From unrealized gains to massive losses, Huang Licheng's high-leverage risky bets are still ongoing.

Well-known investor Huang Licheng’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 to 11,000 coins. Behind these series of adjustments is a loss of $1.62 million over the past week. Under high leverage, he experienced a reversal from floating profits to massive losses amid market volatility.

Key Changes in Position Adjustment

Choices of Closing and Adding Positions

Huang Licheng closed all his ZEC and HYPE long positions 14 hours and 4 hours ago, respectively. According to related information, he was full of confidence when opening these positions on January 12, with 20,888.88 HYPE (about $508,500) and 1,288.88 ZEC (about $517,400). But 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. This decision is quite intriguing. Data shows his entry price for ETH was $3,135.02, and the current Ethereum price is around $3,096.39, resulting in an unrealized loss of about $360,000.

Deterioration of Account Status

This data reflects Huang Licheng’s recent operational difficulties. From historical records of related information, he had over $2 million in unrealized profits when ETH was at a high point on January 7, but within just a few days, he turned to significant losses.

Why Continue to Add to ETH

The Dilemma of Stop-Loss Under High Leverage

Huang Licheng’s ETH long position uses 25x leverage, meaning a 4% price drop would trigger a 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 new entry price is lower, reducing the overall average price
• Increase profit multiples: If the market reverses, a larger position can generate higher returns

According to quick news, his average entry price is $3,135.02. If he adds at a lower price, it indicates a “buy the dip” strategy.

Market Context Support

Looking at ETH’s price performance, although it has fallen 3.69% over the past 7 days, Huang Licheng might interpret this as an “oversold” opportunity. Related information mentions that his logic for building the position on January 12 was “market sentiment fear, technical indicator signals, surge in staking demand.” These factors may have led him to expect a subsequent rebound.

Risk Assessment

Current Vulnerability

Huang Licheng’s total account value is only $1.82 million, but his ETH long position alone amounts to $34.14 million. This means the leverage ratio in his account is already very high. If ETH continues to decline, the risk of forced liquidation will sharply increase.

Lessons from History

From the complete records of related information, Huang Licheng’s floating loss had already expanded to $610,000 by January 10. Although he recovered somewhat afterward, he ultimately fell into deeper losses. This indicates that in high-leverage operations, rebounds are often insufficient to offset losses and can easily lead to a “deepening” dilemma.

Summary

Huang Licheng went from confidently opening positions on January 12 to adjusting his positions less than 24 hours later on January 13. He closed two higher-risk tokens but continued to add to the most risky ETH long position. This choice can be understood as optimism about ETH or as a passive response under high leverage pressure.

The $1.62 million loss 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 “high-stakes gamble.”