Brother Maji goes long on Ethereum with 25x leverage, holding onto the long order despite unrealized losses of 1.8 million.

According to monitoring data from HyperInsight, the “legend of the crypto world”, Brother Ma Ji, Huang Li Cheng, has recently made a heavy position again, going long on Ethereum (ETH) with 25x leverage worth $125 million. However, as ETH has fallen from its peak, this position has turned from several million dollars of unrealized gains to an unrealized loss of about $1.8 million. Despite this, he still holds long orders for Hyperliquid (HYPE), Bitcoin (BTC), and PumpFun (PUMP).

Current Position Overview of Huang Licheng

According to on-chain data, his main positions are as follows:

ETH: 25x long order, valued at 12.5 million USD, unrealized losses of about 1.8 million USD, opening price 4,363.64 USD, liquidation price 3,211 USD

HYPE: 10x long order, worth $16 million, unrealized gains of approximately $600,000

BTC: 40x long order, valued at 7.7 million USD, with unrealized gains of about 30,000 USD

PUMP: 5x long order, worth 4.66 million USD, unrealized losses of about 100,000 USD

Double-edged sword of high leverage

Huang Licheng is known for his aggressive trading style, having made a profit of 6.5 million USD (approximately 194 million TWD) in June thanks to HYPE, but he also suffered a heavy loss of 18.5 million USD during a market crash.

On-chain analyst Ai Yi pointed out that he increased his positions in ETH, HYPE, and PUMP to average down his costs during the market drop in the early morning of the 2nd of this month, but subsequently the market crashed again, forcing him to cut losses.

On-chain Transparency and the Trend of “Copy Trading”

Internet celebrity Awater stated that the ability of outsiders to accurately grasp Huang Licheng's Position and gains and losses is due to the public and transparent nature of the blockchain. Although the wallet address is anonymous, as a public figure, his historical trading behavior has been tagged, allowing tools like HyperInsight and Arkham to track his capital movements in real-time.

This transparency has also given rise to the trend of “copy trading”, but experts warn that retail investors must set stop-losses and control leverage when blindly following trades, otherwise they are at high risk of liquidation.

Expert Opinion: Stop Loss is Discipline, Not Blind Action

A-Shui agrees with Huang Li-Cheng's judgment to stop losses immediately, and points out that there are two main reasons for the losses:

1. The risk significantly increases after adding to the position.

2. The market has shown a one-sided trend.

He emphasized that when the market trend does not meet expectations, decisive stop-loss actions are the best way to minimize losses. Traders are most averse to “holding on stubbornly,” as a few lucky successes may ultimately lead to devastating losses due to one failure.

Conclusion

Huang Licheng's high-leverage long order has once again attracted market attention, reminding investors that even seasoned players in the crypto world cannot escape the severe fluctuations of the market. For retail investors, leverage is not a monster, but it must be combined with strict risk control and disciplined trading in order to survive the sudden storms of the crypto market and make it to the next sunny day.