Bitcoin Gives Back Its Election Gain as $428M in Longs Liquidate

Bitcoin fell nearly 5% on 5 November, giving back the gains it had made around the US midterms, as roughly $428 million of long positions were liquidated. The move tracked the selloff in AI and semiconductor equities and the policy questions raised by the election result, reinforcing the trade that has tied crypto to technology risk appetite. The correlation held; it simply held in the other direction.