BlackRock's Bitcoin exchange-traded fund (ETF) posted a record trading day following Donald Trump's victory in the US presidential election.
November 6th post Bloomberg ETF analyst Eric Balchunas told to ” he said.
“For context, there was more volume than we saw today in stocks like Berkshire, Netflix, and Visa. We were also up 10%, making it our second best day since launch,” Balchunas added. .
sauce: Eric Balchunas
Other Bitcoin (BTC) ETFs also had their best days since the “early crazy days” of January, with most funds posting twice their average volume, according to follow-up reports. post Originally from Balchunas.
IBIT's record trading day comes amid a flurry of bullish signals for Bitcoin, with the same day on November 6, less than a day after crypto-friendly Trump was elected the next president of the United States. Assets hit a new all-time high of $76,500.
According to TradingView, the price of Bitcoin has since rebounded slightly to $75,267 at the time of publication. data.
Bitcoin hit a new all-time high of $76,500 on November 6th. Source: TradingView
Bitcoin has dominated the ETF world this year, accounting for six of the top 10 most successful launches in 2024, Nate Geraci, president of ETF Store, said in X magazine. post.
Related: Bitcoin rises 1,900% in Trump's first term: Will BTC price reach $1 million this time?
Analysts also believe that President Trump and the broad pro-crypto policies he has promised could benefit assets other than Bitcoin.
Already in 2024, asset managers are flocking to file a series of regulatory filings to list ETFs holding altcoins such as Solana, XRP, and Litecoin.
The issuer is also awaiting approval for several planned cryptocurrency index ETFs designed to hold a diverse basket of tokens.
On October 25, Balciunas described the application for a cryptocurrency index ETF as a “call option for Trump to win” in the US presidential election.
Meanwhile, several analysts and traders predict that Bitcoin's price will continue to rise as Trump, a pro-crypto Republican, is set to take a seat in the Oval Office.
Fadi Abualfa, head of research at Copper.co, told Cointelegraph that he has a target price for Bitcoin of $100,000 by January 20, when President Trump is scheduled to head to the nation's capital for his inauguration. “It's entirely possible,” he said.
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