A cryptocurrency friend asked: If Brother Maji bets 10 times leverage on HYPE, will the market maker let him win? Let me explain!

Only one step away from the huge leverage and the liquidation price.

"Brother Ma Ji" Huang Li Cheng has once again demonstrated his toughness. According to the latest data from Hyperbot, in the past hour, he has continuously increased his position on 10x leverage HYPE long orders, with the position holding amount exceeding 100,000 HYPE, reaching 105,888.88 HYPE, and the liquidation price is approximately $20.75.

Now, his overall position value has risen to approximately $31.22 million, including a 25x leveraged Ethereum long position and a 10x leveraged ZEC long position.

This veteran in the circle has always maintained his high leverage strategy. On November 26, he opened a 40x leveraged long position on BTC. But this time, will the market let him win?

01 Leverage Gaming: Massive Positions Under High Risk

Huang Licheng's HYPE long position layout this time is astonishing, with a 10x leverage supporting it, and the position volume has exceeded 100,000 HYPE, while the liquidation price of $20.75 hangs over like a sword.

This means that once the market volatility reaches this sensitive price, there will be a risk of forced liquidation.

This is not his first bold bet on HYPE. A few days ago, he had already swept in 1000 HYPE and added 10x leverage, at which point his total long position had soared to 21.24 million dollars.

Now, his overall position value has further risen to approximately 31.22 million dollars.

02 Market Maker Mindset: The Truth of Market Games

In the financial market, the so-called "market maker" usually refers to those who hold a large number of circulating shares (or tokens) and can manipulate prices through this power.

They maximize profits through a series of carefully planned steps: first, they build positions by buying in, combined with negative news to shake out positions, then they pump up the price to attract retail investors to follow, and finally sell off their holdings.

So, will the market maker let Brother Majie win? This question itself points to the gray area of market manipulation.

Historically, market makers often collaborate with so-called "Big V" and "experts" to exploit investors' preference for insider information, tricking them into buying with limited time, limited price, and full margin, which actually serves the purpose of unloading their positions.

When the stock price (or coin price) plummets, the "market maker" and "Big V" are nowhere to be seen.

03 Liquidation Risk: The Double-Edged Sword of High Leverage

Huang Licheng currently holds not only HYPE long positions but also 25x leveraged ETH long positions, which presents significant risks due to the high leverage combination.

Similar high-leverage cases are not uncommon in the crypto world. In August, a trader opened a long position of 3,694 ETH with 25x leverage, with an opening price of $4,272 and a liquidation price set at $4,183, leaving a liquidation buffer of only about 2.1% below the opening price.

Such a narrow safety margin means that any slight fluctuations could trigger forced liquidation.

The essence of leveraged trading is amplification: 10x leverage means that a 10% drop in price could lead to liquidation. In the highly volatile environment of the crypto market, single-day fluctuations of 5-10% are not uncommon.

04 Whale Movements: Are They Worth Following?

On-chain data indeed shows that some large holders are performing well under the current market conditions, with one on-chain large holder currently having an unrealized profit of up to $11 million and establishing a clear profit-taking and stop-loss system.

His layout on ZEC is to close positions with a target of 580 to 1000U, and the stop loss is set at 480U; the layout for MON is even more aggressive.

This clear risk control system is indeed worth paying attention to, but substantial floating profits do not equate to risk immunity.

As an observer pointed out, "A floating profit of 11 million U is not a get-out-of-jail-free card for risk hedging. How many 'whales' have sunk at similar floating profit highs in history? This is by no means a coincidence."

Returning to the initial question, there is no personified "market maker" in the market, only participants with varying strengths. Huang Licheng, as a well-known whale, inherently has the ability to influence the market.

But the rules of the leveraged game are equally cruel for everyone: when ETH faced a critical technical level on November 27, traders set their sights on $3400, while those with high leverage had to closely monitor liquidation risk.

In the crypto world, true wisdom lies not in the temporary profits from high leverage, but in enduring the market conditions while using low leverage when others are being liquidated. When the market experiences a significant pullback, those with high leverage have already gone to zero, while those with low leverage still have positions waiting for a rebound.

The outcome of this game ultimately depends on the balance between market direction and the art of risk control. #比特币行情观察