Huang Licheng lost tens of millions last year, but will turn around in the first week of 2026! Brother Ma Ji's record of earning 1.53 million in profit

“Brother Ma Ji” Huang Licheng suffered a massive high-leverage loss of tens of millions of USD last year. On January 3rd, he closed out his 40x leveraged BTC and ZEC long positions with a profit of 1.53 million USD. Subsequently, he established a 7,100 ETH long position with 25x leverage (average price $2,987) and a 25,888.88 HYPE long position with 10x leverage, chasing gains.

From Liquidation King to a 1.53 Million USD Turnaround

(Source: Hyperliquid)

Brother Ma Ji Huang Licheng was once known as the “Liquidation King” in November 2025, having been liquidated 71 times on Hyperliquid due to high leverage operations. His long strategies repeatedly triggered liquidation levels amid market volatility, accumulating losses exceeding tens of millions of USD. However, entering 2026, during Bitcoin’s high-range consolidation, he chose to close his 40x leveraged Bitcoin and ZEC long positions at critical moments, successfully locking in a profit of 1.53 million USD.

This timing for closing positions was remarkably precise. Hyperliquid data shows that Huang Licheng chose to take profits after Bitcoin reached a local high, avoiding subsequent pullback risks. A 40x leverage means a 2.5% price fluctuation can trigger liquidation. Being able to exit profitably in such a high-risk environment demonstrates an improved judgment of short-term market movements.

Although the 1.53 million USD profit cannot fully offset last year’s losses of tens of millions USD, for traders who faced continuous setbacks, this victory holds significant psychological importance. It proves that high-leverage strategies can still be viable with correct timing and provides a foundation for Huang Licheng to rebuild market confidence.

High-Risk Bet with 25x ETH Long

After the profit, Huang Licheng did not choose to be conservative but quickly shifted funds into new positions. He established a long position of about 7,100 ETH with 25x leverage, at an average price of approximately $2,987. At this leverage, a roughly 4% drop in Ethereum’s price would trigger liquidation, representing very high risk. Given current ETH volatility, a 4% decline could occur within hours.

This position previously experienced unrealized losses ranging from $230,000 to $375,000, but Huang Licheng did not reduce his position—instead, he held on. As of January 3rd, Ethereum’s price hovered between $3,100 and $3,200. If the price can stabilize above $3,200 and break through, this 25x long could generate substantial gains. Conversely, if it falls below $2,870, full liquidation is possible.

Analysis of Brother Ma Ji’s Current Position Risks

ETH 25x Leverage Long

Position Size: 7,100 ETH

Entry Average Price: $2,987

Liquidation Price: approximately $2,870 (triggered by a 4% drop)

Risk Level: Extremely high

HYPE 10x Leverage Long

Position Size: 25,888.88 HYPE

Entry Average Price: $24.5

Current Price Range: $24.7 to $26.2

Facing Unlocking and Selling Pressure

Strategy Features: Chasing gains rather than locking in profits conservatively, heavily betting on ecosystem tokens for excess returns, short-term volatility may trigger chain liquidations

In addition to Ethereum, Huang Licheng has opened a 10x leveraged position on Hyperliquid’s ecosystem token HYPE, gradually increasing to 25,888.88 tokens. This number may have some symbolic meaning (8 is considered auspicious in Chinese culture for wealth), but the actual challenge is significant. Recently, HYPE faces unlocking selling pressure, with prices oscillating between $24.7 and $26.2. Huang Licheng is choosing to go against the trend, aiming to capture potential excess returns from protocol developments.

Comparison with Yi Lihua’s 620,000 ETH Break-Even Strategy

Also on January 3rd, Liquid Capital founder Yi Lihua’s 626,574 ETH also announced a return to break-even. On-chain analyst Ai Yi monitored that on December 29th, he added 46,036.72 ETH during the market dip, successfully lowering his average cost to about $3,105.5, currently showing a floating profit of 1.1%.

When responding to the break-even news on X, Yi Lihua said: “Persisting with trend investing, very simple logic: if you are bullish on the bull market, buy; if you are bullish on the bear market, close. When others are fearful, be greedy. You can never buy at the lowest point nor sell at the highest. We are not deliberately high-profile or low-profile, just sharing our understanding and operations, with no game-playing involved.”

Yi Lihua’s strategy contrasts sharply with Huang Licheng’s. The former employs low or no leverage with spot holdings, averaging down to wait for trend reversal. The latter uses high leverage to amplify gains but also bears the risk of liquidation at any moment. Neither approach is inherently superior; the key depends on the risk tolerance and market judgment of the practitioner.

Notably, Yi Lihua chose to add to his position during the market panic on December 29, embodying his own investment philosophy of “be greedy when others are fearful.” In contrast, Huang Licheng’s high-leverage strategy relies more on short-term price fluctuations, requiring more frequent entry and exit judgments.

Will Brother Ma Ji’s $1.53 million profit this time mark a turning point, or is it just a brief rebound amid losses of tens of millions? His current holdings of 25x ETH long and HYPE positions will reveal the answer in the upcoming market volatility.