thecryptobasic.com
A new crypto wallet attracted attention on January 1, 2026, after depositing $8 million in USDC on Hyperliquid and opening multiple leveraged long positions.
According to blockchain analytics firm Lookonchain, the wallet appeared on-chain at the start of the new year and executed its trades almost immediately. Although the trader’s identity remains unknown, the scale and speed of the activity stood out in the market.
Highest Conviction Trades Use Maximum Leverage
The largest position was taken in Plasma (XPL). Specifically, the trader opened a $2 million long position at an entry price of $0.16223, representing approximately 12.18 million XPL tokens. The position was executed using 10x leverage.
A similarly aggressive approach was taken with PUMP. The wallet committed $1.5 million at an entry price of $0.00194, resulting in a position of roughly 779.56 million PUMP tokens. This trade also used 10x leverage.
In addition, the wallet established a sizable long position in Monad (MON). Valued at approximately $1.9 million, the trade was entered at $0.023 per token and covered about 82.61 million MON tokens. However, unlike the XPL and PUMP positions, this exposure was opened with 5x leverage.
Portfolio Expands Across Multiple Smaller Positions
After establishing its core positions, the wallet diversified into several additional assets, each opened with 3x leverage.
For instance, Story (IP) saw a $2 million long position at an entry price of $1.70. Meanwhile, STBL followed with a $1.8 million position at $0.0555. GRIFFAIN received a $974,000 long position at $0.01887.
Trading activity continued across other tokens, including Venice Token (VVV), AIXBT, and HEMI, with individual positions ranging from $691,000 to $847,000. Heroes of Mavia (MAVIA) and STABLE were also added to the portfolio.
Broader Context Around Leveraged Positions
Large leveraged long positions typically signal expectations of price appreciation and are often used to amplify potential gains. Nevertheless, such strategies also significantly increase downside risk. Overall, these positions reflect broader market behavior rather than any confirmed price outcome.
While attention focused on the mystery wallet, another notable development emerged elsewhere in the market. TheCryptoBasic recently reported that Arthur Hayes sold 1,871 Ethereum over the past two weeks.
The report valued the sale at approximately $5.53 million. It also noted that the funds were reallocated into decentralized finance projects, including PENDLE, LDO, ENA, and ETHFI.
These developments unfolded against a mixed market backdrop. At the time of writing, Bitcoin was trading at $87,473, down 1.1% over the previous 24 hours. By contrast, Ethereum showed slight strength. The asset edged up 0.1% to trade at $2,974 during the same period.