Machi Big Brother returns with high-risk Ethereum long

Crypto trader known as Machi Big Brother has reopened a $34m leveraged long position on Ethereum using less than $2m in collateral.

The trade was opened on the Hyperliquid platform on January 12 and quickly moved into a loss.

On-chain data shows the position was down around $325,000 within hours of being opened.

Machi’s Hyperliquid account is now showing cumulative losses of about $22.5m, according to blockchain trackers.

The trader’s account equity is more than $67m below its previous peak following a series of liquidations in December.

Machi Big Brother, the pseudonym of trader Jeffrey Huang, has a history of taking large, highly leveraged Ethereum positions.

Previous trades in late 2024 involved ETH longs between $20m and $25m using leverage as high as 25x.

Ethereum is currently trading near the $3,000 level after failing to break resistance around $3,300 earlier this month.

Analysts said the thin margin backing the new position leaves it vulnerable to liquidation on a modest ETH price drop.

The trade is viewed by market participants as a test of Ethereum’s key support level rather than a clear bullish signal.

At the time of reporting, Ethereum price was $3,105.89.