Odaily published a bylined report from Wenser reviewing the recent Hyperliquid trading record of Jeffrey Huang, known in the crypto market as Machi Big Brother. The article said Huang was hit by another broad liquidation on Oct. 15, with his account falling from $12.25 million back to about $21,800.
The report said that over nearly four months, Huang had grown an initial $56,000 into more than $12 million, only to see the account pushed back toward liquidation again as volatility picked up. Odaily framed the period as a cycle of repeated leveraged longs, sharp drawdowns and repeated returns to the market.
At least four major liquidation events from June to October
Odaily said Huang went through at least four large liquidation events between June and October:
- In early June, he was liquidated seven times in two days and still kept a 25x long on 400 ETH.
- On June 18, his positions were liquidated during a market drop, producing a single-day loss of $320,000.
- On July 31, another market selloff triggered three liquidations, pushing his account balance below $100,000.
- On Oct. 8, he again approached liquidation, cut 4,700 ETH at a loss, realized a $570,000 loss, and saw a $4 million unrealized gain swing into a $3 million unrealized loss.
The article said those trades point to a few clear traits in Huang’s approach on Hyperliquid.
Trading style centered on leveraged longs
Odaily described Huang as a trader who mostly stays long, usually at 25x leverage, with some 5x positions mixed in. The report linked that pattern to his gains from long positions in ETH, HYPE and PUMP in July last year, which it said exceeded $22 million.
Based on on-chain data cited in the piece, Huang was still holding a 25x long position in 6,100 ETH at the time of writing, with roughly $260,000 in unrealized profit.
ETH remained his main trading instrument
While Huang also opened positions in BTC, HYPE, PUMP, UNI and, more recently, ENA and PONS, Odaily said ETH remained his most frequent trade, his largest position and the contract with the highest trading volume in his account.
The report said that in September last year, he opened a long on 30,000 ETH at $4,399, taking the position value above $120 million and at one point sitting on almost $10 million in unrealized losses. In November and December last year, he reportedly transferred funds to Hyperliquid six times to add margin to ETH longs, but after the market fell on Dec. 17, the position moved from profit to loss and his cumulative losses had already exceeded $23 million.
Odaily also said that by February this year, Huang had briefly recovered. His profit in January once reached $3.5 million and his win rate topped 84%, according to the article. That rebound did not last. The report said the market turned quickly and he lost more than $27 million in just 20 days, with his Hyperliquid account balance dropping to around $90,000 at one point.
Repeated returns after liquidations and deep losses
Another recurring pattern in the article was Huang’s willingness to return after large losses or near-liquidation events. Odaily said that in February, when the value of his Hyperliquid holdings fell below $1 million, he used funds related to assets he had deposited into the PleasrDAO treasury five years earlier to add margin to his long positions again.
In June, as another wave of liquidation pressure hit his longs, he sold 34 Bored Ape Yacht Club NFTs. The article said that sale marked a stage-end to his NFT holdings with losses of more than $6.3 million. In July, he also launched a meme coin under the Machi name to raise trading capital.
At the end of August, Odaily said Huang floated a plan to put "$1 million CTO Friend.tech." The report said the FT token rose more than 30x after that and that he made another seven-figure profit from the move.
The article added that Huang kept trading through a wide ETH price range, opening positions when ETH was above $4,000, continuing as it fell to around $1,800, and still trading around the current $2,400 area.
Odaily listed several milestones along the way. By early June, his cumulative losses had reached about $80 million, according to the article. By late August, his account balance had grown 200x, and the combined value of his BTC and ETH long positions again exceeded $100 million. In early September, he reportedly rolled a long strategy that took capital from $150,000 to $11 million. Later that month, his longs once showed $6.7 million in unrealized profit, but after he called for ETH to reach $3,000, ETH weakened and he was forced to cut the position on Oct. 8.
Hyperbot data put cumulative PnL near a $34.8 million loss
As of the time of writing cited by Odaily, Hyperbot data showed Huang’s total PnL on Hyperliquid had fallen to a loss of nearly $34.8 million. The report added that the account had previously shown more than $44 million in unrealized profit and that the maximum drawdown reached 98.93%.
Recent social posts focused on Papertrade
Separate from his positions, Odaily said Huang had recently used his personal social account to back the trading protocol Papertrade. The article said he had previously written that "Papertrade is the new Hyperliquid" and that there was "no reason to use other perp protocols." In his latest post, the report said, he shared a selfie while promoting Papertrade again.
Odaily also noted that on Oct. 5, Huang was still showing nearly $5.5 million in profit. One week later, his account balance had dropped to about $560,000, amounting to a seven-day loss of more than $11.2 million. By Oct. 15, the article said, his positions were close to zero again after another liquidation.
The report closed by describing Huang as a trader who has remained at the table from the ICO era to the current on-chain perpetuals market, despite repeated liquidations and reversals.