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.

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.

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.