Machi Big Brother’s Hyperliquid saga has just crossed the $80 million mark. After a months‑long run of losses, his latest Ethereum position was liquidated without any fresh deposit to back it up – a first in that streak. To meet the margin call, he sold a batch of Bored Apes NFTs, a popular collection that many traders use as collateral on the platform.
The backdrop to this drama is a market that’s feeling the squeeze. Bitcoin sits at $58,622, down 3.0 % over the last 24 hours, while Ethereum is trading at $1,571, also off about 3 %. The fear‑greed index is at 15, labelled “Extreme Fear,” indicating that risk appetite is low and volatility is high. In such an environment, a margin shortfall can trigger a liquidation almost instantly, especially on a platform that is already winding down its perpetuals venue.
For retail crypto enthusiasts, the takeaway is clear: leveraged trading on platforms like Hyperliquid carries significant risk, especially when the underlying collateral is a volatile NFT. Monitoring margin levels, understanding the liquidity profile of the venue, and staying alert to platform changes (such as the perps wind‑down) are essential. As the market continues to move sideways, any sharp price swing could quickly erode the cushion that traders rely on, so keeping a tight risk‑management plan in place is more important than ever.