Taiwanese music celebrity and high-profile digital asset investor Jeffrey Huang, also known as “Machi Big Brother,” is facing a nearly $9 million floating loss on his Hyperliquid account.
Account “0x020c” associated with Huang, who is also a popular Bored Ape Yacht Club collector, is approaching a floating loss of $9 million on decentralized exchange (DEX) Hyperliquid.
From a profit of approximately $44 million just 13 days ago, the celebrity is now sitting on an unrealized loss of $8.7 million on their 5x leveraged long position, which involves betting on the price appreciation of the Plasma (XPL) token, according to blockchain data from Hyperdash. The position has a liquidation threshold of $0.5366.
Despite the steep decline, Huang has held the trade, which has already cost more than $115,000 in funding fees. He is also running a 15x leveraged Ether (ETH) long worth $1.2 million in funding costs that currently sits at about $534,000 in unrealized profit, with liquidation set at $3,836.
The floating loss comes as a “massive hit” for the investor, as his account had seen over $44 million worth of profit just 13 days ago, according to blockchain data platform OnChain Lens in a Wednesday X post.
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Despite the losing position, Huang’s account is still profitable, with a total combined profit and loss (PnL) of over $11.6 million.
The development comes a week after Huang exited his $25 million Hyperliquid (HYPE) position at a $4.45 million loss on Sept. 29, after BitMEX co-founder Arthur Hayes’ family office fund, Maelstrom, issued a warning about the approaching HYPE token unlocks, which will see the token face its “first true test” on Nov. 29, when the 24-month vesting schedule kicks off.
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Whales are betting on the Plasma token’s price recovery
Other whales, or large cryptocurrency investors, are also betting on the price recovery of the Plasma token.
Whale wallets have increased their XPL token holdings by over $1.16 million worth of net tokens over the past week across 226 wallets, while $3.83 million worth of XPL tokens have left exchanges during the same period, data from crypto intelligence platform Nansen shows.
Whale wallet “0xd80D” also acquired $31 million worth of XPL tokens on Hyperliquid earlier on Wednesday, reaching over $40.2 million worth of total XPL holdings, according to blockchain data platform Lookonchain’s Saturday X post.
However, Plasma’s vesting schedule is set to unlock $90 million worth of XPL tokens on Oct. 25, threatening more selling pressure as the month’s third-largest token unlock by value, according to CryptoRank data.
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