$380M in Shorts Liquidated in an Hour as Bitcoin (BTC) Skyrockets to $81K

Dextape brief

By Dextape Desk · November 4, 2026

Bitcoin climbed back above $80,000 and briefly touched $81,000, after earlier falling to about $75,600, its weakest level in around seven weeks, following the US midterm vote. Ether rose more than 6% over the day to $2,440, and XRP moved past $1.30. CoinGlass data shows about $380 million in short positions were forcibly closed within one hour, with $90 million in longs also wiped out. Across 24 hours, over $910 million in positions and more than 117,000 trades were liquidated. The largest single liquidation was a $38 million ETH/USDT order on HTX. The article suggests the removal of uncertainty, after Democrats regained both congressional chambers, is the most likely reason for the rebound, and says stock indexes also rose, with the S&P 500 up almost 2%.

Why it matters: The swing shows how quickly leveraged short positions can be forced closed during sharp market moves, which is relevant to derivatives traders and the wider crypto market.

Mentioned: Bitcoin, Ethereum, XRP, Tether

Summary by Dextape, based on reporting by CryptoPotato. Written with AI from the publisher’s text and checked automatically for copied wording and unsupported figures. Not investment advice.