Machi Big Brother has re-entered the Ethereum market with a $34 million leveraged long on Hyperliquid, marking one of his most aggressive trades yet.
The position, backed by less than $2 million in collateral, faced immediate pressure and fell roughly $325,000 within hours, highlighting the extreme risk behind his high-leverage approach.
His Hyperliquid account now shows $22.5 million in cumulative losses, sitting more than $67 million below its peak equity.
The trader, known off-chain as Jeffrey Huang, has repeatedly returned to Ethereum markets after significant setbacks.
His November and December positions, ranging from $20 million to $25 million in notional exposure at 15x to 25x leverage, were largely wiped out during Ethereum’s retreat from $3,300.
Jeffrey Huang, also as Machi Big Brother, is a Taiwanese-American tech entrepreneur and musician recognized as one of the most influential "whales" in the NFT and crypto ecosystem.
The January 12 trade follows a similar pattern: massive exposure with minimal collateral, creating roughly 17x leverage that could be fully liquidated by a 5.9% price drop.
Machi’s continued activity suggests either strong conviction that Ethereum will rebound above $3,000 or a determination to recover prior losses through high-stakes bets.
After enduring 71 liquidations on Hyperliquid in December alone, most traders would have reduced risk or stepped back entirely, but Machi has pushed forward with even larger positions.
ETH currently trades between $3,000 and $3,100, struggling to reclaim the $3,300 level.
The market has been muted in recent weeks, with sideways price action driven by ETF outflows and fading expectations of Federal Reserve rate cuts.
Meanwhile, exchange supply remains near multi-year lows, and ongoing staking continues to lock up large amounts of ETH, creating a tight market where small shifts can trigger rapid moves.
Despite this, sentiment among traders is cautious.
Futures funding has turned negative at times, and on-chain data shows a preference for hedging rather than building new longs.
Machi’s latest trade, therefore, acts less as a signal of bullish conviction for the broader market and more as a stress test of Ethereum’s current price floor.
Machi’s new position relies on Ethereum holding above $3,000 and climbing toward the $3,300–$3,500 range.
With less than $2 million collateral supporting a $34 million position, even a single-digit percentage drop in ETH could trigger another liquidation.
The immediate $325,000 loss after opening demonstrates how unforgiving leveraged trading can be, especially in volatile conditions.
Analysts are observing several indicators to gauge the potential impact of Machi’s latest move.
Large-scale staking activity and low exchange supply suggest a structurally tight market, while movements such as 80,000 ETH being transferred to the Binance Beacon Deposit, valued at $249 million, indicate long-term holding intentions.
Other whales, like one who recently moved 26,000 ETH to a centralised exchange after realising a 344% gain, show contrasting strategies of exit versus conviction.
The Coinbase Premium Index also remains deeply negative, signalling that ETH trades at a discount on U.S. platforms compared to offshore exchanges.
Combined with broader market uncertainty and leveraged positions like Machi’s, these factors make Ethereum’s near-term trajectory highly sensitive to sudden swings.
Machi’s approach exemplifies the extreme end of leveraged crypto trading: large exposure, minimal collateral, and high conviction regardless of prior losses.
His January 12 position highlights both the potential for outsized gains and the real possibility of catastrophic liquidation.
For observers, it is a vivid demonstration of how leverage amplifies both opportunity and risk in Ethereum markets.
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