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.
