Machi doubles down on leveraged ETH longs as market bleeds out

High-profile whale reloads on 25x $ETH leverage despite racking up over $29.7 million in realized losses as majors slide and funding turns negative.

In the middle of a red day for majors, on-chain data shows Machi (machibigbrother) wiring an additional 210,000 $USDC to the derivatives venue HyperLiquid, explicitly to expand a high-octane long position in $ETH with maximum leverage up to 25x.

This is not a fresh thesis so much as an attempt to press a bruised conviction trade: as the market rolled over, Machi had already been forced to cut and close most of his earlier exposure, crystallizing more than $29.7 million in realized losses on this campaign alone. Yet rather than de-risk into weakness, he is stepping back into the same structure, in the same asset, with the same extreme gearing.

The timing is stark. At the moment of the report, $BTC trades around $68,583, down roughly 4%, while $ETH changes hands near $1,978, off almost 4.9% on the day. Across the board, majors are under pressure: SOL slides more than 5%, LINK nearly 4.8%, with alt liquidity thin and correlations elevated. Derivatives metrics confirm stress under the surface, with the 8‑hour average funding rate on $ETH marginally negative at about -0.0047%, a sign that perpetual traders are skewed short or at least no longer willing to pay up for long exposure.

At the same time, structural flows are turning against the complex. U.S. spot Bitcoin ETFs saw net outflows equivalent to 1,697 $BTC, while Ethereum ETFs bled around 3,185 $ETH, draining some of the passive bid that had previously supported dips. Network-wide, the liquidation tally over the last 24 hours reached roughly $354 million, with the bulk coming from overleveraged longs that were forced out as prices slid. Against that backdrop, Machi’s decision to reload on 25x $ETH longs looks less like quiet accumulation and more like a public stress test of risk tolerance—one that will either be rewarded by a sharp mean-reversion bounce or remembered as a textbook case of throwing good money after bad into a structurally weak tape.