Massive Day For BlackRock’s Bitcoin ETF As Trading Volume Reaches Unseen Levels With $4.1 Billion Traded

By Investor Empires On Nov 10, 2024

In November. 6, Black Rock iShares Bitcoin Trust (IBIT) has achieved an unprecedented trading milestone, with trading volume soaring to $4.1 billion in a single day – an all-time high. This rise, following the re-election of Donald Trump as President of the United States, indicates a strong wave of institutional and possibly retail interest in cryptocurrency ETFs.

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Bloomberg ETF analyst Eric Balchunas noted on To add perspective, several Bitcoin ETFs also saw a significant rally, trading at nearly double their typical volume. This is reminiscent of the highly volatile early days of Bitcoin ETFs in January.

Analysts attribute this impressive performance to a combination of factors, including Bitcoin’s price momentum, which has seen the asset rise to a record high of $76,500. However, based on TradingView data shortly after, the price of the asset fell slightly to $75,267. However, it remains a dominant asset in our 2024 ETF forecasts.

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As ETF Shop head Nate Geraci explained in an X post, Bitcoin ETFs have become some of the most successful launches this year. Additionally, Trump’s return to office has sparked optimism in the cryptocurrency space, with many pointing to his pro-crypto stance and expected policy support as potential catalysts for Bitcoin’s continued growth.

As Bitcoin ETFs break new ground, the broader landscape has seen asset managers scramble to place orders for a range of altcoin-focused ETFs, including those for Solana, XRP and Litecoin. They have also proposed several cryptocurrency index ETFs, allowing investors to own various digital assets.

Balchunas previously described these filings as “call options on a Trump win,” noting that fund managers may rely on a favorable regulatory climate under the new administration. If pro-crypto policies become a reality, experts believe that the market may see more significant inflows and innovations in the field of ETFs.