Spot bitcoin exchange-traded funds (ETFs) in the United States reported significant net inflows, totaling $21.52 million on Wednesday, continuing the positive streak that began on Tuesday. This inflow underscores the growing investor confidence in bitcoin ETFs despite a fluctuating market.

The largest net inflows of the day were seen from Fidelity’s FBTC, which reported $19 million in net inflows, highlighting Fidelity’s strong market position and the robust demand for its bitcoin ETF. Grayscale’s GBTC also recorded a resurgence, with net inflows of $4 million, marking its first positive flow since June 5. VanEck contributed to the positive trend as well, attracting $3 million in inflows. These substantial figures reflect a strong investor appetite for spot bitcoin ETFs.

In contrast, Ark Invest and 21Shares’ ARKB ETF recorded the only net outflows of the day, totaling $5 million. This indicates a selective retreat among investors, possibly due to short-term profit-taking or portfolio rebalancing. Other prominent funds, including those from BlackRock, Bitwise, and Valkyrie, showed zero net flows, indicating a neutral stance among their investors.

Since their debut in January, U.S. spot bitcoin ETFs have attracted a cumulative $14.44 billion in net inflows. This impressive figure highlights the sustained interest and confidence in bitcoin as a mainstream asset class, further cementing its position in the financial markets.

In a parallel development, Reuters reported that the U.S. Securities and Exchange Commission (SEC) might approve spot Ethereum ETFs as early as next Thursday, July 4, citing anonymous sources. Senior Bloomberg ETF analyst Eric Balchunas had previously predicted July 2 as a possible launch date. The approval of spot Ethereum ETFs could significantly diversify the market, offering investors more options and potentially increasing market liquidity.

SEC chair Gary Gensler commented earlier this week that the approval process for spot Ethereum ETFs is progressing smoothly, although he did not specify an exact timeframe. Last month, the SEC granted preliminary approval for these ETFs and is now reviewing the amended registration statements from issuers. This indicates a cautious but progressive approach from the regulatory body, aiming to ensure thorough vetting before final approval.

The potential introduction of spot Ethereum ETFs could further enhance the cryptocurrency market, providing investors with more diversified options and potentially increasing market liquidity. The ongoing positive inflows into bitcoin ETFs and the anticipated launch of Ethereum ETFs signal robust and growing interest in cryptocurrency investments within regulated markets.

As the regulatory landscape evolves and new products are introduced, market dynamics are likely to shift, offering both challenges and opportunities for investors and issuers alike. The market's response to these developments will be closely watched, as it could set the tone for future cryptocurrency investment trends and regulatory approaches.