Machi Big Brother's 540 Ethereum (ETH) Long Liquidated on Hyperliquid

Monday's Wipeout on Hyperliquid

Hwang Li-cheng, the Taiwanese trader better known as Machi Big Brother, saw his entire 540 Ethereum (ETH) long position wiped out on Hyperliquid on Monday morning, when the altcoin market dropped sharply in early Asian trading. Position monitoring data shows the forced closure cleared every contract in the account during the sell-off, leaving 16,610.96 USDC behind, a balance worth roughly $16,600 at the stablecoin's peg. He moved that remainder into a paper trading account shortly afterward, where the same monitoring showed him holding several high-leverage Ethereum contracts, the largest configured at 100x. For Ethereum traders running leverage, the session cut deep: Ethereum price now trades near $2,130, down 4.7% over the past 24 hours, and the $2,220 level it had defended $2,220 support going into the US CPI print now sits about $90 overhead. Trading was heavy as that floor gave way: 24-hour volume across Ethereum (ETH) markets stood near $9.3 billion, and open interest in perpetuals near $8.4 billion. Hyperliquid itself is a decentralized perpetuals exchange where traders post USDC as margin, and leverage multiplies exposure well beyond that collateral. A liquidation is the automatic closure of a leveraged position once its margin falls below the maintenance threshold, and on venues of this kind the process runs through a smart contract, which is why an account can be emptied within minutes of a single adverse tick. Leverage narrows the distance to that threshold: at 100x, a move of about 1% against the position is enough to exhaust the margin entirely. The flush did not stop with one account. The same session's data recorded a second, far larger wipeout, a $140 million long whose realized loss on closure reached $61.41 million. Both closures fell inside the same selling window, so the two totals measure the same stretch of weakness.

The strongest support below the market sits at $2,043.63, which COINOTAG's composite scoring rates 93 out of 100, and the nearest resistance at $2,210.60 scores 94; spot sits between them, about $85 above the floor and $80 below the ceiling. Momentum readings are weak, with the RSI near 34 in a downtrend, so the burden of proof rests with buyers. Account positioning still leans heavily long, 4.19 long accounts for every short one, even as the perpetual funding rate sits at -0.0052%, a mildly bearish tilt in perp pricing. A daily close below $2,043 would deepen the slide, while a recovery above $2,211 would be the first sign the session's forced selling has cleared. The full level map is maintained in our Ethereum technical analysis.

A Year of Margin Top-Ups

Monday's closure is the latest entry in a sequence the monitoring record has tracked for more than a year: liquidation, margin top-up, re-entry. On October 24, a 25x leveraged Ethereum (ETH) long in the same account was force-closed, taking cumulative losses past $35.37 million at that date. On October 30 he deposited an additional $250,000 and opened a fresh long. That position reached $5.88 million in size at one point, by which time cumulative losses on the account had grown to roughly $37.05 million. Each return has gone back to the same directional bet, a long on Ethereum's recovery, rather than hedging or standing down. The deposit-and-return cycle has now run for over twelve months, and the Monday wipeout restarts it from a smaller base. What survived is USDC, the dollar-pegged collateral unit on the venue; the leveraged ETH exposure did not. The forced selling also lands in a market already drained on the institutional side: spot Ethereum ETFs shed $365 million in outflows over one recent week. The persistence of the pattern stands against lower-friction ways of holding the asset: direct ownership, including ETH put to work in staking, carries no margin call and cannot be force-closed, though it forgoes the amplified upside that 100x longs chase. Paper trading, the destination for Monday's remainder, mirrors live prices without committing capital to margin, so losses there are simulated and a wipeout costs nothing beyond the position itself. At the time of the report, the paper account held multiple high-leverage Ethereum contracts, with 100x as the ceiling. Closures in a simulated account will not add to the realized-loss figure, so the cumulative number above may stand as the last of its kind unless he returns to margined trading. The October 24 closure and the October 30 re-entry bookend the most recent complete cycle on the record; the distance between the two cumulative loss totals, about $1.68 million, is what one reopened trade added to the ledger in six days.