Brother Ma Ji has a 25x leverage long order on ETH with unrealized losses exceeding 21.2 million USD, and margin replenishment still led to consecutive liquidations.

2025-12-01 15:40:35

Abstract generation in progress

[比推] Brother Maji's operation this time is a bit fierce.

On-chain data shows that he just invested 250,000 U into a certain decentralized derivatives platform, trying to recover some losses from his 25x leveraged ETH long position. But it seems that things are not that simple—the position is still being liquidated continuously.

Current unrealized loss? Over 21.2 million dollars.

At this level of leverage, even a slight market pullback can lead to a chain of liquidations. Margin call - liquidation - margin call again, once this vicious cycle starts, even the big players in the industry find it hard to escape unscathed. High-leverage long positions in a volatile market are a double-edged sword; if the direction is right, one can become rich overnight, but if the direction is wrong, it goes straight to zero.

A hole of over 20 million US dollars is no longer a scale that ordinary players can afford.

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LiquidityOracle

· 12-04 03:09

Still daring to add to the position with 25x leverage? This guy is either really ruthless or just crazy. A floating loss of $21.2 million is wild to see, and every time he adds, he loses again—this cycle is just insane.

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GateUser-40edb63b

· 12-04 00:15

Oh my, using 25x leverage and still daring to add to the position—this guy is truly hardcore. The art of averaging down is amazing: keep adding, keep getting liquidated. Is this what they call a death spiral? Over $20 million hole, I did the math—how many NFTs would he have to sell to cover that? Wait, why hasn’t he been liquidated yet? Is this leverage data for real? $250,000 is just a drop in the bucket; he can’t even keep up with the margin calls. This must be the legendary aura of a whale. We retail investors will never learn this.

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ImpermanentPhilosopher

· 12-03 12:55

25x leverage and you still dare to play like this, you’re really dancing with the liquidator... --- Adding $250k to your position? Bro, are you putting out the fire or adding fuel to it... --- A loss of over $20 million—honestly, just looking at it hurts. This is the truth about high leverage, right? --- Playing like this in a choppy market is really a gambler’s mentality. If you pick the wrong direction, you’re completely done for. --- If ETH keeps dropping this time, big bro Maji should really consider cutting his losses. Adding more is just feeding the beast. --- Once this cycle of cascading liquidations starts, it’s impossible to stop. I’ve seen way too many stories like this firsthand. --- 25x... let me just ask, is this investing or just a gambler’s roulette? --- Seeing such a huge unrealized loss and still adding to the position—if that’s not courage, what is? Or maybe it’s just too much of a gambling mentality.

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fomo_fighter

· 12-02 23:42

Using 25x leverage on ETH, this isn't gambling, it's suicide. Over 20 million in the hole and still doing Margin Replenishment, I really can't take it anymore.

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PoetryOnChain

· 12-01 16:10

Is he really going to do Margin Replenishment with 25x leverage? This guy is really getting carried away, daring to keep throwing money in despite a loss of over 20 million... This is the magic of high leverage. --- Margin Replenishment is betting on the market to rebound; if it doesn't rebound, it's a death loop. Just watching him makes me sweat. --- To be honest, this kind of operation is common in the crypto world, but to lose to this extent and still hold on... definitely needs some reflection. --- Wait, can 250,000 U change the situation of 21.2 million? Unless ETH rises 30% in one go, what kind of logic is that? --- I've seen similar Large Investors get liquidated in a chain reaction before, and they ended up messaging directly; now another one is coming... this circle really makes people get carried away. --- Leverage is like a double-edged sword; you make money fast when you win, but when you lose, you don’t have to wait, you just get a free ride on a rocket. --- I just want to ask how much principal he has left; it feels like he's already on the edge of all in. --- High leverage combined with a volatile market basically means waiting to get liquidated, which is something most people understand but can't do. --- Watching this kind of operation makes it clear what greed means when a snake tries to swallow an elephant; sooner or later, it has to spit it out.

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LayerZeroHero

· 12-01 16:10

This guy is really playing with fire, 25x leverage isn't enough, he has to throw in another 250,000 U to prolong his life, isn't this just a gambler's mentality? --- Margin replenishment until getting liquidated, getting liquidated then replenishing, who can save him from this cycle? --- With a hole of over 20 million, even a pro has to kneel. 25x leverage in a volatile market is purely self-destructive. --- It's scary just to watch, this kind of operation is really gambling with your life. --- I don't quite understand, why keep throwing money in? Don't they know the risks of 25x leverage? --- This is called greed, it's like a snake trying to swallow an elephant, should have stopped loss long ago. --- Every time I see news like this, I feel fortunate that I'm not that ruthless, haha. --- The vicious cycle of consecutive liquidations, once it starts, there's really no saving it. --- Twenty million gone, how many years do I have to work? --- Maji has flipped too, looks like no one can win forever.

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DustCollector

· 12-01 16:09

OMG, with 25x leverage still crazily doing Margin Replenishment, is this really just being tired of living?

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SeasonedInvestor

· 12-01 16:06

Using 25x leverage like this is truly a gambler's mentality, even a Margin Replenishment of 250,000 can't save... --- With a hole of over 20 million, this guy is probably going to close all positions on the whole family bucket. --- I've seen a lot of chain liquidations, but I've never seen someone so resolute, still throwing money in. --- At this rate, he might create history for the platform. --- I just want to ask, where's this big brother's risk control? Using leverage like this, it's only a matter of time before he needs to pay off the debt. --- 25x, this is no longer an investment, it's purely gambling with one's life.

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NFTRegretDiary

· 12-01 16:05

Oh my, 25x leverage still dares to do Margin Replenishment, this guy is really gambling with his life. This Margin Replenishment operation is indeed adding fuel to the fire, a small Fluctuation in the market directly led to liquidation. With a loss of over 20 million USD, this is no longer investment, this is purely gambling against the exchange. While watching the show, one must also be cautious not to fall into the same pit, high leverage can really be addictive. This is why I only do Spot trading now, leverage can really ruin people.

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MoodFollowsPrice

· 12-01 16:00

Another pro eaten by leverage, 25x is too intense, right? Is this a gamble or is there really some panic? The moment I had to do Margin Replenishment, I knew it was over; I've seen too many stories like this. Over 20 million evaporated just like that, it hurts to even hear. High leverage is truly a gambler's game; I'll stick to Spot trading. Maji must be totally losing it this time; it's ridiculous how he's constantly updating everyone on his Holdings. Does 25x really mean wanting to get rich overnight or just giving away money? No matter how amazing a person is, they can't withstand 25x; this leverage is more thrilling than Russian roulette. Margin Replenishment actually accelerates getting liquidated; everyone should learn to be smarter.

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