Matrixport-linked whale deposits $10M USDC for $17.44M ETH long
USDC (USDC)
Editor:
Eugene Serbin
cryptobriefing.com reports that a wallet linked to Singapore-based Matrixport deposited $10 million in USDC to open a $17.44 million leveraged Ethereum long on Hyperliquid. The position, executed at 20x leverage, consists of 7,000 ETH and fits a pattern of institutional-scale trades documented since February 2026. Addresses tied to the firm have repeatedly opened leveraged ETH longs ranging from 30,000 to 120,000 ETH at leverage between 15x and 20x. In a separate instance, a new wallet deposited 5 million USDC to open a long position on 500 BTC valued at approximately $36.5 million.
The strategy involves spinning up fresh wallets, seeding them with stablecoins, and entering large derivatives positions on decentralized platforms. Profits from closing similar positions have exceeded $59 million in at least one documented case. Matrixport, founded in February 2019 by Jihan Wu, is licensed by the Monetary Authority of Singapore and manages over $10 billion in assets.
The activity suggests an ongoing trading rhythm where positions are added during drawdowns and realized during recoveries. These large positions can move markets, with unwinding events creating noticeable gravitational pull on price action. Retail traders face information asymmetry, inheriting liquidation risk at 20x leverage where a 5% adverse move wipes the margin.
How the market reacted
Whalio's own Binance spot order flow for USDC, measured when this story was written up on 28 August 2026. Not the outlet's figures.
USDC is trading at $0.9998 with a 1-hour buy ratio of 50.6% and a 4-hour buy ratio of 51.4%, indicating a slight edge for buyers in the short term. The 24-hour buy ratio sits at 49.9%, showing that buying pressure has slightly faded over the full day compared to the immediate hourly and four-hour windows. Volume delta reflects this shift, with positive inflows of $1,267,071 in the last hour and $24,269,368 over four hours, contrasting with a net outflow of $4,823,859 over 24 hours. The cumulative volume delta closed at $33,498,268, suggesting that while net buying has occurred, the momentum has slowed in the most recent hours. This data shows a market that has seen sustained buying interest but is currently experiencing a reduction in net buy pressure compared to earlier in the day.
The latest daily buy ratio of 50.2% sits at the 73rd percentile of the last 322 days, against a median of 48.4% - stronger buying than most days.
Twenty-four hours later
What USDC did over the 24 hours after the story broke. The market moves for its own reasons; this is what happened, not what the story caused.
Was that an ordinary day?
The same Binance spot measurements for USDC, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.4%, meaning the current 24-hour ratio of 49.9% is only marginally higher. Volume over the last day was 1.01x the average, indicating trading activity remained near typical levels rather than spiking unusually. However, the 8-day volume delta total was -$261,494,094, revealing that net selling pressure has dominated the broader weekly trend despite the recent positive hourly deltas. Only one day out of seven recorded net buying, highlighting that this is not an extraordinary day for accumulation relative to the weekly norm. The price change over eight days was 0.0%, confirming that the recent flow has not yet translated into a broader price movement.