Upward of $1 billion worth of B$74,870 exchange-traded fund (ETF) changed hands in the first minutes of trading after Donald Trump prevailed in the United States presidential election on Nov. 5, according to data from Bloomberg.
Analysts predict BTC’s price will keep rising now that Trump, a cryptocurrency-friendly Republican, is slated to start his second term as US president on Jan. 20.
Valuation models suggest “a $100,000 Bitcoin is quite possible by the time the 47th U.S. President heads to the Capitol for inauguration,” Fadi Aboualfa, head of research at Copper.co — a crypto custodian — told Cointelegraph in an email.
On Nov. 6, BlackRock’s iShares Bitcoin Trust (IBIT) saw nearly $1.1 billion in trading volume in the first 20 minutes after the market opened, Bloomberg ETF analyst Eric Balchunas said in a post on the X platform.
“IBIT has seen $1b in volume in the first 20min- that’s about what it does in full day,” Balchunas said. “Other bitcoin ETFs in same boat, crazy volume.”