According to data provided by Onchain Lens, a total of $5.84 million USDC was deposited into HyperLiquid, a decentralized derivatives exchange, earlier today.
The deposit was used in order to open a long position on the Ripple-linked cryptocurrency with 2x leverage.
Notably, the same trader previously went long on Ethereum (ETH) with 2x leverage, securing a floating profit of $10 million. The leading altcoin is up by nearly 40% over the past week.
According to CoinGecko data, XRP is changing hands at $2.39, dropping by 0.8% over the past 24 hours.
The cryptocurrency market is currently in a wait-and-see mode amid intense trade negotiations between the US and China.
Bitcoin, the leading cryptocurrency, topped $100,000 last week for the first time since early 2025. However, altcoins started chipping away at the crypto dominance by the end of the week, which potentially indicated there is an ongoing rotation of capital.
