BlackRock’s iShares Bitcoin ETF (IBIT) achieved a staggering billion trading volume within 20 minutes of its launch, sparking a crypto market rally fueled by Trump’s election win. Discover how this unprecedented ETF performance is reshaping the digital asset landscape.”
BlackRock’s iShares Bitcoin ETF Reaches $1 Billion in Record Time
BlackRock’s iShares Bitcoin Trust ETF (IBIT) shattered expectations, reaching a jaw-dropping billion in trading volume within just 20 minutes of its launch. This surge in volume, often seen only in cases of large-scale sell-offs, instead unfolded as a massive buying spree. Bitcoin’s price soared as traders clamored to acquire IBIT shares, creating what analyst Eric Balchunas aptly described as a “feeding frenzy.”
The excitement was palpable, with investors rushing to buy as fast as they could, pushing trading volumes to astonishing heights.
Balchunas, who had closely monitored the IBIT’s launch, had predicted monumental figures for this ETF, and the early numbers exceeded all projections. By October 29, IBIT had facilitated Bitcoin trades totaling .3 billion—and this was only the beginning. In the days that followed, an additional .8 billion poured in. This ETF was proving to be in a league of its own, outpacing all other competitors.
Bitcoin Breaks, $75000 Mark as Trump’s Election Win Ignites Crypto Markets
While IBIT’s trading volumes were setting records, Bitcoin itself was shattering price barriers. By Wednesday morning, Bitcoin had surged past, $75000, a new all-time high. And it wasn’t just Bitcoin experiencing this explosive growth. Other cryptocurrencies joined the rally—Ethereum saw an 8% jump, while Dogecoin, a meme coin favored by Elon Musk, soared by 18%. A full-blown crypto bull market was underway.
So, why the sudden rally? In two words: Donald Trump. Following his swift victory in the presidential race, the markets reacted as if they’d received the ultimate green light. Investors viewed Trump’s win as a monumental boost for Bitcoin and the entire crypto space.
Trump, once a skeptic of cryptocurrencies, has made a dramatic turnaround. Now a staunch crypto advocate, he’s pledging to transform the U.S. into the “crypto capital of the planet.” And for those who think these are mere words, consider his recent actions. His campaign accepted crypto donations, and he even appeared at a Bitcoin conference in July to engage with the digital currency community. His message was clear: America needs a strategic Bitcoin reserve, and he’s committed to making it happen.
Crypto Stocks Rally Alongside Bitcoin, Driven by Trump’s Support
Crypto-related stocks also saw an upswing. Coinbase, one of the world’s largest cryptocurrency exchanges, recorded a 17% increase in its stock price. Robinhood, a trading platform now heavily invested in crypto, climbed by 12%, while MicroStrategy, the corporate giant holding more Bitcoin than any other public company, rose by 10%.
Market discussions have now shifted from asking if Bitcoin will hit $100,000 to wondering when it will cross that threshold. A.J. Bell’s Investment Director Russ Mould noted, “Trump has already declared his love for digital currency, giving crypto traders a new narrative to fuel their excitement.” And that excitement is palpable across the industry.
Donald Trump Wins 2024 US Presidential Election: What You Need to Know