Bitcoin’s Meteoric Surge to $81K Wipes Out $180M in Short Positions in Just 12 Hours – TradingView Report

As Bitcoin shattered records by crossing the $81,000 mark, crypto traders who bet against the market faced significant liquidations, with short positions incurring extensive damages.

Data from CoinGlass revealed that within a span of 12 hours, approximately $180 million worth of short positions were wiped out across various cryptocurrencies.

In the aftermath of the US presidential election and Donald Trump being declared President-elect, Bitcoin’s BTCUSD value experienced a spike of over 6%, hitting a new all-time high at $81,358 on November 10 as per CoinGecko.

Those who shorted Bitcoin were particularly affected, forfeiting $67 million, with Dogecoin short-sellers losing around $23 million and Ether short-sellers ETHUSD surrendering around $21 million.

Parallelly, liquidations of long positions also occurred, tallying up to $256 million in losses. In the past day, CoinGlass reported the liquidation of positions of at least 218,206 traders, with the sum reaching $682.7 million, covering both short and long bets.

The most substantial single liquidation, valued at $15.6 million, involved a trader on the OKX exchange converting Bitcoin to Tether USDTUSD.

The day that witnessed the highest liquidation of short positions in the recent 30 days occurred on Nov. 6, nearing $350 million, as Bitcoin’s value momentarily dropped below $69,000 before the US election.

According to TradingView analytics, Bitcoin’s surge has also propelled its market dominance to levels not seen since April 2021, approaching almost 60%, which was previously recorded on Oct. 1.

The market sentiment remains optimistic in reaction to Trump’s electoral victory and the election of crypto-friendly politicians to the Senate and House of Representatives.

Caroline Bowler, the CEO of Australian crypto exchange BTC Markets, attributed the price surge to the “Trump Effect,” as retail investors re-enter the cryptocurrency scene. She noted to Cointelegraph that BTC Markets experienced a 300% uptick in user logins over the past week, marking it as the “highest in the past six months — a clear indication of retail investors’ return as global financial markets navigate Trump’s political resurgence.”

In a Nov. 10 update to X, onchain analyst James Check indicated that Bitcoin had entered the “Euphoria zone by convincingly breaking through the previous cycles ATH.”

“However, it is doing so with a relatively cooled down Market Value to Realized Value Ratio,” Check noted. He further elaborated, “The 8 months of ‘chopsolidation’ allowed investors to acclimate to higher prices, forming a firm foundation for launch.”