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BlackRock's IBIT sees record $4 billion trading volume following US elections, CZ received offers for Binance stake and more


2024-11-098503 Views

From theblock by James Hunt

In today's newsletter, BlackRock's IBIT sees record-breaking daily trading volume following the U.S. elections, bitcoin is set to benefit from Donald Trump's presidency, CZ reportedly received offers for his controlling stake in Binance and more.

Meanwhile, we take a look at what's next for the crypto industry following Trump's election victory.

Let's get started.

BlackRock's spot bitcoin ETF sees record $4 billion trading volume following US elections

BlackRock's spot bitcoin ETF, IBIT, recorded its largest daily trading volume of $4.1 billion after U.S. Election Day, which saw pro-crypto Republican candidate Donald Trump reclaim the White House.

  • "For context, that's more volume than stocks like Berkshire, Netflix or Visa saw today," Bloomberg Senior ETF Analyst Eric Balchunas commented on X.
  • The analyst earlier reported that IBIT had experienced $1 billion in trading volume in just the first 20 minutes of trading on the day following Trump's win.
  • The trading volume for all 12 spot bitcoin ETFs exceeded $6 billion on Wednesday overall — marking the highest daily total since March.
  • "Most of the ETFs did 2x their average. Just an all around banger day for an infant category that never ceases to amaze," Balchunas said.
  • The ETFs also registered substantial net inflows on Wednesday, with $621.9 million flowing into the products led by Fidelity's FBTC, which recorded $308.8 million, while Ark Invest's ARKB, Bitwise's BITB and Grayscale's  BTC +2.05% mini trust each booked positive flows of more than $100 million.
  • The ETF Store President Nate Geraci predicted that the spot bitcoin ETFs may hit a daily net inflow above $1 billion later this week. "Let's see flows for the rest of the week. Gut says the record will still be broken," Geraci wrote on X.

Bitcoin to benefit from Trump presidency and MicroStrategy's plan

JPMorgan analysts expect bitcoin to benefit from Donald Trump's second term as President, in what they described as the "debasement trade."

  • The debasement trade "is likely to be reinforced by both tariffs and geopolitical tensions as well as an expansionary fiscal policy ('debt debasement')," analysts led by Nikolaos Panigirtzoglou said.
  • It refers to an investment strategy that benefits from the devaluation or weakening of a currency, typically due to inflationary or expansionary fiscal policies, boosting bitcoin as a store of value.




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