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BlackRock's Bitcoin ETF achieved its 'biggest volume day ever' on Nov. 6, reaching $4.1 billion following Donald Trump's U.S. election win. Surpassing Netflix and Visa in trading volume, the milestone reflects a renewed surge in crypto interest amid pro-crypto policies.
Record Trading Day Follows Trump’s Election Win
The day following Donald Trump's triumph in the US presidential election, the Bitcoin exchange-traded fund (ETF) run by BlackRock saw record trading volume.
According to X, a Bloomberg ETF analyst named Eric Balchunas, the iShares Bitcoin Trust (IBIT) had its "biggest volume day ever" on November 6th, with a trading volume of more than $4.1 billion.
“For context that’s more volume than stocks like Berkshire, Netflix, or Visa saw today. It was also up 10%, its second-best day since launching,“ he noted.
Other Bitcoin ETFs Experience Surge in Trading
According to a follow-up post from Balchunas, the other Bitcoin ETFs also had a stellar day, with most of the funds performing twice their normal volume. This was in contrast to "the crazy early days" in January.
A rush of strong signs for Bitcoin accompanied IBIT's record trading day on November 6, which occurred less than one day after the crypto-friendly Trump was elected president of the US. On that same day, Bitcoin reached a new all-time high of $76,500.
At the time of writing, Bitcoin's price had retraced somewhat to $75,267, according to data from TradingView.
Bitcoin Dominates ETF Market in 2024
According to an X post by ETF Store president Nate Geraci, Bitcoin has been the most successful asset class in terms of ETF launches in 2024, with six of the top ten launches involving Bitcoin.
According to analysts, Trump's pro-crypto policies could benefit assets other than Bitcoin.
Surge in Crypto ETF Filings Amid Trump’s Pro-Crypto Agenda
Asset managers have been busy in 2024 submitting a deluge of regulatory submissions in an effort to establish exchange-traded funds (ETFs) that contain alternative cryptocurrencies, including Litecoin, Solana, and XRP.
Proponents of many proposed crypto index ETFs that aim to hold diversified token baskets are also awaiting clearance.
Crypto index ETF registrations were characterized by Balchunas on October 25 as "call options on a Trump victory" in the US presidential race.
Bitcoin Expected to Hit New Highs Under Pro-Crypto Administration
The election of Trump, a Republican who is pro-crypto, has prompted many experts and traders to forecast further price increases for Bitcoin.
Bitcoin might reach $100,000 on the day of Trump's inauguration, January 20, according to Fadi Aboualfa, head of research at Copper.co, who spoke with Cointelegraph.
