Bitcoin (BTC) Price Dips as Spot Bitcoin ETF Inflows in the U.S. Market See a Notable 87% Decrease

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

Cryptocurrency market sees correction after sharp decline in spot Bitcoin ETF inflows in US

The cryptocurrency market has seen a notable correction after a significant decrease in the inflows of the Spot Bitcoin ETF in the United States.

According to data from Farside Investors, U.S. spot Bitcoin (BTC) ETFs recorded inflows of $53.3 million on July 17, an 87% decrease from July 16. This is the lowest net inflow for the investment product since July 5.

The data showed that the iShares Bitcoin Trust (IBIT) alone saw inflows of $110.4 million. The Fidelity Wise Origin Bitcoin Fund (FBTC) also brought in a net inflow of $2.8 million yesterday.

However, the Grayscale Bitcoin Trust (GBTC) recorded an outflow of $53.9 million after two days of zero net flows. The Bitwise Bitcoin ETF (BITB) saw an outflow of $6 million, marking the second negative momentum in the past two weeks.

All other ETFs remained neutral as the cryptocurrency ecosystem anticipated a correction. Notably, the total spot BTC ETF inflows have crossed the $16.5 billion mark with the combined inflows.

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

Bitcoin and Ethereum (ETH) each fell by 0.9% and 1.5% in the past 24 hours. The two largest cryptocurrencies are trading at $64,790 and $3,440, respectively, 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 prior.