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MicroStrategy saw more trading volumes than the US spot Bitcoin ETFs combined as its shares tanked over 25% on Nov. 21.
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Trading volumes for the “Bitcoin Industrial Complex” — the United States spot Bitcoin exchange-traded funds (ETFs) and stocks like MicroStrategy (MSTR) and Coinbase (COIN) — saw a combined $70 billion on Nov. 21 as Bitcoin rallied above $98,300.
It smashed the previous record of $55 billion set the day before when MSTR was the most-traded stock in the US, according to Bloomberg ETF analyst Eric Balchunas, citing data Bloomberg Intelligence.
’BITSANITY,’ Balchunas said of the eye-popping figures.
MSTR also accounted for the bulk of today’s trading volume as its shares tanked over 25% from its highest point of $536.7 to $397.28 when the bell rung on Nov. 21.
Related: A perfect storm is brewing for Bitcoin
The record was set as Bitcoin rallied 5% to notch a new all-time high of $98,311, CoinGecko data shows.
Bitcoin has slightly retraced to $98,075 but is less than 2% from breaching the $100,000 milestone.
Magazine: Bitcoin dominance will fall in 2025: Benjamin Cowen, X Hall of Flame
This article first appeared at Cointelegraph.com News
