- Following Donald Trump’s election, BlackRock’s Bitcoin ETF hit a record trading volume of $4.1 billion, reflecting optimism for pro-crypto policies.
- Additionally, Bitcoin miner Hut 8 plans a major expansion to boost mining capacity by 66%, positioning itself for growth amid heightened investor confidence in digital assets.
The cryptocurrency landscape is witnessing a boom following Donald Trump’s election as the 47th U.S. president. Among the biggest winners of this political shift is BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), which saw unprecedented trading volumes shortly after Trump’s victory was confirmed.
A Record Day for BlackRock’s Bitcoin ETF
BlackRock’s Bitcoin ETF, IBIT, recorded its highest trading volume ever, reaching $4.1 billion in a single day, a figure that outstrips trading volumes of popular stocks like Netflix and Visa. The surge in trading followed the U.S. election results, as Trump’s pro-crypto stance sent ripples of optimism throughout the market. This spike also pushed IBIT’s performance up by 10% in just one day, marking its second-best day since launch. Other Bitcoin ETFs also saw doubled trading volumes, highlighting investors’ excitement amid expectations of favorable crypto policies under Trump.
The rally in IBIT’s trading volume coincided with Bitcoin itself hitting an all-time high of $76,500, underscoring the renewed investor confidence in the cryptocurrency market. Many in the sector view Trump’s administration as a potential driver of a more supportive regulatory environment for digital assets, including the possibility of accelerating approvals for new crypto products.
Analysts Eye Bitcoin at $100,000
The future for Bitcoin looks promising, with analysts forecasting substantial growth. Fadi Aboualfa, Head of Research at Copper.co, suggested Bitcoin could reach $100,000 by Trump’s inauguration in January. This optimistic outlook is fueled by both institutional interest and the expectation of pro-crypto regulations under Trump. A more supportive regulatory environment could encourage financial institutions to further explore crypto investments, potentially pushing Bitcoin to new milestones.
Bitcoin Mining Company Hut 8 Plans Major Expansion
Bitcoin mining company Hut 8 is also capitalizing on the bullish sentiment. In early 2025, Hut 8 plans to increase its mining capacity by 66% with a significant hardware acquisition of over 31,000 new mining machines. This expansion is expected to boost their self-mining capacity from 5.6 to 9.3 exahashes per second (EH/s), a substantial increase that could help Hut 8 stay competitive in the post-halving environment where rewards for mining new Bitcoin blocks have halved.
Hut 8’s new hardware is designed for energy efficiency, with the new machines delivering a 37% improvement in power use. This strategic investment positions Hut 8 favorably, allowing it to reduce operational costs while increasing output. Beyond mining, Hut 8 is exploring high-performance computing and AI as additional revenue streams, further diversifying its business and appealing to a broader range of investors.
A Promising Outlook for Cryptocurrency
Trump’s presidency could usher in a new era for digital assets, as investors anticipate regulatory support that could fuel innovation. The record-breaking trading volume of BlackRock’s Bitcoin ETF and Hut 8’s expansion efforts reflect a market ready to embrace this momentum. With favorable policies, institutional investors may find crypto-backed investments increasingly attractive, potentially driving Bitcoin and the broader market to new heights.
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