Spot Bitcoin ETFs on track for record-breaking day following Trump win Spot Bitcoin ETFs on track for record-breaking day following Trump win
BlackRock's IBIT spot Bitcoin ETF hit $1 billion in trading volume within 20 minutes of trading on the day after Trump won the elections.
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Updated: Nov. 6, 2024 at 9:01 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
BlackRock’s spot Bitcoin (BTC) ETF recorded an impressive $1 billion in trading volume within just 20 minutes of market opening on Nov. 6, spurred by President-elect Donald Trump’s victory in the US elections.
The surge reflects heightened investor confidence in a pro-crypto administration under Trump, who defeated incumbent Vice President Kamala Harris.
The swift volume spike in iShares Bitcoin Trust (IBIT), reported by Bloomberg Senior ETF Analyst Eric Balchunas, has set spot Bitcoin ETFs across the board on track for a record-breaking day.
Balchunas noted:
“IBIT saw $1 billion in volume in just the first 20 minutes—about what it typically records in an entire trading day.”
Other spot Bitcoin ETFs also witnessed sharp increases, indicating heightened enthusiasm for digital assets in light of the election result.
Bitcoin reached a new all-time high, surpassing $75,000 early Nov. 6 after months of sideways trading, buoyed by expectations of supportive policies from the incoming administration.
Throughout his campaign, Trump has advocated for a pro-crypto stance, proposing a national Bitcoin reserve, a pardon for Silk Road founder Ross Ulbricht, and a shake-up of the Securities and Exchange Commission (SEC) leadership.
With $30 billion in assets under management, BlackRock’s IBIT has become the largest spot Bitcoin ETF, outpacing similar funds from Fidelity and Grayscale.
Trump’s win marks a significant shift for the crypto industry, with many expecting regulatory reforms that could bolster mainstream acceptance and support the sector’s growth. Bitcoin continues to trade above $74,500, capturing the optimism among investors eager to see how Trump’s pro-crypto platform will shape the industry.
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Assad Jafri
AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
Eric Balchunas is an American author, ETF analyst, and Senior ETF Analyst at Bloomberg Intelligence.
A businessman, politician, and media personality, Donald John Trump served as the 45th president of the United States from 2017 to 2021.