Key Notes
- Bitcoin traded above $78,300 after falling below $76,000 during the US election count.
- Binance’s BTC/USDT pair recovered beyond its Tuesday evening high.
- US spot Bitcoin ETF outflows slowed to $115.6 million on November 3.
Bitcoin climbed back above $78,000 on Wednesday, wiping out the overnight decline that accompanied early US midterm election results and moving above its Tuesday evening high.
The cryptocurrency traded at about $78,327 on Coinbase’s dollar market at 08:08 UTC on November 4. Binance’s BTC/USDT pair had recovered from a low of 75,736 during the hour beginning at 03:00 UTC to reach 78,460 shortly after 08:00 UTC, a rebound of about 3.6%.
The turn came as investors digested Democratic victories in both chambers of Congress. Analysts linked the recovery to the removal of election uncertainty, even as the outcome raised fresh questions about the path for crypto legislation.
Bitcoin Retraces the Election-Night Drop
Bitcoin had already approached $78,000 before the first results arrived. Its Tuesday evening rally carried Binance’s USDT pair to 78,063 at 21:45 UTC, before the price slipped back.
Selling intensified after midnight UTC. The pair fell through 77,000, reached 75,736 in the early Asian session and then reversed. It traded above Tuesday’s evening peak during the 05:00 UTC hour, although it struggled to hold that ground immediately. By shortly after 08:00 UTC, it had extended the rebound above 78,400.
That sequence puts Wednesday’s recovery beyond a bounce from the session low. On the same exchange and trading pair, Bitcoin had also regained the level reached before the overnight selloff. Dollar quotes varied across venues, with Coinbase and Kraken both trading above $78,300 around the latest check.
A Clear Result Eases Uncertainty
Dick Lo, founder of TDX Strategies, told CoinDesk that Bitcoin initially fell in response to the Democratic sweep, then recovered as the result became clearer. He said a divided government could limit major policy changes, while President Donald Trump retained executive powers and veto authority.
Nicolas Quatravaux, head of EMEA at derivatives platform Paradigm, also attributed the move to fading uncertainty. He said the Democratic outcome had been widely anticipated in prediction markets. That explanation helps account for the reversal after the initial selling, with traders adjusting to a result they had already considered likely.
ETF Outflows Slow as Bitcoin Recovers
US spot Bitcoin exchange-traded funds recorded $115.6 million in net outflows on November 3, according to Farside Investors. That was down from $398.6 million on Monday and $643.2 million on Friday. The three sessions together took roughly $1.16 billion out of the funds. BlackRock’s iShares Bitcoin Trust accounted for $95 million in Tuesday’s outflows, while Fidelity’s fund attracted $6.8 million and Bitwise’s took in $21.9 million.
The overnight recovery also followed several volatile sessions after the Binance hack. Bitcoin had traded above 78,000 on November 1 and 2 before retreating again. Binance began reopening withdrawals in phases on November 1.
For Wednesday’s rebound, the next comparison is Monday’s peak near 78,878 on Binance, followed by the 80,000 level. The morning recovery had put Bitcoin back above its pre-results high while leaving those higher levels ahead.
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