BlackRock’s iShares Bitcoin Trust (IBIT) noticed unprecedented trading volume following Donald Trump’s U.S. Presidential election victory, with day-by-day extent exceeding $4.1 billion on Nov. 6.
According to Bloomberg ETF analyst Eric Balchunas, this marked IBIT’s largest trading day considering its launch, eclipsing volumes of primary stocks like Berkshire Hathaway, Netflix, and Visa. Balchunas brought that IBIT’s buying and selling surge additionally noticed a 10% price rise, making it the fund’s 2nd-first-rate day to date.
bitcoin etf news.
Other Bitcoin ETFs additionally recorded first-rate gains, with day-by-day volumes doubling their average amid a wave of optimism around Bitcoin’s destiny. Bitcoin itself reached an all-time excessive of $76,500 on Nov. 6, only a day after the seasoned crypto Trump clinched the presidential race. The rate later dipped barely to $75,267, in keeping with TradingView.
In an X publish, ETF Store president Nate Geraci highlighted Bitcoin’s ETF dominance in 2024, with Bitcoin merchandise representing six of the top 10 ETF launches of the 12 months.
Asset managers are now eyeing a broader crypto ETF landscape, filing filings for products such as altcoins like Solana, XRP, and Litecoin, as well as diversified crypto index ETFs. Balchunas stated those applications as “call alternatives on a Trump victory,” reflecting market expectations of favorable crypto policies under the incoming administration.
Looking beforehand, analysts anticipate Bitcoin’s bullish momentum to hold, with Copper. Co-head of research Fadi Aboualfa suggested an ability target fee of $100,000 by using Trump’s Jan. 20 inauguration. (bitcoin etf news)
Also Read: DOGE’s Growth Boosts Rollblock: The Hottest Crypto
