BlackRock Bitcoin ETF Hits Record with $4.1B in Single-Day Trading Volume

BlackRock’s Bitcoin ETF just saw its highest-ever trading volume, following Donald Trump’s recent U.S. presidential election win.

Bloomberg ETF analyst Eric Balchunas posted on X on Nov. 6, noting that the iShares Bitcoin Trust (IBIT) experienced its “biggest volume day ever,” surpassing $4.1 billion in trades on that day.

Balchunas highlighted the significance, adding, “To put this in perspective, that’s more volume than stocks like Berkshire Hathaway, Netflix, or Visa saw today.” He also noted that the ETF rose 10% on Nov. 6, marking its second-best performance since it launched.

Other Bitcoin ETFs also saw one of their strongest days since the early January surge, with most doubling their average daily volume, Balchunas shared in a follow-up post.

This record-setting day for IBIT comes as Bitcoin has surged, hitting an all-time high of $76,500 on Nov. 6, just a day after Trump, known for his positive stance on crypto, was elected president. By the time of reporting, Bitcoin had slightly pulled back to $75,267, per TradingView.

Bitcoin ETFs have dominated the investment landscape in 2024, with six of the year’s top 10 best-performing launches being Bitcoin-related, noted ETF Store president Nate Geraci in a recent post on X.

Analysts say that Trump’s election win, coupled with his promises of pro-crypto policies, could boost the digital asset market, with potential benefits extending beyond just Bitcoin.

The year has already seen a surge in filings for ETFs centered around altcoins such as Solana, XRP, and Litecoin, as asset managers work to expand crypto investment options. Additionally, issuers await regulatory approval for several planned crypto index ETFs, which would offer exposure to a broader selection of digital assets.

In a post from Oct. 25, Balchunas referred to these crypto index ETF filings as “call options on a Trump victory” in the presidential race.

Looking ahead, many analysts and traders anticipate further growth for Bitcoin’s price now that Trump, a pro-crypto Republican, is expected to assume office. Fadi Aboualfa, head of research at Copper.co, even suggested that Bitcoin could reach $100,000 by Jan. 20, the date of Trump’s scheduled inauguration.

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