Machi Big Brother ist mit einer seiner aggressivsten Operationen bisher wieder auf den Ethereum-Märkten zurückgekehrt. Am 12. Januar öffnete diese bekannte Krypto-Ballung einen mit Hebel versehenen Long-Position für ETH im Wert von 34 Millionen US-Dollar bei Hyperliquid.
Die Operation bewegte sich fast sofort gegen ihn, wodurch die Position innerhalb weniger Stunden einen Verlust von etwa 325.000 US-Dollar verursachte. Allerdings ist die Gesamtlage noch schlechter. Laut On-Chain-Daten summieren sich die Verluste seines Hyperliquid-Kontos mittlerweile auf 22,5 Millionen US-Dollar und liegen mehr als 67 Millionen US-Dollar unter seinem maximalen Kapital.
A pattern of high conviction with high leverage
This is Machi's first major re-entry since a wave of forced liquidations in December wiped out several of his Ethereum longs.
Machi Big Brother is the pseudonym of Jeffrey (Jeff) Huang, a well-known trader, on-chain whale, and controversial figure within the crypto community.
Machi's latest bet comes after months of taking extreme risks. In November and December, he opened large ETH longs with theoretical exposures ranging from 20 million to over 25 million USD, using leverage between 15x and 25x.
Those positions collapsed when the Ethereum price retreated from the 3,300 USD zone.
Ethereum's price is at a critical level: What is Machi really betting on?
Machi's moment occurs while Ethereum is trading in a fragile zone. Currently, ETH remains around the 3,000–3,100 USD range, after failing to break through resistance near 3,300 USD at the beginning of this month.
In recent weeks, price action has been sideways, as ETF outflows and reduced expectations of Fed rate cuts put pressure on the crypto market.
At the same time, ETH supply on exchanges remains near multi-year lows, and staking continues to lock up a large number of coins.
This creates a tight market structure, where sharp movements in any direction can happen rapidly.
Still, sentiment remains cautious. Futures funding has turned negative at times, and on-chain data shows traders are covering positions rather than opening new longs.
Machi's new position strongly bets that Ethereum will remain above 3,000 USD and rebound toward the 3,300–3,500 USD range.
But his leverage leaves little room for error. With less than 2 million USD backing a 34 million USD position, a drop of just a few percent in ETH could trigger another liquidation.
For the market, his trade functions less as a bullish signal and more as a test of resistance for Ethereum's current price.
