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$

BTC $90,672 +0.37% ETH $3,112 +0.52% BNB $625 +1.41% SOL $238 +9.50% XRP $1.09
+0.36% TON $5.32 -3.38%
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Brayden Lindrea
Nov 11, 2024


'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. 

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Bitcoin’s 11% rally to $89,500 on Nov. 11 pushed United States spot Bitcoin
exchange-traded funds (ETFs), MicroStrategy (MSTR) and Coinbase Global (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 $90,665 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 alone saw a record $4.5 billion in trading
volume.

“[This] points to a robust week of inflows. Just an insane day, it really
deserves a name a la Volmageddon,” he added.

Source: Eric Balchunas 


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Bitcoin-buying business intelligence firm MicroStrategy was one of the biggest
gainers on Nov. 11 with its stock soaring over 25% to $340 — surpassing its peak
high from almost 25 years ago — with a record $12 billion in trading volume, per
Google Finance.

MicroStrategy announced on the day that it bought another 27,200 Bitcoin for
about $2.03 billion, taking its total Bitcoin holdings to 279,420 BTC.

COIN also jumped nearly 20% to close at $324.20, surpassing the $300 milestone
for the first time since 2021.

MSTR and COIN featured in the top five most-traded stocks over the first few
hours of the Nov. 11 trading day — even more than Apple and Microsoft —
Balchunas noted.


BITCOIN MINERS SAW EYE-POPPING GAINS TOO

Bitcoin mining firm MARA Holdings soared 29.9% to $25.01 — with the gains taking
its market cap over $7 billion, Google Finance data shows.

CleanSpark also closed up 29.7% up on the day, while Bitdeer Technologies, Hut 8
and Bit Digital all closed with over 25% gains.

Related: Investors see crypto markets peaking in H2 2025: Survey

Bitcoin is currently trading at $89,500 — up over 11% in the last 24 hours.

Positive sentiment has been largely fueled by Donald Trump’s election win and
more pro-crypto Republican politicians winning seats in the Senate and House.

Speculation that Bitcoin could become America’s next strategic reserve asset is
strengthening, while several other countries have begun showing interest, too,
Bitcoin activist Dennis Porter said.

Magazine: Asian crypto traders profit from Trump’s win, China’s 2025 CBDC
deadline

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Get critical insights to spot investment opportunities, mitigate risks, and
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 * #Bitcoin
 * #Coinbase
 * #Business
 * #Bitcoin Mining
 * #Trading
 * #MicroStrategy
 * #Bitcoin ETF


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