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December 15, 2024 The Daily Hodl

‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs

November 22, 2024 Coin Telegraph

‘BITSANITY’ — Records broken with B in volume for Bitcoin stocks, ETFs

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MicroStrategy saw more trading volumes than the US spot Bitcoin ETFs combined as its shares tanked over 25% on Nov. 21.

Trading volumes for the “Bitcoin Industrial Complex” — the United States spot Bitcoin exchange-traded funds (ETFs) and stocks like MicroStrategy (MSTR) and Coinbase (COIN) has hit a new 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 rallied 5% to notch a new all-time high of $98,311, CoinGecko data shows.

Bitcoin has slightly retraced to $98,075 but is less than 2% from breaching the $100,000 milestone.

Related: A perfect storm is brewing for Bitcoin

It comes as the US spot Bitcoin ETFs surpassed $100 billion worth of assets on Nov. 21.