Jeffrey Huang, a Taiwanese music icon and prominent digital asset investor known as “Machi Big Brother,” is currently confronting a floating loss of nearly $9 million on his Hyperliquid account.
The account “0x020c” linked to Huang, a notable Bored Ape Yacht Club collector, is nearing a floating loss of $9 million on the decentralized exchange (DEX) Hyperliquid.
Having profited approximately $44 million just 13 days ago, Huang now faces an unrealized loss of $8.7 million on a 5x leveraged long position that bets on the price rise of the Plasma (XPL) token, according to blockchain data from Hyperdash. The position has a liquidation threshold set at $0.5366.
Despite the significant downturn, Huang remains in the trade, which has already incurred over $115,000 in funding fees. Additionally, he holds a 15x leveraged Ether (ETH) long position, incurring funding costs of $1.2 million, which now shows an unrealized profit of around $534,000, with liquidation set at $3,836.
This floating loss represents a significant setback for the investor, as just 13 days ago, his account reflected over $44 million in profit, per data from blockchain platform OnChain Lens in a Wednesday X post.
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Notably, despite this losing position, Huang’s account remains profitable overall, with a total combined profit and loss (PnL) exceeding $11.6 million.
This situation arises just a week after Huang exited his $25 million Hyperliquid (HYPE) position, incurring a $4.45 million loss on Sept. 29, following warnings from Arthur Hayes’ Maelstrom family office fund regarding impending HYPE token unlocks, expected to face their “first true test” on Nov. 29 with the beginning of a 24-month vesting period.
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Whales are betting on Plasma token’s price recovery
In addition, other large cryptocurrency investors, or whales, are optimistic about the Plasma token’s price recovery.
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 exited exchanges during the same timeframe, according to data from crypto intelligence platform Nansen.
Whale wallet “0xd80D” also acquired $31 million worth of XPL tokens on Hyperliquid earlier on Wednesday, bringing its total XPL holdings to over $40.2 million, based on data from blockchain platform Lookonchain’s Saturday X post.
However, the Plasma token’s vesting schedule is set to unlock $90 million worth of XPL tokens on Oct. 25, potentially exerting additional selling pressure as the month’s third-largest token unlock by value, according to CryptoRank data.
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