- Jeffrey Huang holds a 5x leveraged XPL position facing an $8.7 million floating loss but maintains overall profitability
- Whale investors are actively increasing XPL holdings, signaling confidence in a price recovery
- Plasma’s upcoming $90 million token unlock on Oct. 25 may create selling pressure and market volatility
Taiwanese music celebrity and digital asset investor Jeffrey Huang, also known as “Machi Big Brother,” is experiencing an unrealized loss of nearly $9 million on his Hyperliquid account. Huang, a prominent Bored Ape Yacht Club collector, has maintained a 5x leveraged long position on the Plasma (XPL) token despite a steep decline.
According to blockchain data from Hyperdash, Huang’s account “0x020c” saw profits of around $44 million just 13 days ago but now faces an $8.7 million floating loss. The position has a liquidation threshold of $0.5366 and has already incurred over $115,000 in funding fees. In parallel, Huang holds a 15x leveraged Ether (ETH) long with $1.2 million in funding costs, currently showing about $534,000 in unrealized profit.
Despite the loss, Huang’s account remains profitable overall, with a total combined PnL of over $11.6 million. This follows his recent exit from a $25 million Hyperliquid HYPE position at a $4.45 million loss on Sept. 29, prompted by warnings from BitMEX co-founder Arthur Hayes’ family office fund, Maelstrom, regarding upcoming HYPE token unlocks.
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Whales increase bets on Plasma token
Other large investors, or whales, are also betting on a recovery in XPL’s price. Over the past week, whale wallets have accumulated more than $1.16 million worth of XPL across 226 wallets, while $3.83 million worth of XPL has left exchanges, according to Nansen data. Whale wallet “0xd80D” purchased $31 million worth of XPL on Hyperliquid on Wednesday, bringing total holdings to over $40.2 million, per Lookonchain.
However, upcoming token unlocks could pressure the market. Plasma’s vesting schedule will release $90 million worth of XPL on Oct. 25, representing the month’s third-largest token unlock by value, which could trigger additional selling.
