BlackRock's spot bitcoin ETF sees $1 billion of volume in just 20 minutes following Trump victory

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The Block2024/11/06 18:11

By:RT Watson

BlackRock’s IBIT spot bitcoin ETF experienced heightened trading volumes of $1 billion in the first 20 minutes of trading the day after Donald Trump won the U.S. presidential election.Trump’s victory also sent bitcoin to an all-time high.

BlackRock's IBIT spot bitcoin ETF experienced heightened trading volumes of $1 billion in the first 20 minutes of trading the day after Donald Trump won the U.S. presidential election, according to Bloomberg Senior ETF Analyst Eric Balchunas.

"Damn, IBIT has seen $1 billion in volume in the first 20min, that's about what it does in full day," Balchunas posted to X on Wednesday. "Other bitcoin ETFs in same boat, crazy volume. Set for a record-breaking volume day.

Trump's victory, broadly seen as a massive boon to the crypto industry, also sent bitcoin above $75,000, a new all-time high, as of early Wednesday. The billionaire real estate tycoon turned politician signaled a pro-crypto stance ahead of Tuesday's election. A Republican, Trump beat out Democratic nominee Vice President Kamala Harris, who comparatively, had shown little interest in embracing cryptocurrencies like bitcoin.

BlackRock's bitcoin ETF, with about $30 billion in AUM, boasts more assets under management than any other spot bitcoin ETF, according to The Block Data Dashboard .

Bitcoin is currently trading hands above $74,500, according to The Block's price page .

While running, Trump pledged to create a strategic bitcoin reserve, pardon Silk Road founder Ross Ulbricht and fire U.S. Securities and Exchange Commission Chair Gary Gensler.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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