Machi Big Brother’s $44M profit shrinks to $9M loss on Hyperliquid

Taiwanese music celebrity and high-profile digital asset investor Jeffrey Huang, also known as “Machi Big Brother,” is facing a nearly $9 million floating loss on his Hyperliquid account.

Account “0x020c” associated with Huang, who is also a popular Bored Ape Yacht Club collector, is approaching a floating loss of $9 million on decentralized exchange (DEX) Hyperliquid.

From a profit of approximately $44 million just 13 days ago, the celebrity is now sitting on an unrealized loss of $8.7 million on their 5x leveraged long position, which involves betting on the price appreciation of the Plasma (XPL) token, according to blockchain data from Hyperdash. The position has a liquidation threshold of $0.5366.

Despite the steep decline, Huang has held the trade, which has already cost more than $115,000 in funding fees. He is also running a 15x leveraged Ether (ETH) long worth $1.2 million in funding costs that currently sits at about $534,000 in unrealized profit, with liquidation set at $3,836.

The floating loss comes as a “massive hit” for the investor, as his account had seen over $44 million worth of profit just 13 days ago, according to blockchain data platform OnChain Lens in a Wednesday X post.

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Despite the losing position, Huang’s account is still profitable, with a total combined profit and loss (PnL) of over $11.6 million.

The development comes a week after Huang exited his $25 million Hyperliquid (HYPE) position at a $4.45 million loss on Sept. 29, after BitMEX co-founder Arthur Hayes’ family office fund, Maelstrom, issued a warning about the approaching HYPE token unlocks, which will see the token face its “first true test” on Nov. 29, when the 24-month vesting schedule kicks off.

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Other whales, or large cryptocurrency investors, are also betting on the price recovery of the Plasma token. 

Whale wallets have increased their XPL token holdings by over $1.16 million worth of net tokens over the past week across 226 wallets, while $3.83 million worth of XPL tokens have left exchanges during the same period, data from crypto intelligence platform Nansen shows.

Whale wallet “0xd80D” also acquired $31 million worth of XPL tokens on Hyperliquid earlier on Wednesday, reaching over $40.2 million worth of total XPL holdings, according to blockchain data platform Lookonchain’s Saturday X post.

However, Plasma’s vesting schedule is set to unlock $90 million worth of XPL tokens on Oct. 25, threatening more selling pressure as the month’s third-largest token unlock by value, according to CryptoRank data.

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