More than $1 billion worth of BlackRock Bitcoin (BTC) exchange-traded funds (ETFs) changed hands in the first minutes of trading following Donald Trump’s victory in the US presidential election on November 5, according to data from Bloomberg.
Analysts predict that BTC prices will continue to rise as Trump, a cryptocurrency-friendly Republican, is scheduled to begin his second term as US president on January 20.
Fadi Aboualfa, head of research at cryptocurrency custodian Copper.co, wrote in an email to Cointelegraph that valuation models show that “by the time the 47th US president heads to the Capitol for the inauguration, there will be $100,000 worth of “Bitcoin could do it,” he said.
On November 6, BlackRock’s iShares Bitcoin Trust (IBIT) recorded nearly $1.1 billion in trading volume in the first 20 minutes of market opening, Bloomberg ETF analyst Eric Balchunas said in a post on the X platform.
“IBIT had a trading volume of $1 billion in the first 20 minutes. That’s how much volume we’ve had all day,” Balchunas said. “Other Bitcoin ETFs are in the same boat, and the volume is huge.”
IBIT inflow. Source: Eric Balchunas
In this election, President Trump, who said he wanted to make the United States the ‘cryptocurrency capital of the world,’ faced off against Kamala Harris, a Democrat who is relatively quiet in the industry.
Under Vice President Harris’s boss, President Joe Biden, the U.S. Securities and Exchange Commission has taken an aggressive regulatory stance on cryptocurrencies, taking more than 100 regulatory actions against companies in the industry.
Trump won the November 5 election with more than 270 Electoral College votes and a majority of the popular vote. Although some votes are still being counted, the election is decided in Trump’s favor.
Bitcoin dominated the ETF landscape this year, accounting for six of the top ten most successful launches of 2024, Nate Geraci wrote in an X post.
In 2024, asset managers have filed numerous regulatory filings to list ETFs that hold altcoins, including Solana (SOL), XRP (XRP), and Litecoin (LTC).
Issuers are also awaiting approval for several cryptocurrency index ETFs designed to hold a diverse basket of tokens.
In fact, these filings are “a call option for a Trump victory” in the U.S. presidential election, Balchunas said on October 25.
magazine: Tokenizing music royalties into NFTs could help the next Taylor Swift.