Bitcoin (BTC) ETF Sees Record Trading Day as Trump's Election Victory Spurs Bullish Signals

BlackRock's Bitcoin exchange-traded fund (ETF) witnessed a record day of trading after Donald Trump's victory in the United States presidential election.

BlackRock’s Bitcoin exchange-traded fund (ETF) had a record day of trading following Donald Trump’s victory in the United States presidential election.

In a Nov. 6 post to Axios, Bloomberg ETF analyst Eric Balchunas shared that the iShares Bitcoin Trust (IBIT) saw its “biggest volume day ever” with over $4.1 billion in daily trading volume on Nov. 6.

“For context that’s more volume than stocks like Berkshire, Netflix, or Visa saw today. It was also up 10%, its second-best day since launching, “ added Balchunas.

The other Bitcoin BTC $74,693 ETFs also had one of their best days since “the crazy early days” in January, with most of the funds doing two times their average volume, according to a follow-up post from Balchunas.

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IBIT’s record trading day came amid a flurry of bullish signals for Bitcoin, with the asset notching a new all-time high of $76,500 on Nov. 6, less than one day after crypto-friendly Trump’s election as the next president of the US.

The price of Bitcoin has since retraced slightly to $75,267 at the time of publication, according to TradingView data.

Bitcoin notched a new all-time high of $76,500 on Nov. 6. Source: TradingView

Bitcoin has dominated the ETF landscape this year, accounting for six of the top 10 most successful launches in 2024, ETF Store president Nate Geraci said in an Axios post.

Related: Bitcoin gained 1,900% in Trump’s first term: Will BTC price hit $1M this time?

Analysts also believe that Trump and the sweeping pro-crypto policies he’s promised could be a boon for assets beyond Bitcoin.

Already in 2024, asset managers have flocked to submit a swathe of regulatory filings to list ETFs holding altcoins, including Solana, XRP, and Litecoin, among others.

Issuers are also waiting on approval for several planned crypto index ETFs designed to hold diverse baskets of tokens.

On Oct. 25, Balchunas described the filings for crypto index ETFs as “call options on a Trump victory” in the US presidential race.

Several analysts and traders have predicted that Bitcoin’s price will continue to rise now that Trump — a pro-crypto Republican — is set to take his seat in the Oval Office.

Head of research at Copper.co, Fadi Aboualfa, told Cointelegraph that a $100,000 target price for Bitcoin is “quite possible” by Jan. 20, the day that Trump will head to the Capital for his inauguration.

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