Written by Brayden Lindreastaff writerReviewed by Felix Ngstaff editor‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs
Latest NewsPublishedNov 21, 2024
MicroStrategy saw more trading volume than the US spot Bitcoin ETFs combined as its shares tanked over 25% on Nov. 21.
Trading volume for the “Bitcoin Industrial Complex” — the United States spot Bitcoin exchange-traded funds (ETFs) and stocks including MicroStrategy (MSTR) and Coinbase (COIN), has hit a record high — reaching $70 billion on Nov. 21 as Bitcoin rallied above $98,300.
It smashed the previous record of $55 billion set the day before when MSTR was the second most-traded stock in the US, according to Bloomberg ETF analyst Eric Balchunas, citing data from Bloomberg Intelligence.
”BITSANITY,” Balchunas said of the eye-popping figures.
MSTR also accounted for the bulk of the day’s trading volume as its shares tanked over 25% from its highest point of $536.7 to $397.28 when the closing bell rang on Nov. 21.
Source: Eric Balchunas
The record was set as Bitcoin (BTC) rallied 5% to notch a new all-time high of $98,311, CoinGecko data shows.
Bitcoin had slightly retraced to $98,075 but was less than 2% from breaching the $100,000 milestone at the time of writing.
Related: A perfect storm is brewing for Bitcoin
It came as the US spot Bitcoin ETFs surpassed $100 billion worth of assets on Nov. 21.
Combined inflows have risen to $29.3 billion since the US securities regulator approved the spot Bitcoin ETFs to launch on Jan. 11, according to Farside Investors.
That figure includes more than $20.2 billion in outflows bleeding from the Grayscale Bitcoin Trust (GBTC).
Balchunas pointed out that the US spot Bitcoin ETFs are now 82% as large as the gold ETFs, which have traded on US markets since November 2004.
Source: Eric Balchunas
The BlackRock-issued iShares Bitcoin Trust ETF (IBIT) leads all Bitcoin products with $30.2 billion worth of inflows.
The Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF rounded out the top three at $11.2 billion and $2.7 billion, respectively.
Meanwhile, options contracts on BlackRock’s IBIT launched on Nov. 20, which saw almost $2 billion in total exposure traded.
Bloomberg ETF analyst James Seyffart said the impressive trading figures likely pushed Bitcoin above the $94,000 mark at the time.
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