Matrixport-linked whale deposits $10M USDC, opens $17.44M ETH long at 20x leverage

A newly created digital wallet linked to Singapore-based crypto financial services firm Matrixport has deposited $10 million in USDC on decentralized derivatives exchange Hyperliquid to open a $17.44 million Ethereum long position at 20x leverage, purchasing approximately 7,000 ETH. On-chain analytics platform Hypurrscan highlighted that this trade follows a recurring playbook where Matrixport-associated wallets enter large leveraged derivative positions during market drawdowns and lock in profits during market rebounds. Historical on-chain data shows similar addresses have systematically built leveraged ETH long positions spanning between 30,000 and 120,000 ETH at 15x to 20x leverage, with prior closed cycles netting more than $59 million in documented profits. Additionally, a connected wallet recently executed a $36.5 million long position on 500 Bitcoin using 5 million USDC in margin. These massive leveraged institutional flows can exert significant influence on Ethereum derivative markets, heavily shifting open interest and funding rates. While reflecting a distinctly bullish institutional conviction, such high leverage carries notable liquidation risks in the event of sharp short-term market volatility.