Someone with deep pockets and a high tolerance for risk just made a very loud entrance on Hyperliquid. A wallet linked to Matrixport, the Singapore-based crypto financial services firm, was created fresh, funded with $10 million in USDC, and immediately used to open a $17.44 million long position on Ethereum at 20x leverage.
On-chain analytics platform Hypurrscan flagged the activity, which fits a pattern that watchers have been documenting since at least February of this year.
A pattern, not a one-off
The $10M deposit and 7,000 ETH long is striking on its own, but it reads differently when placed inside a larger series 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.
Separately, a recent transaction saw a new wallet deposit 5 million USDC to open a long position on 500 BTC, a trade valued at approximately $36.5 million. The playbook is consistent: spin up a fresh wallet, seed it with stablecoins, and enter a large leveraged derivatives position on a decentralized platform.
In at least one documented instance, profits from closing these positions exceeded $59 million. The trades appear to follow a rhythm: add to positions during market drawdowns, then realize profits during recoveries.
Who is Matrixport
Matrixport was founded in February 2019 in Singapore by Jihan Wu, who previously co-founded Bitmain, the dominant Bitcoin mining hardware manufacturer. The firm is licensed by the Monetary Authority of Singapore and currently reports more than $10 billion in assets under management across more than 300 institutional clients.
It operates as a full-service crypto financial platform, offering products ranging from structured yield products and custody to trading and lending.
The fact that activity linked to Matrixport spans from February to August 2026 suggests this is an ongoing trading strategy, not a one-time market call.
What this signals for the broader market
Positions of this size carry their own gravitational pull. A pattern of 30,000 to 120,000 ETH long positions absolutely can move markets. When those positions get unwound, either in profit-taking or in liquidation, the market feels it. Traders watching funding rates and open interest on Hyperliquid now have one more data point to factor in.
There is also a regulatory dimension worth tracking. Matrixport is MAS-licensed, which means it operates inside a regulated framework. But the use of freshly-created wallets and decentralized platforms to execute these trades sits in a grayer area.
For retail traders, the practical takeaway is about information asymmetry. A trader who notices a fresh wallet deposit $10M in USDC and immediately open a massive leveraged ETH long has a signal about where at least one well-resourced actor thinks the market is heading. The risk is that following institutional leverage into a trade means inheriting the liquidation risk without the capital buffer to survive a bad move. At 20x leverage, a 5% adverse move wipes the margin.