Following Donald Trump’s victory as the next President of the United States, spot Bitcoin ETFs had a field day reversing its outflow trajectory over the past few days. BlackRock’s IBIT played a crucial role once again with its daily trading volumes skyrocketing to a staggering $4.1 billion outperforming some of the top traded stocks like Visa and Berkshire Hathaway on Wall Street.
BlackRock Bitcoin ETF Overtakes Berkshire, VISA Stocks
On Wednesday, November 6, the iShares Bitcoin Trust (IBIT) reached its largest-ever traded volume of $4.1 billion. For comparison, this trading volume exceeded that of major stocks like Berkshire Hathaway, Netflix, and Visa on the same day.
On the other hand, the shares of BlackRock Bitcoin ETF (IBIT) surged by 10% yesterday, while marking its second-best performance since launch. Bloomberg ETF strategist Eric Balchunas noted that this high volume could likely lead to inflows in the coming days, signaling increased investor interest and confidence in the fund.
$IBIT just had its biggest volume day ever with $4.1b traded.. For context that’s more volume than stocks like Berkshire, Netflix or Visa saw today. It was also up 10%, its second best day since launching. Some of this will convert into inflows likely hitting Tue, Wed night pic.twitter.com/vy2zJBwaHd
— Eric Balchunas (@EricBalchunas) November 6, 2024
Together, the group of nine US Bitcoin ETFs did a total trading volume of $6 billion yesterday, marking their highest single-day performance since launch in January. Balchunas noted that most Bitcoin ETFs saw trading activity double their daily average, highlighting the growing momentum and investor interest in this emerging asset class. He also described the milestone as a “banger day” for the young ETF category, which continues to exceed expectations.
Fidelity’s FBTC Leads the Pack
On Wednesday, the Fidelity Bitcoin ETF (FBTC) led the pack with more than $300 million in inflows. Other players also participated with Ark Invest’s ARKB seeing $127 million in inflows, Bitwise’s BITB seeing $100.9 million in inflows, and Grayscale’s mini ETF (BTC) also seeing over $100 million in inflows. Despite the strong trading volumes, BlackRock’s IBIT saw total outflows at $68 million, as per data from Farside Investors.
These inflows can once again gather pace as Donald Trump takes over the White House office in January 2025. Following Bitcoin’s all-time high yesterday, analysts are predicting the beginning of a new dawn for BTC under the Trump administration. Popular Bitcoin strategist Dylan LeClair stated:
“You have approximately three months until the U.S. Government puts into law active accumulation of bitcoin as a strategic reserve asset. Other sovereigns will be discreetly front running. The clock has already started”.
Following nearly 20 hours since the US election results, the Bitcoin price has been holding firmly above $75,000 as investors await the FOMC meeting on Thursday. A Fed rate cut of an additional 25 basis points could propel Bitcoin to new highs as investors await the rally to $100K.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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