BlackRock ETF Hits $4 Billion Daily Volume, Leaving VISA and Berkshire in the Dust

• BlackRock’s iShares Bitcoin Trust reached a record $4.1 billion in daily trading volume, surpassing major stocks like Visa and Berkshire Hathaway.
• Trump’s victory has sparked a resurgence in the crypto markets, with Bitcoin leading the charge, soaring 9.6% to reach a record high of $75,198.

Blackrock’s iShares Bitcoin Trust has commandeered the spotlight across the financial market. This comes after IBIT shares reached their highest-ever daily trading volume on the 6th, hitting a remarkable $4.1 billion.

Notably, this remarkable performance has not only set a record for the fund but has also surpassed the trading volumes of some of Wall Street’s biggest names including Netflix, and Berkshire Hathaway. 

It is worth noting that Eric Balchunas, a senior ETF strategist at Bloomberg took to the x platform noting that IBIT reached $1 billion in just the first 20 minutes after markets opened.  As IBIT soared, other Bitcoin ETFs also experienced notable growth, with combined volumes across all nine U.S.-based Bitcoin ETFs reaching a record $6 billion for the day.

$IBIT just had its biggest volume day ever with $4.1b traded.. For context that's more volume than stocks like Berkshire, Netflix or Visa saw today. It was also up 10%, its second best day since launching. Some of this will convert into inflows likely hitting Tue, Wed night pic.twitter.com/vy2zJBwaHd

— Eric Balchunas (@EricBalchunas) November 6, 2024

In the same breath, the U.S. was holding its 60th election where Donald Trump secured the electoral votes of key battleground states, including North Carolina, Georgia, Texas, Florida, and Pennsylvania, among others. 

Trump’s win revitalized the crypto markets, especially Bitcoin which surged by 9.6% to a record high of $75,198 while its counterpart, Ethereum followed with an increment of 8%. Worth admitting, that Donald Trump has been behind what the crypto community has dubbed as the “Trump rally.”

Donald Trump has been vocal about the new asset class becoming unique in his pro-crypto stance. Energizing enthusiasm among the crypto community, Donald Trump has promised to streamline what has been a major hindrance in the cryptocurrency landscape.   

Additionally, Trump’s platform includes proposals for a national Bitcoin reserve, increased support for crypto miners, and the establishment of an advisory committee for crypto-friendly regulation. Many analysts believe these commitments if fulfilled could fuel sustained growth in the crypto market. 

The IBIT, which holds around 429,185 BTC, worth approximately $30 billion, has emerged as the largest among the 11 spot Bitcoin ETFs currently available in the U.S., bolstered by competitive fees of just 0.12% on assets up to $5 billion in its first year.

Amid this growing momentum, other Bitcoin ETFs also recorded notable inflows. Fidelity’s FBTC led with $300 million in new investments, while Ark Invest’s ARKB and Bitwise’s BITB each saw substantial interest, drawing $127 million and $100.9 million, respectively. As Bloomberg’s Balchunas put it, it was a “banger day” for Bitcoin ETFs.

Meanwhile, Bitcoin at the time of writing, is swapping hands with $74,833.86 marking a 1.44% and 3.44% surge in the past 24 hours and week respectively. Additionally, BTC’s market cap has recorded a 1.43% surge stopping at $1.48T.

On the other hand, Ethereum’s ETH is changing wallets with $2,810.97 marking a 7.42% and 6.55% surge in the past 24 hours and week respectively.