Spot Bitcoin ETFs Hit $7.22 Billion in Trading Volume, Led by BlackRock’s IBIT

Highlights:

• Spot Bitcoin ETFs hit $7.22 billion in daily trading volume, the highest since March.
• BlackRock’s IBIT accounted for half of Bitcoin ETF volume, with $4.6 billion traded.
• Bitcoin’s market cap surpassed silver’s, reaching $1.736 trillion and becoming the 8th largest.

According to Bloomberg ETF analyst James Seyffart, the total daily trading volume of US-listed spot Bitcoin Exchange-Traded Funds (ETFs) reached $7.22 billion on November 11, the highest since March. This marked the 6th largest volume ever. BlackRock’s iShares Bitcoin Trust ETF (IBIT) accounted for half of the total trading volume, with approximately $4.6 billion in shares traded. Fidelity Wise Origin Bitcoin Fund (FBTC) followed, exceeding $1 billion in volume.

Massive $7.22 billion trading day for the US spot #Bitcoin ETFs. Highest volume day since March 14. And the 6th highest day of all time.

BlackRock's $IBIT lead the way with $4.6 billion followed by Fidelity's $FBTC also squeaking past the $1 billion level https://t.co/1ThfMBz2PD pic.twitter.com/erjYvRe9Ph

— James Seyffart (@JSeyff) November 11, 2024

This surge comes after IBIT’s previous record-breaking performance last Thursday, when it reached over $4 billion in daily trading volume, marking its highest level since its launch. The next day saw over $1 billion in net inflows, marking its largest single-day capital injection since inception.

Bitcoin ETF trading volumes have risen alongside Bitcoin’s bullish momentum after the election. Many see Donald Trump’s victory as positive for crypto policies. This has sparked optimism, likely driving both Bitcoin’s price increase and higher ETF trading volumes. Bitcoin reached a new milestone, hitting $89,560 during the early Asian trading hours on Tuesday. At the time of writing, BTC was priced at $89,391, showing a 10% increase in the last 24 hours.

Bitcoin ETFs, MicroStrategy, and Coinbase Trading Volume Hits Record $38 Billion

Bitcoin’s 11% rally to $89,500 on Nov. 11 drove U.S. spot Bitcoin ETFs, Coinbase Global Inc (COIN), and MicroStrategy Inc (MSTR) to a record $38 billion in combined daily trading volume. The record day greatly exceeded the previous high of $25 million set in March, when Bitcoin broke through a long-held price peak. 

This data, cited by Bloomberg ETF analyst Eric Balchunas, comes from Bloomberg Intelligence. “[This] points to a robust week of inflows. Just an insane day, it really deserves a name a la Volmageddon,” he added. MSTR and COIN ranked among the top five most-traded stocks on Nov. 11, outpacing Apple and Microsoft.

The Bitcoin Industrial Complex (ETFs + MSTR, COIN) saw $38b in trading volume today, lifetime records being set all over the place, incl $IBIT which did $4.5b, which points to a robust week of inflows. Just an insane day, it really deserves a name a la Volmageddon pic.twitter.com/rcOLs0MhNF

— Eric Balchunas (@EricBalchunas) November 11, 2024

MSTR and COIN Experienced Significant Gains on November 11

MicroStrategy, the Bitcoin-buying business intelligence firm, was one of the biggest gainers yesterday. According to Google Finance, its stock surged over 25% to $340, surpassing its peak from nearly 25 years ago, with a record $12 billion in trading volume. On the same day, MicroStrategy revealed it had bought 27,200 Bitcoin for around $2.03 billion, increasing its total holdings to 279,420 BTC.

MicroStrategy has acquired 27,200 BTC for ~$2.03 billion at ~$74,463 per #bitcoin and has achieved BTC Yield of 7.3% QTD and 26.4% YTD. As of 11/10/2024, we hodl 279,420 $BTC acquired for ~$11.9 billion at ~$42,692 per bitcoin. $MSTR https://t.co/uCt8nNUVqd

— Michael Saylor⚡️ (@saylor) November 11, 2024

COIN also saw a significant jump, rising nearly 20% to close at $324.20, crossing the $300 mark for the first time since 2021.

Bitcoin Flips Silver to Become the 8th Largest Global Asset

As Bitcoin reached a new ATH, its market cap surpassed silver’s, hitting $1.736 trillion. This positions it as the 8th largest asset globally. According to Infinite Market Cap data, Bitcoin has surpassed silver for the second time this year, having done so previously in March. Silver’s market cap is now $1.733 trillion, following a 6.24% decline in the past week. Meanwhile, Bitcoin has risen by around 30% during the same period.