A Whopping $222M Worth Of Bitcoin Shorts Have Now Liquidated

A whopping $222m worth of Bitcoin shorts have now liquidated in the past 24hrs according to crypto market analyst Watcher.Guru.

Bitcoin (BTC) hit a new record-high of $89,956.88 following the historic comeback and victory of president Donald Trump.

The markets as a whole have been on an uptrend, causing short sellers major pain.

Watcher.Guru reports that a total of $222,222,000 worth of Bitcoin shorts liquidated their positions in just the past 24 hours as the crypto asset hit a new all-time high.

And according to blockchain analytics firm Lookonchain, one major investor experienced a liquidation of $74.98 million during the presidential election — in just one day alone.

“Unbelievable! After BTC hit a record high, a whale shorting BTC was liquidated for $74.98 million!” they noted.

Data from Coinglass indicates that on Election Day, approximately $413.8 million in short positions were liquidated, with the majority being on Bitcoin.

Binance experienced the highest number of liquidations, followed by OKX and Bybit.

Lookonchain also reported significant outflows from Bitcoin and Ethereum (ETH) exchange-traded funds (ETFs) before the polls closed. Fidelity’s ETFs had the largest withdrawals, with notable figures including:

• Bitcoin ETFs: Net outflow of 5,500 BTC, totaling around $381.85 million. Fidelity withdrew 2,513 BTC, maintaining a current holding of 184,597 BTC valued at about $12.82 billion.
• Ethereum ETFs: Net outflow of 13,269 ETH, equivalent to roughly $32.38 million. Fidelity saw outflows of 13,000 ETH, with a current holding of 162,000 ETH worth around $395.28 million.

How soon will Bitcoin hit $90,000?

This is exactly what investors are discussing all over social media platforms today.

The race to $100,000 per Bitcoin is now closer than it’s ever been before.

BTC is currently trading at 85,956.71 at the time of this writing.

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Also Read: Gary Gensler’s Days As SEC Chair Are Now Numbered

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Frank Nez

Frank Nez is an American retail journalist whose research has been cited by SEC and Congressional reports. Frank Nez has been featured by prominent outlets such as TheStreet and NewsBreak. ‘Daily Crypto News’ is now an official CoinMarketCap news source.

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