New York, Thursday, November, 2024-BlackRock’s spot bitcoin ETF, IBIT, saw an unprecedented $1 billion in trading volume within 20 minutes of market open on Wednesday, following Donald Trump’s presidential victory. The trading frenzy was driven by investor enthusiasm for Trump’s pro-crypto stance, which boosted bitcoin’s price to a record high of $75,000.
Eric Balchunas, Bloomberg’s Senior ETF Analyst, highlighted the volume surge, noting on social media that IBIT’s trading matched a full day’s activity within minutes. Other bitcoin ETFs, including those from Fidelity and Grayscale, also experienced heightened demand, each gaining approximately 8% by early afternoon.
Trump’s win is expected to foster a favorable climate for cryptocurrencies, with investors reacting positively to his commitment to establish a strategic bitcoin reserve and his promises to support the crypto industry. Throughout his campaign, Trump criticized the Securities and Exchange Commission’s (SEC) approach to crypto, pledging to replace SEC Chair Gary Gensler and to pardon Silk Road founder Ross Ulbricht.
With $30 billion in assets under management, BlackRock’s IBIT holds the largest share among bitcoin ETFs. Industry analysts suggest the Trump administration’s policies could accelerate mainstream crypto adoption, with tariff uncertainties boosting demand for decentralized assets.
Bitcoin traded above $74,500 by mid-afternoon, as crypto enthusiasts celebrated what they see as a new era for digital currencies in the U.S. regulatory landscape.
