Bitcoin rose after U.S. midterm election results were announced, with short positions making up $375 million of a $461 million crypto liquidation tally over one hour.
The $461 million figure combines liquidations across crypto assets. Short positions made up about 81% of the reported total.
Short positions gain when prices fall. A rally can pressure holders to exit, forcing positions closed. The one-hour tally coincided with Bitcoin’s rise after U.S. midterm results.
Bitcoin (BTC) traded at $80,331, up 2.53% over 24 hours, as of 4:10 a.m. ET (09:10 UTC) Thursday. Ether (ETH) was at $2,413.69, up 4.11% at 4:10 a.m. ET (09:10 UTC) Thursday.
