'Volmageddon' — Bitcoin ETFs, Coinbase, MicroStrategy trading vol hits $38B

Bitcoins 11% rally to $89,500 on Nov. 11 has pushed United States area Bitcoin exchange-traded funds (ETFs), MicroStrategy Inc (MSTR) and Coinbase Global Inc (COIN) to a record $38 billion in combined day-to-day trading volume.The record day far went beyond the previous high of around $25 million embeded in March amidst Bitcoin (BTC) breaking through a long-held price peak, according to Bloomberg Intelligence data mentioned by Bloomberg ETF analyst Eric Balchunas.” Lifetime records being set all over the location,” Balchunas stated. He noted that BlackRocks iShares Bitcoin Trust ETF (IBIT) alone saw a record $4.5 billion in trading volume.” [This] points to a robust week of inflows. Simply an insane day, it truly should have a name a la Volmageddon,” he added.Source: Eric Balchunas Bitcoin-buying service intelligence firm MicroStrategy was one of the most significant gainers on Nov. 11 day with its stock skyrocketing over 25% to $340– exceeding its peak high from nearly 25 years earlier– with a record $12 billion in trading volume, per Google Finance.MicroStrategy revealed on the day that it purchased another 27,200 Bitcoin for around $2.03 billion, taking its total Bitcoin holdings to 279,420 BTC.COIN also leapt almost 20% to close at $324.2, going beyond the $300 milestone for the first time because 2021. MSTR and COIN included in the top 5 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 tooBitcoin mining firm MARA Holdings (MARA) skyrocketed 29.9% to $25.01– with the gains taking its market cap over $7 billion, Google Finance data shows.CleanSpark (CLSK) also closed up 29.7% up on the day, while Bitdeer Technologies (BTDR), Hut 8 (HUT) and Bit Digital (BTBT) all closed with over 25% gains.Related: Investors see crypto markets peaking in H2 2025: SurveyBitcoin is presently trading at $89,500– up over 11% in the last 24 hours.Positive belief has actually been mainly fueled by Donald Trumps election win and more pro-crypto Republican politicians winning seats in the Senate and House.Speculation that Bitcoin might end up being Americas next tactical reserve property is reinforcing, while numerous other countries have begun showing interest, too, Bitcoin activist Dennis Porter claims.Magazine: Asian crypto traders make money from Trumps win, Chinas 2025 CBDC deadline