Matrixport has fully closed a high‑leverage ethereum trading campaign, locking in total profits of more than 80 million U.S. dollars after a multi‑month run, according to on‑chain monitoring data.
On April 16, the firm exited its remaining 25,000 ETH position, which it had held for about 65 days, realizing a profit of 17.32 million dollars. The trade used 20x leverage and marked the end of a broader strategy built around short‑term ethereum price swings.
Multi‑stage profit taking over two months
Blockchain records show Matrixport managed its exposure in distinct stages:
- February downturn: On February 23, its ETH holdings showed an unrealized loss of more than 15.5 million dollars. Instead of cutting risk, the firm added capital and expanded the leveraged position, keeping exposure between 15x and 20x on both ETH and BTC.
- March rally: On March 17, Matrixport closed 40,000 ETH after about an 8% price rise, capturing 14.8 million dollars in profit. It then reopened ETH positions around 2,300 dollars as the market pulled back.
- April profit surge:
- On April 15, the firm sold 95,000 ETH out of a total 115,000 ETH, securing 48.19 million dollars in profit and leaving 25,000 ETH open.
- On April 16, the remaining 25,000 ETH were closed for an additional 17.32 million dollars, ending the campaign.
Across these steps, Matrixport maintained sizable, leveraged exposure while gradually taking profit into strength.
High‑conviction leverage in a range‑bound market
The strategy unfolded during a period of range‑bound trading for ethereum. Throughout April, ETH has largely moved between 2,100 and 2,400 dollars, with no clear long‑term direction.
Against this backdrop, Matrixport’s use of up to 20x leverage signaled strong conviction in short‑term price gains despite the lack of a clear trend. The choice to increase exposure during the February drawdown, then systematically sell into the rebound, reflects a tightly managed but high‑risk approach to a volatile asset.
The complete closure of these trades suggests the firm sees the conditions that enabled such rapid gains as fading, at least for now.
On‑chain data highlights institutional‑scale activity
On‑chain analysts have closely followed the sequence of leveraged entries and exits. The rapid identification of Matrixport’s large positions and profit‑taking illustrates how blockchain monitoring tools can track institutional‑scale trades in near real time.
The visibility of these moves has turned the campaign into a reference point for how sizable, leveraged operations are built and unwound in public view.
Ethereum network activity hits record as price lags
Matrixport’s exit comes as ethereum’s underlying network usage is surging. On April 12, 2026, the network processed a record 3.62 million transactions.
This surge in activity stands in contrast to price action: ETH remains more than 50% below its previous peak. The gap between record network usage and a subdued price has helped create favorable conditions for speculative, leveraged strategies such as the one Matrixport just closed.
Signal of shifting market conditions
The decision to take tens of millions of dollars off the table after a concentrated, profitable campaign is being seen as a signal from a large, informed market participant.
While not a directional forecast, the move implies that straightforward upward momentum in ETH may give way to more complex or sideways trading in the near term, as one of the more aggressive leveraged players scales back.
De‑risking despite broader market strength
Matrixport’s de‑risking is taking place against a backdrop of apparent strength in the wider crypto market:
- Bitcoin broke above the 74,000‑dollar resistance level on April 14.
- Wallets holding more than 10,000 BTC have been recording net inflows, typically read as a sign of accumulation by large entities.
Despite this supportive environment, Matrixport has reportedly wound down leveraged exposure in both ETH and BTC. The coordinated reduction suggests a deliberate step back from overall market risk, rather than a narrow view on a single asset.
For traders, the retreat of a major leveraged player from both of the leading digital currencies points to a more cautious phase, where large gains may be harder to achieve without taking on even greater risk.
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