Total inflows into ten US spot Bitcoin ETFs reached $310 million, or 5,361 BTC, on Friday, July 12. This is the biggest inflow into these derivatives products since June 5, according to Farside Investors. Moreover, this marks the sixth straight day of positive flows, indicating that institutional investors are buying at the bottom of the recent market correction.

The bit-by-bit Bitcoin ETF BITB received inflows of about $28 million, while the rest were negligible. Even Grayscale's GBTC spot ETF saw $23 million in inflows after three days of outflows this week. The outflow from GBTC has slowed significantly. However, this year the fund has lost about 348,000 BTC, or 56% of its total assets.

HODL Capital reported that the total amount of BTC held in all Bitcoin ETFs worldwide has exceeded one million, which is a new record high. This represents approximately 5.3% of the total circulating supply of the asset.

It is also reported that the market capitalization of USD Coin (USDC) is growing by 5.6% monthly. Despite this, Tether's slow growth indicates that BTC may not rise anytime soon. CryptoQuant analysts also found that the platform's P&L index signal is hovering above its 365-day moving average. A fall below this level is often associated with major corrections or the start of a bear market.

Additionally, the CryptoQuant Bull-Bear Market Cycle Indicator may switch to a bear market if prices fall further. It is at its lowest bullish level since early 2023, and a move into a bearish phase could trigger an even deeper decline in the near term. On the contrary, large Bitcoin investors are now realizing the losses. Since BTC fell to a four-month low of $53,000 about a week ago, major new investors have suffered nearly $1 billion in losses.

Moreover, Bitcoin traders' margins are negative. This group of investors will only suffer losses if they continue to withdraw their assets. Traders' unrealized margin currently stands at 17%, the worst since the collapse of bankrupt cryptocurrency exchange FTX in November 2022. It's also worth noting that Bitcoin whales and large investors are increasing their holdings by 6.3% month-on-month, the fastest pace since April 12th. This is a sign of growing demand for Bitcoin, which usually has a positive effect on prices.