2026-01-15 03:28:07

XMR's recent surge may seem impressive, but the momentum has already significantly waned.

Let's first look at the spot market. Although the price is rising and trading volume has moved slightly, overall it still hovers around the range of tens of millions to 200 million USD. The actual historical peak was on November 10, 2025, at 410 million USD, and it has never returned to that level since. What does this indicate? The recent doubling of the market is not driven by spot buy orders on exchanges.

The futures market situation more clearly illustrates the issue. The highest trading volume also occurred on November 10, and since then, it has been on a downward trend. The performance of open interest is even more telling—the USD-denominated curve almost coincides with the price trend, essentially relying on the price itself to push the figures higher. Is there a large influx of new funds opening positions? Not at all.

What about liquidation data? It's extremely flat. Take January 13 as an example, the liquidation amount was only around 1 million USD. With such a volume, it's clear that there is no participation from institutional-level large funds. In other words, the momentum of this rally is indeed lacking, and it is missing the support of incremental capital.

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CodeAuditQueen

· 9h ago

Bro, this analysis has some substance. It feels like auditing a contract with a reentrancy vulnerability—super shiny on the surface, but the underlying logic is empty. The trading volume plummeted from 410 million, and this characteristic is too obvious—it's the fragility caused by lack of liquidity.

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GateUser-a7f247a4

· 10h ago

How much can be borrowed

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metaverse_hermit

· 10h ago

It's another story told through mirror data; spot trading volume is the real deal. Watching the rise, but actually no one is taking the bait. Since the November high, no new money has come in; this wave of market movement is somewhat虚假. Contract holdings and coin prices rising together—what does that mean? It’s just a self-reinforcing cycle. A 1 million liquidation isn’t a big deal; it didn’t even make a splash. Retail investors are trading, while institutions are probably watching. Momentum decay is real; this level of volume can’t be sustained for long.

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LiquiditySurfer

· 10h ago

Oh wow, the spot trading volume hasn't hit a new high, and the contract positions are just the price hyping itself. The institutions really haven't entered the market.

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