BlackRock’s Bitcoin exchange-traded fund (ETF) witnessed a record day of trading after Donald Trump’s victory in the United States presidential election.
BlackRock's Bitcoin exchange-traded fund (ETF) experienced an unprecedented surge in trading activity following Donald Trump's triumphant victory in the United States presidential election. Eric Balchunas, the esteemed Bloomberg ETF analyst, revealed on November 6 that the iShares Bitcoin Trust (IBIT) achieved its highest trading volume to date, with an astounding $4.1 billion in daily trading volume. Balchunas added that this volume surpassed prominent stocks like Berkshire, Netflix, and Visa, making it a remarkable feat. Moreover, IBIT also witnessed a 10% increase in value on that day, marking its second-best performance since its launch.
Not only did IBIT thrive, but other Bitcoin (BTC) ETFs also experienced one of their most successful days since their inception during the early days of the cryptocurrency market in January. Balchunas shared a follow-up post, stating that these funds traded at double their average volume. This impressive surge in trading activity occurred concurrently with a series of bullish signals for Bitcoin, as the asset reached an all-time high of $76,500 on November 6, just a day after President-elect Trump's election victory, which demonstrated his favorable stance towards cryptocurrencies.
However, as of the time of publication according to TradingView data, the price of Bitcoin has slightly retraced to $75,267. Nonetheless, Bitcoin has undeniably dominated the ETF landscape this year, with six out of the top ten most successful launches in 2024 being Bitcoin-related, as highlighted by Nate Geraci, the president of ETF Store, in a post on X.
In addition to Bitcoin's remarkable performance, industry analysts anticipate that President-elect Trump's pro-crypto policies could yield significant benefits for assets beyond Bitcoin. Consequently, asset managers have already shown great interest in submitting regulatory filings to list ETFs holding alternative cryptocurrencies (altcoins) such as Solana, XRP, and Litecoin, among others. Furthermore, issuers eagerly await approval for various planned crypto index ETFs designed to hold diversified baskets of tokens.
Eric Balchunas previously described the filings for crypto index ETFs as "call options on a Trump victory" in the US presidential race. This sentiment is echoed by numerous analysts and traders who predict that Bitcoin's price will continue to soar with Trump's pro-crypto Republican administration taking charge in the Oval Office.
Fadi Aboualfa, head of research at Copper.co, expressed to Cointelegraph that reaching a target price of $100,000 for Bitcoin is entirely feasible by January 20, the day of Trump's inauguration when he assumes his position in the Capital. This optimistic outlook underscores the potential growth and prosperity that the cryptocurrency market may experience under Trump's leadership.