Author: Jiang Zihan, Wall Street Seen
Under the "Bit frenzy (BITSANITY)", the Bit leader company MicroStrategy (MSTR) is also becoming more and more popular.
On Thursday, November 21, MSTR's trading volume exceeded the total of the US spot Bit ETF, accounting for the majority of the trading volume in the US stock market that day, with the stock price rising as much as 14.6% intraday, hitting a new high, but plummeting rapidly from the day's high of $536.7 per share to close at $397.28 per share, a drop of more than 25%.
On the same day, the price of Bit rose 5% to a record high of $98,311; the "Bit industrial complex" (including the US spot Bit ETF, MSTR, Coinbase and other stocks) had a total trading volume of a record $70 billion, far exceeding the previous day's record of $55 billion; the asset size of the US spot Bit ETF broke through the $100 billion mark.
On November 24, Bloomberg ETF analyst Eric Balchunas posted on the social platform X:
Even the most intense week of the GameStop Mania (referring to the investment frenzy around the stock of game retailer GameStop in early 2021) cannot approach the staggering $136 billion in trading volume of MSTR last week! Amazon has never seen a week like MSTR!
As of the close of the US stock market on Friday, MSTR was reported at $421.88 per share, up more than 500% so far this year.
Looking at ETFs, the "Bit frenzy" is even more evident.
On November 21, the asset size of the US spot Bit ETF broke through the $100 billion mark. According to data from Farside Investors, since the US securities regulator approved the launch of the spot Bit ETF on January 11 this year, a cumulative $29.3 billion has flowed in.
Among them, the iShares Bit Trust ETF (IBIT) issued by BlackRock has performed the most outstanding among all Bit products, attracting $30.2 billion in inflows, while the Fidelity Wise Origin Bit Fund and the ARK 21Shares Bit ETF ranked second and third with $11.2 billion and $2.7 billion in inflows respectively.
Balchunas pointed out that the size of the US spot Bit ETF has reached 82% of the gold ETF, but the gold ETF has been trading in the US market since November 2004, nearly 20 years earlier than the Bit ETF.
Balchunas described this astonishing data as:
"Bit frenzy!"
