BlackRock’s Bitcoin exchange-traded fund (ETF) saw a record-breaking day of trading following Donald Trump’s victory in the U.S. presidential election.
In a Nov. 6 post on X, Bloomberg ETF analyst Eric Balchunas noted that the iShares Bitcoin Trust (IBIT) experienced its “biggest volume day ever,” with daily trading reaching over $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,” Balchunas added.
Other Bitcoin ETFs also enjoyed one of their best trading days since “the crazy early days” in January, with most funds doubling their average volume, according to Balchunas.
IBIT’s record day came amid bullish momentum for Bitcoin, which reached a new all-time high of $76,500 on Nov. 6, just a day after the pro-crypto Trump was elected president.
Bitcoin’s price has since slightly retraced to $75,267, as reported by TradingView.
Bitcoin has dominated the ETF landscape this year, securing six of the top 10 most successful launches in 2024, according to Nate Geraci, president of the ETF Store.
Analysts suggest Trump’s pro-crypto stance and his promises for favorable policies could benefit assets beyond Bitcoin.
In 2024, asset managers have already filed for ETFs holding altcoins such as Solana, XRP, and Litecoin, while waiting for approval on crypto index ETFs designed to hold diverse token baskets.
On Oct. 25, Balchunas described these crypto index ETF filings as “call options on a Trump victory” in the presidential race.
Many traders and analysts now predict Bitcoin’s price will continue to rise, with Trump—a pro-crypto Republican—heading to the White House.
Fadi Aboualfa, head of research at Copper.co, told Cointelegraph that a $100,000 target for Bitcoin is “quite possible” by Jan. 20, the date Trump will be inaugurated.
