On June 1, 2026, ETH slipped again in a downward channel, and Machi Big Brother Huang Licheng (@machibigbrother), who had previously added to a 25x leveraged ETH long position, was caught by the on-chain monitoring account Onchain Lens — the position triggered a new round of partial liquidation. The long position was not completely closed, but passive reduction under violent fluctuations was already recorded on-chain. According to publicly monitored data, after partially liquidating this 25x ETH long position, it still holds about 2,200 ETH, and the overall leverage level remains high, with the current market price only about $22 away from the next forced liquidation line, and the price fluctuation is less than 1%. In this structure, 25x leverage means that as long as there is about a 4% adverse fluctuation, the entire position may be breached in one go. Several Chinese crypto media also used terms like "again" and "partial liquidation," bringing this high-leverage long position into the spotlight. The following analysis will take this 25x ETH position as a case to break down how weak high-leverage longs are in the face of short-term fluctuations, as well as the increasingly narrow safety boundary between passive liquidation and active position adjustment.
The Edge of 25x Leverage: Only $22 Away from Liquidation
With 25x leverage, every dollar of fluctuation is magnified into a gain or loss of twenty-five dollars on the balance sheet. If the price moves about 4% in the opposite direction, the entire position will be "taken over" by the system, with the liquidation program taking over the wrap-up. For ordinary spot trades, such fluctuations are merely slightly exaggerated intraday candlesticks, but in a high-leverage structure, it means the entire margin is consumed, chips are thrown into the market at low prices, and traders may not even have time to take action before the position is passively terminated.
According to publicly monitored data, this time Machi Big Brother's 25x ETH long position, after experiencing a round of partial liquidation and active position reduction, still holds about 2,200 ETH, but only has about $22 of liquidation buffer left, which corresponds to less than 1% of price fluctuation. For assets like ETH, which often experience intraday fluctuations exceeding 1%, such a safety distance is almost equivalent to running naked on the liquidation line. As long as there is one more adverse short-term pullback, it is enough to trigger another round of partial or even full liquidation. High leverage compresses what could have been a "hold through" short-term fluctuation into a series of amplified losses that may occur within minutes.
Again Partially Liquidated: Continuation of High-Risk Operations
This time, the 25x ETH long was partially liquidated, and it is not the first time this position has "tread the line." Many reports, when quoting monitoring data, deliberately used terms like "again" and "partial liquidation," indirectly confirming that a similar passive position reduction had already been experienced at least once before by this type of high-leverage long, but the position did not exit the market. Instead, it remained through the current round of decline. During the latest pullback, the system cut off some under-margined positions according to rules, while Machi Big Brother chose to actively close part of his position aside from passive liquidation, attempting to adjust exposure during the downturn. However, according to AiCoin data, this position still retains about 2,200 ETH after the operation, the long direction remains unchanged, and the overall leverage stayed near 25x, with only about $22 of price space left to the forced liquidation price.
From a time dimension, this path actually extends high risk: starting from betting on ETH’s upward movement with 25x leverage, having experienced at least one round of partial liquidation yet still maintaining high leveraged exposure, now once again being passively liquidated in a new round of fluctuations while also conducting limited active reduction of the position. For a high-leverage position that is already close to the liquidation line, every decision to "withstand a pullback" is equivalent to repeatedly enduring the risk accumulation of passive reductions and small adjustments during multiple market fluctuations, rather than clearing the risk at once.
On-Chain Magnifying Glass: How KOL Positions are Monitored in Real-Time
A high-leverage position that walks closely to the liquidation line in today’s on-chain environment finds it difficult to stay "invisible". This time was no exception: Onchain Lens published a post on social media directly naming and exposing Machi Big Brother's 25x ETH long being partially liquidated again on June 1, and provided the buffer space only about $22 away from the forced liquidation price, as well as the state of still holding about 2,200 ETH, which has not been completely closed. The transparency of the on-chain environment allows the changes in collateral and leverage multiples of such well-known addresses to be captured almost in real time, and once approaching the system’s liquidation line, it is quickly amplified into a shareable narrative by such monitoring accounts.
The subsequent dissemination path also almost formed a fixed template: multiple Chinese media outlets, including Jinse Finance, Deep Tide TechFlow, BlockBeats, and Odaily Planet Daily, quoted the same monitoring information in their news flashes and reports, uniformly emphasizing keywords like "25x leverage", "again partially liquidated", "only about $22 from the liquidation price", pushing a position that originally only existed in on-chain records and the timeline of professional monitoring accounts into a larger public opinion arena. From the readers’ perspective, this publicly visible leveraged position is no longer just a personal bet of a KOL, but a window to observe market risk appetite and emotional tension: as more and more cases present as high leverage, extremely close to the liquidation price, while still choosing to maintain long exposure, even if we cannot deduce short-term price direction, it becomes hard to ignore the reality of how the market is "playing with high risks".
From Demonstration to Warning: A Lesson on High Leverage for Retail Investors
Looking at this 25x ETH long position open, it is essentially a public lesson on "structural risk". The known information consists of a few hard indicators: the leverage multiple is 25x, after partial liquidation still holds about 2,200 ETH, currently only about $22 of space from the forced liquidation price, corresponding to less than 1% of price fluctuation. Structurally speaking, 25x leverage means that as long as the price experiences about 4% of adverse fluctuation, it is enough to wipe out the entire position. These numbers carry no emotion; they simply tell all participants a common fact: when you set the leverage at this level, you are not betting on a major trend but are entrusting your fate to every tiny fluctuation.
For ordinary retail investors, the danger often lies not in a specific loss but in treating such operations as a "successful template" to imitate. We currently do not know how many people have followed Machi Big Brother's position, nor do we have any on-chain or platform data about the scale of following orders, so we should not and cannot deduce a so-called "following effect." In the absence of verifiable profit and loss data, the only reference can be these publicly transparent risk indicators: how high the leverage multiple is, how close the liquidation price is, how narrow the price fluctuation space is. The real comparison needed is not against the KOL’s status and fame, but against the distance between one's risk tolerance and these cold, hard numbers.
The Next Fluctuation Approaches: How Much Longer Can This Long Position Hold?
For this long position of about 2,200 ETH with 25x leverage, the current state is almost stretched to the limit: according to on-chain monitoring data, it is only about $22 away from the forced liquidation price, corresponding to less than 1% of price fluctuation space, and prior similar positions have already "again" experienced at least one round of partial liquidation, this time just tightening the string further. What is truly worth keeping an eye on next is not whether a certain name can "hold on", but two sets of cold, hard variables: whether the ETH price will continue to approach or even break below this liquidation line, and whether the holder will choose to maintain the 25x high leverage to resist fluctuations, or actively reduce leverage, further close positions, or even add collateral to widen the safety distance. In the current absence of more subsequent action data, the insights this case provides to the market do not lie in calculating how much they ultimately win or lose, but in prompting each participant to reassess their sensitivity to high leverage and liquidation risk — when a large position is only $22 away from liquidation, what is truly being questioned is everyone’s understanding of risk boundaries.
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