On the day of the US election, the iShares Bitcoin Trust recorded trading volume of more than $4.1 billion (about 3.9 billion euros). Still, BlackRock suffered losses due to hefty outflows.

Last Wednesday, the day of the U.S. presidential election, BlackRock's iShares Bitcoin Trust posted record trading volume of more than $4.1 billion (about 3.9 billion euros). "This is more volume than stocks such as Berkshire, Netflix or Visa registered today," explained Bloomberg ETF expert Eric Balchunas regarding these new record numbers from the BlackRock index 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

Yet the world's largest asset manager's iShares Bitcoin Trust ETF (IBIT) saw net outflows of $69.1 billion (€65.2 billion), while some competitors actually grew. This is according to new data from Farside Investors.

Fidelity's Bitcoin ETF (FBTC), for example, collected over $308 million (€290.7 million), while ArkInvest and Grayscale's BTC funds pulled in $127 million (€120 million) and $109 million (€102.8 million), respectively.

In addition to IBIT, other Bitcoin ETFs also recorded high daily trading volume totaling $6 billion (5.7 billion euros), the largest daily volume since mid-March. Net inflows, meanwhile, totaled $622 million (586.8 million euros).

Balchunas was impressed by these figures: "Most ETFs achieved double their average volume. A successful day for a relatively young asset class that manages to surprise again and again."

With more than 434,000 Bitcoin managed, worth $32.5 billion (30.7 billion euros), BlackRock's IBIT remains the leader among BTC index funds. At a good distance follows Grayscale's GBTC with 219,000 BTC, worth $16.4 billion (15.5 billion euros).

In total, the 11 U.S. Bitcoin Spot ETFs now own about one million Bitcoin, accounting for more than $75 billion (70.8 billion euros), or about five percent of the current circulating BTC supply.