BlackRock's Bitcoin spot ETF - "iShares Bitcoin Trust (IBIT)" had its largest single-day trading volume ever on Wednesday, the day after the U.S. election day, reaching $4.1 billion, setting a new record high, reflecting support Cryptocurrency’s Trump will return to the White House and bring enthusiasm.
Eric Balchunas, a senior ETF analyst at Bloomberg, posted on the social platform Analysts reported earlier that with Trump's victory, IBIT's trading volume hit the $1 billion mark in the first 20 minutes of trading.
$IBIT just had its biggest volume day ever with $4.1b traded.. 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. Some of this will convert into inflows likely hitting Tue, Wed night pic.twitter.com/vy2zJBwaHd
— Eric Balchunas (@EricBalchunas) November 6, 2024
In addition to IBIT, other Bitcoin spot ETFs also saw significant single-day trading volume, with a combined total trading volume of $6 billion, the largest single-day trading volume since March 14, according to SoSoValue data. Eric Balchunas said:
Most Bitcoin spot ETFs trade at 2x their average performance. It's a fantastic day for this nascent category.
Twelve funds received huge net inflows on Wednesday, with US$621 million flowing into these products. The leader was Fidelity's FBTC, which received US$308.7 million in capital inflows. As for Ark/21Shares' ARKB, Bitwise's BITB and Gray Grayscale's mini Bitcoin trust BTC received inflows of more than US$100 million each, and Grayscale's flagship fund GBTC and VanEck's HODL also received inflows.
However, BlackRock's IBIT saw net outflows of more than $69 million on Wednesday despite booming trading volume. Last week, the ETF received $2.1 billion in net inflows, its second-largest weekly net inflows ever.
Wednesday’s influx of funds has brought the 12 spot Bitcoin ETFs to a cumulative net inflow of $24.1 billion since their launch.
Nate Geraci, president of ETF Store Inc., predicts that overall single-day net inflows into Bitcoin spot ETFs could top $1 billion later this week. He posted on X:
Let’s observe the flow of funds over the remaining days of the week. It must be said that records will still be broken.
Meanwhile, Ethereum spot ETFs saw net inflows of $52.2 million on Wednesday, with Grayscale Inc.'s Mini Ethereum Trust ETH and Fidelity's FETH receiving net inflows, data from SoSoValue showed.
The victory of Trump, the pro-cryptocurrency candidate, triggered a widespread trading frenzy in the market, driving Bitcoin to a record high of 76,243.98 early this morning, and the current price is around $74,824.
Trump, who is about to enter the White House and start his second presidential term in January next year, previously promised to fire SEC Chairman Gary Gensler, who is regarded as a public enemy by the currency circle, on his first day in office. He also promised Let the United States have a dominant position in Bitcoin mining.
"Trump Market Fever: BlackRock Bitcoin ETF's Single-Day Trading Volume Hits a Record of $4.1 Billion" This article was first published on (Block Guest).
