In the first minutes of trading following the U.S. presidential election on November 5, where Donald Trump emerged as the winner, the BlackRock Bitcoin ETF (IBIT) achieved an impressive trading volume of over $1 billion. This data, made available shortly after the market opened, reflects the growing interest in Bitcoin-related financial products as the market responds to recent political developments.

Predictions for rising Bitcoin price after election victory

Analysts forecast that Bitcoin's price could increase in the near future, now that a pro-crypto Republican is once again in charge. Experts suggest that a Bitcoin valuation of $100,000 could be achievable by the inauguration of the 47th U.S. president, a goal supported by various valuation models.

BlackRock‘s iShares Bitcoin trust achieves massive trading volume

BlackRock‘s iShares Bitcoin Trust recorded nearly $1.1 billion in trading volume on November 6 in just the first 20 minutes of trading—a feat that would typically take a full trading day. This substantial volume highlights the growing interest from investors in Bitcoin ETFs, especially as crypto market regulations may become more favorable.

Political developments and the future of the crypto sector

The recent election results could have a direct impact on the U.S. government‘s stance toward crypto markets. Trump has previously indicated his desire to make America a hub for crypto innovation. However, under the previous administration, the crypto sector faced stricter regulations, leading to numerous legal actions against companies in the sector.

2024 as a peak year for Bitcoin ETFs and new crypto products

The year 2024 is proving to be significant for Bitcoin and the broader crypto market. Six out of the ten top-performing ETF launches this year are Bitcoin-related. Additionally, several asset managers have submitted applications for new ETFs that include other cryptocurrencies, such as Solana, XRP, and Litecoin. Applications have also been filed for crypto index ETFs, which combine various tokens into one basket, offering investors increased diversification opportunities.

New opportunities for crypto ETFs in the future

The applications for new crypto ETFs are seen by some in the market as ‘call options‘ on a favorable policy shift under the renewed leadership of a pro-crypto U.S. president. The coming months will be crucial for the future of the crypto market and the further adoption of crypto ETFs in the United States and worldwide.