On November 14, 2024, Bitcoin’s remarkable ascent has propelled the iShares Bitcoin Trust ETF (IBIT) to unprecedented levels, marking a significant milestone in the cryptocurrency investment landscape. As of Thursday morning, IBIT, the largest bitcoin exchange-traded fund with $42 billion in assets, has experienced a 38% increase over the past seven days, achieving its highest value to date.
This surge in IBIT’s performance coincides with Bitcoin’s own impressive rally. Since November 2023, Bitcoin has risen by 149.81% from its 52-week low of $35,948.12, reflecting growing investor confidence and interest in the cryptocurrency market.
The recent U.S. presidential election has further fueled optimism within the crypto community. President-elect Donald Trump’s victory is anticipated to usher in a more crypto-friendly administration. During his campaign, Trump actively engaged with the cryptocurrency sector, including speaking at the Bitcoin 2024 conference in Nashville and visiting PubKey, a renowned crypto-themed bar in New York City.
A spokesperson from BlackRock, the firm behind IBIT, commented on the ETF’s rapid growth: “The inflows into IBIT since launch underscore investors’ preference to gain exposure to bitcoin through the convenience and quality of an exchange-traded product. In expectation of favorable regulatory action for bitcoin and cryptocurrency, the market has experienced a resurgence of optimism. We are still committed to educating investors and facilitating easy, transparent access to bitcoin.
Since the election, IBIT has attracted more than $3 billion in assets, highlighting the increasing demand for regulated cryptocurrency investment vehicles.
As the cryptocurrency market continues to evolve, the performance of Bitcoin and related investment products like IBIT will be closely monitored by investors and analysts alike, especially in light of potential regulatory developments under the incoming administration.
