BlackRock’s iShares Bitcoin Trust (IBIT) saw unprecedented trading volume following Donald Trump’s U.S. presidential election victory, with daily volume exceeding $4.1 billion on Nov. 6.
According to Bloomberg ETF analyst Eric Balchunas, this marked IBIT’s largest trading day since its launch, eclipsing volumes of major stocks like Berkshire Hathaway, Netflix, and Visa. Balchunas added that IBIT’s trading surge also saw a 10% price rise, making it the fund’s second-best day to date.
Other Bitcoin ETFs also recorded notable gains, with daily volumes doubling their average amid a wave of optimism around Bitcoin’s future. Bitcoin itself reached an all-time high of $76,500 on Nov. 6, just a day after the pro-crypto Trump clinched the presidential race. The price later dipped slightly to $75,267, according to TradingView.
In an X post, ETF Store president Nate Geraci highlighted Bitcoin’s ETF dominance in 2024, with Bitcoin products representing six of the top 10 ETF launches of the year.
Asset managers are now eyeing a broader crypto ETF landscape, submitting filings for products including altcoins like Solana, XRP, and Litecoin, as well as diversified crypto index ETFs. Balchunas referred to these applications as “call options on a Trump victory,” reflecting market expectations of favorable crypto regulations under the incoming administration.
Looking ahead, analysts expect Bitcoin’s bullish momentum to continue, with Copper.co head of research Fadi Aboualfa suggesting a potential target price of $100,000 by Trump’s Jan. 20 inauguration.