Since the Securities and Exchange Commission (SEC) approved the first-ever spot Bitcoin ETFs in January, a total of 11 spot Bitcoin ETFs have been added to the market. Everyone from Fidelity to Investco and even Blackrock are now offering these highly liquid funds that directly track the price of Bitcoin.

Backed by the actual stock or currency, Exchange Traded Funds (ETFs) allow investors to diversify their exposure to a single or a basket of different securities at once, which trade on the stock exchanges. In this case, investors who want exposure to Bitcoin, without the need for digital wallets or asymmetric encryption, can simply invest in ETFs instead.

Bitcoin ETFs are witnessing a remarkable surge, setting a new record with the biggest day of inflows to date. Yesterday, data from BitMEX shows a $673 Mn inflow in a single day, the equivalent of 11,122 Bitcoin. $612.1 Mn alone was from Blackrock’s Bitcoin EFT, IBIT.

Yesterday, Bitcoin stood at $63,000, roughly 9% off its all-time high after a swift rally in the cryptocurrency market. It’s intraday record being $68,990.90. Even to the detriment of Coinbase, which experienced an outage that impacted some users during intraday trading. The cryptocurrency exchange platform said it is aware of the problem and working to remedy it. Brian Armstrong, Coinbase co-founder and CEO, said the outage was due to a surge in traffic.

The ten spot BTC ETFs altogether booked $7.7 Bn in trading volume, smashing the previous record of $4.7 Bn from their first trading day on Jan. 11, according to data shared on X by James Seyffart, ETF analyst at Bloomberg Intelligence. Grayscale’s GBTC and Fidelity’s FBTC both surpassed the $1 Bn mark.

Halfway into the trading session, IBIT was the fourth most traded ETF in the U.S., and three other new spot bitcoin ETFs were in the top 20, Eric Balchunas, senior ETF analyst at Bloomberg Intelligence, noted earlier during the day.

“This is officially a craze,” Balchunas said in an X post. “These numbers are absurd.”