Spot BTC ETF inflow plunged 87%, crypto market faces correction

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

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs in the U.S. recorded $53.3 million in inflows on July 17, showing an 87% decrease from July 16. This is the lowest amount of net inflows for the 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 $2.8 million in net inflows yesterday.

On the other hand, the Grayscale Bitcoin Trust (GBTC) recorded $53.9 million in outflows after two days of zero net flows. The Bitwise Bitcoin ETF (BITB) saw $6 million in outflows — registering negative momentum for the second time over the past two weeks.

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

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

Bitcoin and Ethereum (ETH) each fell by 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 the spot Bitcoin ETF inflows reached $422.5 million a day before.