It's as if Big Brother has reappeared in the Ethereum market, launching one of the most aggressive trades to date. On January 12, this well-known cryptocurrency whale resumed a $34 million leveraged Ethereum (ETH) long position on Hyperliquid.
The position moved sharply against him almost immediately, and the trade recorded a loss of approximately $325,000 within just a few hours. The situation is even more serious overall. According to on-chain tracking, his hyperliquid account has now accumulated losses totaling $22.5 million, having dropped by over $67 million from its peak.
High-leverage conviction pattern
This trade marks Machi's first major re-entry after multiple Ethereum long positions were liquidated due to the forced liquidation wave in December.
Machi Big Brother is the pseudonym of Jeffrey (Jeff) Huang, a whale and controversial figure in the cryptocurrency community.
Machi's recent bet follows months of extreme risk-taking. In November and December, he built large Ethereum long positions exceeding $20 million to $25 million, primarily using leverage between 15x and 25x.
These positions collapsed entirely when Ethereum price dropped below the $3,300 level.
Ethereum is positioned at a key level
Machi's entry timing coincides with a period when Ethereum was trading in a volatile zone.
Ethereum is currently trading in the $3,000–$3,100 range. It failed to break through the $3,300 resistance level early this month.
Price movements have been range-bound for several weeks, and the crypto market has been under pressure due to ETF outflows and reduced expectations of a Fed rate cut.
Meanwhile, Ethereum supply within exchanges is approaching the lowest level in years, with large-scale locking up through staking continuing.
As a result, a highly constrained market structure has formed, making rapid price swings in either direction likely.
Market sentiment remains cautious. Futures funding rates intermittently turn negative, and on-chain data shows an increase in hedging activity rather than new long positions.
What Machi is actually aiming for
Machi's new position reflects strong belief that Ethereum will hold above $3,000 and rebound to the $3,300–$3,500 range.
However, with the leverage he used, there is almost no room for error. With funding of less than $2 million supporting a $34 million position, even a single-digit percentage drop could trigger another liquidation.
This trade is better interpreted as a stress test of Ethereum's downside at current market levels, rather than a strong bullish signal.
