An anonymous cryptocurrency investor recently executed a $1.77 million leveraged long position on Monero (XMR) using the Hyperliquid derivatives platform. This high-stakes move occurred immediately after the privacy-focused token's price dropped below the $600 threshold.
A $1.77 million leveraged bet on the Hyperliquid platform
According to the report, a newly created wallet deposited 4 million USDC into Hyperliquid to facilitate a five-times leveraged long position on 3,000 Monero (XMR) tokens. The total value of the trade is estimated at approximately $1.77 million. Because the investor deposited significantly more than the required margin, the liquidation price for this position remains well below current market values, suggesting a strategic long-term hold rather than a short-term scalp.
This specific trade is being viewed by market observers as a signal of institutional-grade confidence. By entering the market exactly as Monero (XMR) slipped under $600, the "whale" is effectively betting that the current price dip is a buying opportunity rather than the start of a bearish reversal.
The climb from $320 in July to a $657 peak
The timing of this trade follows a period of aggressive growth for Monero (XMR). As the source reported, the token has been on a steady upward trajectory since mid-summer, rising from a valuation of roughly $320 in July to a peak near $657 before the recent pruning of the rally. This growth reflects a broader interest in privacy coins, though the market has recently entered a rangebound phase between $580 and $620.
This volatility is not isolated to Monero (XMR). Similar patterns of high-volume activity have been observed in other major assets, including Ethereum (ETH), Chainlink (LINK), Shiba Inu (SHIB), and Near Protocol (NEAR). Investors across these ecosystems are currently weighing whether the market is preparing for another leg up or if a broader correction is imminent.
The battle for the $577 support zone
Technical indicators suggest that Monero (XMR) remains in a healthy uptrend despite the recent red candles. The 20-, 50-, and 200-day moving averages are all ascending and remain below the spot price, which typically indicates continued bullish momentum. Furthermore, the Relative Strength Index (RSI) for Monero (XMR) is currently hovering near 55, suggesting the market has cooled off from September's overheated levels without losing strength.
The critical threshold for the token's immediate future is the $577 support level. If Monero (XMR) holds above $577 and reclaims the $600 mark, a push toward the $620-$660 range becomes plausible. However, a break below $577 could send the price toward the $552 range, which has historically served as a buffer against deeper downtrends.
The identity of the unnamed 4 million USDC depositor
While the scale of the trade is clear, several key details remain unknown.. The identity of the wallet holder is undisclosed, leaving it unclear whether this is a single high-net-worth individual or a coordinated institutional fund. Additionally, the source does not provide information on whether this investor has a history of successful Monero (XMR) trades or if this is a diversified bet across multiple privacy tokens.
Because the report relies on on-chain data from Hyperliquid, it captures the action but not the intent. Whether this whale is acting on insider fundamental knowledge or simply following technical indicators remains a matter of speculation for the wider crypto community.
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