Brother Ma Ji's consecutive losses reach 162 rounds without giving up, with 13.5 million ETH long positions approaching liquidation edge

According to on-chain monitoring by Coinbob, Taiwanese celebrity “Brother Majii” Huang Licheng reopened a long position in Ethereum (ETH) on Hyperliquid on February 27. He initially deposited about $250,000 to establish the position, and over three days, through continuous rolling, expanded his holdings to $13.5 million, using 25x leverage. The liquidation price is approximately $1,938, only about 2.42% below the current market price.

Operation Overview: From $250,000 to $13.5 Million in Three Days

(Source: Hyperbot)

This is Brother Majii’s second rebuild after a previous liquidation. According to monitoring data, the related address (0x020ca66c30bec2c4fe3861a94e4db4a498a35872) recently deposited around $250,000 to open an ETH long position, following his usual “roll and amplify” strategy—adding more after profits appear, gradually raising the average entry price and overall position size.

As of monitoring, the position details are: $13.5 million in size; 25x leverage; average entry price around $1,945; unrealized profit approximately $430,000 (+80%); liquidation price about $1,938, only 2.42% below the current market price, meaning a market drop of about $7 could trigger liquidation.

This rolling strategy’s risk structure is that as the average price is pushed higher, the liquidation line also moves upward. A slight market correction can easily trigger forced liquidation even with minimal decline.

162 Long Positions Over 5 Months: Nearly All $15.68 Million Losses

Brother Majii’s recent activity is not accidental but an extension of a nearly five-month consistent pattern. According to Coinbob’s complete historical tracking, since October 2025, the related address has attempted 162 long positions across various cryptocurrencies on Hyperliquid, including 18 in ETH. During this period, a net total of about $15.68 million has been deposited into Hyperliquid, with almost every trade ending in a loss.

Huang Licheng initially gained attention in the crypto community for holding BAYC (Bored Ape Yacht Club) NFTs. Starting August 2025, he shifted to active trading on Hyperliquid, mainly trading tokens like HYPE and ETH. Reports indicate he was liquidated over 70 times in a single month, with monthly losses exceeding $16 million.

Key Data for Brother Majii’s Current ETH Long Position

• Position Size: $13.5 million (amplified from an initial $250,000 through three days of rolling, a 54x increase)
• Leverage: 25x
• Average Entry Price: $1,945
• Unrealized Profit: about $430,000 (+80%)
• Liquidation Price: about $1,938, only 2.42% below current market price (~$7 difference)
• Total Long Positions Since October 2025: 162 rounds (including 18 in ETH)
• Total Net Deposits into Hyperliquid: approximately $15.68 million

Frequently Asked Questions

What is “rolling long” strategy, and why is it so easy to get liquidated?

Rolling long involves continuously increasing margin and position size after profits, causing the average entry price to rise. While this can amplify gains in a strong trend, the downside is that the liquidation line moves upward with the average price. A small market pullback can cause the position to hit the liquidation threshold quickly, leading to forced liquidation.

How high is the risk of liquidation for Brother Majii’s current ETH long position?

The average entry price is about $1,945, with a liquidation price around $1,938—only about $7 apart. A market decline of roughly 2.42% could trigger liquidation. Given ETH’s typical intraday volatility, this margin is very thin, and any sudden drop could result in forced closure.

What does the $15.68 million accumulated loss imply for investors?

Brother Majii’s case is a classic warning about high-leverage trading risks: even with substantial initial capital (around $250,000 per round), repeatedly rolling with high leverage can accumulate losses up to $15.68 million. The core risk of high leverage isn’t just individual wins or losses but the cumulative effect of repeated failures. Under asymmetric odds, long-term profitability becomes extremely difficult.