Bitcoin Soars 9% as BlackRock ETF Sees Record Trading Volume

Bitcoin Surge

• Bitcoin experienced a significant rise of over 9% on Wednesday, reaching a record high of $76,481.

• This surge followed the U.S. presidential election victory of Donald Trump, who has shown support for the cryptocurrency sector during his campaign.

• Historical data indicated that Bitcoin could potentially rise by 11% following a Trump win, which aligns with the recent market behavior.

Record Volume for Bitcoin ETFs

• The rally coincided with substantial inflows into spot Bitcoin exchange-traded funds (ETFs), with a net addition of $621.9 million, marking one of the highest figures since their introduction in January.

• Total net inflows into Bitcoin ETFs have now reached $24.2 billion.

• Notable performances included Grayscale's Bitcoin Mini Trust, which saw $108.8 million in inflows, and Bitwise Bitcoin ETF, which recorded $100.9 million.

• In contrast, BlackRock's iShares Bitcoin Trust (IBIT) experienced net outflows totaling $113.3 million over the same period, despite achieving record trading volume of $4.1 billion, according to Bloomberg ETF analyst Eric Balchunas.

Overall Market Performance

• The overall group of Bitcoin ETFs recorded a trading volume of $6 billion, their best day since the early days of their launch, with many ETFs doubling their average volumes.

• For context, ETF trade volume peaked at $9.9 billion during the March bull run. On November 6, total trade volume reached approximately $76 billion, with futures volume at $62 billion and spot volume at $8 billion.

• Ether (ETH) has not kept pace with Bitcoin's performance in 2024, with net inflows into ether U.S. spot ETFs totaling $52.3 million, the highest since September 27.

Current Trading Status

• As of the latest updates, Bitcoin is trading just above $75,000, reflecting a 77% increase year-to-date, while Ether is priced at $2,822, showing a 20% increase in the same timeframe.