A wallet linked to Matrixport, the Singapore-based crypto financial services firm, was funded with $10 million in USDC and immediately opened a $17.44 million long position on Ethereum with 20x leverage on the Hyperliquid platform. This transaction is part of a broader pattern of recurring leveraged positions on ETH, ranging from 30,000 to 120,000 ETH with leverage between 15x and 20x, documented since February 2026. Founded in 2019 by Jihan Wu, co-founder of Bitmain, Matrixport manages over $10 billion in assets for more than 300 institutional clients and holds a license from the Monetary Authority of Singapore. A separate transaction also saw a new wallet deposit $5 million in USDC to open a long position on 500 BTC valued at approximately $36.5 million. On-chain data indicates that profits from closing these positions exceeded $59 million in at least one documented instance.
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