Bullish bets on dogecoin (DOGE) futures fared worse than their bitcoin (BTC) counterparts on Monday, unusually, as a slide in the dog-themed meme token liquidated $60 million in long trades.
BTC long bets lost $47 million in the same period. Ether (ETH) bullish bets lost the most, at $76 million. Overall, crypto longs lost over $440 million as profit-taking and dollar strength weighed on the market.
"The meme coin market has experienced a general pullback this month as bitcoin prices face pressure," said Lucy Hu, a senior analyst at Metalpha.
Open interest, or the number of unsettled futures bets, has dropped 16% to $600 million. Meanwhile, a long-short ratio tracking DOGE futures shows traders are positioning for further declines with the ratio at 0.94 - indicating a bearish bias.
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