BTC Binge: Bitcoin concept stocks and ETFs saw single-day trading volumes surge past $70 billion, setting a historical record.

As Bitcoin is about to hit $100,000, the trading volume of Bitcoin spot ETFs and stocks like MicroStrategy and Coinbase in the U.S. reached $70 billion on the 21st, setting a historical record. Bloomberg ETF analyst Eric Balchunas described this phenomenon as 'BITSANITY'. (Background: Bitcoin's market value 'surpassed New Taiwan Dollar' at $1.95 trillion, becoming the 12th largest currency globally!) (Additional context: The major short seller Citron Research 'shorted MicroStrategy', causing its stock price to plummet by 20%: MSTR has completely detached from Bitcoin's fundamentals) At the moment Bitcoin is about to hit $100,000, Bloomberg ETF analyst Eric Balchunas shared data showing that the U.S. 'Bitcoin Industrial Complex', including Bitcoin spot ETFs and stocks like MicroStrategy and Coinbase, achieved a trading volume of $70 billion on the 21st, setting a historical high. BlackRock's Bitcoin spot ETF IBIT had a trading volume of $5 billion on the same day, also the second largest single-day volume ever, while $MSTZ (inverse 2x leverage MSTR product) also broke the $1 billion mark for the first time. Eric Balchunas described this as 'BITSANITY'. BITSANITY: Let's try $70b in volume today for The Bitcoin Industrial Complex, crushing yesterday's record.. About $50b of that was from $MSTR and its 2x friends (all of which dropped records). $IBIT no slouch tho at $5b, its second biggest day ever. $MSTZ w its first $1b day. pic.twitter.com/xsRYZm1PSx — Eric Balchunas (@EricBalchunas) November 21, 2024 MicroStrategy accounted for most of the day's trading volume, but its stock price has dropped more than 25% from its peak of $536.7, ultimately closing at $397.28. This may be related to a short attack from Wall Street's Citron Research, which indicated last night that while they are bullish on Bitcoin, MicroStrategy's stock price has completely detached from fundamental developments, thus choosing to short it. Bitcoin spot ETF total asset scale breaks $100 billion. Notably, the total asset scale of U.S. Bitcoin spot ETFs surpassed $100 billion on the 21st, with Sosovalue data showing that the current total asset scale reached $1003.37 billion. Since the approval of Bitcoin spot ETFs on January 11, total net inflows have risen to $29.7 billion, a figure that also includes over $20.2 billion net outflows from Grayscale's GBTC. Eric Balchunas pointed out that the scale of U.S. Bitcoin spot ETFs is nearing the point of surpassing Satoshi Nakamoto, becoming the largest holder of Bitcoin, and that the total asset scale of these ETFs is also equivalent to 82% of gold ETFs, which have been traded in the U.S. market since November 2004. BlackRock's IBIT has seen the highest net inflow of $30.2 billion among all Bitcoin spot ETFs, while Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF rank second and third, attracting net inflows of $11.2 billion and $2.7 billion respectively. Additionally, BlackRock's IBIT options contracts launched on November 20, and the trading volume on the first day reached nearly $2 billion. Bloomberg ETF analyst James Seyffart indicated that this impressive trading data could be a major factor driving Bitcoin's continued rise. Related reports: Buying Bitcoin is not as good as investing in MicroStrategy? Three reasons to tell you how MSTR topped NASDAQ trading volume. Bitcoin breaks $97,000! CryptoQuant CEO: Current data is similar to the early stages of the 2020 BTC bull market. Bitcoin market share 'surged to 61.6%', hitting a near four-year high; is there still hope for altcoin season? "BTC Binge) Bitcoin concept stocks and ETFs saw single-day trading volumes surge past $70 billion, setting a historical record" This article was first published on BlockTempo (Blockchain news media with the greatest influence).