A wave of profit-taking and risk-off trading ripped through crypto markets late Monday, with long traders being liquidated for over $406 million in 24 hours. Another $269 million came from short-side losses, taking the total liquidation figure to $675.8 million, marking one of the heaviest wipeouts since April. The heaviest blow landed on bitcoin (BTC) longs, which saw over $333 million in forced closures, followed by ether (ETH) at $113 million and XRP at $36 million. Solana’s SOL and dogecoin (DOGE) 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 aren’t 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 February’s $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 they’re 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,” Bitget’s 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 isn’t 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. Read more: Bitcoin Market Top Is 'Nowhere Near,' Say Analysts as Price Pauses at $120K
