BlackRock’s spot bitcoin ETF sees record-breaking $4 billion traded on Election Day

BlackRock’s iShares Bitcoin Trust (IBIT) logged its largest daily trading volume on Wednesday, U.S. presidential 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 ETF analyst reported earlier that IBIT had experienced $1 billion in trading volume in the first 20 minutes of trading on the day following Trump’s win.

Alongside IBIT, other spot bitcoin exchange-traded funds saw considerable daily trading volumes, totaling $6 billion, the largest daily volume since March 14, according to data from SoSoValue.

“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 12 funds reported substantial net inflows on Wednesday, with $621.9 million flowing into the products. Inflows were led by Fidelity’s FBTC, which recorded $308.7 million, while the ETFs from Ark and 21Shares, Bitwise, and Grayscale’s mini trust each booked positive flows exceeding $100 million. Grayscale’s GBTC and VanEck’s HODL also logged inflows.

BlackRock’s IBIT saw net outflows of over $69 million on Wednesday. Last week, IBIT recorded $2.1 billion in net inflows, the fund’s second-largest weekly inflow to date. Wednesday’s inflows brought the 12 bitcoin funds’ total cumulative net inflows to $24.1 billion.

Nate Geraci, president of the ETF Store, predicted that the spot bitcoin ETFs’ total daily net inflows may hit above $1 billion later this week. "Let’s see flows rest of [the] week. Gut says record will still be broken," Geraci wrote on X.

Meanwhile, spot ether ETFs saw $52.2 million in net inflows yesterday, with positive flows from Grayscale’s mini trust and Fidelity’s FETH, SoSoValue data showed.

Trump won over opponent Kamala Harris in the presidential election yesterday as he took 295 electoral votes against Harris’ 226. The pro-crypto candidate’s victory triggered a market-wide surge, leading bitcoin to hit its new all-time high of over $75,350, according to The Block’s bitcoin price page . Bitcoin is currently changing hands at $74,776.

Trump, who is set to embark on his second term as president, has promised to remove U.S. Securities and Exchange Commission Chair Gary Gensler from his position, establish a crypto presidential advisory council and have the U.S. take a dominant position in bitcoin mining.