Losing 24 million yet still adding positions, why does Brother Maji's $12.11 million ETH long keep fighting and failing repeatedly?

In the most vulnerable moments of the crypto market, a name frequently appears on the headlines—Brother Maji has added to his position again. This time, he deposited 250,000 USDC into HyperLiquid, increasing his ETH long leverage position by 25 times. Currently, his position is worth approximately $12.11 million, holding 4,100 ETH. The reason this move draws attention is not only because of the massive size of the position but also because he has experienced multiple liquidations within just a few days, with total account losses exceeding $24 million, yet he continues to add to his position.

The Repeatedly Defeated Trader

Brother Maji, Huang Licheng, is known in the crypto market for high leverage trading. His recent experience can be described as a textbook example of “brutality.” According to on-chain data, within just two days from January 20 to January 21, his ETH long positions were liquidated multiple times:

• On January 20, he was liquidated 5 times, with a position of 2,200 ETH at a liquidation price of $2,991.43
• On the morning of January 21, his 25x ETH long position was fully liquidated, then he immediately reopened a 600 ETH position at 22.84x leverage
• His total losses expanded from less than $10 million in early January to over $24 million now

Despite this, he has not stopped increasing his position. The recent addition of 250,000 USDC reflects his unwavering bullish stance on ETH, or perhaps a “suicide squad” style gamble.

Risks Behind High Leverage

Currently, ETH is around $2,952. Maji’s $12.11 million position is built on 25x leverage. What does this imply?

The Reality of Leverage Multiples

25x leverage means that a mere 2% adverse price movement can trigger liquidation risk. Based on the current price, his liquidation price should be around $2,850, and ETH has already fallen 10.94% over the past 7 days.

Market Environment Pressure

Data shows ETH has declined 1.64% in the past 24 hours and 10.94% over the past week. More severely, Bitcoin has fallen below the $90,000 mark, indicating a fragile market sentiment, with longs facing concentrated liquidations. Over the past 24 hours, over $1 billion was liquidated across the entire network, with ETH alone accounting for $103 million, and long liquidations making up 93.5%.

In such a market environment, Maji’s contrarian position size and continued adding are highly risky.

Why Is He Still Adding?

Historical data shows that at his peak, Maji’s long position exceeded 10,000 ETH. Although now reduced to 4,100 ETH, he continues to buy more. Possible reasons include:

• Optimism about ETH’s medium-term trend, believing current is a good entry point
• Cost averaging strategy, trying to lower the average entry price
• Contrarian move during extreme market pessimism

Regardless of the reason, repeatedly adding leverage in such a high-risk manner is dangerous. Historical data indicates his account losses have already accumulated to $24 million; continuing this approach only increases the risk.

Market Significance

Interestingly, Maji’s actions often serve as a market indicator. His additions are usually seen as a bullish confidence signal, while his liquidations are viewed as signs of deteriorating market sentiment. His decision to add positions during such a fragile market could motivate some followers but might also trigger the next wave of liquidations.

Summary

Maji’s $12.11 million ETH long position reflects bullish persistence and risk-taking under extreme market conditions. Using 25x leverage in the current volatile environment is already highly risky, and continuing to add positions after losing $24 million amplifies the danger to the extreme. His move could be seen as either a last stand for bulls or a trigger for another sharp wave of volatility. For market participants, the future development of this position warrants close attention, as it may signal an impending market turning point.