BlackRock’s Bitcoin Exchange-Traded Fund (ETF) witnessed a staggering $1 billion worth of trading within minutes of the announcement of Donald Trump’s election win on November 5th. This digital-asset ETF of BlackRock, known as iShares Bitcoin Trust (IBIT), had brokers scrambling to make trades with the volume reaching nearly $1.1 billion early into trading day.
Analysts are now forecasting a continual rise in Bitcoin’s price, as Trump, known for his pro-cryptocurrency stance, has won his second term as President. Prior to the election, Bitcoin was already a hot topic in ETF trading with six of the top 10 most successful launches this year involving the digital currency.
Trump’s victory could signify a bullish future for the crypto industry in America, as he has previously declared his intention to make the country “the crypto capital of the world”. In contrast, the previous administration under President Joe Biden had taken a more aggressive stance on crypto regulation, with the SEC filing over 100 regulatory actions against companies in the industry.
In addition to Bitcoin, other altcoins such as Solana, XRP, and Litecoin also feature in ETF regulatory filings from asset managers in 2024. As we anticipate the start of Trump’s tenure in January, traders appear to be betting big on a crypto-friendly administration, eventually making the United States a global hub for digital currencies.
Coinciding with this surge of interest, several designed crypto index ETFs awaiting approval are poised to offer stable and diversified portfolios of digital assets to investors. According to Bloomberg ETF’s analyst, Eric Balchunas, these filings could be seen as “call options on a Trump victory”, forecasting a beneficial climate for cryptocurrencies under his presidency.