A wallet linked to Matrixport, a Singapore-based crypto financial services firm, deposited $10 million in USDC and immediately opened a $17.44 million long position on Ethereum at 20x leverage on the Hyperliquid decentralized derivatives platform. On-chain analytics platform Hypurrscan flagged the activity.
This transaction fits a documented pattern of similar trades. Addresses tied to Matrixport have repeatedly opened leveraged ETH longs ranging from 30,000 to 120,000 ETH at leverage between 15x and 20x, according to on-chain data. In a separate transaction, a new wallet deposited 5 million USDC to open a long position on 500 BTC, a trade valued at approximately $36.5 million.
The trading strategy follows a consistent approach: create a fresh wallet, seed it with stablecoins, and enter a large leveraged derivatives position on a decentralized platform. According to documented instances, profits from closing these positions have exceeded $59 million. The pattern suggests trades are timed around market drawdowns and recoveries.
About Matrixport
Matrixport was founded in February 2019 in Singapore by Jihan Wu, who previously co-founded Bitmain, the Bitcoin mining hardware manufacturer. The firm is licensed by the Monetary Authority of Singapore and reports more than $10 billion in assets under management across more than 300 institutional clients. Matrixport operates as a full-service crypto financial platform offering structured yield products, custody, trading, and lending services.
Market Implications
The activity documented from February through August 2026 indicates this is an ongoing trading strategy rather than a single market call. Positions of this scale can influence market movement, particularly when unwound through profit-taking or liquidation. The trading activity occurs on decentralized platforms using freshly-created wallets, placing it in a regulatory gray area despite Matrixport's MAS licensing.
For traders, large institutional leverage positions represent information about market direction but carry significant risk. At 20x leverage, a 5 percent adverse price movement eliminates the entire position margin.
