The combined daily trading volume of shares in MicroStrategy, Coinbase and Bitcoin ETFs hit $38 billion as Bitcoin breached $89,000.
Bitcoin’s 11% rally to $89,500 on Nov. 11 has pushed United States spot Bitcoin exchange-traded funds (ETFs), MicroStrategy Inc (MSTR) and Coinbase Global Inc (COIN) to a record $38 billion in combined daily trading volume.
The record day far surpassed the previous high of around $25 million set in March amid Bitcoin (BTC) breaking through a long-held price peak, according to Bloomberg Intelligence data cited by Bloomberg ETF analyst Eric Balchunas.
“Lifetime records being set all over the place,” Balchunas said. He noted that BlackRock’s iShares Bitcoin Trust ETF (IBIT) alone saw a record $4.5 billion in trading volume.
“[This] points to a robust week of inflows. Just an insane day, it really deserves a name a la Volmageddon,” he added.
Source: Eric Balchunas
Bitcoin-buying business intelligence firm MicroStrategy was one of the biggest gainers on Nov. 11 day with its stock soaring over 25% to $340 — surpassing its peak high from nearly 25 years ago — with a record $12 billion in trading volume, per Google Finance.
MicroStrategy announced on the day that it bought another 27,200 Bitcoin for around $2.03 billion, taking its total Bitcoin holdings to 279,420 BTC.
COIN also jumped nearly 20% to close at $324.2, surpassing the $300 milestone for the first time since 2021.
MSTR and COIN featured in the top five most-traded stocks over the first few hours of the Nov. 11 trading day — even more than Apple and Microsoft — Balchunas noted.
Bitcoin miners saw eye-popping gains too
Bitcoin mining firm MARA Holdings (MARA) soared 29.9% to $25.01 — with the gains taking its market cap over $7 billion, Google Finance data shows.
CleanSpark (CLSK) also closed up 29.7% up on the day, while Bitdeer Technologies (BTDR), Hut 8 (HUT) and Bit Digital (BTBT) all closed with over 25% gains.
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Bitcoin is currently trading at $89,500 — up over 11% in the last 24 hours.
Positive sentiment has been largely fueled by Donald Trump’s election win and more pro-crypto Republican politicians winning seats in the Senate and House.
Speculation that Bitcoin could become America’s next strategic reserve asset is strengthening, while several other countries have begun showing interest, too, Bitcoin activist Dennis Porter claims.
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