More than $1 billion worth of BlackRock’s Bitcoin ETF shares were traded in the initial minutes following Donald Trump’s victory in the U.S. presidential election on November 5, as per Bloomberg data.
With Trump, a known supporter of cryptocurrency, poised to begin his second term on January 20, analysts forecast continued growth in Bitcoin’s value. Research models now anticipate Bitcoin could reach $100,000 by Inauguration Day, according to Fadi Aboualfa, head of research at crypto custodian Copper.co, in an email statement.
On November 6, BlackRock’s iShares Bitcoin Trust (IBIT) recorded a trading volume nearing $1.1 billion within the first 20 minutes of market activity, reported Bloomberg ETF analyst Eric Balchunas on the X platform. “IBIT has seen $1b in volume in the first 20min—about what it usually does in a whole day,” Balchunas noted. “Other Bitcoin ETFs are seeing similar surges in volume.”
The election contest featured Trump, who has previously expressed intentions to make the U.S. a global leader in crypto, against Democrat Kamala Harris, who has been less vocal on the industry. During the Biden administration, the SEC maintained a strict regulatory approach, launching over 100 actions against crypto-related companies.
Trump claimed victory on November 5 with over 270 Electoral College votes and a majority in the popular vote, although some ballots are still being counted.
Bitcoin ETFs have had a banner year in 2024, representing six out of the top 10 most successful launches, according to ETF specialist Nate Geraci. Meanwhile, asset managers have filed numerous applications to introduce ETFs for other cryptocurrencies like Solana, XRP, and Litecoin. Several proposed index ETFs, intended to provide a more diversified crypto investment option, are also awaiting regulatory approval.
Balchunas recently described these ETF filings as “call options on a Trump victory” in the election.
For more news, find me on Twitter Giannis Andreou and subscribe to My channels Youtube and Rumble
What is your opinion on this particular topic? Leave us your comment below! We are always interested in your opinion!
