(Bloomberg) — US exchange-traded funds investing in Bitcoin (BTC-USD) posted a record daily net inflow of $1.38 billion, bolstered by President-elect Donald Trump’s embrace of the digital-asset industry and promise of supportive regulations.

Most Read from Bloomberg

• Key Ballot Initiatives and Local Races Highlight Views on Abortion, Immigration

• Paris Restricts Through Traffic in City Center

• From Housing to Immigration, Key Ballot Initiatives and Local Races to Follow

BlackRock Inc.’s iShares Bitcoin Trust (IBIT) accounted for about 81% of Thursday’s deluge, which came a day after the ETF’s trading volume jumped to an all-time peak, according to data compiled by Bloomberg. The $1.1 billion of net subscriptions for the fund — also known as IBIT — was also unprecedented.

The demand for the world’s biggest Bitcoin fund is another sign of how Trump’s pledge to put the US at the center of the digital-asset industry is reshaping the crypto market. The largest token — now viewed as a quintessential so-called Trump trade — surged to a record high of $76,956 on Thursday.

Caroline Bowler, chief executive officer of crypto exchange BTC Markets Pty, said there is a “significant risk of a feedback loop, where rising ETF inflows push Bitcoin prices higher, attracting more capital.”

Much depends now on Trump following through on campaign vows, such as creating a strategic Bitcoin stockpile and appointing regulators enamored with digital assets. Some technical indicators suggest a two-month rally driven by optimism about Trump’s reelection is now due for a pause.

Bitcoin was steady at about $76,000 as of 6:35 a.m. Friday in London. The cryptocurrency’s roughly 80% advance so far in 2024, partly fueled by Federal Reserve interest-rate cuts, exceeds the returns from traditional investments such as global stocks and gold.

Most Read from Bloomberg Businessweek

• What Looked Like a Toss-Up Turned Into a Red Wave. Did Pollsters Get It Wrong?

• What Does Trump’s Victory Mean for Elon Musk?

• Even Some High-Income Americans Can’t Afford New Cars Anymore

• The Stakes Are Sky High for Elon Musk

• Trump Set to Move Courts Further Right, Deepening Judicial Clout

©2024 Bloomberg L.P.