Crypto Markets See Nearly $676M in Liquidations as Traders Lock In Profits; Dogecoin Sinks
Crypto markets faced a sharp wave of profit-taking late Monday, leading to liquidations totaling nearly $676 million as traders cashed out gains after a strong rally.
Long positions suffered the heaviest blow, with over $406 million wiped out in the past 24 hours, while short liquidations added another $269 million to the total. It was one of the largest liquidation events since April.
Bitcoin (BTC) bore the brunt, with more than $333 million in long positions liquidated. Ether (ETH) followed with $113 million, and XRP saw $36 million in losses. Solana’s SOL and Dogecoin (DOGE) also recorded roughly $14 million each in liquidations.
Dogecoin led losses among major tokens, dropping over 7.6% as speculative enthusiasm cooled. Bitcoin and ether also slipped, falling 3.1% and 2.6%, respectively, as markets took a breather after a week-long surge.
The single biggest liquidation was a $98.1 million BTC/USDT long on Binance, according to data from Coinglass.
Despite bitcoin hovering near record highs, traders appear wary of chasing further gains. Elevated funding rates have made leveraged positions increasingly expensive, and derivatives data suggests investors are holding back from fresh long bets.
“Bitcoin is in uncharted territory, with no clear short-term ceiling,” said QCP Capital in a client note. “Funding rates remain elevated, and memories of February’s $2 billion liquidation event are still fresh.”
Options market data points to cautious optimism. Short-term implied volatility has risen but remains well below last year’s levels, while risk reversals for September and December continue to favor call options—hinting at longer-term bullish sentiment despite near-term caution.
Analysts stress that while institutional inflows and macro factors are supporting the rally, volatility remains a risk.
“The path to $150,000 by Q3 seems increasingly possible, driven by ETF inflows, limited supply, and macro tailwinds like a weaker dollar and potential Fed cuts,” said Ryan Lee, chief analyst at Bitget, in a note to CoinDesk.
Still, Lee warned that the market could face setbacks: “Profit-taking, interest rate speculation, and geopolitical uncertainties could trigger a short-term correction, potentially pushing BTC into a $105,000–$115,000 consolidation range.”
