A trader suffered tens of millions of dollars in losses when attempting to short Bitcoin (BTC) on Election Day, due to the coin's surge.
According to blockchain tracking company Lookonchain, a cryptocurrency 'whale' was liquidated for $74.98 million as votes gradually leaned towards cryptocurrency-supporting candidate Donald Trump.
Data from Coinglass shows that $413.8 million in short positions were liquidated on Election Day, mainly in BTC. Binance had the largest liquidation, followed by OKX and Bybit.
Lookonchain also recorded significant outflows from Bitcoin and Ethereum (ETH) ETFs before the polling points closed.
Fidelity's ETF leads with the largest outflow.
Currently, Bitcoin is trading at $75,880, up 10.2% in the day, while ETH reached $2,689, up more than 11%.