BlackRock’s iShares Bitcoin Trust ETF (IBIT) shot up to over $1 billion in trading volume within a jaw-dropping 20 minutes.
This is the kind of volume you see with major sell-offs, but that’s not what’s happening here. Bitcoin’s price went on a rocket ride, and traders got whipped up into what analyst Eric Balchunas calls a “feeding frenzy.” They just couldn’t get enough, rushing in to buy, buy, buy.
For those keeping score, Balchunas has been all over this. He flagged the ETF’s trading volume early, predicting the kind of numbers that would drop jaws. By October 29, IBIT had already cranked through $3.3 billion in Bitcoin trading. And that was just the start.
Over the next few days, it pulled in a staggering $1.8 billion more in inflows. The vibe? All systems go. Balchunas said: “Not saying it’s guaranteed, but I’m a fan of patterns, and it fits the pattern.” And he’s right—other ETFs are seeing their own surge, but none like IBIT. This thing is in a league of its own.
Bitcoin blasts through $75,000 after Trump win
While IBIT was racking up volume records, Bitcoin itself was out there breaking price barriers. By Wednesday morning, Bitcoin smashed through $75,000, blowing past its previous all-time high. And it didn’t stop with Bitcoin.
Other cryptos were on fire too. Ether jumped by 8%, while Dogecoin—yes, the meme coin Elon Musk loves—exploded 18%. It was a full-on bull run.
So why now? Two words: Donald Trump. His quick win at the presidential election lit up markets like a Christmas tree. Investors see his win as a big green light for Bitcoin and the broader crypto space.
Trump, who was once a loud-and-proud crypto skeptic, has now pulled a 180. He’s gone full-on pro-crypto, promising to turn America into “the crypto capital of the planet.” And if you think that’s just empty talk, check out what he’s done already.
His campaign accepted crypto donations, and he even dropped by a Bitcoin conference in July to rally the faithful. His pitch? America needs a “strategic reserve” of Bitcoin, and he’s ready to make it happen.
Crypto stocks came along for the ride. Coinbase, one of the biggest crypto exchanges, saw its stock price leap 17%. Robinhood, the trading platform that’s now knee-deep in crypto, went up 12%, and MicroStrategy, the corporate giant that holds more Bitcoin than any other public company, surged by 10%.
Market talk is now less about if Bitcoin will hit $100,000 and more about when. Russ Mould, investment director at AJ Bell, said: “Trump has already declared his love of digital currency, and crypto traders now have a new narrative to get excited about.”And excited they are.
The skepticism
But not everyone’s buying into the hype. A few experts are out here waving red flags, reminding people to keep their heads on straight. Susannah Streeter, head of money and markets at Hargreaves Lansdown, warned:
“Investors should only dabble in crypto with money they can be prepared to lose. We’ve seen these wild swings in the past.”
Yeah, we all know the crypto rollercoaster. One day you’re up big; the next, you’re sweating bullets. Yet Trump’s election win has the crypto community partying, hoping he’ll finally push through the legislative changes they’ve been dreaming of.
He’s already promised to fire SEC Chair Gary Gensler, who’s been cracking down on crypto like it’s his full-time job. Coinbase CEO Brian Armstrong couldn’t help himself. He hopped on X (formerly Twitter) to let everyone know that in the end, the so-called “crypto voter” showed up big-time in this election. Armstrong wrote:
“Americans disproportionately care about crypto and want clear rules of the road for digital assets. We look forward to working with the new Congress to deliver it.”
In other words, they’re ready to make some noise on Capitol Hill. Streeter chimed back in, saying Trump’s approach will probably be a “light touch” on regulation. She put it perfectly:
“Crypto fans want legitimacy, but they don’t want regulations so heavy they stop opportunities and innovation.”
Basically, they want to keep doing their thing, just with a little more polish to make it look legit. Meanwhile, the past 24 hours have been a bloodbath for short sellers in the market. Nearly 125,000 traders got torched, losing a collective $557.42 million.
Binance recorded the single biggest liquidation, with one unlucky trader losing $75 million on BTC/USDT trades. Ouch. When markets go nuts, shorting crypto feels like skydiving without a parachute.
U.S. stocks soar, global markets stumble as Trump returns
As Trump clinched the election, U.S.-listed funds tied to global stocks took a hit. Why? Investors are worried Trump’s win might throw a wrench into international equities. ETFs tracking big names like South Korea, Mexico, Hong Kong, Japan, Taiwan, and Chile all slid during Wednesday’s trading. And that’s despite the fact that major U.S. indexes hit new record highs.
What’s behind this dip? Trump’s love of tariffs is making everyone nervous. He’s floated a 20% tariff on all imports, with a whopping 60% tariff on goods from China. Yeah, 60%. This idea isn’t exactly popular with voters—NBC News polling showed plenty of resistance—but it didn’t seem to hurt him at the polls. For now, though, global traders are on edge.
Yung-Yu Ma, chief investment officer at BMO Wealth Management, said, “While the investing landscape remains favorable in the U.S., international markets are very exposed to tariff policy. That uncertainty could limit near-term upside in global stocks.” The anxiety is real.
While U.S. markets surged—Dow Jones headed for its best day in nearly two years—the story was different across the Atlantic. European markets stumbled, with the iShares Core MSCI Europe ETF (IEUR) sliding around 2.5%. Asian markets had a mixed day; Japan’s Nikkei 225 bucked the trend, but the U.S.-listed iShares MSCI China ETF (MCHI) fell over 2%.
But there was one international standout: Argentina. The Global X MSCI Argentina ETF (ARGT) climbed more than 2%, hitting a new 52-week high. Argentina’s stock market is reveling in its own wave of change after libertarian Javier Milei, who some call the “Trump of South America,” was elected president. Looks like Argentina’s taking notes from the Trump playbook.
Dollar soars, emerging economies feel the pressure
Amid all this, the ICE U.S. Dollar Index, which tracks the dollar against a mix of international currencies, reached its highest level since July.
Adam Turnquist, chief technical strategist at LPL Financial, broke down the dollar’s rally: it’s a reaction to rising inflation expectations after Trump’s win.
But there’s a twist. A stronger dollar tends to hammer international stocks, especially in emerging markets, which have lagged behind their U.S. counterparts for years. The iShares MSCI Emerging Markets ETF (EEM) slid more than 1% as Trump’s victory solidified.
For emerging markets, a strong dollar is no friend. It tightens the screws on these economies, adding pressure on growth and making it more expensive for them to import goods or service debts in U.S. dollars.
Not the best news for markets that are already feeling the strain. With Trump back, analysts are expecting the dollar to keep rising, which could spell even tougher times for international markets moving forward.
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