As Traders Take Profits, Dogecoin Suffers the Largest Drop Among Leading Cryptos

Crypto Liquidations Top $675M as Traders Take Profits; Dogecoin Leads Declines

A sharp wave of profit-taking swept across crypto markets late Monday, triggering over $675 million in liquidations — one of the biggest wipeouts since April — as traders cashed in gains after a powerful rally.

Long positions took the largest hit, with liquidations exceeding $406 million in the past 24 hours. Short traders also faced pain, losing about $269 million as prices whipsawed.

Bitcoin (BTC) bore the brunt, with more than $333 million in long positions forcibly closed. Ether (ETH) followed with $113 million in liquidations, while XRP saw $36 million erased. Solana’s SOL and Dogecoin (DOGE) also suffered liquidations of roughly $14 million each.

Dogecoin stood out as the worst-performing major coin, plunging over 7.6% on the day as speculative fervor cooled. Meanwhile, BTC and ETH declined 3.1% and 2.6%, respectively, easing off after a multi-day surge.

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

Despite bitcoin hovering near record highs, traders appear increasingly hesitant to push higher. Elevated funding rates are making leveraged trades more expensive, and derivatives flows suggest traders are exercising caution rather than piling into fresh long positions.

Some believe the market could be due for a pause after its recent steep gains.

“With BTC navigating uncharted territory, near-term resistance levels remain uncertain,” said QCP Capital in a note to clients. “Funding rates are high, and the memory of February’s $2 billion liquidation event still looms large.”

Options markets reflect cautious optimism. Short-dated implied volatility has ticked higher but remains well below 2023 averages. Risk reversals for September and December still lean in favor of call options, hinting that traders expect longer-term gains even as they stay conservative in the near term.

Analysts caution that momentum should not be mistaken for inevitability. Although mounting institutional demand and broader macro trends are supporting the crypto rally, the risks are far from gone.

“The road to $150,000 by Q3 looks increasingly within reach, supported by ETF inflows, constrained supply, and macro factors like a weakening dollar and potential Fed cuts,” said Ryan Lee, chief analyst at Bitget, in a note to CoinDesk.

However, Lee warned the market won’t be a straight path upward: “Profit-taking, interest-rate speculation, and geopolitical tensions could spark a temporary pullback, potentially pulling BTC back into a $105,000–$115,000 range.”