Lunar New Year Jinx? Bitcoin’s $65,000 Plunge Triggers Multi-Million Dollar Liquidation for ‘Machi Big Brother’ Jeff Huang
Following the conclusion of the Lunar New Year holiday, the cryptocurrency market failed to deliver the anticipated post-holiday boost for investors. Instead, it faced significant selling pressure. According to data from on-chain monitoring firm Onchain Lens, “Machi Big Brother” Jeff Huang’s long positions in both Bitcoin and Ethereum were completely liquidated during a period of market volatility on the morning of February 23.
The data reveals that Bitcoin experienced dramatic fluctuations within just a few hours, with its price rapidly plummeting from $67,500 to below the critical support level of $65,000. This sharp decline triggered a large-scale cascade of liquidations for leveraged long positions across the market. Jeff Huang has long been a prominent figure in the crypto community, known for his distinctive “longing with tears” style – a tendency to place high-leverage bets on rebounds even amidst bearish market sentiment. However, this recent relentless downturn has pushed his cumulative losses beyond a staggering $27 million.
Despite facing such immense financial setbacks, Huang immediately showcased his unyielding trading resolve. Shortly after the liquidation, he swiftly reopened a new long position of 1,700 Ethereum with 25x leverage, valued at approximately $3.19 million. This high-risk, contrarian move has once again drawn significant attention from the community, eager to observe the ultimate fate of this crypto “whale” in the ongoing battle to defend the $65,000 Bitcoin price level.
A Tale of Two Markets: Taiwan Stocks Soar Past 34,000 as Crypto Fights for Survival
In stark contrast to the gloom pervading the cryptocurrency market, Taiwan’s traditional financial market exhibited remarkably strong momentum upon resuming trading on Monday. After a week-long closure for the Lunar New Year holiday, the Taiwan Stock Exchange (TAIEX) opened with a fierce surge, with the index rocketing over 600 points. This propelled it past the significant 34,000-point mark, setting a historic record for a post-holiday opening.
Market sentiment is broadly optimistic for the year ahead, particularly driven by strong performances in technology and blue-chip stocks, fostering a generally peaceful investment atmosphere. However, this celebratory mood failed to extend to the cryptocurrency market. Bitcoin, which had largely traded sideways around $67,000 during the Lunar New Year period, experienced a sudden and dramatic shift on Monday morning, coinciding with the reopening of the Taiwan market.
From a market structure perspective, Bitcoin’s breach of its realized price support level signals underlying concerns about short-term liquidity. While some analytical firms, such as Bitfinex Alpha, suggest that Bitcoin is currently in a bottoming-out phase with early signs of structural recovery, Monday’s more than 4% decline severely dented bullish confidence.
For high-leverage traders like Jeff Huang, the pronounced decoupling between the crypto market and traditional stock market trends significantly complicates risk management. While investors in Taiwan’s stock market celebrated a record-breaking opening, cryptocurrency investors were forced to fiercely defend the critical $65,000 psychological and technical support level to avert a deeper market collapse.
Beyond Crypto: Jeff Huang’s Candid Revelation of Heavy Losses in Taiwanese Film Investments
In addition to facing headwinds in the digital asset market, Jeff Huang’s recent sharing of his film and television investment report card on Threads has also captured public attention. Beginning with his investment in the epic masterpiece Warriors of the Rainbow: Seediq Bale in 2011, he has consistently demonstrated a deep commitment to Taiwan’s film and television industry, establishing “Machi X Entertainment Co.” in 2018. However, according to the detailed list he personally disclosed, this decade-plus “Taiwanese film investment report card” appears quite challenging. Out of a total of 14 released works, a staggering 9 were marked as “money-losing,” resulting in an investment success rate of less than 40%.
A closer look at this investment list reveals numerous films categorized as losses, including Warriors of the Rainbow: Seediq Bale, Transform, The Sadness, The Soul-Mate, Treat or Trick, You Are on My Mind, The Education of A-Wang, and the currently screening Kung Fu. Even films like Warriors of the Rainbow: Seediq Bale, which created a sensation and achieved impressive box office success in Taiwan at the time, are still marked as losses in Huang’s ledger, much to the surprise of many netizens. Currently, the only significant profits for him have come from the first three installments of the horror film series The Tag-Along, and the blockbuster Till We Meet Again, directed by Giddens Ko, which grossed over NT$100 million. This reality of “more losses than gains” underscores the immense challenges faced by Taiwan’s film and television industry in terms of commercial viability and profitability models.
Unwavering Patronage: Giddens Ko Clarifies Film Profits as Public Praises Jeff Huang’s ‘Real Money’ Support for Taiwanese Cinema
Despite facing such a stark investment record, Jeff Huang’s demeanor remained remarkably open and assertive. He not only generously disclosed this “history of blood and tears” but also passionately declared in his post, “I support Taiwanese films! Jia You (Go for it)!” This heartfelt declaration quickly caught the attention of his collaborators. Giddens Ko, the director of Mama Boy (請問，還有哪裡需要加強), personally commented below the post to clarify, emphasizing that the film actually “did not lose money,” unexpectedly adding a touch of humor to the serious financial discussion.
Furthermore, Huang also expressed a humble wish for his unreleased works, such as The Atonement (償) and The Palm Reader (手相師), stating, “I hope they don’t lose money.” This sentiment clearly demonstrates that his investment in film and television is not solely driven by profit, but rather by a profound dedication to fostering local creative talent.
A vast number of netizens have highly praised Jeff Huang’s spirit of supporting local content with “real money.” Many film enthusiasts commented that, in contrast to those who merely offer verbal criticism online or solely demand government subsidies, investors like “Machi Big Brother,” who are willing to consistently inject capital and stand by creators through thick and thin, wield true influence and make a tangible difference.
From the volatile battlegrounds of the crypto market to the challenging box office gambles of the film industry, Jeff Huang consistently maintains his unique investment resilience and unwavering spirit. Even amidst the shadow of liquidations and detailed losses, he remains, in the eyes of Taiwanese creators, a fearless “investor godfather” – a beacon of support willing to provide crucial aid in times of need.
(The above content is excerpted and reproduced with authorization from our partner ‘Crypto City’, original link )
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