Originally published on: November 07, 2024
The BlackRock Bitcoin exchange-traded fund (ETF) experienced its biggest volume day ever following Donald Trump’s victory in the US presidential election.
According to Bloomberg ETF analyst Eric Balchunas, the iShares Bitcoin Trust (IBIT) saw over $4.1 billion in daily trading volume on November 6, marking a significant milestone for the ETF.
Balchunas highlighted that the trading volume surpassed that of well-known stocks like Berkshire, Netflix, and Visa on that day. Additionally, the IBIT recorded a 10% increase, making it the second-best day since its launch.
The surge in trading volume was also observed in other Bitcoin ETFs, with most funds achieving double their average volume since January, according to Balchunas.
This remarkable trading day for the IBIT coincided with Bitcoin hitting a new all-time high of $76,500 on November 6, shortly after Trump’s election win. Although the price retraced slightly to $75,267, the bullish signals for Bitcoin remained strong.
Bitcoin’s dominance in the ETF space continued to grow, with six of the top 10 most successful launches in 2024 being Bitcoin-related, as noted by ETF Store president Nate Geraci.
Trump’s pro-crypto stance and promised policies have sparked optimism among analysts, leading to increased interest in altcoin ETFs. Several asset managers have filed regulatory submissions for ETFs holding altcoins like Solana, XRP, and Litecoin, awaiting approval to launch.
Analysts believe that Trump’s victory could drive further growth in Bitcoin’s price, with some predicting a target price of $100,000 by his inauguration on January 20. The market outlook remains positive, with expectations of continued price appreciation under a pro-crypto administration.
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