Bitcoin Dominance Hits 58.73% as ETFs Absorb $517M in Single Day

CoinGecko data shows Bitcoin market dominance climbed to 58.73% on Thursday as US spot ETFs absorbed $517 million in net inflows, the largest single-day tally since early May. The surge lifted weekly ETF purchases past $1 billion while BTC traded at $72,173, an 11.7% gain in 24 hours per CoinGecko data. The flow data shows BlackRock's IBIT and Fidelity's FBTC led the charge, accounting for roughly 70% of Thursday's total. Grayscale's GBTC saw muted outflows of $12 million, a sharp deceleration from the $100 million daily averages seen in June. Custody records indicate the new allocations came from registered investment advisors rebalancing model portfolios toward the 5% Bitcoin sleeve many adopted in Q1. per CoinGecko, ether's dominance fell to 11.24% even as ETH rallied 19% on the week to $2,286. The divergence suggests institutional capital is treating the ETF channel as a Bitcoin-specific allocation rather than a broad crypto beta trade. Total market cap expanded 7.54% to $2.45 trillion with volume hitting $150.5 billion, but the breadth metrics show advancing issues lagging decliners outside the top 10 assets.

The next filing window opens Friday with updated ETF flow data from Farside Investors. Desks are also tracking the July 23 monthly options expiry, where $72,000 strikes hold $4.2 billion in open interest. A close above that level could trigger gamma hedging that extends the move toward $74,500, the 2024 high. Figures from the desk show conversely, a rejection would leave the $68,500-$69,000 zone as the next support test. Watchlist: Friday ETF flows, July 23 options expiry, and whether ETH/BTC cross reclaims 0.035, a level that has marked local bottoms in three of the last four rotation cycles.