Against the backdrop of the crypto market, U.S.-based spot Bitcoin ETFs registered their strongest day of net inflows in more than a month.
This is the first time in three trading weeks that net inflows across all funds were positive, registering $295 million on July 8.
In addition, the inflows achieved marked the most significant inflow since June 5, when they reached more than $488 million.
BlackRock’s ETF, the iShares Bitcoin Trust, saw the largest inflows with a result of $187.2 million, while Fidelity’s Wise Origin Bitcoin Fund followed with $61.5 million.
The Grayscale Bitcoin Trust had a rare positive day, receiving inflows of $25.1 million.
Bitcoin’s reputation as a hedge against economic turmoil is fading as it moves in step with traditional risk assets.
Bitcoin’s recent price decline has prompted analysts to revisit market patterns, with CryptoQuant suggesting that the current correction follows a historical trend.
Blockchain analytics firm Santiment has identified the most talked-about cryptocurrencies as market volatility kicks off the week.
The crypto market saw a sharp downturn with major liquidations, dragging the whole market lower.