“There is going to be a media frenzy about Elon and how his aggressively backing Trump and the ‘Department of Government Efficiency’ narrative could have been a deciding factor for a Trump win,” one trader said.

Part of BTC’s spike could be attributed to a $94 million liquidation of bearish or hedged bets against the asset, Coinglass veri shows, as Trump leads in early voting.

A tracker for market sentiment reached “extreme greed” levels on Thursday, which has historically preceded market corrections.