BlackRock's Bitcoin exchange-traded fund (ETF) recorded a record trading day after Donald Trump's victory in the U.S. presidential election.
In a post on November 6, Bloomberg's ETF analyst Eric Balchunas shared that the iShares Bitcoin Trust (IBIT) had its 'largest trading day ever' with daily trading volume exceeding $4.1 billion on November 6.
Balchunas added, 'By comparison, that's trading volume greater than stocks like Berkshire, Netflix, or Visa saw today. It also increased by 10%, making it the second-best day since launch.'
Source: Eric Balchunas
Other Bitcoin ETFs (BTC) also had one of their best days since the 'crazy early days' in January, with most funds experiencing trading volumes double the normal levels, according to a follow-up post from Balchunas.
IBIT's record trading day occurred amidst a wave of bullish signals for Bitcoin, as the asset hit an all-time high of $76,500 on November 6, less than a day after Trump, a cryptocurrency-friendly figure, was elected as the new president of the United States.
According to data from TradingView, the price of Bitcoin slightly decreased to $75,267 at the time of publication.
Bitcoin reached an all-time high of $76,500 on November 6. Source: TradingView
This year, Bitcoin has dominated the ETF landscape, accounting for 6 of the 10 most successful launches in 2024, according to ETF Store president Nate Geraci, who mentioned this in a post on X.
Analysts also believe that Trump and the comprehensive pro-crypto policies he promises could create momentum for assets beyond Bitcoin.
Already in 2024, asset managers have rushed to submit a series of legal filings to launch altcoin-containing ETFs, including Solana, XRP, and Litecoin, among others.
Issuers are also awaiting approval for several cryptocurrency index ETFs intended to contain a diverse basket of tokens.
On October 25, Balchunas described the filings for cryptocurrency index ETFs as 'a call option on a Trump victory' in the U.S. presidential race.
Meanwhile, some analysts and traders have predicted that the price of Bitcoin will continue to rise as Trump — a Republican cryptocurrency supporter — prepares to take his seat in the Oval Office.
Fadi Aboualfa, head of research at Copper.co, told TinTucBitcoin that the price target of $100,000 for Bitcoin is 'quite possible' on January 20, the day Trump will take office at the Capitol.
