BlackRock’s iShares Bitcoin Trust (IBIT)

On U.S. presidential election day, BlackRock’s iShares Bitcoin Trust (IBIT) experienced its largest daily trading volume. Pro-crypto Republican candidate Donald Trump reclaimed the presidency.

> “For context, that's more volume than stocks like Berkshire, Netflix or Visa saw today,” said Bloomberg Senior ETF Analyst Eric Balchunas on X. Earlier, he reported that IBIT achieved $1 billion in trading volume within the first 20 minutes following Trump's win.

Alongside IBIT, other spot bitcoin exchange-traded funds (ETFs) registered substantial daily volumes, totaling $6 billion—the highest daily volume since March 14, according to data from SoSoValue.

> “Most of the ETFs did 2x their average. Just an all-around banger day for an infant category that never ceases to amaze,” Balchunas remarked.

On that day, 12 funds recorded significant net inflows totaling $621.9 million. Fidelity’s FBTC led the inflows with $308.7 million, while ETFs from Ark, 21Shares, Bitwise, and Grayscale’s mini trust garnered positive flows exceeding $100 million each. Grayscale’s GBTC and VanEck’s HODL also saw inflows.

However, BlackRock’s IBIT faced net outflows of over $69 million on Wednesday. The previous week, IBIT recorded $2.1 billion in net inflows, marking its second-largest weekly inflow. Wednesday’s inflows pushed the total cumulative net inflows for the 12 bitcoin funds to $24.1 billion.

Nate Geraci, president of the ETF Store, suggested that total daily net inflows for spot bitcoin ETFs might exceed $1 billion later this week, stating, “Let’s see flows the rest of the week. Gut says record will still be broken.”

Meanwhile, spot ether ETFs saw $52.2 million in net inflows, supported by Grayscale’s mini trust and Fidelity’s FETH, according to SoSoValue data.

Trump triumphed over Kamala Harris in the presidential election, securing 295 electoral votes compared to Harris’ 226. The pro-crypto candidate's victory prompted a market surge, propelling bitcoin to a new all-time high of over $75,350. Bitcoin is currently trading at $74,776.

As Trump prepares for his second term, he has vowed to remove SEC Chair Gary Gensler, create a crypto presidential advisory council, and strengthen the U.S.'s position in bitcoin mining.