Crypto Market Liquidations Hit $500M as Bitcoin Slips; DOGE and XRP Lead the Decline

Bitcoin (BTC) experienced a sharp correction late Sunday, dropping from $98,500 to as low as $95,500 before rebounding. The decline, driven by profit-taking as BTC neared the critical $100K mark, triggered a market-wide pullback that affected major cryptocurrencies and futures markets.

XRP and Dogecoin (DOGE) led the losses among top assets, each falling over 5%, while Solana (SOL), Ether (ETH), Cardano (ADA), and Binance Coin (BNB) slid between 2% and 5%. The CoinDesk 20 Index, tracking leading digital assets, was down 1.48%, and the overall crypto market cap declined by 2.4% before showing signs of recovery in early Asian trading hours.

Liquidations soared amid the volatility, with over $500 million wiped out in futures positions—$366 million from long bets and $127 million from shorts. Interestingly, smaller altcoins and mid-cap tokens saw liquidation levels surpass those of Bitcoin and Ether, reflecting higher risk appetites among traders.

Despite the pullback, optimism persists in the market. Jeff Mei, COO of crypto exchange BTSE, highlighted that Bitcoin’s rally remains intact, driven by institutional buying of ETFs. “Breaking $100K is still very likely in the coming week,” Mei commented. He also suggested Ethereum and Solana ETFs could attract similar attention as approvals roll in.

Mei added that positive momentum from the stock market and pro-crypto policy discussions with the Trump transition team could sustain the rally into 2025, further solidifying the broader market’s bullish outlook.