High-end sharks are reloading at 25x ETH leverage, despite losing over $29.7 million as a result of the main slide and funding going negative.
Conclusion
- Machi sends another 210,000 USDC to HyperLiquid to expand the already aggressive ETH.
- His total losses for the campaign now exceed $29.7 million in the broader crypto space.
- The move comes at a time when ETH is trading around $1,978, BTC is near $68,583 and funding is turning slightly negative.
In the middle of a red day for the majors, chain data shows that Machi (mazigbrother) is transferring an additional 210,000 USDC to the HyperLiquid derivatives site, clearly expanding a high-octane long position in ETH with maximum leverage of 25x.
It’s not a new thesis, so much as an attempt to suppress a broken trade: when the market turned, Machi was forced to cut and close most of its previous exposure, losing more than $29.7 million in this campaign alone. However, instead of losing risk to weakness, it returns to the same structure, on the same assets, with the same extreme leverage.
It’s the exact time. At the time of the report, BTC is around $68,583, down about 4%, while ETH is changing hands near $1,978, down about 4.9% on the day. Across the board, majors are under pressure: SOL down more than 5%, LINK slides around 4.8%, with thin alt liquidity and high ratios. Derivatives metrics confirm the stress below, with ETH’s 8-hour average funding rate around -0.0047% negative, indicating that persistent traders are short or at least no longer willing to pay for long-term exposure.
At the same time, the structural process is turning into an anti-complex one. Spot US ETFs saw a net outflow of 1,697 BTC, while Ethereum ETFs bled around 3,185 ETH, draining some of the passive demand that previously supported the decline. Across the network, liquidations totaled nearly $354 million over the past 24 hours, with much of that coming from excessive longs that were forced when the price dropped. In this context, Machi’s decision to reload at 25x ETH long looks less like a quiet accumulation and more like a public stress test of risk tolerance that will either be rewarded with a sharp reversal or remembered as a textbook case of throwing good money after bad into a structurally weak bond.
