On November 6, BlackRock’s Bitcoin exchange-traded fund (ETF) experienced an unparalleled jump in trading activity, with daily transactions totaling more than $4.1 billion. The surge happened in response to Donald Trump’s re-election as President of the United States, with market excitement at the chance of pro-crypto policies driving investor interest and asset values higher.
According to Bloomberg ETF analyst Eric Balchunas, BlackRock’s iShares Bitcoin Trust (IBIT) had its “biggest volume day ever,” outperforming large stocks including Berkshire Hathaway, Netflix, and Visa in trading activity. The volume rise also resulted in a 10% increase in the ETF’s value, making it the fund’s second-best performance day since its inception.
Other Bitcoin ETFs in the market also benefited from the strong momentum, with many seeing volumes more than double their regular levels. The combined trading volume across Bitcoin ETFs reached a high not seen since the early days of 2024, totaling almost $6 billion. This action mirrored traders’ increased optimism as Bitcoin reached a new record high of $76,500; however, it later steadied around $74,800.
Fresh optimism for favorable regulation and support for digital assets under Trump’s administration has contributed to the increased interest in Bitcoin ETFs. Analysts expect that Trump’s pro-crypto position will drive widespread usage and regulatory approval of cryptocurrencies.
Meanwhile, the consequences of Trump’s triumph were not all favorable. Some iShares ETFs in international markets, particularly in South Korea, Taiwan, and Chile, fell on November 6. Although U.S. markets reached new highs, experts warn that Trump’s tariff policies, particularly on Chinese imports, might weigh on global equities and cause instability in international markets.
Despite these occurrences, many in the cryptocurrency field remain hopeful about the future, with some analysts predicting that Bitcoin’s price would hit $100,000 by the time of Trump’s inauguration in January. BlackRock’s record trading day and this confidence underscore the increasing significance of cryptocurrencies in traditional financial markets. Experts predict that global investment portfolios will increasingly incorporate Bitcoin ETFs and other digital assets as the market adjusts to shifting political environments.
