Crypto Whale Suffers Tens of Millions of Dollars in Losses After Attempting to Short Bitcoin (BTC) on Election Day

Blockchain tracking firm Lookonchain says one crypto whale suffered a $74,980,000 liquidation as US presidential vote tallies began to break

A trader who bet against Bitcoin (BTC) is now reportedly facing tens of millions of dollars in losses after the flagship crypto asset soared on Election Day.

According to blockchain tracking firm Lookonchain, one crypto whale suffered a $74,980,000 liquidation as US presidential vote tallies began to break toward pro-crypto candidate Donald Trump. Bitcoin hit new all-time highs as Trump prevailed over Democratic challenger Kamala Harris.

“So crazy! After BTC hit a new all-time high, a whale shorting BTC got liquidated for $74.98 million!”

In total, $413.8 million worth of short positions were liquidated on Election Day, the vast majority being short positions on BTC, according to crypto exchange data aggregator Coinglass. Binance saw the most liquidations, followed by OKX and Bybit.

Lookonchain also reports large outflows from spot market Bitcoin and Ethereum (ETH) exchange-traded funds (ETFs) on Election Day before the polls closed. Fidelity’s ETH and BTC ETFs saw the largest outflows among the different ETFs.

“November 5th update:

10 Bitcoin ETFs:

Nine Ethereum ETFs:

Bitcoin is trading for $75,880 at time of writing, up 10.2% in the last 24 hours. Meanwhile, ETH is trading for $2,689 up more than 11% on the day.