Machi Closes Most of His 25x ETH Long, Partially Liquidated as Market Drops

Machi Big Brother closed roughly 2,700 ETH worth approximately $5.54 million from his 25x leveraged long position on Hyperliquid within four hours, narrowly avoiding full liquidation as Ethereum  ETH +0.00% dropped over 4% during a broader market selloff. He was partially liquidated in the process but still holds 5,000 ETH at 25x leverage, with his liquidation price sitting just $5 above the current ETH spot price.

Machi Closes Most of His 25x ETH Long as Market Sells Off

Machi, the crypto trader also known as Jeffrey Huang, trimmed his ETH long from approximately 7,400 ETH to 5,000 ETH through a combination of voluntary closes and partial liquidation. The position, opened at 25x leverage on decentralized perpetuals exchange Hyperliquid, came under severe pressure as ETH fell 4.41% in 24 hours.

The partial liquidation was triggered automatically by the exchange as ETH’s price decline eroded Machi’s margin. At 25x leverage, a roughly 4% move against the position translates to a 100% loss on the margin backing that portion of the trade.

Onchain Lens, a blockchain analytics tracker, reported that Machi deposited an additional $300,000 in USDC into Hyperliquid to shore up his remaining position after the partial close.

Machi @machibigbrother deposited another $300K USDC into #HyperLiquid to increase his $ETH (25x) long position.

Earlier, Machi partially closed the position at a loss to avoid liquidation.

Machi's loss is now over $31.29M.https://t.co/g1yQzBPSb2 pic.twitter.com/EfkCE3xhme

— Onchain Lens (@OnchainLens) April 2, 2026

Source: @OnchainLens on X

What Machi Is Still Holding, and Why It’s a Razor-Thin Margin

Despite the forced reduction, Machi is still holding 5,000 ETH, worth roughly $10.22 million, at 25x leverage on Hyperliquid. His new liquidation price sits at $2,031.52.

Ethereum was trading at approximately $2,026.78 at the time of reporting, placing Machi’s remaining position just $5 from another forced wipeout.

This is far from Machi’s first brush with liquidation. He has accumulated over 335 total liquidations on Hyperliquid and lost more than $75 million across six months of high-leverage ETH trading. In February 2026, he suffered a full $29 million liquidation on a similar 25x ETH long.

Arkham Intelligence noted that Machi had previously been up almost $45 million on his perps account at his peak in September 2025, when ETH was trading near $4,700. His account has since been reduced to seven figures.

MACHI BIG BROTHER IS BACK AT $1 MILLION

Machi Big Brother is back at 7 figures on his perps account. He lost over $75 MILLION high-leverage trading in 6 months – at his peak he was up almost $45M.

He's currently long $15.3M of ETH. Will he make it back? pic.twitter.com/HfsBHK80On

— Arkham (@arkham) April 1, 2026

Source: @arkham on X

ETH Price Action and the Broader Market Drop

The selloff that pressured Machi’s position was not isolated to Ethereum. Bitcoin  BTC +0.00% also dropped sharply during the same window, contributing to over $657 million in liquidations across the crypto derivatives market. The crypto Fear & Greed Index fell to 28, firmly in “Fear” territory.

ETH’s market cap stood at $244.6 billion with 24-hour trading volume of $14.56 billion during the drop. The token remains well below its all-time high of $4,946.05 set in August 2025, having lost nearly 59% from that peak.

The broader environment for digital assets remains mixed. The SEC’s recent approval of Bitcoin index options on Nasdaq had briefly lifted sentiment, while the ECB’s pushback on looser euro stablecoin rules highlighted ongoing regulatory headwinds. Meanwhile, DeFi protocols like Uniswap have held steady even as leveraged traders face margin calls.

At 25x leverage, even a modest ETH recovery above $2,032 would pull Machi out of the immediate danger zone. With market sentiment deep in fear and no clear catalyst for a reversal, his remaining 5,000 ETH position is separated from full liquidation by roughly $5 per ETH.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.