Following Donald Trump’s victory in the 2024 U.S. presidential election, BlackRock’s Bitcoin exchange-traded fund (ETF) saw a record-breaking day of trading. This surge signals heightened investor interest in the cryptocurrency.
On November 6, Bloomberg ETF analyst Eric Balchunas revealed that the iShares Bitcoin Trust (IBIT) experienced its “biggest volume day ever,” with over $4.1 billion in daily trading volume. He noted that this volume surpassed stocks like Berkshire, Netflix, and Visa. Balchunas highlighted that this performance was the ETF’s second-best day since its launch.
Bitcoin ETFs See Major Surge
The rise in trading volume was accompanied by a 10% increase in IBIT’s value. Many other Bitcoin ETFs also saw a similar surge, with most doubling their average daily volume. This suggests a broader rally in crypto-backed assets.
Bitcoin Price Reaches New Heights
On the same day, Bitcoin reached a new all-time high of $76,500. By publication, it had slightly retraced to $75,267, based on TradingView data. This price increase reflects growing market optimism, with many attributing it to Trump’s pro-crypto stance. Analysts expect Trump’s promises of pro-crypto policies to benefit Bitcoin and the wider cryptocurrency market.
Bitcoin ETFs Dominate in 2024
Bitcoin has dominated the ETF landscape in 2024, accounting for six out of the top 10 most successful ETF launches. Nate Geraci, president of the ETF Store, pointed out that Bitcoin’s success has drawn attention from asset managers eager to capitalize on growing interest in crypto-backed funds.
Filings for ETFs holding altcoins like Solana, XRP, and Litecoin have also surged. Several issuers are awaiting approval for crypto index ETFs that will hold diverse baskets of tokens.
Trump’s Pro-Crypto Policies Boost Market Confidence
Many analysts believe Trump’s victory could lead to more favorable regulations for crypto assets. Balchunas earlier noted that the surge in filings for crypto index ETFs could be viewed as “call options on a Trump victory.”
As Trump’s pro-crypto policies take shape, analysts predict Bitcoin’s price could rise even higher. Fadi Aboualfa, head of research at Copper. co stated that a $100,000 target for Bitcoin by January 20, 2025, is “quite possible.”
Conclusion: Bullish Outlook for Bitcoin
With Trump’s victory and promises to support the cryptocurrency market, Bitcoin’s future looks increasingly bright. The record trading day for BlackRock’s Bitcoin ETF marks only the beginning. Analysts are closely watching as Bitcoin pushes toward new all-time highs. While it remains to be seen if Bitcoin will reach $100,000 by Trump’s inauguration, the momentum is certainly building.
I am Toby Rothschild, Co-Founder of Spearmint and author at Coinography, and a strategist focused on advancing Web3 innovation, digital ecosystems, and the future of decentralized technology. I combine product thinking, creative leadership, and deep interest in emerging trends to help shape how individuals and organizations interact with the next generation of digital systems.
My work centers on understanding how blockchain, AI, and digital identity are reshaping global industries. At Spearmint, I help lead the direction of initiatives that bring clarity, structure, and meaningful user experiences to complex technological environments. I focus on bridging vision with execution, ensuring that innovation remains practical, scalable, and aligned with long-term growth.
As an author at Coinography, I create insights that translate fast-moving Web3 developments into clear, useful narratives. I explore topics such as decentralized governance, digital identity, creator economies, token models, protocol design, and the shifting cultural patterns around emerging technology. My aim is to make digital transformation more understandable and approachable for a wider audience.
I believe that Web3 is not only a technological shift but a cultural and creative one. Strong ideas, thoughtful communication, and human-centered design will shape which technologies thrive and how communities evolve around them. My writing and research reflect this belief, focusing on clarity, relevance, and long-term perspective.
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