During the US presidential elections, a significant increase in Bitcoin 
$98,675 prices led to substantial losses for a cryptocurrency investor. The blockchain tracking firm Lookonchain reported that a whale who opened a short position on Bitcoin lost approximately $75 million. As the election results became clearer, Bitcoin reached new record levels.
Whale’s Misfortune
When the election results were announced, Bitcoin prices surged rapidly due to Donald Trump’s gain. Throughout the day, Bitcoin surpassed its previous all-time high, surprising many investors. This increase created an unexpected shift in market dynamics.
Subsequently, the upward trend in Bitcoin prices continued. In the last 24 hours, Bitcoin reached an all-time high of $76,849. Furthermore, at the time of writing, it is still finding buyers at around $76,000.
ETF Outflows
Lookonchain indicated that significant cash outflows occurred in Bitcoin and Ethereum 
$3,468 ETFs on election day. Fidelity’s ETH and BTC ETFs experienced the highest outflows among other ETFs. This suggests that investors are beginning to convert their bullish expectations into cash.
At the time of writing, Bitcoin is trading at $76,000, while Ethereum has risen to $2,890, showing an increase of over 7%. These increases indicate that market fluctuations are ongoing.
The substantial cash outflows from Fidelity’s Bitcoin and Ethereum ETFs signal that investors are reassessing their large positions. This situation hints at the continued volatility in the cryptocurrency market.
