The US spot Bitcoin ETF market witnessed a significant upswing at the beginning of July, with net inflows reaching a promising $129 million by the close of trading on July 1, 2024. According to data released by Farside Investments on July 2, Fidelity Investments' FBTC led the surge with a $65 million influx. Bitwise Bitcoin ETF (BITB) followed closely with an inflow of $41.4 million, while Ark 21 Shares' ETF received $12.7 million. VanEck's HODL, Invesco Galaxy's BTCO, and Franklin Templeton's EZBC also experienced positive flows of $5.4 million, $3.2 million, and $1.8 million, respectively. In contrast, other ETFs such as BlackRock's IBIT reported no net flows for the day despite recent fluctuations in asset movement within their portfolios. Grayscale's GBTC also witnessed reduced outflows in the past weeks.

After a challenging June, characterized by the worst performance since its inception in January 2024, July started on a positive note for US Spot Bitcoin ETFs. The month of June concluded with a four-day streak of net inflows from June 25-28, amounting to $67.38 million as per public data. This turnaround marked a shift from a seven-day period of net outflows totaling $1.13 billion. June only saw ten days of net positive flows in total.

The resurgence in inflows indicates a renewed investor confidence in Bitcoin ETFs as the market heads into the third quarter of 2024. Simultaneously, the country anticipates the launch of its first Ether exchange-traded funds (ETFs) following the approval of applications from potential issuers in May 2024. Although a specific launch date is yet to be confirmed, SEC Chair Gary Gensler provided an optimistic update on the Ether ETF approval process during a Bloomberg conference on June 25.

As of the latest data, Bitcoin is trading around $62,000, reflecting a slight 0.57% decrease in the last twenty-four hours.