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Machi Big Brother has returned to the Ethereum markets with one of his most daring trades. On January 12th, the famous digital whale reopened a $34 million ETH purchase on HyperLiquid.
The position moved against him almost immediately, causing the trade to fall by about $325,000 in a few hours. However, the larger frame looks worse. His Hyperliquid account now has cumulative losses of $22.5 million and is more than $67 million short of its peak equity, according to chain tracking.
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A high leverage model
This marks Machi’s first major comeback since A wave of forced removals In December he disposed of many of his long holdings in Ethereum.
Machi Big Brother is the crypto pseudonym of Jeffrey (Jeff) Huang, a prominent trader, and a controversial figure in the cryptocurrency community.
Machi’s latest bet comes months later… Extreme risk. In November and December, he built large European credit positions worth between $20 million to more than $25 million of notional exposure, often using 15 to 25 times leverage.
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Those positions collapsed during ETH’s decline from the $3,300 area.
The price of Ethereum is at a critical level
Machi’s timing comes on time Ethereum is trading in a fragile zone.
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ETH is currently between $3,000 and $3,100, after failing to break the resistance near $3,300 earlier this month.
In recent weeks, price action has shifted sideways with ETF inflows and the expectation of a decrease in interest rate cuts from the Federal Reserve weighing on the cryptocurrency markets.
Meanwhile, always Show ETH on exchanges Near its lowest levels in years, storage continues to hold large amounts of coins.
This creates a tight market structure, where strong moves can happen quickly in any direction.
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However, sentiment remains cautious. The financing of the future has sometimes become negative, and the data of the chain shows that traders are hedging instead of building new long positions.
What is Machi actually betting on?
Machi’s new position indicates a high-conviction bet that Ethereum will stay above $3,000 and return to the $3,300-3,500 region.
But its influence leaves little room for error. With less than $2 million backing a $34 million row, a percentage drop of ETH could lead to another liquidation.
For markets, their trade acts less as a bullish signal and more as a stress test of Ethereum’s current price.
