BlackRock’s iShares Bitcoin Trust (IBIT), a spot bitcoin exchange-traded fund, had a record day of trading volume on Nov. 6, according to Bloomberg ETF analyst Eric Balchunas.
In a post on the X platform, Balchunas noted that the fund recorded a daily trading volume of more than $4.1 billion, the highest figure since its launch.
He added that this volume exceeds the trading volume of shares of giant companies such as “Berkshire Hathaway”, “Netflix”, and “Visa” on the same day, and the fund’s price rose by 10%, making it its second best performance since its launch.
Other spot Bitcoin ETFs, including IBIT, saw a significant increase in trading volume on November 6, hitting their highest level since the beginning of the year.
According to Bloomberg ETF analyst Eric Balchunas, most of these funds have doubled their average daily trading volume.
This massive surge came amid a strong bullish wave for Bitcoin, which hit an all-time high of over $76,500 that day.
Nate Geraci, president of ETF Store, sees Bitcoin dominating the spot ETF market in 2024, accounting for six of the top ten successful ETF launches this year.
Analysts believe that Trump's pro-cryptocurrency policies, which include but are not limited to easing regulatory procedures and adopting a supportive legislative environment, may contribute to increasing interest in cryptocurrencies in general, and not just Bitcoin.
This prediction has already found its echo in 2024, as we have seen a huge demand from asset managers to apply to list spot ETFs for a number of altcoins, such as Solana, Ripple, and Litecoin.
In addition, the ETF market is currently witnessing an increase in demand for cryptocurrency index funds, which aim to provide greater diversification for investors by pooling a group of different cryptocurrencies into one fund.
On October 25, analyst Eric Balchunas described these funds as an “attractive buying option” if Donald Trump wins the US presidential election, due to expectations that his policies will support the growth of the cryptocurrency market.