Bitcoin returned to $80,000 on Wednesday as a broad crypto rally followed the U.S. midterm results. More than $320 million in short positions were liquidated within 30 minutes, according to market data. Ethereum gained 6 percent, while XRP and Solana each rose 4 percent. Traders noted Bitcoin retested its 50 week moving average during the election day dip before recovering.

On Nov 4, Bitcoin ETFs logged a one-day net inflow of 859 BTC, worth $67.33 million, and a seven-day net inflow of 12,641 BTC, worth $990.98 million, Lookonchain data shows. Ethereum ETFs saw a one-day net inflow of 34,497 ETH, worth $79.99 million, and a seven-day net inflow of 202,950 ETH, worth $470.58 million.