Bitcoin's Post-Election Jump Wipes Out Nearly $1 Billion in Short Bets
Nov 5, 2026
Bitcoin jumped 4.6% after the US midterms, triggering nearly $974 million in liquidations as short sellers got caught off guard.
A sharp move higher
Bitcoin just reminded everyone why leverage is a double-edged sword. After jumping 4.6% following the US midterm elections, the rally triggered a wave of liquidations that wiped out traders betting on more downside.
The numbers
According to Coinglass data, nearly $974 million in crypto positions got liquidated within 24 hours. Most of the pain landed on short sellers who were caught off guard by the sudden move higher.
The rally lines up with a broader "Blue Wave" reaction across markets, as a Democratic sweep in the midterms eased political uncertainty and sent US stocks climbing right alongside crypto.
Why it matters
Big liquidation events like this tend to accelerate price moves in the short term, since forced buybacks from shorts add fuel to the rally. It's a good reminder that in crypto, sentiment can flip fast, and overleveraged bets rarely survive the whiplash.