Machi closes part of position with $1.96M loss, holds over $100M ETH longs

This partial close underscores the scale of leveraged risk concentrated in high-profile traders, as even a relatively small reduction triggers a near-$2M realized loss. The retained $100M+ ETH long means the position remains a meaningful stress point for market liquidity if price moves against it. What matters next is whether further deleveraging occurs, which could amplify volatility, and how the broader market absorbs such whale-sized adjustments without cascading effects.