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

The cryptocurrency market witnessed a significant correction following a significant drop in Spot Bitcoin ETF inflows in the US

According to data provided by Farside Investors, spot Bitcoin (BTC) ETFs in the US 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.

Data shows that the iShares Bitcoin Trust (IBIT) alone saw inflows of $110.4 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) also saw net inflows of $2.8 million yesterday.

Meanwhile, Grayscale Bitcoin Trust (GBTC) saw $53.9 million in outflows after two days of zero net flows, while Bitwise Bitcoin ETF (BITB) saw $6 million in outflows — the second time it has seen negative momentum in the last two weeks.

All other ETFs remain neutral as the crypto ecosystem awaits correction. Notably, the total spot BTC ETF inflow amount has exceeded the $16.5 billion mark thanks to cumulative inflows

According to data from CoinGecko, global crypto market capitalization has fallen by 1.1% in the last 24 hours and currently stands at $2.49 trillion. The data also shows that total 24-hour trading volume has fallen by 19% and currently stands at $91 billion.

Bitcoin and Ethereum (ETH) are down 0.9% and 1.5% respectively in the last 24 hours. The two largest cryptocurrencies are trading at $64,790 and $3,440 at press time.

BTC briefly touched a local peak of $66,000 on July 17, with spot Bitcoin ETF inflows reaching $422.5 million a day earlier.