BlackRock's Spot Bitcoin (BTC) ETF posted a staggering $1 billion in trading volume within just 20 minutes of market opening on November 6th, boosted by President-elect Donald Trump's victory in the US election. Recorded.
The surge reflects investors' growing confidence in the pro-crypto administration under the Trump administration, which defeated incumbent Vice President Kamala Harris.
iShares Bitcoin Trust (IBIT) Volume Surges Rapidly, with Spot Bitcoin ETFs All on Track for a Record Day, Bloomberg Senior ETF Analyst Eric Balchunas reports It changed to
Balchunas pointed out:
“IBIT recorded $1 billion in trading volume in the first 20 minutes, which is comparable to what it typically records for an entire trading day.”
Other spot Bitcoin ETFs have also soared, showing increased enthusiasm for the digital asset following the election results.
Bitcoin hit a new all-time high on early November 6, topping $75,000 after months of flat trading, buoyed by expectations for supportive measures from the incoming administration.
Throughout the campaign, Trump advocated a pro-cryptocurrency stance, proposing the creation of a national Bitcoin reserve, pardoning Silk Road founder Ross Ulbricht, and overhauling the leadership of the Securities and Exchange Commission (SEC). I've done it.
With $30 billion in assets under management, BlackRock's IBIT has surpassed similar funds from Fidelity and Grayscale to become the largest Bitcoin spot ETF.
Trump's victory signals a major shift for the crypto industry, with regulatory reforms expected to strengthen mainstream acceptance and support the industry's growth. Bitcoin continues to trade above $74,500, capturing optimism from investors eager to see how President Trump's crypto-promoting platform will shape the industry.
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