Jeffrey "Machi Big Brother" Huang, a prominent Taiwanese-American crypto investor, is facing imminent liquidation on a massive $130 million leveraged Ethereum position. According to on-chain data from OnchainLens, Huang's account has suffered a loss of $23.6 million and is dangerously close to being liquidated if Ethereum's price falls to approximately $3,059. The position, held on the decentralized exchange Hyperliquid, consists of roughly 23,700 ETH (worth about $99.9 million) alongside HYPE and PUMP tokens, with only about $5 million in remaining margin safety.
Huang has a history of liquidations, having been liquidated 145 times on Hyperliquid since the major market crash on October 11, 2025, including 71 times in November 2025 alone. To stave off liquidation, he recently deposited 262,500 USDC to increase his margin. His unwavering bullish stance on Ethereum, despite repeated losses, serves as a cautionary tale about the perils of excessive leverage and poor risk management.
Simultaneously, the Ethereum market is witnessing a high-stakes battle between large traders. In the last few hours, one wallet (0x4607) opened a 4x leveraged short on about 3,840 ETH (worth ~$11.86M), while another wallet (0xfB66) opened a much riskier 12x leveraged long on 10,000 ETH (worth ~$30.92M). This clash of convictions, with massive capital deployed on both sides, has created a tense equilibrium in the market, often a precursor to a sharp volatility spike.
Huang's situation underscores broader systemic risks in the crypto derivatives market. Data from Phoenix Group indicates the industry has seen several mass liquidation events recently, with over $1.38 billion in positions liquidated within 24 hours in some instances. These events can create feedback loops that accelerate price movements, especially on transparent DEXs like Hyperliquid where whale positions are visible.
