DOGE Leads Losses as Profit-Taking Sees Sharp Selloffs Across BTC, ETH, SOL, XRP

The heaviest blow landed on bitcoin

longs, which saw over $333 million in forced closures, followed by ether (ETH) at $113 million and XRP at $36 million. Solanas SOL and dogecoin were also hit, shedding around $14 million each.

Dogecoin was the worst-performing major, dropping over 7.6% on the day as speculative froth evaporated. BTC and ETH also fell 3.1% and 2.6%, cooling off after a nearly week-long rally.

The largest single liquidation came from a $98.1 million BTC/USDT long on Binance, per liquidation tracker Coinglass.

Even as bitcoin trades near record highs, some desks are stepping back from the euphoria. Derivative flows suggest that traders arent rushing to chase the upside, and elevated funding rates are making leveraged bets increasingly expensive.

The sense is that markets may be due for a breather after an overheated run.

“With BTC in uncharted territory, short-term ceilings remain unclear,” wrote QCP Capital in a note to clients. “Funding rates are elevated, and the memory of Februarys $2 billion liquidation event still lingers.”

Options data paints a picture of cautious optimism, QCP wrote. While short-dated implied volatility ticked higher, it remains well below 2023 averages. September and December risk reversals still favor call options, hinting at longer-term bullishness, though traders appear reluctant to chase upside in the near term.

Meanwhile, some analysts are urging traders not to mistake momentum for inevitability. Mounting institutional demand and macro shifts are undeniably fueling the rally, but theyre also raising the stakes.

“The road to $150,000 by Q3 looks increasingly plausible, powered by ETF inflows, supply constraints, and macro tailwinds like a weakening dollar and potential Fed cuts,” Bitgets Ryan Lee said in a note to CoinDesk.

“The road to $150,000 by Q3 looks increasingly plausible, powered by supply scarcity and mounting institutional demand. Still, this isnt a one-way street. Profit-taking, rate speculation, and geopolitical risks could spark a short-term pullback, potentially dragging BTC into a $105,000–$115,000 consolidation zone,” Lee added.