Dogecoin Leads Losses as Crypto Markets See $675M in Liquidations Amid Profit-Taking
Crypto markets faced a sharp bout of selling late Monday, as traders rushed to lock in profits after recent gains, sparking liquidations totaling $675.8 million — one of the largest single-day wipeouts since April.
Long positions were hit the hardest, with liquidations exceeding $406 million in the past 24 hours, while shorts accounted for another $269 million in losses.
Bitcoin (BTC) was the biggest casualty among long traders, suffering more than $333 million in forced closures. Ether (ETH) followed with $113 million in liquidations, while XRP lost $36 million. Solana’s SOL and Dogecoin (DOGE) also saw liquidations of roughly $14 million each.
Among major tokens, Dogecoin was the weakest performer, plunging over 7.6% on the day as speculative excess faded. BTC and ETH dropped 3.1% and 2.6%, respectively, cooling off after nearly a week of gains.
The largest single liquidation came from a $98.1 million BTC/USDT long position on Binance, according to Coinglass data.
Despite bitcoin trading near its all-time highs, market participants appear increasingly wary of chasing further upside. Rising funding rates are making leveraged bets more costly, and derivatives flows point to a more cautious stance.
Some believe the recent rally might be overdue for a pause.
“With BTC exploring uncharted territory, short-term resistance levels remain uncertain,” QCP Capital wrote in a client note. “Funding rates are elevated, and memories of February’s $2 billion liquidation event are still fresh.”
Data from options markets indicates traders remain cautiously optimistic. Short-term implied volatility has risen slightly but remains below 2023 averages, while risk reversals for September and December still favor call options, signaling long-term bullish expectations despite near-term hesitancy.
Analysts caution that strong momentum does not guarantee smooth sailing. While institutional demand and macroeconomic shifts continue to fuel optimism, risks remain.
“The path to $150,000 by Q3 looks increasingly plausible, driven by ETF inflows, limited supply, and macro tailwinds like a weaker dollar and potential Fed rate cuts,” said Ryan Lee, chief analyst at Bitget, in a note to CoinDesk.
However, Lee warned that the market isn’t immune to setbacks: “Profit-taking, rate speculation, and geopolitical tensions could trigger a pullback, potentially sending BTC into a $105,000–$115,000 consolidation zone.”
