The combined trading volume for Bitcoin exchange-traded funds (ETFs), Coinbase, and MicroStrategy stock soared to an all-time high of $38 billion on November 11 as Bitcoin’s price surged past $89,000.
Record Trading Day for Bitcoin ETFs, MicroStrategy, and Coinbase
Bitcoin’s rally to $89,500 led to an unprecedented trading day across multiple platforms. Shares of MicroStrategy (MSTR), Coinbase (COIN), and Bitcoin-focused ETFs set new records, significantly surpassing the previous high of $25 billion reached in March, Bloomberg ETF analyst Eric Balchunas reported. BlackRock’s iShares Bitcoin Trust ETF (IBIT) alone hit $4.5 billion in trading volume, highlighting massive inflows.
“Records are being shattered across the board,” Balchunas remarked, dubbing the high-volume day “Volmageddon.”
MicroStrategy and Coinbase Among Top Market Movers
MicroStrategy, one of the leading corporate holders of Bitcoin, saw its stock spike over 25% to $340, achieving record trading volumes of $12 billion. This surge marked a new peak for the company, eclipsing its previous high from nearly 25 years ago. The boost followed MicroStrategy’s announcement that it had purchased an additional 27,200 Bitcoin, worth approximately $2.03 billion, increasing its total holdings to 279,420 BTC.
Meanwhile, Coinbase’s stock jumped nearly 20% to $324.2, crossing the $300 threshold for the first time since 2021. Both MSTR and COIN ranked among the top five most-traded stocks on November 11, surpassing major companies like Apple and Microsoft in early trading hours.
Bitcoin Mining Stocks See Major Gains
The surge in Bitcoin also fueled impressive gains for Bitcoin mining stocks. Marathon Digital Holdings (MARA) rose nearly 30% to $25.01, pushing its market cap above $7 billion. Other mining companies, including CleanSpark (CLSK), Bitdeer Technologies (BTDR), Hut 8 (HUT), and Bit Digital (BTBT), all recorded over 25% gains.
Positive Crypto Sentiment Driven by Political Support
Bitcoin’s rise has been buoyed by favorable political shifts, including the recent election win of pro-crypto politicians, notably former President Donald Trump, and other crypto-friendly Republicans gaining Senate and House seats. This growing support is sparking speculation that Bitcoin could potentially serve as a strategic asset for the U.S., with several other countries showing interest in adopting similar strategies, according to Bitcoin advocate Dennis Porter.
