BlackRock Bitcoin ETF hits record $4.1B trading day

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Grafa2024/11/07 07:37

By:Liezl Gambe

BlackRock’s Bitcoin (CRYPTO:BTC) ETF, the iShares Bitcoin Trust (IBIT), saw its highest trading volume to date, reaching over $4.1 billion on Nov. 6.

This record-breaking day came shortly after Donald Trump’s reelection as the U.S. president.

Bloomberg ETF analyst Eric Balchunas highlighted in an X post that the volume surpassed that of major stocks like Berkshire Hathaway, Netflix, and Visa, noting, “It was also up 10%, its second-best day since launching.”

The surge in trading activity occurred amid a bullish environment for Bitcoin, which reached a new all-time high of $76,500 on Nov. 6 before slightly retracing to $75,267.

Other Bitcoin ETFs also saw significant trading, with many experiencing double their average volume.

Bitcoin has been dominant in the ETF sector throughout 2024, with six of the top 10 most successful ETF launches this year.

ETF Store president Nate Geraci emphasised this trend in a recent post on X.

Analysts attribute the surge in Bitcoin and related ETFs to Trump’s victory and his pro-crypto stance, which has boosted market confidence.

The renewed optimism extends beyond Bitcoin.

Asset managers have filed for ETFs holding other cryptocurrencies, such as Solana, XRP, and Litecoin, and are awaiting regulatory approval for diverse crypto index ETFs.

On Oct. 25, Balchunas described these filings as strategic bets on a Trump win.

Market analysts, including Fadi Aboualfa, head of research at Copper.co, predict that Bitcoin could reach $100,000 by Jan. 20, Trump’s inauguration day.

The anticipation of crypto-friendly policies from the new administration is expected to drive continued interest and investment in digital assets, fueling further market activity.

At the time of reporting, the Bitcoin price was $74,914.77.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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