1) BlackRock’s spot Bitcoin ETF achieved $1 billion in trading volume in the first 20 minutes of opening on November 6. This was due to President-elect Donald Trump’s victory in the US elections. The surge showcases increased investor confidence in a pro-crypto administration under Trump. 2) The rapid volume spike in iShares Bitcoin Trust has put spot Bitcoin ETFs in line for a record-breaking day.
Eric Balchunas, a Senior ETF Analyst at Bloomberg, reports that IBIT saw $1 billion in volume in just 20 minutes, which is about the same amount it typically records in an entire trading day. 3) Other spot Bitcoin ETFs also experienced sharp increases, indicating high enthusiasm for digital assets following the election result.
Bitcoin reached a new all-time high, surpassing $75,000 early on November 6 after months of sideways trading. This was fueled by expectations of supportive policies from the incoming administration. 4) Throughout his campaign, Trump has supported a pro-crypto stance, proposing a national Bitcoin reserve, a pardon for Silk Road founder Ross Ulbricht, and a shake-up of the Securities and Exchange Commission (SEC) leadership.
With $30 billion in assets under management, BlackRock’s IBIT has become the largest spot Bitcoin ETF, outpacing similar funds from Fidelity and Grayscale. 5) Trump’s win marks a significant shift for the crypto industry, with many expecting regulatory reforms that could bolster mainstream acceptance and support the sector’s growth.
Bitcoin continues to trade above $74,500, capturing the optimism among investors eager to see how Trump’s pro-crypto platform will shape the industry.
