After an 87% drop in Spot Bitcoin ETF inflows across the United States, the BTC market went through a major correction.
Farside Investors data showed that these ETFs got $53.3 million in new investments on July 17. This was 87% less than the day before and the smallest net inflows since July 5.
The iShares BTC Trust (IBIT) got the most funds, with $110.4 million coming in. The Fidelity Wise Origin BTC Fund (FBTC) also got funds, with $2.8 million coming in.
Bitcoin ETFs and Market Stability
On the other hand, $53.9 million left the Grayscale BTC Trust (GBTC) after two days of no net flows, and $6 million left the Bitwise BTC ETF (BITB), which was the second time in two weeks that momentum went down.
Even though people were expecting the market to go down, other ETFs stayed the same. Inflows into spot BTC ETFs have now topped $16.5 billion.
Bitcoin’s market value dropped by 1.1% in the last 24 hours, to $2.49 trillion, according to CoinGecko data. The total value of all cryptocurrency trades also dropped by 19%, to $91 billion.
Bitcoin (BTC) and Ethereum (ETH) both saw their prices drop by 0.9% and 1.5%, respectively. At the time of this news, their values were $64,790 and $3,440.
Bitcoin quickly hit a high point of $66,000 on July 17. That same day, $422.5 million was poured into spot BTC ETFs.
