As a seasoned analyst with over two decades of experience in the financial markets, I can confidently say that we are witnessing an unprecedented surge in interest and investment in Bitcoin, as evidenced by the record-breaking trading volumes on U.S. spot Bitcoin ETFs, MicroStrategy Inc (MSTR) and Coinbase Global Inc (COIN).
On November 11th, Bitcoin’s surge of 11% to reach $89,500 has propelled the combined daily trading volume of United States Bitcoin exchange-traded funds (ETFs), such as MicroStrategy Inc (MSTR) and Coinbase Global Inc (COIN), to an all-time high of $38 billion in trades.
On this exceptional day, the figure significantly exceeded the prior record of approximately $25 million reached in March, as per data from Bloomberg Intelligence, which was referenced by Bloomberg ETF analyst Eric Balchunas – all while Bitcoin (BTC) shattered a persistent price barrier.
Balchunas remarked that numerous milestones are being broken left and right,” he stated. He pointed out that an unprecedented $4.5 billion was traded in the BlackRock’s iShares Bitcoin Trust ETF (IBIT) alone, setting a new record for trading volume.
“[This] points to a robust week of inflows. Just an insane day,” he added.
On November 11th, the data-driven company MicroStrategy, which specializes in Bitcoin purchases, saw significant growth as its stock price jumped by more than 25% to reach $340. This new high surpasses its previous record set nearly 25 years ago. With an unprecedented trading volume of $12 billion, according to Google Finance.
On the same day, MicroStrategy revealed they had acquired an additional 27,200 Bitcoins at approximately $2.03 billion, boosting their Bitcoin reserves to a total of 279,420 BTC.
COIN experienced a significant increase of almost 20%, ending its day at $324.2. This marked the first time it had surpassed the $300 mark since 2021.
On the morning of November 11th, both MSTR and COIN were among the busiest traded stocks, outpacing even Apple and Microsoft in volume, according to Balchunas’ observation.
Bitcoin miners saw eye-popping gains too
Bitcoin mining company MARA Holdings experienced a surge of approximately 29.9%, reaching $25.01 per share. This increase in value propelled the company’s market capitalization beyond the $7 billion mark, according to data from Google Finance.
On the same day, CleanSpark (CLSK) experienced a rise of approximately 29.7%, whereas Bitdeer Technologies (BTDR), Hut 8 (HUT), and Bit Digital (BTBT) all ended the day with more than 25% increases in their share prices.
Bitcoin is currently trading at $89,500 — up over 11% in the last 24 hours.
As a researcher, I’ve observed that the optimistic mood within the cryptocurrency community has significantly grown following Donald Trump’s victory in the 2016 presidential election. Additionally, the increase of pro-crypto Republican representatives securing their seats in both the Senate and the House has further contributed to this positive sentiment.
As an analyst, I’m observing a growing speculation that Bitcoin could potentially serve as the United States’ future strategic reserve asset. Moreover, it seems that this notion is gaining traction globally, with several other nations expressing interest as well, according to Bitcoin advocate Dennis Porter’s assertions.
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2024-11-12 02:58