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known investor 黄立成’s recent actions have once again attracted market attention. According to the latest news, he has closed his long positions in ZEC and HYPE, while continuing to add to his ETH long position up to 11,000 coins. Behind these series of adjustments is a loss of 1.62 million USD over the past week. Under high leverage operations, he experienced a reversal from floating profit to huge loss amid market fluctuations.

Key Changes in Position Adjustment

Closing and Increasing Positions

黄立成 closed all his ZEC and HYPE long positions 14 hours ago and 4 hours ago respectively. According to related information, when he opened these two positions on January 12, he was full of confidence, opening 20,888.88 HYPE (about 508,500 USD) and 1,288.88 ZEC (about 517,400 USD). However, in just over a day, he exited both positions completely.

Meanwhile, his ETH long position (25x leverage) has been increased to 11,000 coins, approximately 34.14 million USD. This decision is quite intriguing. Data shows his entry average price for ETH was 3,135.02 USD, and the current Ethereum price is around 3,096.39 USD, with an unrealized loss of about 360,000 USD.

Deterioration of Account Status

This data reflects 黄立成’s recent operational dilemma. From historical records of related information, on January 7, ETH was at a relatively high point with an unrealized profit of over 2 million USD, but within just a few days, it turned into a significant loss.

Why Continue to Add ETH Positions

Stop-loss Dilemma Under High Leverage

黄立成’s ETH long position uses 25x leverage, meaning a 4% price drop would trigger forced liquidation. When the position is already floating at a loss, continuing to add to it usually serves two purposes:

• Lower the average cost: The entry price of the new position is lower, which can reduce the overall average price.
• Increase profit multiples: If the market reverses, a larger position can bring higher returns.

According to the news, his average entry price is 3,135.02 USD. If he adds at a lower price, it indicates a “buy more on dips” strategy.

Market Context Support

Looking at ETH’s price performance, although it has fallen 3.69% over the past 7 days, this may be interpreted by 黄立成 as an “oversold” opportunity. Related information mentions that when he opened the position on January 12, his logic was “market sentiment fear, technical indicators showing direction choice, surge in staking demand.” These factors may have led him to expect a subsequent rebound.

Risk Assessment

Current Vulnerability

黄立成’s total account value is only 1.82 million USD, but his ETH long position alone amounts to 34.14 million USD. This means the leverage multiple in his account is already very high. If ETH continues to decline, the risk of forced liquidation will rise sharply.

Lessons from History

From the complete record of related information, 黄立成’s floating loss had already expanded to 610,000 USD by January 10. Although there was some recovery afterward, he ultimately fell into deeper losses. This shows that in high leverage operations, rebounds are often insufficient to offset losses and can easily trigger a “deepening” dilemma.

Summary

黄立成 went from confident position opening on January 12 to position adjustment on January 13 in less than 24 hours. He closed two higher-risk coins but continued to add to the most risky ETH long position. This choice can be understood as a bullish outlook on ETH or as a passive response under high leverage pressure.

The loss of 1.62 million USD over the past week is already a heavy price. In a 25x leverage environment, his remaining operational space is very limited. How the market develops next will directly determine the final outcome of this “big gamble.”