Taiwanese music star and prominent digital asset investor Jeffrey Huang, popularly known as “Machi Big Brother,” is dealing with a floating loss of nearly $9 million in his Hyperliquid account.
The account “0x020c,” linked to Huang, a well-known collector of Bored Ape Yacht Club, is nearing a floating loss of $9 million on the decentralized exchange (DEX) Hyperliquid.
Just 13 days ago, he boasted a profit of around $44 million but now faces an unrealized loss of $8.7 million on a 5x leveraged long position, which speculates on the price rise of the Plasma (XPL) token, as reported by blockchain data from Hyperdash. This position has a liquidation threshold of $0.5366.
Despite the significant loss, Huang continues to hold the trade, which has already incurred over $115,000 in funding fees. Additionally, he is also managing a 15x leveraged Ether (ETH) long, amounting to $1.2 million in funding costs, currently reflecting about $534,000 in unrealized profit with a liquidation point set at $3,836.
This floating loss is a significant blow for the investor, given that his account recently reported over $44 million in profit just 13 days ago, as indicated by the blockchain data platform OnChain Lens in a Wednesday X post.
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Despite the unfavorable position, Huang’s account remains profitable with a total combined profit and loss (PnL) of over $11.6 million.
This situation arises one week after Huang closed his $25 million Hyperliquid (HYPE) position, realizing 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. This event is poised to test the token when the 24-month vesting schedule commences on Nov. 29.
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Whales are betting on Plasma token’s price recovery
Other large cryptocurrency investors, commonly referred to as whales, are also placing bets on the recovery of the Plasma token’s price.
Whale wallets have collectively added over $1.16 million worth of XPL tokens in the past week across 226 wallets, while exchanges have seen an outflow of $3.83 million worth of XPL tokens during the same timeframe, according to data from the crypto intelligence platform Nansen.
Notably, whale wallet “0xd80D” acquired $31 million worth of XPL tokens on Hyperliquid earlier this Wednesday, bringing its total XPL holdings to over $40.2 million, as indicated by blockchain data from Lookonchain’s Saturday X post.
However, the upcoming vesting schedule will unlock $90 million worth of XPL tokens on Oct. 25, potentially creating added selling pressure as it marks the month’s third-largest token unlock by value, according to CryptoRank data.
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