‘Volmageddon’ — Bitcoin ETFs, Coinbase, MicroStrategy Trading Volume Soars to $38B

The combined daily trading volume of Bitcoin exchange-traded funds (ETFs), MicroStrategy Inc (MSTR), and Coinbase Global Inc (COIN) hit a staggering $38 billion on November 11, as Bitcoin surged to a new high of $89,500. This marked an all-time record, far surpassing the previous peak of $25 billion set earlier this year.

Bitcoin’s Rally Drives Record Trading Volumes

Bitcoin's 11% rally, pushing its price to over $89,000, triggered massive trading activity across several key players in the crypto space. According to Bloomberg Intelligence data, the surge in Bitcoin's price led to an explosion in trading volume for major assets tied to Bitcoin, with BlackRock’s iShares Bitcoin Trust ETF (IBIT) alone hitting $4.5 billion in daily volume.

Bloomberg ETF analyst Eric Balchunas called it a historic day, noting that "lifetime records" were being set across the board. The volume on MicroStrategy and Coinbase also skyrocketed, with MicroStrategy announcing a major Bitcoin purchase.

MicroStrategy’s Big Day

On November 11, MicroStrategy, the business intelligence firm that has heavily invested in Bitcoin, saw its stock jump by over 25% to $340 per share, marking a new 25-year high. The rally was fueled by MicroStrategy’s announcement that it had purchased an additional 27,200 BTC for about $2.03 billion, bringing its total Bitcoin holdings to 279,420 BTC.

As a result, MicroStrategy generated $12 billion in trading volume that day, becoming one of the top-traded stocks, even surpassing Apple and Microsoft in early trading hours, according to Balchunas.

Coinbase Hits $324, Another Milestone for Crypto Exchange

Coinbase also saw a massive surge on November 11, with its stock price climbing nearly 20% to $324, marking its first time above the $300 threshold since 2021. Coinbase and MicroStrategy were both featured in the top five most-traded stocks, as investors reacted to the broader bullish trend in Bitcoin and crypto-related assets.

Bitcoin Miners Enjoy Skyrocketing Gains

Bitcoin mining stocks also experienced explosive growth. MARA Holdings (MARA) soared by 29.9% to $25.01, pushing its market cap over $7 billion, according to Google Finance data. CleanSpark (CLSK) closed the day up by 29.7%, and other mining companies like Bitdeer Technologies (BTDR), Hut 8 (HUT), and Bit Digital (BTBT) all saw gains of over 25%.

The impressive price action reflects growing optimism in the crypto market, driven in part by the continued rise of Bitcoin, which is now trading above $89,500, up 11% in just 24 hours.

Pro-Crypto Sentiment and Trump’s Influence

Much of the positive market sentiment has been attributed to Donald Trump’s presidential election win, which has been viewed favorably by pro-crypto advocates. Additionally, several pro-crypto Republican politicians have gained seats in both the Senate and House, strengthening speculation that Bitcoin could become a strategic reserve asset for the United States.

Bitcoin activist Dennis Porter has claimed that the growing interest in Bitcoin among lawmakers and other nations could lead to further adoption of digital assets on a global scale.

In summary, the $38 billion trading volume and the sharp price increase for Bitcoin, along with strong gains for MicroStrategy, Coinbase, and Bitcoin miners, highlight a surge in institutional and retail interest. The ongoing political shifts, combined with Bitcoin’s potential as a reserve asset, suggest that bullish momentum could continue as the year progresses.