BlackRock Bitcoin ETF sees $1B volume in first minutes of post-election trading
BlackRock's Bitcoin (BTC) exchange-traded fund (ETF) was worth more than $1 billion in the first minutes of trading after Donald Trump won the US presidential election on November 5, according to data from Bloomberg.
Analysts predict BTC price to rise as Trump, a cryptocurrency-friendly Republican, begins his second term as president on January 20.
Price models suggest that “$100,000 Bitcoin is very possible when the 47th President of the United States heads to the Capitol for his inauguration,” Fadi Aboualfa, Copper.co – crypto watchdog – head of research – told Cointelegraph in an email.
In the year On November 6, BlackRock's iShares Bitcoin Trust (IBIT) saw nearly $1.1 billion traded in the first 20 minutes after the market opened, Bloomberg ETF analyst Eric Balchunas said in a post on the X forum.
“IBIT saw $1 billion in volume in the first 20 minutes — that's what it does all day,” Balchunas said. “Other Bitcoin ETFs in Same Boat, Crazy Size.”
IBIT earnings. Source: Eric Balchunas
The election pitted Trump — who has said he wants to make America the “crypto capital of the world” — against Democrat Kamala Harris, who has been comparatively quiet on the industry.
Under President Joe Biden – Vice President Harris' boss – the US Securities and Exchange Commission has taken a tough regulatory stance on crypto, bringing more than 100 regulatory actions against industry companies.
Trump won more than 270 Electoral College votes and a majority of the popular vote in the Nov. 5 election. Some votes are still being counted, but the election has been called in favor of Trump.
Bitcoin has dominated the ETF landscape this year, accounting for six of the top 10 most successful startups in 2024, says Nate Geraci at XPost.
In the year In 2024, asset managers filed multiple regulatory filings to list ETFs that hold altcoins, including Solana (SOL), XRP (XRP) and Litecoin (LTC), among others.
A number of proposed crypto index ETFs designed to hold different baskets of stocks are awaiting approval.
In effect, these records are “call options” in the US presidential race, Balchunas said on October 25.
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