Bitcoin Industrial Complex Trading Volumes Hit Record $70B as BTC Rallies to New ATH

Trading volumes for the “Bitcoin Industrial Complex” — the United States spot Bitcoin exchange-traded funds (ETFs) and stocks like MicroStrategy (MSTR) and Coinbase (COIN)

United States spot Bitcoin exchange-traded funds (ETFs) and stocks like MicroStrategy (MSTR) and Coinbase (COIN) hit a new record high in trading volumes on Nov. 21, reaching $70 billion as Bitcoin rallied above $98,300.

This smashes 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.

The record was set as Bitcoin rallied 5% to notch a new all-time high of $98,311, CoinGecko data shows.

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

As reported by Cointelegraph, the US spot Bitcoin ETFs hit $100 billion in assets on Nov. 21.

According to Farside Investors, combined inflows have risen to $29.3 billion since the US securities regulator approved the spot Bitcoin ETFs to launch on Jan. 11.

That figure includes more than $20.2 billion in outflows bleeding from the Grayscale Bitcoin Trust (GBTC).

Balchunas highlighted that the US spot Bitcoin ETFs are now 82% as large as the gold ETFs, which have traded in the US markets since November 2004.

The BlackRock-issued iShares Bitcoin Trust ETF (IBIT) leads all Bitcoin products with $30.2 billion in inflows.

The Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF round 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.

According to Bloomberg ETF analyst James Seyffart, these impressive trading figures likely pushed Bitcoin above the $94,000 mark at the time.

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