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.
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.