Lookonchain
A wallet linked to Matrixport is sitting on an unrealized loss of more than $92.5 million after the latest market drawdown, according to HypurrScan data tied to the address.
The position holds 120,000 ETH, worth roughly $187 million at current prices, alongside 500 BTC valued at about $29.33 million. Combined cost basis implies the portfolio has shed nearly a third of its notional value.
Why it matters
Large single-address losses matter less for their dollar size than for what they signal about positioning. A Matrixport-linked book running concentrated ETH exposure going into the drawdown points to a directional bet that the recent selloff has decisively tested. The public visibility of the wallet also turns a private P&L event into market color, feeding the on-chain narrative loop that traders read for sentiment.
Market impact
The position is not liquidation-risk by itself, but a loss of this magnitude tightens the room any leveraged desk has to add into further weakness. Watch the address for any token transfers or stablecoin top-ups that would suggest defensive deleveraging rather than passive holding through the drawdown.
Source: [HypurrScan Beta](https://hypurrscan.io/address/0x6C8512516Ce5669d35113A11Ca8B8DE322fD84F6#perps)
Frequently asked questions
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Who is the whale behind the $92.5M loss?
The wallet is linked to Matrixport, the Singapore-based crypto financial services firm led by Jihan Wu. HypurrScan tracks the address's perps and spot positions publicly.
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How large is the position that is underwater?
The address holds 120,000 ETH worth about $187 million and 500 BTC worth about $29.33 million, with a combined unrealized loss above $92.5 million.
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Is the position at risk of liquidation?
On its own the position is not at liquidation risk, but the size of the unrealized loss narrows the headroom any leveraged desk has to add into further weakness.
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Why does a single whale's loss matter for the broader market?
Large visible losses feed the on-chain narrative loop traders read for sentiment and can foreshadow forced deleveraging if the drawdown deepens, especially when the wallet belongs to a known institutional desk.
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What should traders watch next on this address?
Traders should watch for stablecoin top-ups, ETH or BTC transfers, or perps position changes that would indicate defensive deleveraging rather than passive holding through the drawdown.
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