Machi loses $269,000 on ETH, then opens another long seven minutes later
Quick Look
- A Hyperliquid wallet associated with trader Machi experienced forced liquidation of 1,650 ETH on Oct.
- 15, incurring approximately $269,225 in realized losses, before rebuilding a 2,500 ETH long position by 1:16 p.m.
- The wallet had previously closed 4,000 ETH voluntarily, adding $302,312 in losses, and resumed buying after liquidation, accumulating a 320 ETH long by 3:56 a.m.
AI-generated summary
Why It Matters
The wallet had previously been flagged by CryptoSlate in August for position risk, showing a 2,500 ETH long with a $1,859.15 liquidation price. The liquidation occurred during a broader Ethereum selloff influenced by macroeconomic factors including dollar strength and rate-hike expectations.
A Hyperliquid wallet tracked by Lookonchain as belonging to Machi had 1,650 ETH force-liquidated on the derivatives exchange Hyperliquid early on Oct. 15, then began reopening a long about seven minutes after the last forced fill. By 1:16 p.m. BST, the tracked wallet held a new 2,500 ETH position, again betting on higher prices.
Hyperliquid's public data for the wallet records 232 liquidation fills between 3:22:25 a.m. and 3:24:32 a.m. BST. They executed between $2,330.30 and $2,380.30 and recorded approximately $269,225 in realized trading losses, excluding about $1,087 in fill fees.
The liquidation followed substantial voluntary selling. From 2 p.m. BST on Oct. 14 through the last forced fill the following morning, the wallet voluntarily closed another 4,000 ETH, recording approximately $302,312 in realized losses before fees.
The two loss figures cover separate trade categories: 250 ETH of the voluntary closes occurred during the forced-close window.
Buying resumed at 3:31:27 a.m. BST. By 3:56 a.m., the wallet had accumulated a 320 ETH long at an average entry price of about $2,355.53.
By 1:16 p.m. BST, the wallet had rebuilt a 2,500 ETH long at an average entry price of about $2,370.34.
A separate Hyperliquid transaction shows 250,000 USDC arriving at the tracked address's spot balance at 10:48 a.m. BST.
Hyperliquid's liquidation rules explain how funds can remain after a forced close. Positions become eligible for liquidation when equity falls below maintenance margin. If order-book sales restore the required margin, remaining collateral stays with the trader. A forced closure can therefore leave an account able to trade again.
CryptoSlate had previously reported on Machi's position risk in August, describing an Aug. 14 snapshot with a 2,500 ETH long and a $1,859.15 liquidation price.
The broader selloff and ETF outflows
In a 1:14 p.m. BST snapshot, CryptoSlate's Ethereum page displayed ETH at $2,362.88.
CryptoSlate's Oct. 14 macro coverage examined the dollar and rate-hike backdrop to the selloff.
What to Watch
AI outlook — possibilities, not facts
The wallet may increase its ETH long position if prices remain above $2,370
Possible · Within days
Open Questions
- What is the true identity behind the 'Machi' wallet?
- Whether the trader will maintain the rebuilt 2,500 ETH long position
- If further liquidations are likely given current market conditions
