BlackRock’s iShares Bitcoin Trust (IBIT) reached a record daily trading volume of $4.1 billion on Wednesday evening, driven by Bitcoin’s all-time high price. The surge came shortly after Donald Trump’s presidential victory, which boosted Bitcoin’s value, surpassing $75,000.
Blackrock’s IBIT saw $1 billion in trading volume within just 20 minutes of the market opening, a pace typically seen over an entire day. According to Bloomberg senior analyst Eric Balchunas, this set the stage for IBIT’s most significant trading session since its launch in January. Balchunas noted that the trading volume for IBIT exceeded that of stocks like Berkshire, Netflix, and Visa on that day.
The spike in trading activity reflects growing investor confidence in institutional crypto products, with IBIT outperforming its competitors. Across all Bitcoin ETFs, $6 billion in total volume was recorded, nearly double the average daily trading volume, driven by the enthusiasm surrounding the US elections.
Trump’s campaign promises, including support for crypto miners, a national Bitcoin reserve, and favorable regulatory changes, have fueled optimism in the market. His victory has led to speculation about potential changes in SEC leadership and more supportive policies for the crypto industry. Some, like Bitwise CIO Matt Hougan, see Trump’s win as a turning point that could usher in a “golden age” for crypto.
Blackrock’s IBIT, which holds approximately 429,185 BTC valued at around $30 billion, has solidified its position as the leading US-listed Bitcoin ETF. The fund’s competitive fee structure, including a 0.12% fee for the first year on assets up to $5 billion, has contributed to its strong investor demand since its inception in January.
