Spot Bitcoin ETFs on track for record-breaking day following Trump win
BlackRocks spot Bitcoin (BTC) ETF recorded an impressive $1 billion in trading volume within just 20 minutes of market opening on Nov. 6, spurred by President-elect Donald Trumps victory in the US elections.
The surge reflects heightened investor confidence in a pro-crypto administration under Trump, who defeated incumbent Vice President Kamala Harris.
The swift volume spike in iShares Bitcoin Trust (IBIT), reported by Bloomberg Senior ETF Analyst Eric Balchunas, has set spot Bitcoin ETFs across the board on track for a record-breaking day.
Balchunas noted:
IBIT saw $1 billion in volume in just the first 20 minutesabout what it typically records in an entire trading day.
Other spot Bitcoin ETFs also witnessed sharp increases, indicating heightened enthusiasm for digital assets in light of the election result.
Bitcoin reached a new all-time high, surpassing $75,000 early Nov. 6 after months of sideways trading, buoyed by expectations of supportive policies from the incoming administration.
Throughout his campaign, Trump has advocated for a pro-crypto stance, proposing a national Bitcoin reserve, a pardon for Silk Road founder Ross Ulbricht, and a shake-up of the Securities and Exchange Commission (SEC) leadership.
With $30 billion in assets under management, BlackRocks IBIT has become the largest spot Bitcoin ETF, outpacing similar funds from Fidelity and Grayscale.
Trumps win marks a significant shift for the crypto industry, with many expecting regulatory reforms that could bolster mainstream acceptance and support the sectors growth. Bitcoin continues to trade above $74,500, capturing the optimism among investors eager to see how Trumps pro-crypto platform will shape the industry.
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Text source: CryptoSlate
