On Monday, BlackRock's IBIT ETF recorded nearly $600 million worth of inflows.

The product also logged $3.3 billion in trading volume, recording the most intense activity in six months. 

According to ETF analyst Eric Balchunas, this extremely high volume is "a bit odd" since ETF trading activity tends to spike during severe downturns. 

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"Occasionally tho volume can spike if there a FOMO-ing frenzy (a la $ARKK in 2020). Given the surge in price past few days, my guess is this is latter, which means look for (more) big inflows this week," he said in a recent post. 

Bitcoin is currently changing hands at $72,331 after coming close to recording a new record high on Tuesday. 

Bitcoin ETFs have now surpassed 1,000,000 BTC in total holdings.  

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