Originally published on: November 21, 2024
Trading volume for the “Bitcoin Industrial Complex,” which includes US spot Bitcoin exchange-traded funds (ETFs) and stocks like MicroStrategy (MSTR) and Coinbase (COIN), reached an all-time high of $70 billion on Nov. 21. This milestone was achieved as Bitcoin surged above $98,300, breaking records and surpassing the previous record of $55 billion just the day before. According to Bloomberg ETF analyst Eric Balchunas, this surge in trading volume has been dubbed “BITSANITY” in light of these staggering numbers.
MicroStrategy (MSTR) also took the spotlight, accounting for a significant portion of the day’s trading volume. The stock experienced a sharp decline of over 25%, dropping from $536.7 to $397.28 by the closing bell on Nov. 21. Meanwhile, Bitcoin rallied 5% to reach a new all-time high of $98,311, with the potential to breach the $100,000 milestone.
US spot Bitcoin ETFs have seen total inflows surpassing $100 billion, with combined inflows reaching $29.3 billion since their launch in January. Notably, the BlackRock-issued iShares Bitcoin Trust ETF (IBIT) leads the pack with $30.2 billion worth of inflows. The Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF follow closely behind.
In addition to the surge in trading volume, options contracts on the BlackRock’s IBIT were launched on Nov. 20, with nearly $2 billion in total exposure traded. Bloomberg ETF analyst James Seyffart believes that these impressive trading figures played a role in pushing Bitcoin above the $94,000 mark. The increasing popularity of Bitcoin products and ETFs signifies a significant shift in the investment landscape.
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