On-chain data shows prominent trader Machi closed long positions in HYPE, BTC, and PUMP tokens during market volatility, reallocating $73.64 million into a concentrated Ethereum long.
The new position consists of 29,000 ETH, carrying a liquidation price of $2,486.33. ETH traded at $2,526 at the time, down 1.6 percent over 24 hours.
Machi's exit from HYPE longs followed the token's post-airdrop strength. Hyperliquid, a Layer 1 purpose-built for perpetual futures, distributed HYPE on Nov. 29, 2024. Bitcoin fell 1.1 percent to $82,324 over the same period.
The liquidation threshold reflects the precise price at which the leveraged position would be automatically closed. The move signals a directional bet on Ethereum's immediate price action rather than diversified exposure across the three exited tokens.
