A whale now loses a whopping $75m shorting Bitcoin when the crypto asset soared on election day, a blockchain tracking firm has confirmed.
A trader who attempted to short Bitcoin (BTC) is reportedly facing losses of tens of millions of dollars after the cryptocurrency surged on Election Day.
According to blockchain analytics firm Lookonchain, one major investor experienced a liquidation of $74.98 million as the voting results began to favor pro-crypto candidate Donald Trump.
Bitcoin reached new all-time highs following Trump’s victory over Kamala Harris.
“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.
At the time of writing, Bitcoin is trading at $75,794.52, while Ethereum has risen to $2,895.03.
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