Bitcoin's recent surge past $98,300 has sparked a trading frenzy, with the "Bitcoin Industrial Complex" — including U.S. spot Bitcoin ETFs and stocks like MicroStrategy (MSTR) and Coinbase (COIN) — hitting a record $70 billion in combined trading volume on November 21. This shattered the previous day's $55 billion record. Bloomberg ETF analyst Eric Balchunas dubbed the activity "BITSANITY." Notably, MicroStrategy led the charge, despite its shares plummeting over 25% from a peak of $536.7 to $397.28 by the day's end.