This Whale Lost $75M Shorting Bitcoin After BTC Hit New ATH

In an unfortunate incident, a whale shorting bitcoin (BTC) saw $74.98 million of his position liquidate after the digital asset hit a new peak.

During Wednesday’s Asian trading hours, the original cryptocurrency surged 10% to hit an all-time high (ATH) of $75,358 amid excitement surrounding the US Presidential election.

Analysts attributed the surge to Donald Trump’s victory over his contender, Kamala Harris. Trump has been viewed as a more crypto-friendly candidate as opposed to Harris. The US President made several bullish statements and ventures ahead of the election. He declared himself the crypto president and vowed to establish a strategic Bitcoin Reserve for the US.

A Bad Day for Shorts

Shortly after BTC clinged the new peak, on-chain analyst Lookonchain alerted the crypto community that a whale shorting Bitcoin was liquidated for $74.98 million. The data, sourced from Coinglass, shows that another whale shorting the digital asset was liquidated for $36.48 million.

So crazy!

After $BTC hit a new all-time high, a whale shorting $BTC got liquidated for $74.98M!https://t.co/MT0EgNW8ib pic.twitter.com/HUcpwQLc0Z

— Lookonchain (@lookonchain) November 6, 2024

These losses represented 30% of the $373.98 million short positions liquidated early Wednesday.

While shorts are being liquidated, other investors profited from the spot price of BTC. Multiple whales acquired the digital asset in anticipation of a Trump victory. On-chain data shows that 11 fresh wallets  acquired and withdrew over 1,806 Bitcoin BTC, worth over $132 million, earlier Wednesday. 

Investors also cashed out from the election outcome. According to a CoinTab report, 10 whales that spent $70.6 million betting on Trump winning the US election cashed out millions of dollars in profit.

Further Rally Imminent? 

Analysts predict that BTC could witness a further surge on Trump’s win. Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered, predicted a $100,000 BTC price this month.

Bernstein predicted that BTC will hit $200,000 by the end of 2025, regardless of the US election outcome.

At press time, BTC surged over 10% to hit a new peak around $75,700.