Ethereum’s abrupt breakout created a dramatic day for leveraged traders, leaving one prominent figure with a profitable long and ending a legendary streak for another.
According to data from AmberCN, Taiwanese singer and entrepreneur Jeffrey Huang, known as Machi Big Brother, holds a 25x long on ETH valued at approximately $48.22 million. His entry price is $2,097 and liquidation price is $2,253, giving him an unrealized gain of about $3.34 million.
That profit stands in contrast to Huang’s broader record. By the end of last month, his cumulative losses exceeded $80 million, driven by high-leverage trades and volatile conditions. Huang also sold Bored Ape Yacht Club NFTs at a steep loss to raise collateral, highlighting margin pressure.
The wider market felt the force of ETH’s move. More than 172,000 traders were hit by $2.99 billion in liquidations in a single day. Shorts accounted for about $2.74 billion, while longs represented only $256.5 million. Ethereum alone accounted for about $1.13 billion in liquidations, second only to Bitcoin at $1.42 billion.
The trader known as pension-usdt.eth lost roughly $49 million, ending a 23-trade winning streak. The account had largely built its reputation by shorting Ethereum, but the same strategy became costly when ETH suddenly moved against it.
ETH surged from below $2,000 and briefly broke above $2,300, pushing the daily RSI above 80. It reclaimed moving averages near $1,875 and $1,935, then broke above the longer-term average around $2,125. Ethereum was trading around $2,250 after the surge, and technical analysts say holding above roughly $2,125 is important for the breakout to remain intact.
