BlackRock’s spot Bitcoin ETF, iShares Bitcoin Trust (IBIT), saw a massive $1 billion in trading volume within just 20 minutes of market opening on Nov. 6, following President-elect Donald Trump’s victory in the US elections. This surge in volume reflects increased investor confidence in a pro-crypto administration under Trump, who defeated incumbent Vice President Kamala Harris. The swift spike in IBIT’s trading volume has set spot Bitcoin ETFs on track for a record-breaking day, with other similar funds also experiencing sharp increases in trading activity.
Bitcoin itself reached a new all-time high, surpassing $75,000 on Nov. 6 after months of relatively stable trading. This increase in value is attributed to expectations of supportive policies from the incoming administration, as Trump has been vocal about his pro-crypto stance throughout his campaign. He has proposed initiatives such as a national Bitcoin reserve, a pardon for Silk Road founder Ross Ulbricht, and potential leadership changes at the Securities and Exchange Commission (SEC).
With $30 billion in assets under management, BlackRock’s IBIT has become the largest spot Bitcoin ETF in the market, surpassing similar funds from Fidelity and Grayscale. Trump’s victory is seen as a significant development for the crypto industry, with many anticipating regulatory reforms that could promote mainstream acceptance and further support the sector’s growth. Bitcoin continues to trade above $74,500, reflecting the optimism among investors eager to see how Trump’s pro-crypto platform will influence the industry.
Overall, the surge in trading volume for BlackRock’s spot Bitcoin ETF and the increase in Bitcoin’s value following Trump’s election win indicate a growing enthusiasm for digital assets in light of the political landscape. Investors are closely monitoring developments in the crypto industry under the new administration, expecting policy changes that could benefit the sector. With IBIT leading the way as the largest spot Bitcoin ETF, the industry is poised for potential growth and mainstream acceptance in the coming months. Bitcoin’s continued trading above $74,500 signals continued optimism among investors and reflects confidence in Trump’s pro-crypto agenda.
