On April 14, on-chain analysts Ember tracked that Huang Licheng (Maji Big Brother), a well-known music producer in Taiwan, holds a $29.0 million ETH long position on Hyperliquid. The position saw $2.14 million in unrealized profit as ETH surged 8% on the day. Hyperbot data also shows that Huang Licheng closed out all of his Bitcoin long positions on April 13.
Latest Position Snapshot: ETH’s surge brings a brief reprieve on paper
（Source: Hyperbot）
ETH’s 8% single-day gain is the rare piece of good news on paper that Maji Big Brother has seen after continuously coming under pressure. Key data on his current ETH position are as follows:
ETH Long Position Value: about $29.0 million (14,250 ETH)
Entry Average Price: $2,195
Current ETH Price: about $2,365
Unrealized Profit: $2.14 million
Leverage Multiplier: 25x
BTC Long: fully closed on April 13
It’s especially important to note that the $2.14 million unrealized profit is still only an on-paper figure. Against the backdrop of accumulated losses of $26.4 million, this on-paper gain only offsets about 8% of the total losses. There’s still a long way to go before fully breaking even.
“King of Liquidations”: A history of cumulative losses under the rollover strategy
Huang Licheng’s Hyperliquid trading trail is a record of repeated liquidations achieved through high leverage. According to on-chain data, after getting liquidated on March 22, he kept entering the market, once again opening a 25x leveraged ETH long position. He held about 2,700 ETH, worth roughly $5.7 million, intending to turn the tables via a rollover approach. However, the market did not play out as expected again, and the position was ultimately fully liquidated. At that time, his cumulative losses once surpassed $30.35 million.
Even more attention-worthy is a screenshot of his fees that he posted on X (formerly Twitter)—his cumulative trading fees on Hyperliquid have been approaching $2 million, and he added the widely circulated declaration: “I never lose—either I win, or I get liquidated.”
This line immediately sparked heated discussion in the crypto community. Some netizens mocked that it could be used for reverse copy-trading; others pointed out that the fee consumption approaching $2 million itself indicates massive capital losses. Still others questioned whether high-frequency operations with 25x leverage are more like high-risk gambling than professional trading.
Frequently Asked Questions
Who is Maji Big Brother, and why are his trading actions so closely watched in the crypto world?
Huang Licheng is a well-known music producer in Taiwan and the founder of the Machi X digital entertainment platform. He draws attention because he carries out large-scale, high-leverage crypto trading on Hyperliquid, and all of his position records can be tracked through on-chain data. As a result, every liquidation or re-entry becomes a public focal point for discussion within the crypto community, gradually earning him the online nickname “King of Liquidations.”
What is the “rollover” strategy, and why is it extremely risky in a high-leverage environment?
Rollover refers to, after a position is liquidated or closed, immediately reopening a new position with fresh funds—trying to recover losses through market rebounds. In combination with 25x leverage, ETH would only need to fall by about 4% to trigger forced liquidation. And every liquidation doesn’t just lose principal—it also requires rebuilding and accumulating opening fees and funding-rate costs again. This causes capital consumption to intensify rapidly in an ongoing-loss environment.
What do Huang Licheng’s accumulated losses of $26.4 million mean for his current $2.14 million floating profit?
His $2.14 million unrealized profit currently amounts to only about 8% of his accumulated losses of $26.4 million. Even if the ETH price stays at the current level, after deducting historical losses, Huang Licheng’s overall position is still in a deep loss state. The price increase needed to break even is still quite significant. This on-paper “reprieve” has more psychological significance than a real financial improvement.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
ETH rises 0.65% in 15 minutes: ETF fund inflows and leverage long accumulation resonate to lift spot prices
Between 2026-04-17 09:15 and 2026-04-17 09:30 (UTC), ETH fluctuated within the 2351.53 to 2376.99 USDT range. The 15-minute return recorded +0.65%, with a swing of 1.08%. Within this range, buying pressure significantly strengthened, with trades dominated by medium-sized orders, which increased market attention and amplified short-term volatility.
The main drivers behind this anomaly are continued inflows of institutional capital into ETH spot ETFs, especially with cumulative net inflows over the past 4 days exceeding $212 million. On April 17 alone, the ETF added an additional $9.5 million in inflows, and spot buy orders expanded in sync within 15 minutes. Leveraged long positions in the derivatives market are the second-largest catalyst. From April 14 to 17, ETH futures open interest grew 26% week over week, indicating that capital via multiple paths is simultaneously betting on an upside move. The funding rate being neutral suggests the leveraged structure is temporarily healthy.
In addition, global macro market risk appetite has rebounded (geopolitical tensions easing, and the Federal Reserve keeping rates unchanged), driving a broad rebound across mainstream risk assets, and the crypto market has attracted liquidity accordingly. At the industry level, major financial institutions are advancing filings for ETFs and trust products. Mining companies have increased their ETH holdings and also maintained active staking activity, further reinforcing medium- to long-term market expectations. Multiple factors overlap and resonate, amplifying volatility. On-chain transfers remain generally stable, and there is no abnormal concentration of fund flows migrating between exchanges.
What needs attention is that although the current market is lifted by the resonance of institutional capital and leverage, the continuous growth of futures positions combined with the spot price failing to rise above the 2400 USDT area will bring the risk of forced liquidation. Meanwhile, if ETF subscription inflows slow down or macro liquidity reverses, ETH spot support could weaken. Please focus on tracking ETF net inflows, changes in futures open interest, the macro news backdrop, and nearby support and resistance levels, and stay alert to short-term volatility and potential abrupt adjustments. For more real-time market information, please keep watching.
GateNews1h ago
Spot Bitcoin and Ethereum ETFs Post Strong Inflows, BlackRock IBIT and ETHA Lead
Spot Bitcoin ETFs saw $26 million in inflows on April 16, led by BlackRock's IBIT with $81 million. Ethereum ETFs also performed well, with BlackRock's ETHA gaining $30.51 million, highlighting ongoing institutional interest in crypto markets.
GateNews2h ago
Ethereum Foundation Uncovers 100 North Korean Operatives Infiltrating Web3 Companies
The Ethereum Foundation's ETH Rangers Program revealed a major security threat from North Korean operatives infiltrating Web3 companies. The investigation uncovered about 100 operatives, flagged 53 projects, and recovered over $5.8 million. The foundation urges improved hiring processes and global cooperation for enhanced security.
GateNews2h ago
22,000 BTC Options and 100,000 ETH Options Expire Today; BTC Max Pain at $72,000
On April 17, 22,000 BTC options are expiring with a 1.05 Put/Call ratio and a $72,000 maximum pain point, totaling $1.65 billion. Additionally, 100,000 ETH options are expiring with a 0.95 Put/Call ratio and a $2,250 maximum pain point, valued at $460 million.
GateNews3h ago
Ethereum Q1 2026 Base Layer Transactions Hit Record 200.4 Million, Surpassing 200M for First Time
Ethereum achieved a record high of 200.4 million transactions in Q1 2026, driven by Layer 2 activity and stablecoin growth, despite ETH prices being over 50% lower than their August 2025 peak.
GateNews3h ago
Ethereum Foundation: Ketman project identifies 100 North Korean agents within six months
According to an ETH Rangers project recap report published by the Ethereum Foundation on April 17, 2026 (Thursday), within its six-month funding period the Ketman project funded by the Ethereum Foundation identified 100 North Korean IT workers using false identities to infiltrate Web3 organizations, and contacted roughly 53 crypto projects to warn them they may have hired active North Korean agents.
MarketWhisper5h ago
