Bitcoin climbs toward $80,500 as US stocks rally on midterm results

By Khal · · 1 min read

Editorial illustration: A large gold Bitcoin coin and a classical columned building stand on an upward-sloping stone platform. A blue ballot box sits at lower left, while a dark oil barrel rests on a downward-sloping wedge at lower right.
AI-generated editorial illustration · AI-generated editorial illustration · Published Nov 4, 2026, 4:10 p.m. (1 hour ago)

In brief

  • BTC/USD rose more than 4% per TradingView data, rebounding from seven-week lows.
  • S&P 500 futures recovered from 7,490 to 7,690 points on Wednesday.
  • Democrats flipped seven Senate seats and 25 House seats, according to The Kobeissi Letter.
  • WTI crude dipped below $93 per barrel, down as much as 11.9% for the week.
  • CoinShares' Butterfill said real yields and ETP flows outweigh the elections for Bitcoin.

Stocks reverse an overnight dip

US stock futures didn't hold their overnight losses for long. S&P 500 futures fell as low as 7,490 points, their lowest level since July 31, before reaching 7,690 points (approaching new month-to-date highs), according to TradingView data cited by Cointelegraph.

Trading resource The Kobeissi Letter called that initial weakness a "textbook bear trap." It said Democrats had flipped seven Senate seats and 25 House seats, and described the result as one of the largest shifts in US political power in nearly two decades. Those are Kobeissi's figures.

Oil slides after Iran's response

Cointelegraph reported that Iran's reaction to the Democratic gains helped push US WTI crude to its lowest levels since mid-October. Iran's parliament speaker, Mohammad Bagher Ghalibaf, wrote on X that voters had "said NO TO WAR, and we endorse this message."

WTI dipped below $93 per barrel (down as much as 11.9% for the week), while Brent crude approached sub-$100 levels for the first time since Oct. 7. Economist Robin Brooks said in a blog post that oil markets had priced in a risk premium that was "too high" before the midterms. His open question is whether the President dials back on war with Iran or escalates.

What CoinShares is watching

The election isn't the whole story for Bitcoin, at least according to CoinShares.

James Butterfill, head of research at CoinShares, told Cointelegraph he saw potential for a wider Bitcoin "relief rally" as election uncertainty faded. He didn't call the vote the main driver, though.

“For Bitcoin, real yields, dollar liquidity and ETP flows still carry more weight than the elections,” he wrote

So in Butterfill's view, it's yields, liquidity and fund flows that matter more for BTC than Wednesday's seat count.

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