As ETH dipped below $2,900 on January 23, trader Huang Licheng (known as Machi) made strategic moves to protect his margin position on Hyperliquid. According to PANews, he trimmed his long ETH holdings to sidestep liquidation risk, then immediately injected another 250,000 USDC into the platform to ramp up his bullish exposure. At the time, his holdings stood at 4,450 ETH—valued around $12.94 million—with a liquidation price of $2,841.97. With ETH now trading near $3.03K as of late January, the position sits more comfortably above that critical threshold, showcasing how leverage traders constantly recalibrate to maintain their edge in volatile markets.