‘Volmageddon’ — Bitcoin ETFs, Coinbase, MicroStrategy trading vol hits $38B
The combined daily trading volume of shares in MicroStrategy, Coinbase and Bitcoin ETFs hit $38 billion as Bitcoin breached $89,000.
Bitcoin’s 11% rally to $89,500 on Nov. 11 has pushed United States spot Bitcoin exchange-traded funds (ETFs), MicroStrategy Inc (MSTR) and Coinbase Global Inc (COIN) to a record $38 billion in combined daily trading volume.
The record day far surpassed the previous high of around $25 million set in March amid Bitcoin (BTC) breaking through a long-held price peak, according to Bloomberg Intelligence data cited by Bloomberg ETF analyst Eric Balchunas.
“Lifetime records being set all over the place,” Balchunas said. He noted that BlackRock’s iShares Bitcoin Trust ETF (IBIT) alone saw a record $4.5 billion in trading volume.