The cryptocurrency market failed to deliver a post-Lunar New Year rally, instead suffering a sharp selloff. Bitcoin plunged from $67,500 to $65,000, triggering a cascade of long-position liquidations. On-chain monitoring firm Onchain Lens reported that on the morning of February 23, Jeffrey Huang (known as Machi Big Brother) had his Bitcoin and Ether long positions fully liquidated, with cumulative losses surpassing $27 million.
Huang opened a 25x leveraged long on 1,700 ETH after the liquidation
Despite the massive hit, Huang did not step back. Within a short time after the forced close, he opened a new long position on 1,700 Ether at 25x leverage, worth approximately $3.19 million. Such a high-risk contrarian move drew the attention of the crypto community, which now watches his fate in the $65K defense battle.
Taiwan stocks surge to record high while crypto market struggles
In stark contrast, Taiwan's stock market roared back Monday after a week-long holiday, soaring over 600 points and breaking above the 34,000 mark—an all-time high. Tech and heavyweight stocks drove a buoyant atmosphere, but the joy did not spill over into crypto. Bitcoin had been consolidating around $67K over the holiday but suddenly dropped more than 4% on Monday, crushing long-side confidence. Though Bitfinex Alpha suggested Bitcoin is bottoming out, short-term liquidity concerns persist.
Huang's film investment record: 9 of 14 released films lost money
Huang also took to social media platform Threads to share his film investment history. Starting with the 2011 epic Seediq Bale, he has long supported Taiwanese cinema with his own money, founding Machi Dida Films in 2018. But the disclosed scorecard is sobering: out of 14 released movies, 9 are marked as losing money, a win rate below 40%. The list includes Seediq Bale, Biànshēn, The Sadness, The Follower, Treat or Trick, You in My Heart, Lesson in Black, and the currently showing Kung Fu. Even Seediq Bale, a box-office smash at the time, shows as a loss in his ledger, surprising many netizens.
Director Giddens Ko corrects film's loss status; netizens praise Huang's dedication
Huang shrugged off the poor returns, exclaiming, "I support Taiwanese cinema! Gā Yóu (Keep going)!" Director Giddens Ko, who helmed Please Don't Put Any More Lipstick on Me (released as You in My Heart?), responded to clarify that his film actually didn't lose money. Huang expressed hope that his unreleased projects Cháng and The Palmist would also avoid losses, suggesting his film investments aren't purely profit-driven but fueled by a passion for local creativity. Many online users applauded his "real money" backing of domestic content, arguing that a committed investor like Huang, who shares risks with creators, carries more impact than those who only post criticism or demand government subsidies.