BlackRock’s Bitcoin ETF Surpasses Berkshire, Visa, Netflix Volumes As Trump Election Victory Triggers A Buying Frenzy

Updated: 07 November 2024

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BlackRock’s spot Bitcoin ETF (exchange-traded fund) surpassed Berkshire Hathaway, Netflix, and Visa in trading volume yesterday after Donald Trump’s US election victory triggered a buying frenzy.

Bloomberg ETF analyst Eric Balchunas said in a Nov. 6 post on X that the fund witnessed its “biggest volume day ever” after trading activity soared to $4.1 billion on Nov. 6. The price of the investment product “was also up 10%, its second-best day since launching, “ he added.

BlackRock’s Bitcoin ETF Not The Only Fund To Record A Volume Surge

BlackRock’s spot Bitcoin ETF was not the only US investment product of its kind to experience one of its best days. Most of the other funds did two times their average trade volumes as well, according to Balchunas.

The surge in spot Bitcoin ETF volumes followed shortly after BTC recorded a new all-time high of $76,460.15 during yesterday’s trading session. It has since dropped a little over 2% from its peak to trade at $74,954.49 as of 3:39 a.m. EST.

Fidelity Records The Biggest Inflows After The Election

Fidelity’s spot Bitcoin ETF registered the highest daily inflows yesterday after $308.8 million entered its reserves. ARKB and Grayscale’s BTC saw inflows of $127 million and $108.8 million, respectively, while BlackRock’s fund was the only one to record outflows yesterday.

Despite the outflows, the BlackRock fund is still comfortably in the lead in terms of cumulative outflows. Investors have sent more than $26 billion to the fund since its launch. This is substantially more than the $10.5 billion runner-up FBTC attracted during the same period.

Bitcoin ETFs Dominate US ETF Market

Since their launch at the start of the year, spot Bitcoin ETFs have dominated the market. President of the ETF Store, Nate Geraci, shared a screenshot of the top ETF performers in an Oct. 23 X post.

575 ETFs have now launched in 2024…

*14 of top 30* by inflows are either spot btc or eth ETFs.

Includes 6 of top 10.

There are also 2 MSTR-related ETFs in top 30.

Crypto appetite from tradfi is real. pic.twitter.com/DmD6f5zJ1P

— Nate Geraci (@NateGeraci) October 23, 2024

The graphic shows that BlackRock’s spot Bitcoin ETF leads the pack. Four other spot Bitcoin ETFs also made the top 10 performers list.

Geraci noted that 14 out of the top 30 ETFs that were launched this year have either been spot BTC or Ethereum funds, adding that “crypto appetite from tradfi is real.”