Bitcoin

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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, <a data-ct-non-breakable="null" href="https://x.com/EricBalchunas/status/1859712067365896593" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/EricBalchunas/status/1859712067365896593">according</a> 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.
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 <img alt="‘BITSANITY’ — Records broken with $70B in volume for Bitcoin stocks, ETFs" src="https://s3.cointelegraph.com/uploads/2024-11/019350b4-4f95-7777-a34b-e2deb15e309c" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/EricBalchunas/status/1859712067365896593https://x.com/EricBalchunas/status/1859712067365896593" rel="null" target="null" text="null" title="https://x.com/EricBalchunas/status/1859712067365896593https://x.com/EricBalchunas/status/1859712067365896593">Eric Balchunas</a>
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The record was set as Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="nofollow noopener" target="_blank" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) rallied 5% to notch a new all-time high of $98,311, CoinGecko <a data-ct-non-breakable="null" href="https://x.com/EricBalchunas/status/1859712067365896593" rel="null" target="null" text="null" title="https://x.com/EricBalchunas/status/1859712067365896593">data </a>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 data-ct-non-breakable="null" href="https://cointelegraph.com/news/a-perfect-storm-is-brewing-for-bitcoin" rel="null" target="null" text="null" title="https://cointelegraph.com/news/a-perfect-storm-is-brewing-for-bitcoin">A perfect storm is brewing for Bitcoin</a> It came as the US spot Bitcoin ETFs surpassed <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-bitcoin-etfs-break-100-billion" rel="" target="_self" text="null" title="https://cointelegraph.com/news/us-bitcoin-etfs-break-100-billion">$100 billion worth of assets </a>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, <a data-ct-non-breakable="null" href="https://farside.co.uk/btc/#google_vignette" rel="nofollow noopener" target="_blank" text="null" title="https://farside.co.uk/btc/#google_vignette">according</a> to Farside Investors. That figure includes more than <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/grayscale-gbtc-inflows-record-bitcoin-exchange-traded-fund-etf" rel="" target="_self" text="null" title="https://cointelegraph.com/news/grayscale-gbtc-inflows-record-bitcoin-exchange-traded-fund-etf">$20.2 billion in outflows</a> 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.
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 <img alt="Coinbase, Stocks, Trading, Bitcoin ETF" src="https://s3.cointelegraph.com/uploads/2024-11/019350dc-c845-74dd-b2f1-557918c17219" title="">
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 Source: <a data-ct-non-breakable="null" href="https://x.com/EricBalchunas/status/1859712067365896593https://x.com/EricBalchunas/status/1859712067365896593" rel="null" target="null" text="null" title="https://x.com/EricBalchunas/status/1859712067365896593https://x.com/EricBalchunas/status/1859712067365896593">Eric Balchunas</a>
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The BlackRock-issued iShares Bitcoin Trust ETF (IBIT) leads all Bitcoin products with $30.2 billion worth of inflows. The <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/fidelity-exec-says-most-investors-should-have-some-bitcoin-allocation" rel="" target="_self" text="null" title="https://cointelegraph.com/news/fidelity-exec-says-most-investors-should-have-some-bitcoin-allocation">Fidelity Wise Origin Bitcoin Fund</a> and ARK 21Shares Bitcoin ETF rounded out the top three at $11.2 billion and $2.7 billion, respectively. Meanwhile, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/how-to-buy-and-sell-bitcoin-options" rel="" target="_self" text="null" title="https://cointelegraph.com/news/how-to-buy-and-sell-bitcoin-options">options contracts </a>on <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/blackrock-bitcoin-etf-options-unheard-of-day-one-volume" rel="" target="_self" text="null" title="https://cointelegraph.com/news/blackrock-bitcoin-etf-options-unheard-of-day-one-volume">BlackRock’s IBIT launched</a> 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. Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-dominance-crypto-predictions-bull-run-benjamin-cowen-hall-of-flame/" rel="null" target="null" text="null" title="null">Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame</a>

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

Cointelegraph

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