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BlackRock Bitcoin ETF Overtakes Berkshire, VISA Stocks

Barbara Streisand

Nov 07, 2024 pm 03:38 PM

BlackRock Bitcoin ETF Visa Berkshire

Following Donald Trump's victory as the next President of the United States, spot Bitcoin ETFs had a field day reversing its outflow trajectory over the past few days.

BlackRock Bitcoin ETF Overtakes Berkshire, VISA Stocks

After Donald Trump's victory as the next President of the United States was announced, spot Bitcoin ETFs have had a field day, reversing the outflows seen over the past few days. Once again, BlackRock's IBIT was a key player in the ETF scene, with daily trading volumes reaching a massive $4.1 billion, outperforming some top-traded stocks on Wall Street, such as Visa and Berkshire Hathaway.

BlackRock Bitcoin ETF Surges Past Berkshire, VISA Stocks

On Wednesday, November 6, the iShares Bitcoin Trust (IBIT) saw its largest-ever trading volume at $4.1 billion. To put this into perspective, this trading volume exceeded that of major stocks like Berkshire Hathaway, Netflix, and Visa on the same day.

Meanwhile, shares of the BlackRock Bitcoin ETF (IBIT) surged by 10% yesterday, marking its second-best performance since launch. According to Bloomberg ETF strategist Eric Balchunas, this high volume could likely lead to inflows in the coming days, indicating increasing investor interest and confidence in the fund.

$IBIT just had its biggest volume day ever with $4.1b traded.. For context that's more volume than stocks like Berkshire, Netflix or Visa saw today. It was also up 10%, its second best day since launching. Some of this will convert into inflows likely hitting Tue, Wed night pic.twitter.com/vy2zJBwaHd

— Eric Balchunas (@EricBalchunas) November 6, 2024

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