Profit-Taking Hits Crypto Majors, With Dogecoin Leading the Retreat

Crypto Liquidations Near $676M as Traders Take Profits, Dogecoin Leads Declines

A wave of profit-taking swept through crypto markets late Monday, triggering nearly $676 million in liquidations as traders cashed in gains from a multi-day rally.

Long positions took the brunt of the selloff, with $406 million wiped out in 24 hours, while shorts lost another $269 million. The selloff marked one of the biggest liquidation events since April.

Bitcoin (BTC) was hit hardest, with over $333 million in long positions forcibly closed. Ether (ETH) followed with $113 million in liquidations, while XRP saw $36 million in losses. Solana’s SOL and Dogecoin (DOGE) also suffered liquidations of roughly $14 million each.

Dogecoin was the worst-performing major crypto, plunging over 7.6% as traders exited speculative bets. BTC and ETH also retreated 3.1% and 2.6%, respectively, pausing after a strong week-long rally.

The largest single liquidation was a $98.1 million BTC/USDT long on Binance, according to data from Coinglass.

Despite bitcoin hovering near record highs, traders appear cautious. Elevated funding rates have made leveraged bets expensive, and derivatives flows show investors are hesitant to pile into new longs.

“Bitcoin is in uncharted territory, and short-term resistance levels remain undefined,” QCP Capital wrote in a note to clients. “Funding rates are high, and memories of February’s $2 billion liquidation event still linger.”

Options markets suggest traders remain cautiously optimistic. Short-term implied volatility has increased but remains well below 2023 levels. Risk reversals for September and December continue to favor call options, indicating that traders expect longer-term gains even as they avoid aggressive near-term bets.

Analysts caution that while institutional demand and macroeconomic factors are driving the current rally, risks remain significant.

“The road to $150,000 by Q3 is becoming more realistic, driven by ETF inflows, supply constraints, 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 added that the market’s path forward won’t be a straight line: “Profit-taking, speculation about interest rates, and geopolitical uncertainties could trigger a short-term pullback, potentially sending BTC into a $105,000–$115,000 consolidation zone.”