BlackRock's spot bitcoin ETF sees $1 billion of volume in just 20 minutes following Trump victory

    theblock.co 06/11/2024 - 18:07 PM

    BlackRock's IBIT Spot Bitcoin ETF Trading Surge

    BlackRock's IBIT spot bitcoin ETF saw $1 billion in trading volume within the first 20 minutes after Donald Trump's presidential election victory, as reported by 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 a full day," Balchunas tweeted on Wednesday. "Other bitcoin ETFs in the same boat, crazy volume. Set for a record-breaking volume day."

    Trump's win is perceived as a significant boost to the crypto industry, pushing bitcoin above $75,000, setting a new all-time high by early Wednesday. The former real estate mogul's pro-crypto position contrasted sharply with that of Democratic nominee Vice President Kamala Harris, who exhibited minimal interest in cryptocurrencies.

    BlackRock's bitcoin ETF, managing approximately $30 billion in assets, holds more assets than any other spot bitcoin ETF, according to The Block Data Dashboard.

    As of 1:10 p.m. ET, BlackRock, Fidelity, and Grayscale's spot bitcoin ETFs were trading around 8% higher, as shared by Yahoo Finance.

    Currently, bitcoin is trading above $74,500, according to The Block's price page.

    During his campaign, Trump promised to establish a strategic bitcoin reserve, pardon Silk Road founder Ross Ulbricht, and remove U.S. Securities and Exchange Commission Chair Gary Gensler.




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