Derivative Whales Incur $48.2M Loss, Adjust ETH Positions Amid Market Downturn; CZ Counterparty, Eugene, Machi Big Brother Active

On January 30, several prominent cryptocurrency derivative traders significantly adjusted their positions as Ethereum (ETH) and broader risk markets experienced declines amidst escalating geopolitical tensions, according to HyperInsight data. The entity known as the 'CZ counterparty' incurred a $48.2 million loss following the liquidation of $177 million in ETH long positions when the price fell below $2,700, retaining approximately $66 million in long exposure. Concurrently, trader Eugene announced re-entering the market with a 'reasonably sized position' and a clear stop loss below $80,000, noting widespread capitulation. Separately, 'Machi Big Brother' Huang Licheng closed ETH longs for a $1.584 million loss before immediately opening a new 25x leveraged full-margin long on 700 ETH at an average entry of $2,727.04, while 'pension-usdt.eth' closed 3x leveraged ETH shorts, securing around $2.7 million in profit.