BlackRock's spot bitcoin ETF sees $1 billion of volume in just 20 minutes following Trump victory
Quick Take
- BlackRock’s IBIT spot bitcoin ETF experienced heightened trading volumes of $1 billion in the first 20 minutes of trading the day after Donald Trump won the U.S. presidential election.
- Trump’s victory also sent bitcoin to an all-time high.
BlackRock's IBIT spot bitcoin ETF experienced heightened trading volumes of $1 billion in the first 20 minutes of trading the day after Donald Trump won the U.S. presidential election, according to Bloomberg Senior ETF Analyst Eric Balchunas.
"Damn, IBIT has seen $1 billion in volume in the first 20min, that's about what it does in full day," Balchunas posted to X on Wednesday. "Other bitcoin ETFs in same boat, crazy volume. Set for a record-breaking volume day.
Trump's victory, broadly seen as a massive boon to the crypto industry, also sent bitcoin above $75,000, a new all-time high, as of early Wednesday. The billionaire real estate tycoon turned politician signaled a pro-crypto stance ahead of Tuesday's election. A Republican, Trump beat out Democratic nominee Vice President Kamala Harris, who comparatively, had shown little interest in embracing cryptocurrencies like bitcoin.
BlackRock's bitcoin ETF, with about $30 billion in AUM, boasts more assets under management than any other spot bitcoin ETF, according to The Block Data Dashboard.
BlackRock, Fidelity and Grayscale's spot bitcoin ETFs were all trading about 8% higher on Wednesday as of 1:10 p.m. ET, according to Yahoo Finance.
Bitcoin is currently trading hands above $74,500, according to The Block's price page.
While running, Trump pledged to create a strategic bitcoin reserve, pardon Silk Road founder Ross Ulbricht and fire U.S. Securities and Exchange Commission Chair Gary Gensler.
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