Hyperliquid’s Largest ETH Long Position Sits on $27.92 Million Loss

Reports on a leveraged Ethereum trade linked to nemorino.eth and identified in later coverage as Machi Big Brother describe substantial losses during a broader market decline. Earlier coverage said the wallet sold 8,424 ETH for $17.9 million at an average price of $2,124, realizing a $2.25 million loss on a position built with stablecoins borrowed from Spark at an average entry price of $2,391, then repaid debt and redeposited 11.71 million USDC into Spark. Another update said a 25x leveraged ETH long was partially liquidated, leaving 1,700 ETH worth $3.445 million with an unrealized loss of $172,000 and ROI of -124.94%. Separate but related reporting on Hyperliquid said Machi Big Brother added $200,000 in USDC to expand an ETH long, with one description putting the position at $13.5 million and a later Ember update describing Hyperliquid’s largest ETH long as 120,000 ETH opened at an average price of $2,261 and carrying a $27.92 million unrealized loss. Ember said two linked addresses were near liquidation around $1,750 and two others near $1,350. The reports differ on whether the earlier leveraged position was fully unwound or only partially liquidated, so both versions remain noted.