Jeffrey Huang (Machi) currently holds an unrealized loss of about $8.7M on a 5x leveraged long in the Plasma (XPL) token on Hyperliquid, after peaking near $44M profit 13 days earlier. Whale accumulation and a scheduled vesting unlock on Oct. 25 create both recovery potential and increased sell-pressure risk.
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Jeffrey Huang: ~$8.7M unrealized loss on a 5x XPL long; account still net profitable.
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Whales added over $1.16M in net XPL across 226 wallets while $3.83M left exchanges in seven days.
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Plasma (XPL) faces a $90M vesting unlock on Oct. 25, a potential catalyst for selling pressure.
Plasma (XPL) token update: Jeffrey Huang records an $8.7M unrealized loss as whales accumulate; read key vesting risks, holdings data, and what traders should watch next.
What happened to Jeffrey Huang’s position on the Plasma (XPL) token?
Plasma (XPL) token moved sharply against a 5x leveraged long held by Taiwanese investor Jeffrey Huang, producing an unrealized loss of roughly $8.7M after the position previously showed about $44M in profit. The trade remains open on Hyperliquid with a liquidation threshold near $0.5366.
How large are Huang’s related positions and funding costs?
Huang’s XPL 5x long accumulated more than $115,000 in funding fees so far. Separately, he runs a 15x leveraged Ether (ETH) long that has incurred about $1.2M in funding costs and currently shows roughly $534,000 unrealized profit, with liquidation set around $3,836.
Despite the nearly $9 million loss, Machi and other large investors are betting on the price of the XPL token recovering.
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 represents a significant swing for the investor, who had amassed roughly $44 million in profit shortly before the drawdown, per blockchain monitoring posts from OnChain Lens. Huang’s overall account remains positive, with a total combined profit and loss (PnL) of more than $11.6 million.
The position’s endurance highlights a high-conviction, high-risk posture among several notable accounts. Huang previously exited a $25 million Hyperliquid (HYPE) position at a $4.45 million loss after warnings from Maelstrom (Arthur Hayes’ family office) about upcoming token unlocks and vesting schedule tests.
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How are whales reacting to the XPL price decline?
Other large investors are adding XPL while moving tokens off exchanges, signaling accumulation despite short-term losses for some holders.
Whale wallets increased their XPL holdings by over $1.16 million in net token value across 226 wallets over the prior week, while approximately $3.83 million worth of XPL left centralized exchange custody in the same period, according to on-chain analytics reported by Nansen.
Whale wallet “0xd80D” reportedly acquired $31 million worth of XPL on Hyperliquid in a single session, taking that wallet’s holdings to more than $40.2 million in XPL, based on on-chain reporting by Lookonchain. These concentrated buys contrast with the looming vesting schedule for Plasma.
Plasma’s vesting schedule is set to unlock roughly $90 million worth of XPL tokens on Oct. 25, per token distribution tracking by CryptoRank, representing one of the month’s largest token unlock events and a potential source of selling pressure.
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Frequently Asked Questions
Is Jeffrey Huang liquidated on his XPL position?
No. As of the latest on-chain data, Huang’s 5x XPL long is unrealized at roughly $8.7M loss but has not been liquidated. The position’s liquidation threshold is reported near $0.5366; margin and collateral levels currently keep the position open.
Why are whales still buying XPL amid losses?
Whales appear to be accumulating XPL expecting a recovery or longer-term thesis. Recent on-chain flows show net additions to whale holdings and substantial outflows from exchanges, which often indicates long-term storage intentions.
When will the XPL vesting unlock affect supply?
An estimated $90M of XPL is scheduled to unlock on Oct. 25 under the token’s vesting timetable. This event could increase circulating supply and pressure price if large portions move to exchanges.
Key Takeaways
- Significant unrealized loss: Jeffrey Huang faces about $8.7M unrealized on a 5x XPL long, yet his account remains net profitable.
- Whale accumulation: Net whale buys and exchange outflows indicate large holders are accumulating XPL despite short-term volatility.
- Vesting risk: A $90M XPL vesting unlock on Oct. 25 is a material supply event traders should monitor closely.
Conclusion
Plasma (XPL) token volatility has produced large unrealized losses for some leveraged positions while attracting accumulation from whale wallets. With on-chain indicators showing both net buys and a major vesting unlock looming, traders and observers should watch exchange flows, whale wallet moves, and liquidation thresholds closely. COINOTAG will continue tracking updates and on-chain signals.
