BlackRock’s Bitcoin ETF just had its biggest trading day ever, and it’s all thanks to Donald Trump’s victory in the presidential election.
A record-breaking day
On November 6, the IBIT saw $4.1 billion in trading volume, its highest day of activity to date.
Bloomberg ETF analyst Eric Balchunas shared the exciting news on X, noting that this volume surpassed that of major stocks like Berkshire Hathaway, Netflix, and Visa for the day.
He also mentioned that IBIT was up 10%, making it its second-best day since launching.
But it wasn’t just IBIT making waves, because other Bitcoin ETFs also enjoyed a fantastic day, with many funds trading at double their average volumes.
This surge in activity coincided with a bullish trend for Bitcoin itself, which reached a new all-time high on the same day, just hours after Trump’s election was confirmed.
A slight pullback
Bitcoin’s price did pull back a bit after hitting that high, settling at around $75,267 at the time of writing.
Either way, this year has been a big one for Bitcoin in the ETF world. Nate Geraci, president of ETF Store, pointed out that Bitcoin accounted for six of the top ten most successful ETF launches in 2024.
Analysts believe that Trump’s pro-crypto policies could benefit not just Bitcoin but other assets as well.
In fact, asset managers are quite literally rushing to file for ETFs that would include alts like Solana, XRP, and Litecoin.
There’s also anticipation around several proposed crypto index ETFs designed to hold a variety of tokens.
Balchunas previously referred to these filings as “call options on a Trump victory,” highlighting how closely tied they are to the political changes.
What’s next?
With Trump set to take office again, many analysts and traders are pretty optimistic about Bitcoin’s future price movements.
Fadi Aboualfa, head of research at Copper.co, even suggested that reaching a $100,000 price target for Bitcoin by January 20, the day of Trump’s inauguration, could be “quite possible.”
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