Outside Source
BlackRock Bitcoin ETF saw its largest day of trading activity following Donald Trump’s reelection as the president of the United States.
News
BlackRock’s Bitcoin exchange-traded fund (ETF) witnessed a record day of trading after Donald Trump’s victory in the United States presidential election.
In a Nov. 6 post to X, Bloomberg ETF analyst Eric Balchunas shared that the iShares Bitcoin Trust (IBIT) witnessed its “biggest volume day ever” with over $4.1 billion in daily trading volume on Nov. 6.
“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, “ added Balchunas.
Source: Eric Balchunas
The other Bitcoin (BTC) ETFs also had one of their best days since “the crazy early days” in January, with most of the funds doing two times their average volume, according to a follow-up post from Balchunas.
IBIT’s record trading day came amid a flurry of bullish signals for Bitcoin, with the asset notching a new all-time high of $76,500 on Nov. 6, less than one day after crypto-friendly Trump’s election as the next president of the US.
The price of Bitcoin has since retraced slightly to $75,267 at the time of publication, according to TradingView data.
Bitcoin notched a new all-time high of $76,500 on Nov. 6. Source: TradingView
Bitcoin has dominated the ETF landscape this year, accounting for six of the top 10 most successful launches in 2024, ETF Store president Nate Geraci said in an X post.
Related: Bitcoin gained 1,900% in Trump’s first term: Will BTC price hit $1M this time?
Analysts also believe that Trump and the sweeping pro-crypto policies he’s promised could be a boon for assets beyond Bitcoin.
Already in 2024, asset managers have flocked to submit a swathe of regulatory filings to list ETFs holding altcoins, including Solana, XRP, and Litecoin, among others.
Issuers are also waiting on approval for several planned crypto index ETFs designed to hold diverse baskets of tokens.
On Oct. 25, Balchunas described the filings for crypto index ETFs as “call options on a Trump victory” in the US presidential race.
Meanwhile, several analysts and traders have predicted that Bitcoin’s price will keep rising now that Trump — a pro-crypto Republican — is set to take his seat in the Oval Office.
Fadi Aboualfa, head of research at Copper.co told Cointelegraph that a $100,000 target price for Bitcoin is “quite possible” by Jan. 20, the day that Trump will head to the Capital for his inauguration.
Magazine: AI agents trading crypto is a hot narrative, but beware of rookie mistakes
This article first appeared at Cointelegraph.com News
