Bitcoin rebounded from about $75,600 to above $81,000, while gold futures rose 3.4% to $4,061.10 following the US midterm elections. Falling Treasury yields, a weaker dollar and relief at a Democratic victory that could constrain President Donald Trump’s spending agenda also help explain the joint advance. However, roughly $378 million in short crypto positions were liquidated within one hour, including 81% of all liquidations, indicating that forced covering drove much of the rally. US spot Bitcoin ETFs attracted $74.6 million in net inflows after $1.16 billion in withdrawals over the preceding three sessions, while only 38% of Bitcoin held by short-term investors was profitable. Sustained strength between $75,700 and $77,700, supported by renewed ETF inflows, would strengthen the debasement thesis.
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