Bitcoin climbs back to about $80,000 after dipping below $76,000 as traders shrug off a Democratic Congress and the Binance theft, though spot ETFs keep bleeding

Bitcoin climbed back toward $80,000 on Wednesday, recovering from a dip just below $76,000 earlier in the day, when reports showed Democrats winning control of Congress, CoinDesk reported. At 3:09pm Eastern, The Block had it up 3.5% at about $80,500. Ether gained nearly 6% to $2,433, and Solana and XRP rose about 2.5%.

Traders told CoinDesk the election removed uncertainty more than it delivered a surprise. Paradigm's Nicolas Quatravaux noted that Polymarket had priced a Democratic win above 75% for some time, and about $660 million in notional bitcoin options blocks traded on election day, mostly calls. The Block put liquidations of leveraged positions at about $469 million, and said Strategy and Coinbase each rose about 6% while Block jumped 15% after earnings.

Demand is the weak spot. CoinDesk, citing SoSoValue, said US spot bitcoin ETFs lost about $515 million in the first two trading days of November, and the Coinbase premium indicator was negative. Bitwise Chief Investment Officer Matt Hougan argued the muted reaction to the Binance theft reflects a more mature industry: bitcoin finished higher 30 days after five of the 10 largest crypto hacks and lower after the other five, The Block reports. 21Shares' Matt Mena named $76,000 to $78,000 as support to hold and $80,000 to $82,000 as the next hurdle. Prices are as of Wednesday afternoon Eastern and move quickly.