With Bitcoin poised to hit $100,000, the daily trading volume of Bitcoin spot ETFs in the US, as well as stocks such as MicroStrategy and Coinbase, reached $70 billion on the 21st, setting a new record. Bloomberg ETF analyst Eric Balchunas described this phenomenon as “bitsanity.”
Amidst the prospect of Bitcoin reaching $100,000, Eric Balchunas, a Bloomberg ETF analyst, shared data that showed the daily trading volume of the “Bitcoin industry complex” in the US, including Bitcoin spot ETFs, as well as stocks like MicroStrategy and Coinbase, reached $70 billion on the 21st, setting a new record.
BlackRock’s Bitcoin spot ETF, IBIT, achieved a daily trading volume of $5 billion, making it the second-largest daily volume in history. MSTR, a 2x inverse leveraged product, also surpassed the $1 billion mark for the first time. Eric Balchunas referred to this as “bitsanity.”
MicroStrategy accounted for the majority of the day’s trading volume. However, the stock price of MicroStrategy has plummeted over 25% from its peak of $536.7, ultimately closing at $397.28. This may be due to the attack by Citron Research, a Wall Street short-selling institution. Citron Research stated last night that while they are bullish on Bitcoin, the stock price of MicroStrategy has completely disconnected from its fundamentals, leading them to short it.
The total assets under management of US Bitcoin spot ETFs have surpassed $100 billion. According to Sosovalue data, the current total assets under management have reached $1,003.37 billion. Since the approval of the Bitcoin spot ETF for listing on January 11th, the total net inflow has risen to $29.7 billion. This figure also includes a net outflow of over $20.2 billion from Grayscale’s GBTC.
Eric Balchunas pointed out that the scale of US Bitcoin spot ETFs is close to surpassing Satoshi Nakamoto, becoming the largest holder of Bitcoin. Moreover, the total assets under management of these ETFs are also equivalent to 82% of gold ETFs. Gold ETFs have been traded in the US market since November 2004.
Among all Bitcoin spot ETFs, IBIT issued by BlackRock has the highest net inflow of $30.2 billion. Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF rank second and third, attracting net inflows of $11.2 billion and $2.7 billion, respectively.
In addition, IBIT options contracts launched on November 20th achieved a trading volume of nearly $2 billion on the first day. James Seyffart, a Bloomberg ETF analyst, stated that this impressive trading data could be a major driving factor behind the continued rise of Bitcoin.