BlackRock’s Bitcoin ETF Notches Record-Setting $4.1 Billion Single-Day Trading Volume Amid Trump Victory

BlackRock’s Bitcoin ETF Notches Record-Setting $4.1 Billion Single-Day Trading Volume Amid Trump Victory
фото показано с : zycrypto.com

2024-11-7 19:05

BlackRock’s spot Bitcoin exchange-traded fund (ETF) witnessed a record trading day on Wednesday following Republican Donald Trump’s win in the U.S. presidential election. The record-breaking volumes came as the alpha crypto broke out to fresh all-time highs.

IBIT Posts Record Volume

On Nov. 6, the iShares Bitcoin Trust (IBIT) logged its highest-ever daily trading volume of $4.1 billion.

“For context, that’s more volume than stocks like Berkshire, Netflix, or Visa saw today,” Bloomberg’s senior ETF analyst Eric Balchunas said on X. Balchunas had previously noted that IBIT registered $1 billion in trading volume in the first 20 minutes of trading on the day of Trump’s election victory. 

IBIT’s unprecedented trading day came amid a storm of bullish signs for Bitcoin. The world’s oldest and largest crypto hit a new lifetime high of $76,243, less than a day after the crypto-friendly Republican frontrunner secured a second term in the White House.

The other U.S.-listed spot Bitcoin ETFs also posted notable daily trading volumes, totaling $6 billion across the board, representing the largest daily volume since March 14, according to data tracked by SoSoValue.

“Most of the ETFs did 2X their average. Just an all-round banger day for an infant category that never ceases to amaze,” Balchunas observed in a follow-up post.

Trump’s pre-election campaign promises, including proposals for a strategic national Bitcoin reserve, support for Bitcoin miners, and a pledge to make the United States a leading hub for crypto, have only buoyed the market’s confidence. His win has also spurred hopes of a potential SEC leadership overhaul and more friendly regulatory policies for the nascent industry.

Bitcoin ETF Inflows

The ETFs notched considerable net inflows on Wednesday, with roughly 622 million flowing into the investment vehicles. The flow, one of the highest figures since the ETFs went live on U.S. stock exchanges in January, broke a three-day outflow streak.

Fidelity’s FBTC led the pack with $309 million in inflows, followed by Ark and 21Shares, Bitwise, and Grayscale’s low-cost mini trust, each taking in approximately $100 million in investor money. 

BlackRock’s IBIT, in contrast, recorded around $69 million in net outflows yesterday, while Valkyrie’s BRRR lost over $2 million. Nevertheless, total net inflows for all the ETFs have now surpassed $24 billion.

At press time, Bitcoin is trading at $76,224 on CoinGecko after giving up some of its earlier gains. 

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