Machi Deposits 500K $USDC to Back $ETH Long on Hyperliquid

While the crypto market keeps sliding, Machi Big Brother, a famous crypto trader, has reaffirmed his belief in Ethereum ($ETH) longs. Specifically, Machi Big Brother has deposited another $500,000 $USDC coins into Hyperliquid to support his $ETH long position.

As per the data from Arkham Intelligence, the development takes place at a time when the cumulative unrealized PnL of Machi has exceeded $30.8M. Additionally, the aggressive strategy of Machi takes into account huge long positions in Hyperliquid ($HYPE), Bitcoin ($BTC), and Ethereum ($ETH).

Machi Big Brother Accelerates Long Exposure to $ETH, $BTC, and $HYPE with $500K Deposit on Hyperliquid

Machi Big Brother has again deposited $500,000 in $USDC, backing his $ETH long position. The decision solidifies his confidence in the long-term potential of $ETH despite the growing market downturn. Additionally, irrespective of the declining market outlook, Machi maintains a staggering 100% long exposure across $HYPE, $BTC, and $ETH.

At the moment, the total value of Machi’s portfolio stands at $577,009.47 without any withdrawable funds. The leverage accounts for up to 13.32% while the margin usage sits at 55.87%. This underscores a substantial risk exposure and an unwavering bullish stance.

Combined Loss Hit $30.8M, Raising Downside Risk

According to Arkham Intelligence, the total PnL of Machi displays a grm picture, signifying a combined loss of $30,806,214.86. Specifically, the biggest $ETH position of Machi stands at $6.76M across up to 3,300 coins. The respective position is now underwater, incurring $43,048.92 in unrealized loss.

Machi opened the respective position with an entry price of up to $2,061.44, whereas its present price has plunged to $2,048.40. The margin used for the position is $270,388.82, while its liquidation price is $1,919.82. Overall, Machi Big Brother’s continued $ETH, $HYPE, and $BTC exposure reflects his confidence in their long-term potential amid massive downside risk in the case of persistent bearish momentum.