As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed numerous market trends and fluctuations that could make even the most hardened investors blink. The recent surge in trading volumes for the Bitcoin Industrial Complex is nothing short of extraordinary, reaching an unprecedented $70 billion on Nov. 21.
On November 21st, the combined trading activity for U.S.-based Bitcoin ETFs and stocks like MicroStrategy (MSTR) and Coinbase (COIN), collectively known as the “Bitcoin Industrial Complex”, reached a staggering $70 billion, surpassing the previous record of $55 billion set the day prior. This unprecedented figure was highlighted by Bloomberg ETF analyst Eric Balchunas, who referenced data from Bloomberg Intelligence. Balchunas referred to this phenomenon as “BITSANITY.” It’s worth noting that on the same day, MSTR accounted for a significant portion of the overall trading volume as its shares plummeted by over 25% from its peak of $536.7 to $397.28 at the closing bell on November 21st.
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2024-11-22 01:31