In the past day, Bitcoin, the leading cryptocurrency, experienced a 1% decline, dropping to $64,000. Meanwhile, South Korean stocks showed a significant rebound following a sell-off.
15-minute chart of BTC/USDT on Binance. Source: TradingView.As of this report, Bitcoin is trading at $63,800.
The rest of the market is also relatively quiet, leaning towards a slight correction. Over the past week, HYPE has fallen by 6%, while Solana and XRP have each decreased by 2%. Ethereum's price has remained largely unchanged.
Source: CoinMarketCap.Digital assets have largely overlooked the rally in Asia. On July 31, the South Korean Kospi index surged by 17% after a two-day drop where it fell more than 40% from its June peak.
Source: Yahoo Finance.Meanwhile, shares of SK Hynix rose by 22%, Samsung's stock increased by 5%, and Taiwan Semiconductor's shares grew by 7%.
The weakness in the cryptocurrency market may also have been influenced by a quarterly report from Strategy, which announced plans to continue selling Bitcoin, along with news of the theft of 594.48 BTC from Coldcard hardware wallets.
ETF Inflows
According to SoSoValue, on July 30, U.S. spot Bitcoin ETFs attracted $233.1 million, reversing a partial weekly loss. The net inflow over the last four trading days amounted to $203.84 million.
Source: SoSoValue.The majority of this, $183.4 million, came from BlackRock's IBIT fund, while Bitwise BITB attracted $20.7 million and Fidelity FBTC brought in $15.5 million.
Spot Ethereum ETFs gained $13.3 million in a single day. This week, investor interest in the second-largest cryptocurrency has noticeably diminished.
Source: SoSoValue.It is worth noting that ARK Invest analyst Lorenzo Valente has commented on the largest consolidation in the cryptocurrency market.