Bitcoin Achieves Major Milestone as BlackRock ETF Sees Unprecedented Trading Volume
Bitcoin hit a record high following strong trading activity linked to BlackRock's ETF, reflecting a significant milestone for the cryptocurrency after the recent U.S. presidential elections.
On Wednesday, Bitcoin rose more than 9%, achieving a new record high of $76,481 as the U.S. presidential election concluded positively for the crypto sphere. BlackRock's iShares Bitcoin Trust, known as IBIT, reached significant trading volume, hitting $4.1 billion, surpassing even major stocks like Berkshire Hathaway and Netflix.
The trading volume surge coincided with investor sentiment following Donald Trump's victory, who expressed pro-crypto views during his campaign.
In addition to Bitcoin’s leap, spot-listed Bitcoin ETFs registered over $620 million in net inflows, breaking a streak of outflows and contributing to a year-to-date gain of 77% for Bitcoin, while ether lagged with a 20% increase.
Key Highlights:
- Record Increase: Bitcoin rose to a historic high, marking its fourth-best day in 2024.
- ETF Success: BlackRock's IBIT saw a massive volume of trades, while Grayscale's Bitcoin Mini Trust also reported notable inflows.
- Market Impact: The broader cryptocurrency market reacted positively, reinforcing the bullish momentum post-elections.
The trading environment remains dynamic as ETF products continue to draw significant interest, checking various historical peaks in volume during intense trading sessions.
