BlackRock’s spot Bitcoin (BTC) ETF recorded an impressive trading volume of $1 billion within just 20 minutes of market opening on November 6, spurred by newly elected President Donald Trump’s victory in the US elections.
The increase reflects increased investor confidence in a pro-crypto administration under Trump, who defeated incumbent Vice President Kamala Harris.
The rapid volume spike in iShares Bitcoin Trust (IBIT), reported by Bloomberg Senior ETF analyst Eric Balchunas, has Bitcoin ETFs across the board on track for a record day.
Balchunas commented:
“IBIT saw $1 billion in volume in the first twenty minutes – about what it normally records in an entire trading day.”
Other spot Bitcoin ETFs also witnessed sharp gains, indicating greater enthusiasm for digital assets in light of the election results.
Bitcoin hit a new all-time high early on November 6, surpassing $75,000 after months of sideways trading, buoyed by expectations of supportive policies from the new administration.
During his campaign, Trump has advocated a pro-crypto stance, proposing a national Bitcoin reserve, a pardon for Silk Road founder Ross Ulbricht and a shake-up of the leadership of the Securities and Exchange Commission (SEC).
With $30 billion in assets under management, BlackRock’s IBIT has become the largest spot Bitcoin ETF, surpassing peers from Fidelity and Grayscale.
Trump’s victory marks a significant shift for the crypto industry, with many expecting regulatory reforms that could strengthen mainstream adoption and support sector growth. Bitcoin continues to trade above $74,500, reflecting optimism among investors eager to see how Trump’s pro-crypto platform will shape the industry.