2 crypto short traders hit by $100 million loss as Bitcoin reached historic $75K high

Bitcoin’s surge to a record-breaking $75,000 has led to staggering losses for two unidentified traders on Binance who had bet against its price rising.

According to Coinglass data, these traders’ positions were liquidated for $74.98 million and $36.48 million in the early hours of Nov. 6. These two liquidations alone account for about 30% of the $373.98 million in total losses short traders faced over the past 24 hours across all major crypto exchanges tracked by the data platform.

Crypto community members speculate that the liquidated positions may belong to a crypto whale or a major trading firm.

On Nov. 6, Bitcoin reached its new all-time high of $75,361 following Donald Trump’s victory in the presidential election. This news triggered a broad market rally, lifting several digital assets by double digits.