Cryptocurrency markets traded within a tight downward range on Wednesday, as traditional markets had a rocky trading day with increased volatility.
Prices as of 4:00 p.m. ET:
Notable Statistics:
- Liquidations declined from $170 million on Tuesday to just over $100 million on Wednesday at the time of writing, with over $75 million in longs liquidated.
- Options data shows 65% of outstanding positions in call options, betting on increasing prices.
- The long/short ratio was split almost 50/50, with 50.80% of traders taking short positions at the time of writing.
Notable Developments:
- EXCLUSIVE: Can BRETT Become The Shiba Inu Of The Base Blockchain?
- Trump Guilty Verdict In Hush Money Trial? 76% Chance, Say Crypto Bettors On Prediction Market
- Dogecoin Is ‘The Easiest Play, ‘Will 2x Instantly’ Once It Starts Moving, Bullish Traders Predict
- PayPal Launches PYUSD Stablecoin On Solana
- EXCLUSIVE: Will Ethereum ETFs Lead To New All-Time Highs? 50% Of Holders Say They Would Sell At This Price
Top Gainers:
Trader Notes: Trader notes were unusually muted due to low volatility.
BecauseBitcoin CEO Max pointed out the historical price movement of Bitcoin in election and post-election years.
Prices rallied for one year after each election, he noted.
Bitcoin-based firm Unchained highlighted that over half of all bitcoin have not been moved since May 2022, despite several bearish catalysts occurring in the meantime. This underscores a much-talked about point by Bitcoin advocates—the currency’s famously inelastic supply.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Photo: Shutterstock
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