Although IBIT's performance on the day was better than its competitors, the total trading volume of all funds in this category still reached $6 billion.
On Wednesday evening, BlackRock's iShares Bitcoin Trust (IBIT) set a new daily trading volume record of $4.1 billion, as the price of the world's largest cryptocurrency hit a new all-time high.
Bit coin surged in the early stages of the presidential election, reaching a record high of over $75,000 shortly after Donald Trump's victory. The US-based spot Bit coin ETF will benefit from this.
According to Bloomberg senior analyst Eric Balchunas, IBIT recorded $1 billion in trading volume within the first 20 minutes of market open. The early surge matched IBIT's typical full-day trading volume, laying the foundation for its strongest trading period since its listing on January 11.
"For context, this is bigger than the trading volume of stocks like Berkshire, Netflix or Visa today," Balchunas wrote in an article for X.
This unprecedented activity indicates growing investor confidence in institutional crypto products, and Trump's promise of regulatory reform and firm support for the industry as he is about to be re-elected.
While IBIT's performance on the day was better than its competitors, the total trading volume of all funds in this category still reached $6 billion. Data from CoinGlass shows that the average daily trading volume of US spot Bit coin ETFs is about twice their average daily trading volume, indicating a surge of market enthusiasm following the announcement of the election results.
On Wednesday, these 12 funds reported significant net inflows, with $622.9 million flowing into these products. The fund with the largest inflow was Fidelity's FBTC, with $308.7 million, while ETFs from Ark, 21Shares, Bitwise and Grayscale's mini-trusts all recorded inflows of over $100 million. Grayscale's GBTC and VanEck's HODL also recorded inflows.
Last week, IBIT recorded $2.1 billion in net inflows, the second largest single-week inflow for the fund to date. The inflows on Wednesday brought the total net inflows for these 12 Bit coin funds to $24.1 billion.
ETF Store president Nate Geraci predicts that the total daily net inflows for spot Bit coin ETFs could exceed $1 billion later this week. "Let's see how the rest of the week's inflows play out, the records are still likely to be broken," Geraci wrote on X.
Meanwhile, data from SoSoValue shows that the spot Ethereum ETF had net inflows of $52.2 million yesterday, with both the Grayscale mini-trust and Fidelity's FETH seeing positive inflows.
Trump's campaign promises, including his proposal to establish a national Bit coin reserve, support for crypto miners, and the commitment to form a favorable regulatory advisory council, will only increase market confidence.
His victory has also sparked optimism about potential changes in the leadership of the US Securities and Exchange Commission and the adoption of more supportive policies for the industry.
Some, including Bitwise Chief Investment Officer Matt Hougan, believe that Trump's victory is a catalyst for the "golden age" of cryptocurrencies. Bitwise was one of the 11 companies that introduced a spot Bit coin ETF to the US market earlier this year.
IBIT holds approximately 429,185 BTC, worth $30 billion, and has become the most well-known of the 11 companies listed in the US.
Since its launch in January, its first-year fee of 0.12% for assets under $50 billion is competitive, attracting significant investor interest.
