Written by Jiang Zihan, Wall Street News
Amid the "Bitcoin craze (BITSANITY)", the leading Bitcoin company MicroStrategy (MSTR) has become increasingly popular.
On Thursday, November 21, MSTR's trading volume exceeded the total of US spot Bitcoin ETFs, accounting for most of the trading volume in the US stock market that day. The stock price rose 14.6% during the day, setting a record high, but fell sharply during the session, plunging more than 25% from the day's high of US$536.7 per share to close at US$397.28 per share.
On the same day, the price of Bitcoin rose by 5% to a record high of $98,311; the total trading volume of the "Bitcoin Industrial Complex" (including US spot Bitcoin ETF, MSTR, Coinbase and other stocks) reached a record $70 billion, far exceeding the record of $55 billion set the previous day; the asset size of the US spot Bitcoin ETF exceeded the $100 billion mark.
On November 24, Bloomberg ETF analyst Eric Balchunas wrote on the social platform X:
Even the most intense week of GameStop Mania couldn’t come close to MSTR’s 136 billion in volume last week! Amazon has never had a week like MSTR!
As of the close of U.S. stocks on Friday, MSTR was trading at $421.88 per share. So far this year, MSTR's stock price has risen by more than 500%.
From the perspective of ETFs, the "Bitcoin craze" is even more obvious.
On November 21, the asset size of the US spot Bitcoin ETF exceeded the $100 billion mark. According to Farside Investors data, since the US securities regulator approved the launch of the spot Bitcoin ETF on January 11 this year, the cumulative inflow of funds has reached $29.3 billion.
Among them, the iShares Bitcoin Trust ETF (IBIT) issued by BlackRock performed the best among all Bitcoin products, attracting $30.2 billion in inflows. Fidelity Wise Origin Bitcoin Fund and ARK 21Shares Bitcoin ETF ranked second and third with inflows of $11.2 billion and $2.7 billion respectively.
Balchunas pointed out that the size of U.S. spot Bitcoin ETFs has reached 82% of the size of gold ETFs, however, gold ETFs have been traded in the U.S. market since November 2004, nearly 20 years earlier than Bitcoin ETFs.
Balchunas described this astonishing statistic:
“Bitcoin mania!”
