The BlackRock Bitcoin ETF Smashes Volume Records, Headed to $100,000?

The BlackRock Bitcoin ETF set a new trading record, with over $4.1 billion traded on November 6th, the day after Donald Trump's re-election.

The BlackRock Bitcoin ETF (NYSE:IBIT) had a record-breaking day on November 6th, with over $4.1 billion traded. This was more than any other major stock that day, including Berkshire Hathaway (NYSE:BRKa), Netflix (NASDAQ:NFLX), or Visa (NYSE:V).

According to Bloomberg ETF analyst Eric Balchunas, this was IBIT’s second-best trading day since its launch. The ETF also jumped 10% in price.

$IBIT just had its biggest volume day ever with $4.1b traded.. 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. Some of this will convert into inflows likely hitting Tue, Wed night pic.twitter.com/vy2zJBwaHd

— Eric Balchunas (@EricBalchunas) November 6, 2024

This spike didn't only affect BlackRock’s Bitcoin ETF. Many other Bitcoin ETFs saw higher-than-usual trading volumes, almost double their daily averages.

Trump’s election seems to have stirred up massive interest in these funds, drawing even more attention to Bitcoin as an investment option.

This week, the BlackRock Bitcoin ETF’s record day was one of several bullish signs for Bitcoin. Bitcoin’s price reached a new all-time high of $76,500 on November 6th, thanks to a rush of buying activity from investors who saw Trump’s win as a positive sign for crypto. Bitcoin’s price had dipped to $75,267, but excitement remains high.

Bitcoin has been the leading ETF in 2024, with six of the top 10 ETF launches this year tied to Bitcoin. As more investors look to add Bitcoin to their portfolios, funds like BlackRock’s Bitcoin ETF are getting more attention than ever.

ETF Store’s President, Nate Geraci, told the press in 2024 that the demand for exposure to Bitcoin is ongoing as Bitcoin triumphed in the launches of ETFs.

575 ETFs have now launched in 2024…

*14 of top 30* by inflows are either spot btc or eth ETFs.

Includes 6 of top 10.

There are also 2 MSTR-related ETFs in top 30.

Crypto appetite from tradfi is real. pic.twitter.com/DmD6f5zJ1P

— Nate Geraci (@NateGeraci) October 23, 2024

Donald Trump’s re-election is a victory for the crypto community, thanks to the pledges made by the President-elect in favor of crypto. So, experts believe that his presidency will strengthen the position of Bitcoin and other cryptocurrencies.

Many fund managers have already submitted applications for ETFs holding altcoins such as Solana, XRP, Litecoin, etc. Other ETFs containing diversified portfolios of tokens are in the pipeline.

In October, Balchunas said this crypto index ETF filings were like “call options on a Trump victory,” meaning their bet is that Trump’s win would lead to a more favorable environment for these funds. Those filings could soon become a reality with Trump back in office, opening doors for even more crypto ETFs beyond Bitcoin.

The group of bitcoin ETFs did $6b, their best day since the crazy early days. Most of the ETFs did 2x their average. Just an all around banger day for an infant category that never ceases to amaze. pic.twitter.com/gxAZPEJe9i

— Eric Balchunas (@EricBalchunas) November 6, 2024

When Trump is all set to be President in January, many forecasts are very high for Bitcoin. Fadi Aboualfa of copper.co believes Bitcoin will hit $100k before Trump takes his Oath of Office on January 20th. Nonetheless, the question arises of whether Bitcoin will achieve this metric. The enthusiasm for Trump’s favorable stance on cryptocurrencies fuels the upward market.

JUST IN: “Multiple analysts are expecting #Bitcoin will hit $100,000″ before Trumps inauguration — CNBC pic.twitter.com/iXBhp59z3Z

— Bitcoin Magazine (@BitcoinMagazine) November 6, 2024

ETFs have grown so big that the BlackRock Bitcoin ETF had $4.1 billion in trading volume, particularly with Trump in office, boosting the Bitcoin market. Investors are all about Bitcoin and other crypto ETFs.

Whether Bitcoin will reach the ambitious $100,000 target is uncertain, but one thing’s clear—the demand for crypto is stronger than ever.

With Trump’s pro-crypto approach, the future looks bright for Bitcoin and digital assets in general.