Famous Whale Cuts Losses and Pivots to Ethereum: Key Level for $74M Long!

As the market declined, Machi closed its Bitcoin, HYPE, and PUMP longs to limit losses while maintaining its bullish outlook with an approximately $74 million Ethereum long position.

According to data shared by Lookonchain on October 8, Machi exited bullish trades in three different assets and concentrated on Ethereum longs. At the time of the post, the investor’s position was reported as 29,000 ETH, worth $73.64 million.

This change shows that Machi continued taking risks on Ethereum amid the market downturn rather than closing all of its long positions. The total losses from closing the Bitcoin, HYPE, and PUMP trades were not disclosed.

Where is the liquidation level for the Ethereum long?

The liquidation price was given as $2,486.33 for the reported position. If Ethereum falls to this level, the position could be forcibly closed, provided its margin conditions remain unchanged.

The figure of approximately $74 million represents the total size of Machi’s Ethereum long. The amount of collateral for the position and the leverage used were not included in the post; therefore, this figure should not be interpreted directly as cash invested or the amount of a potential loss.