Bitcoin Falls Below $117,000 After Record High With $3.5B In Profits Booked – Dogecoin, Shiba Inu Lead Losses

Bitcoin’s (BTC) price retreated from Monday’s record high of over $123,000 in U.S. pre-market hours, tumbling to below $117,000 with meme token Dogecoin (DOGE) leading losses among crypto majors as traders booked their gains after the weekend rally.

Bitcoin’s price dropped 4.2% in the last 24 hours, while Dogecoin’s price plummeted 7.3%. On Stocktwits, retail sentiment around the apex cryptocurrency and the meme token moved lower over the past day, but remained in ‘extremely bullish’ territory. 

According to Glassnode data, Bitcoin investors raked in $3.5 billion in profits in the last 24 hours. Long-term holders took in around $1.96 billion, while short-term holders booked $1.54 billion in profits. According to the firm, this has been one of Bitcoin’s largest profit realizations this year, driven mostly by long-term holders. 

The drop in Bitcoin’s price triggered $461.55 million in liquidations over the past day, according to Coinglass metrics. Most of the losses came from long bets, traders who expected Bitcoin’s price to rally further, amounting to around $386.43 million.

In comparison, among the major cryptocurrencies, Sui (SUI) and Stellar (XLM) managed to maintain their gains. Stellar’s token, XLM’s price, gained 1.6% over the past day, while Sui’s price edged 0.1% higher. 

On Stocktwits, retail sentiment around XLM inched lower after hitting an all-time high, but remained in ‘extremely bullish’ territory. The SUI token was the only one among the four cryptocurrencies to register an uptick in retail sentiment over the past day, moving higher with the ‘extremely bullish’ zone.

Ethereum (ETH) fell 3.2% in the last 24 hours, with its value dipping below the $3,000 mark. Like Dogecoin, Shiba Inu (SHIB) also saw a heavy round of profit booking. The SHIB token’s price fell more than 6% over the past day. 

Among crypto-linked stocks, Marathon Digital (MARA) and Strategy (MSTR) both dipped more than 2% in pre-market trade. The iShares Bitcoin Trust ETF (IBIT) was down 2.5%. 

Despite Bitcoin’s drop after Monday, the cryptocurrency has gained more than 10% in the last month and 86% over the past year. 

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