Monero (XMR) at Risk of Major Liquidation, Doctor Profit Warns

Leverage from Monero (XMR) futures, with open interest around $287 million per CoinGlass, has led trader Doctor Profit to warn of a possible liquidation event. He ties the setup to January, when a similar build-up was followed by a steep crash.

The evidence only partially supports his view. While dollar-denominated open interest is below two previous peaks, traders now hold more XMR in open contracts than in January.

Is Monero’s Open Interest Truly at an All-Time High?

Open interest measures the total value of still-open futures and perpetual contracts. Higher readings mean more borrowed capital is in the market, ready to be forced out.

In a post on X, Doctor Profit described the current level as unprecedented in Monero’s history.

$XMR – DANGEROUS!

NEVER in Monero’s history has Open Interest been this high! This means a RECORD level of LEVERAGED TRADES is now sitting in futures/ perpetual contracts! Record amounts of Positions that remain open and have not yet been closed or settled.

The last Time we… pic.twitter.com/BfeXFQp81w

— Doctor Profit 🇨🇭 (@DrProfitCrypto) October 21, 2026

But the CoinGlass chart he shared tells a different story. Open interest peaked near $305 million in mid-January, then exceeded $320 million between late August and September.

At about $287 million currently, the reading is below those levels. Dollar-based open interest also rises with the price.

On a price-adjusted basis, the current open interest equals around 496,000 XMR. That is more than the 400,000 XMR open in January but below September’s peak.

Is the Current Setup Comparable to January’s Crash?

CoinGecko data indicates XMR rose from about $459 on January 10 to nearly $783 on January 14. That 70% gain over four days caused the open interest spike.

The subsequent decline was severe. XMR dropped to around $286 by February 6, about 63% from the high, 23 days later.

The conditions are also different. In January, leverage built up during a rapid squeeze, while the current advance has been gradual, from about $378 in early August to $605 on October 20.

Forced selling remains modest. CoinGlass recorded only about $338,000 in XMR futures liquidations in the past 24 hours.

At press time, XMR traded at $578, a 4.3% drop in 24 hours, per BeInCrypto data.

Could a Double Top Pattern Validate the Liquidation Risk?

Binance’s daily XMRUSDT perpetual chart shows a potential double top. The first peak printed near $636 in late September, the second near $628 on October 20.

Both highs were rejected with long upper wicks. Volume on the second peak also ran lighter, indicating fading buyer conviction.

The neckline is at $514.13, which held as support on October 10. The pattern remains unconfirmed until a daily close below that, about 11% below the current price.

The pattern’s depth projects a measured target at $421.65, a previous support-turned-resistance from May and June. That area is now expected to act as a support.

A move back above $636 would invalidate the pattern. But a neckline break with such high leverage could start a long squeeze cascade. For now, the warning is a credible risk signal, not a confirmed call.