Crypto Liquidation Spikes to $483M as Whale Traders Turn Bullish on Bitcoin Rally

As the odds of pro-crypto presidential candidate Donald Trump significantly surged earlier today, the cryptocurrency market, led by Bitcoin (BTC) and Dogecoin (DOGE), registered a sharp uptick. With a threshold of 270 electoral votes required to win the presidential elections, Trump had 246 electoral votes compared to 189 for Kamala Harris as of this report, as the former took a lead in major swing states. 

Consequently, during the early European session, the total crypto market cap surged over 6 percent to hover about $2.57 trillion on Wednesday, November 6. Bitcoin price surged nearly 9 percent to trade about $74,712 at the time of this writing.

Meanwhile, Dogecoin led the altcoin and most importantly the meme coin industry in notable gains. Backed by tech billionaire Elon Musk,  DOGE price surged over 25 percent in the past 24 hours to trade around $0.204 at the time of this writing,

Heavy Crypto Liquidations Led by Whale Traders

Following the emergence of FOMO traders, amid the ongoing short squeeze, more than $483 million was liquidated from the crypto market in the past 24 hours. Notably, more than $358 million involved the short traders, who have since turned bullish to attempt to recoup their losses.

According to on-chain data analysis  Lookonchain, a whale trader attempted to short Bitcoin as the flagship coin surged to a new ATH, thus leading to forced liquidation of nearly $75 million. Meanwhile, a smart whale deposited 195.4 WBTC, worth about $14.5 million to the Binance exchange in the last 2 hours, and managed to secure a $4.48 million profit as Bitcoin hit a new ATH today.

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The expected crypto volatility amid the U.S. elections has remained unattractive to the majority of whale investors. On Tuesday, the US spot BTC ETFs registered a net cash outflow of $116 million, thus registering the third consecutive day of bleeding.