Bitcoin traders who bet on an election-induced price decline have been liquidated to the tune of $180 million as the cryptocurrency shattered its previous all-time high and briefly hit $75,000.

“The spot market is flying, and shorts are getting rekt,” Pav Hundal, lead analyst at crypto exchange Swftyx told Cointelegraph. “Traders are betting that the crypto summer is back, and it’s almost all buy action on our order books right now.”

Bitcoin short positions wiped

On Nov. 6, Bitcoin ( BTC ) hit a new high of $75,000.85 on Coinbase, breaking through its prior peak of $73,679 set on March 13 and liquidating about $179.1 million in Bitcoin short positions in the next four hours, according to CoinGlass data .

Bitcoin shorters ‘are getting rekt’ after new $75K high image 0

A total of $197.73 million in short and long positions were wiped over the four-hour period following Bitcoin crossing $70,000. Source: CoinGlass

In the last 24 hours, total crypto market liquidations reached $483.2 million — with $358.2 million coming from short bets.

Bitcoin short sellers were the largest group liquidated on the day with nearly $251 million, followed by about $47 million who went short on Dogecoin ( DOGE ).

Hundal said he would not be “at all surprised” if Bitcoin’s price corrects itself “heading into the US trading window, irrespective” of the presidential election result.

“This is spot-driven demand, and that makes it meaningful. It’s not a derivatives-fuelled pump,” he added.

Spot buying is driving BTC’s price

He explained that spot buying “drives lasting demand and price growth for Bitcoin because it involves buying and holding the actual coins, unlike derivatives, which only speculate on price without affecting supply.”

Meanwhile, options traders are starting to say that “election-driven volatility” may have peaked, according to onchain options DeFi protocol Derive founder Nick Forster.

“We’re still seeing expectations for short-dated volatility to remain above normal, with the market’s pricing in potential daily fluctuations of 4-5% as the election results are finalized,” Forster said in a Nov. 6 market report.

Related: Bitcoin price target is $120K, says analyst, as key metric flips bullish

Meanwhile, ZX Squared Capital co-founder CK Zheng told Cointelegraph that if a Donald Trump victory is confirmed, then Bitcoin will continue to rise as the market sees the second Trump administration as extremely crypto-friendly.

10x Research head of research Markus Thielen told Cointelegraph that Bitcoin could “potentially” see a $100,000 price tag by Q1 2025. 

Derive’s Forster said that “the options market still sees a 15% chance for Bitcoin to surpass $100,000 by the end of the year.”

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.