From cointelegraph by Brayden Lindrea

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Trading volumes for the “Bitcoin Industrial Complex” — the United States spot Bitcoin exchange-traded funds (ETFs) and stocks like MicroStrategy (MSTR) and Coinbase (COIN) has hit a new record high — reaching 70 billion on Nov. 21 as Bitcoin rallied above $98,300.It smashed the previous record of $55 billion set the day before when MSTR was the second most-traded stock in the US, according to Bloomberg ETF analyst Eric Balchunas, citing data from Bloomberg Intelligence.”BITSANITY,” Balchunas said of the eye-popping figures.MSTR also accounted for the bulk of the day’s trading volume as its shares tanked over 25% from its highest point of $536.7 to $397.28 when the closing bell rang on Nov. 21.

Source: Eric Balchunas

The record was set as Bitcoin rallied 5% to notch a new all-time high of $98,311, CoinGecko data shows.Bitcoin has slightly retraced to $98,075 but is less than 2% from breaching the $100,000 milestone.Related: A perfect storm is brewing for BitcoinIt comes as the US spot Bitcoin ETFs surpassed $100 billion worth of assets on Nov. 21.

Combined inflows have risen to $29.3 billion since the US securities regulator approved the spot Bitcoin ETFs to launch on Jan. 11, according to Farside Investors.That figure includes more than $20.2 billion in outflows bleeding from the Grayscale Bitcoin Trust (GBTC).Balchunas pointed out that the US spot Bitcoin ETFs are now 82% as large as the gold ETFs, which have traded in the US markets since November 2004.

Source: Eric Balchunas

The BlackRock-issued iShares Bitcoin Trust ETF (IBIT) leads all Bitcoin products with $30.2 billion worth of inflows.The Fidelity Wise Origin Bitcoin Fund (FBTC) and ARK 21Shares Bitcoin ETF round out the top three at $11.2 billion and $2.7 billion, respectively.Meanwhile, options contracts on BlackRock’s IBIT launched on Nov. 20, which saw almost $2 billion in total exposure traded.Bloomberg ETF analyst James Seyffart said the impressive trading figures likely pushed Bitcoin above the $94,000 mark at the time.