Crypto Trader Deposits 3 Million $USDC into Hyperliquid to Open $XMR, $ETH Shorts

A crypto trader has recently added a noteworthy $3M in $USDC into Hyperliquid. With this deposit, the crypto trader has immediately opened short positions for Monero ($XMR) and Ethereum ($ETH). As per the data from Lookonchain, the trader has deployed maximum leverage on the respective positions. This significantly risky gamble indicates the likelihood of a huge market shift in the near future.

Trader Deploys 22x Leverage on Hyperliquid Shorts of $XMR and $ETH

Particularly, gambling with a massive $3M in $USDC to open $XRM and $ETH shorts on Hyperliquid highlights the trader’s solid conviction in a likely market shift. Adding to the aggression of this development, the trader has raised the leverage of these positions to the maximum. In this respect, the trader has shorted 1,845 $XMR and 18,261 $ETH, presenting a substantial risk involved in the move. At the moment, the trader’s wallet, “0xD83… 8Fd7,” reportedly holds a cumulative $61.59M in a cumulative position value, totally in shorts.

Apart from that, the crypto trader’s leverage accounts for 22.27x without any free margin. As a result of this, the the marging usage stands at a stunning 96.43%. While the cumulative account equity is almost $2.76M, the trader has no buffer in the case of continuously rising prices. At the same time, the 24-hour cumulative PnL of the trader’s account presents a sheer $234,275 dip, denoting the upward pressure of the market on $XMR and $ETH.

$ETH Nears Crucial $3,380 Raising Liquidation Risk for Trader

According to Lookonchain, when it comes to $ETH, the trader’s fate is at risk while $ETH is nearing the crucial $3,380. Additionally, while the $XMR leverage sits at a relatively lower at up to 5x, the short position still contributes to the wider strain on the margin of the trader. Ultimately, whether this bet pays off or backfires is yet to be seen.