BlackRock’s iShares Bitcoin Trust (IBIT) ETF witnessed unprecedented trading activity following Donald Trump’s victory in the U.S. presidential election. This surge in trading volume highlights renewed investor confidence in Bitcoin amid expectations of pro-crypto policies from the incoming administration.
The ETF set a record with more than $4.1 billion in daily trading volume on Nov. 6, surpassing the activity levels of well-known stocks like Berkshire Hathaway, Netflix, and Visa. According to Bloomberg ETF analyst Eric Balchunas, IBIT’s volume surge also represented a 10% gain on the day, marking its second-best day since launch. Other Bitcoin ETFs experienced similar spikes, doubling their usual volume as investor interest surged on the back of Trump’s win. Bitcoin itself reached a new all-time high of $76,500 before settling around $75,267.
This record-breaking trading day occurred on Nov. 6, just a day after Trump’s election victory, as excitement built around the potential impact of his pro-crypto stance on digital assets. IBIT’s performance capped off a year in which Bitcoin ETFs have dominated the ETF landscape, with Bitcoin products securing six of the top 10 most successful ETF launches of 2024, as noted by ETF Store president Nate Geraci.
This trading activity was observed across major markets, with IBIT leading as one of the most actively traded Bitcoin ETFs. The spike in volume reflects a broader trend in the U.S., where Bitcoin ETFs have gained traction with investors seeking crypto exposure within traditional financial instruments.
Trump’s election has driven optimism in the crypto market, with many investors anticipating more supportive regulations under his administration. The pro-crypto Republican candidate’s win has lifted sentiment around Bitcoin and other digital assets, and many expect a favorable regulatory environment to further stimulate the market. Balchunas previously described the rush of ETF filings as “call options on a Trump victory,” highlighting the industry’s anticipation of regulatory easing.
With Trump’s presidency on the horizon, analysts predict further upside for Bitcoin. Fadi Aboualfa, head of research at Copper.co, suggested that Bitcoin could reach $100,000 by Trump’s inauguration on Jan. 20. The optimistic sentiment has spurred asset managers to file for ETFs targeting altcoins like Solana, XRP, and Litecoin, along with diverse crypto index ETFs, signaling anticipation of increased adoption and investor demand across a wider range of digital assets.
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