Biworld reports:
After Trump’s election, BlackRock’s IBIT experienced exponential growth in trading volume, surpassing $4.1 billion on November 6. Bloomberg senior ETF analyst Eric Balchunas noted that IBIT’s trading volume grew by 10%, exceeding that of stocks like Berkshire Hathaway, Netflix, or Visa.
BlackRock’s IBIT performs second best since its launch
Shortly after Donald Trump was elected, BlackRock’s Bitcoin ETF reached a historic high in trading volume. The ETF’s trading volume exceeded $4.1 billion, surpassing that of several other stocks.
Eric Balchunas posted on X, calling this incredible achievement IBIT’s “biggest trading day ever.” He stated:
It also rose by 10%, marking the second-best day since its launch. Some of this will translate into fund inflows, which might appear on Tuesday or Wednesday night.
-Eric Balchunas
Source: Eric Balchunas’ X post
BlackRock wasn’t the only ETF trader with astounding trading volumes. According to Balchunas, Bitcoin ETFs had a trading volume of $6 billion overall, the highest level since the “crazy early days” in January. He added that most of these ETFs saw trading volumes double the average, creating a chaotic situation throughout the day.
Even the price of Bitcoin soared, reaching a record high of $76,500 on November 6. Currently, Bitcoin is trading at $74,802, a slight 2.2% drop from the previous day’s peak.
Trump’s victory leads to a decline in some iShares ETFs
Following Trump’s victory and his promise to introduce favorable cryptocurrency policies, crypto analysts are optimistic about the gains of other digital assets in the U.S., not just Bitcoin.
However, some popular iShares ETFs in South Korea, Hong Kong, Taiwan, and Chile declined on Wednesday, even as major U.S. indices soared to record highs. This suggests that while the U.S. cryptocurrency market might thrive, this may not apply to international markets.
In addition to the global cryptocurrency market, all other stocks could be affected, especially since the president-elect has pledged to impose taxes on all imports, particularly from China.
Yuyu Ma, Chief Investment Officer at BMO Wealth Management, stated that although the U.S. investment outlook remains optimistic, global markets are particularly vulnerable to tariff policies, which could hinder the international stock market’s upward movement in the short term.