Taiwanese music star and prominent digital asset investor Jeffrey Huang, famously known as “Machi Big Brother,” is currently facing an approximate $9 million floating loss on his Hyperliquid account.
The account “0x020c,” linked to Huang, who is also a renowned collector of Bored Ape Yacht Club, is nearing a $9 million floating loss on the decentralized exchange (DEX) Hyperliquid.
Having transformed a profit of about $44 million just 13 days ago, Huang now finds himself with an unrealized loss of $8.7 million on a 5x leveraged long position linked to the price increase of the Plasma (XPL) token, according to blockchain data gathered from Hyperdash. The position has a liquidation threshold set at $0.5366.
In spite of this significant decline, Huang has maintained the trade, which has already incurred over $115,000 in funding fees. He is also involved in a 15x leveraged Ether (ETH) long valued at $1.2 million in funding costs, which currently shows about $534,000 in unrealized profit, with liquidation positioned at $3,836.
The floating loss represents a significant setback for the investor, especially considering his account was exhibiting over $44 million in profit just 13 days prior, as noted by blockchain data platform OnChain Lens in a Wednesday X post.
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Despite this loss, Huang’s account remains in the green, with a total combined profit and loss (PnL) exceeding $11.6 million.
This situation arises just a week after Huang liquidated his $25 million Hyperliquid (HYPE) position at a $4.45 million loss on Sept. 29, following a warning from BitMEX co-founder Arthur Hayes’ family office fund, Maelstrom, regarding impending HYPE token unlocks, which are anticipated to put the token to its “first true test” on Nov. 29 when the 24-month vesting schedule begins.
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Whales are betting on Plasma token’s price increase
Other large cryptocurrency investors, or whales, are also placing bets on the price increase of the Plasma token.
Whale wallets have raised their XPL token holdings by over $1.16 million across 226 wallets over the past week, while exchanges have seen a $3.83 million net outflow of XPL tokens during the same timeframe, data from the crypto intelligence platform Nansen indicates.
Additionally, whale wallet “0xd80D” purchased $31 million worth of XPL tokens on Hyperliquid earlier on Wednesday, pushing their total XPL holdings to over $40.2 million, as reported by blockchain data platform Lookonchain in a Saturday X post.
However, Plasma’s vesting schedule is approaching a significant unlock of $90 million worth of XPL tokens on Oct. 25, potentially adding to selling pressure as this unlock ranks as the third-largest by value for the month, according to CryptoRank data.
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