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

As the odds of pro-crypto presidential candidate Donald Trump surged, the cryptocurrency market rallied, led by Bitcoin (BTC) and Dogecoin (DOGE).

With 246 electoral votes compared to Kamala Harris's 189, Trump took the lead in key swing states. This news boosted the total crypto market cap by over 6% to approximately $2.57 trillion on Wednesday, November 6.

Bitcoin's price rose nearly 9% to $74,712, while Dogecoin led the altcoin surge with a gain of over 25% to trade around $0.204.

Amidst the surge, over $483 million in crypto liquidations occurred, with over $358 million involving short traders. According to data from Lookonchain, a whale trader attempted to short Bitcoin as it surged to a new all-time high (ATH), resulting in a forced liquidation of nearly $75 million.

However, volatility in the crypto market due to the U.S. elections has made whale investors cautious. On Tuesday, a net cash outflow of $116 million from spot Bitcoin ETFs was recorded.