Bitcoin climbs back above $78,000 after US election
Bitcoin recovered above $78,000 after Democrats won Congress, even as US spot Bitcoin ETFs saw $1,157 million of withdrawals in three sessions.
The facts
- According to CryptoSlate, Bitcoin dipped below $76,000 as results came in, then rose above $78,000 on Wednesday after Democrats won both chambers of Congress.
- Farside Investors data shows US spot Bitcoin ETFs had about $1,157 million in net withdrawals over the three sessions ending Nov. 3, including $116 million on election day.
- A pre-election Bloomberg survey had a median year-end Bitcoin forecast of $76,450 under a Democratic sweep, against $90,800 if Republicans kept both chambers.
- The new Congress does not take office until January 2027. The CLARITY Act market-structure bill failed a Senate procedural vote on Sept. 15, 49 to 50.
Case notes · Danny's take
Why it matters
The headline says politics. The tape says flows. Bitcoin bounced on election news, but ETF money was leaving for three straight sessions. Not the pundits. Not the sentiment gauge. The buyers. Social mood has also turned sharply bearish, and extreme pessimism is exactly when a crowded position can get squeezed, so don't confuse loud with right.
For traders
Don't trade the election headline. Watch whether ETF flows turn positive again, and how Bitcoin behaves around the $81,500 ETF cost basis and the $84,000-$85,000 resistance zone Glassnode flagged. Size down if you are leveraged on news candles.
For builders
Regulatory timing just got less certain. With the CLARITY Act already stalled and a new Congress arriving in January 2027, plan for slower US rule-making and for more scrutiny of exchanges and conflicts of interest.
Not financial advice. Do your own investigation.
This story was summarised with AI from CryptoSlate's reporting and checked against our editorial policy. Danny's take reflects his views. Disclaimer.
Danny Walter
Founder of Moon Republic, Volt Terminal and Moon Republic Academy. Author of The Market Is a Crime Scene and After the Applause.