Bitcoin Reclaims $80,000 as Over $400 Million Liquidated in One Hour
Author: Crypffalo Research · 23:55 04/11/2026
Bitcoin jumped from around $75,600 to an intraday high near $81,100 on Nov 4 as U.S. stocks rallied after the midterms, triggering more than $400 million in liquidations in one hour, mostly shorts.
Bitcoin climbed back above $80,000 on Wednesday, Nov 4, for the first time since Oct 29. Coinbase data shows BTC hit an intraday high of about $81,130 between 15:00 and 16:00 UTC before holding near $80,600.
The move came as Wall Street opened sharply higher after the U.S. midterm results. Within roughly an hour, crypto derivatives liquidations topped $415 million according to Cointelegraph, while CoinGlass data cited by crypto.news put the figure at about $466 million.
Key takeaways
- Price: BTC rose about 4% on the day, from a 24-hour low near $75,600 to a high of $81,130 (Coinbase).
- Liquidations: $415 million to $466 million in one hour, roughly 80% of it short positions.
- Catalyst: U.S. stocks opened higher, with the Dow up more than 1,100 points (2.2%) and the Nasdaq up about 2%.
- ETF flows: U.S. spot bitcoin ETFs still saw $115.6 million in net outflows on Nov 3 (SoSoValue), a third straight day of redemptions.
- Level to watch: Bitfinex flags $81,000 to $85,500 as a heavy overhead supply zone.
How the move unfolded
BTC traded sideways around $78,000 to $78,500 through the European session. Buying picked up from around 14:00 UTC, pushing the price above $79,500 and then through $80,000 within the next hour.
The rally erased most of this week's losses. Bitcoin had slid to a roughly seven-week low below $76,000 as Democrats won control of both the House and the Senate.
Ether followed higher and was trading near $2,436 on Coinbase late in the day.
Why shorts got squeezed
After several days of declines, many traders were positioned for further downside through leveraged perpetual futures. When the price moved quickly through their stop levels, exchanges force-closed those positions, creating a cascade of buying known as a short squeeze.
Per CoinGlass via crypto.news, short liquidations alone reached about $378 million in one hour. Cointelegraph estimated roughly $330 million in shorts out of more than $415 million in total.
Keep in mind that liquidations are forced closures of existing positions. They do not necessarily reflect fresh spot buying.
Macro backdrop: Wall Street likes gridlock
Per CNBC, around 10 a.m. ET the Dow was up more than 1,100 points, the S&P 500 gained 1.6% and the Nasdaq rose about 2%. Analysts including Jay Woods of Freedom Capital Markets noted that divided government has historically been good for markets.
Oil prices also fell on the day, easing some inflation concerns. Still, CoinShares' James Butterfill said real yields, dollar liquidity and ETP flows carry more weight for crypto than the election outcome.
What it means for crypto markets
Reclaiming $80,000 improves short-term sentiment after nearly a week weighed down by the Binance hack and ETF outflows. However, much of the move was driven by short covering, so its staying power depends on real inflows.
- Bull case: ETF flows flip to net inflows and U.S. equities hold their gains, letting BTC hold above $80,000 and test the $81,000 to $85,500 zone.
- Risk case: ETF outflows continue and selling from the $84,000 to $85,500 breakeven zone flagged by Bitfinex pushes the price back into the $77,000 to $80,000 support band.
According to Bitfinex, about 2.26 million BTC were acquired in the $81,000 to $85,500 range, making it a likely area for breakeven selling.
What to watch next
- Spot bitcoin ETF flow data for Nov 4 (Farside, SoSoValue), due early Nov 5 Asia time.
- The U.S. stock market close on Nov 4 and moves in oil prices.
- Funding rates and open interest after the liquidation wave, tracked on our real-time liquidations page.
- U.S. macro data due this week on our economic calendar.
Frequently Asked Questions
Why did Bitcoin rise to $80,000 on Nov 4?
It rallied alongside U.S. stocks after the midterm results, and the move was amplified by a wave of leveraged short liquidations.
What does over $400 million in liquidations mean?
It is the value of derivatives positions force-closed by exchanges when traders ran out of margin, mostly bets on falling prices.
Have bitcoin ETF inflows returned?
Not yet; ETFs still saw about $115.6 million in net outflows on Nov 3 per SoSoValue, though redemptions have slowed from earlier sessions.
*This content is for information only and is not financial advice.*
Tags: Bitcoin, Liquidations, Short squeeze, US stocks, ETF
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