BlackRock Bitcoin ETF Sets Record for Trading Volume

BlackRock's IBIT fund recorded a trading volume of $4.1 billion shortly after Donald Trump's first day in office.

Blackrock Bitcoin Etf Sets Record For Trading Volume

On its first trading day, BlackRock’s Bitcoin Spot ETF, IBIT, achieved an impressive milestone with a trading volume of $4.1 billion following news of Donald Trump’s victory in the U.S. presidential election. Notably, in just the first 20 minutes of trading, BlackRock’s IBIT recorded a volume of $1 billion, reflecting widespread market excitement.

BlackRock Bitcoin ETF Sets Record for Trading Volume
BlackRock Bitcoin ETF Sets Record for Trading Volume

On November 6, ETF analyst Eric Balchunas from Bloomberg shared on platform X that the iShares Bitcoin Trust (IBIT) had set a “new trading record.” For context, he compared it with blue-chip stocks: “The trading volume of IBIT even surpassed those of Berkshire, Netflix, and Visa on the same day. Moreover, the fund’s value increased by 10%, marking the second-highest gain since its debut.”

Balchunas noted that other ETFs also saw one of their most active trading sessions since the “early boom” days in January, with trading volumes for most funds doubling their usual averages.

IBIT’s remarkable performance comes as Bitcoin continues to break records. The leading cryptocurrency reached an all-time high of $76,500 on November 6, just hours after Trump—who is known for his pro-crypto stance—won the presidential election.

Related: BlackRock Dethrones Grayscale to Become the Largest Crypto Fund

Analysts predict that the crypto-friendly policies Trump has pledged could benefit the entire market, not just Bitcoin. The year 2024 has already seen a wave of asset management companies applying to launch ETFs for altcoins like Solana, XRP, and Litecoin. Meanwhile, other crypto index funds are also awaiting regulatory approval to offer a broader range of token portfolios.

(3 votes)

4.0/5

(3 votes)

Latest

Crypto Market Faces Volatility Ahead Of Trump Tariff Pause Expiration

News | Editor Choice | Policy & Regulations

Crypto Market Faces Volatility Ahead of Trump Tariff Pause Expiration

The crypto market is entering a sensitive phase as the Trump tariff pause nears its end and nearly $15 billion in Bitcoin options are set to expire, putting significant pressure on investor sentiment.

Pi Coin Faces Selling Pressure Ahead Of Pi2day

News | Editor Choice | Pi Network

Pi Coin Faces Selling Pressure Ahead of Pi2Day

Ahead of the Pi2Day event on June 28, Pi Coin is under strong selling pressure while Pi Network announces a series of new updates, including the KYC Sync feature and upgrades to the Pi Browser aimed at improving user experience and accelerating the transition to Mainnet.

Bitcoin Could Drop To $100,000 Soon

Bitcoin | Editor Choice

Bitcoin Could Drop to $100,000 Soon

Although Bitcoin has surged following the stabilization of the Middle East situation, it could still fall below the 100,000 USD mark in the near future.

Coinbase Stock Hits New High As Analysts Split On Future Rally

News | Altcoin | Editor Choice | Policy & Regulations

Coinbase Stock Hits New High as Analysts Split on Future Rally

Coinbase (COIN), the crypto exchange giant, has just set a new all-time closing high, despite growing concerns that the stock may be due for a short-term correction.

Ai Crypto App Users Double This Year

Editor Choice | Altcoin

AI Crypto App Users Double This Year

According to a report from DappRadar, there are approximately 4.5 million wallets using AI applications on the blockchain, marking an 86% increase this year.