On November 21, MSTR's trading volume exceeded the total of the US spot Bitcoin ETF, taking up a significant portion of the trading volume in the US stock market that day.
Written by: Jiang Zihan
Source: Wall Street Watch
Under the 'Bitcoin Mania (BITSANITY)', the leading Bitcoin company MicroStrategy (MSTR) is becoming increasingly popular.
On Thursday, November 21, MSTR's trading volume exceeded the total of the US spot Bitcoin ETF, occupying most of the trading volume in the US stock market that day, with the stock price increasing by as much as 14.6% at one point, reaching a new historical high, but then plummeting sharply, crashing over 25% from the day's peak of $536.7 per share to close at $397.28 per share.
On the same day, the price of Bitcoin rose by 5% to reach a historical high of $98,311; the total trading volume of the 'Bitcoin Industrial Complex' (including the US spot Bitcoin ETF, MSTR, Coinbase, etc.) reached a record $70 billion, far exceeding the previous day's record of $55 billion; the asset size of the US spot Bitcoin ETF surpassed the $100 billion mark.
On November 24, Bloomberg ETF analyst Eric Balchunas posted on social platform X:
Not even the most intense week of GameStop Mania (referring to the investment frenzy surrounding the stock of video game retailer GameStop in early 2021) comes close to the $136 billion trading volume of MSTR last week! Amazon has never experienced a week like MSTR!
As of Friday's market close, MSTR reported $421.88 per share, having risen over 500% this year.
From the perspective of ETFs, the 'Bitcoin Mania' is even more pronounced.
On November 21, the asset size of the US spot Bitcoin ETF surpassed the $100 billion mark. According to data from Farside Investors, since the US securities regulator approved the launch of the spot Bitcoin ETF on January 11 this year, a total of $29.3 billion has flowed in.
Among them, the iShares Bitcoin Trust ETF (IBIT) issued by BlackRock performed the best among all Bitcoin products, attracting $30.2 billion in inflows, while the Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF ranked second and third with $11.2 billion and $2.7 billion in inflows respectively.
Balchunas pointed out that the size of the US spot Bitcoin ETF has reached 82% of that of gold ETFs, whereas gold ETFs have been trading in the US market since November 2004, nearly 20 years earlier than Bitcoin ETFs.
Balchunas described this astonishing data as:
'Bitcoin Mania!'
