 1.1% over the past 24 hours and currently stands at $2.49 trillion. Data shows that the 24-hour total trading volume has fallen by 19%, currently standing at $91 billion.
Bitcoin and Ethereum (ETH) are both 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 touched briefly a local high of $66,000, as Bitcoin ETF spot inflows hit $422.5 million a day earlier.