I don't know what the reasons are, but I can tell you that I have seen Monarchs at some crazy heights while visiting the Rosetta Raptor Watch. Although we see many bobbing along the edge of the bluffs at eye level, we also see a lot way out over the lake or way up high with the raptors. It's kinda funny when you're trying to focus on an eagle and a monarch flies right into your field of view. I wonder if the height has anything to do with wind direction or thermals; or if it's as simple as just trying to avoid all those obstacles down low? I love the way your hawk seems to be looking at the butterfly! Great shot!
-kris