Machi’s $35.37 million in losses wiped him out, but $ETH climbed back to 2,350 eight hours later
Huang Licheng (@machibigbrother)’s 25x leveraged long position in ETH was fully liquidated on the evening of October 24. According to on-chain data monitored by
, he was liquidated five times in a row within an hour, leaving just $5,357 in his address. His losses this year have exceeded $35.37 million. Eight hours later, ETH returned to 2,350 and is currently trading at around $2,366.
With 25x leverage, he had no room to ride out the position. After a partial liquidation, only 252 coins remained in that position, worth about $592,000, with a liquidation price of 2,326. At the time, $ETH was around 2,350, leaving less than a 1% buffer. ETH’s range over the past 24 hours was 2,282 to 2,390, a swing of nearly 5%. The liquidation price fell within the day’s normal trading range, so whether his directional call was right no longer mattered.
After liquidation, his margin was wiped out. The replacement capital he added was smaller, but the leverage remained unchanged, as did the distance between the liquidation price and the entry price. The same choppy market would repeatedly trigger the liquidation price on new positions. That is exactly why he was liquidated five times in a row within an hour.
His source of margin was also running dry. On October 23, he sold two Mutant Apes he had bought three years earlier for 1$ETH each. He had originally paid 6.13 ETH and 7.5 ETH for them, taking a loss of 11.28 ETH—about 85%. By March this year, he had already been liquidated more than 335 times on Hyperliquid.
After this wipeout, he opened another 25x long position using about 50 ETH. The $5,357 left in his address is less than two ten-thousandths of his $35.37 million in losses.
Huang Licheng (@machibigbrother)’s 25x leveraged long position in ETH was fully liquidated on the evening of October 24. According to on-chain data monitored by
, he was liquidated five times in a row within an hour, leaving just $5,357 in his address. His losses this year have exceeded $35.37 million. Eight hours later, ETH returned to 2,350 and is currently trading at around $2,366.
With 25x leverage, he had no room to ride out the position. After a partial liquidation, only 252 coins remained in that position, worth about $592,000, with a liquidation price of 2,326. At the time, $ETH was around 2,350, leaving less than a 1% buffer. ETH’s range over the past 24 hours was 2,282 to 2,390, a swing of nearly 5%. The liquidation price fell within the day’s normal trading range, so whether his directional call was right no longer mattered.
After liquidation, his margin was wiped out. The replacement capital he added was smaller, but the leverage remained unchanged, as did the distance between the liquidation price and the entry price. The same choppy market would repeatedly trigger the liquidation price on new positions. That is exactly why he was liquidated five times in a row within an hour.
His source of margin was also running dry. On October 23, he sold two Mutant Apes he had bought three years earlier for 1$ETH each. He had originally paid 6.13 ETH and 7.5 ETH for them, taking a loss of 11.28 ETH—about 85%. By March this year, he had already been liquidated more than 335 times on Hyperliquid.
After this wipeout, he opened another 25x long position using about 50 ETH. The $5,357 left in his address is less than two ten-thousandths of his $35.37 million in losses.
