Maji big brother ETH long position has an unrealized profit of 2.14 million, and he has fully closed the Bitcoin long position.

On April 14, on-chain analysts Ember tracked that Huang Licheng (Maji Big Brother), a well-known music producer in Taiwan, holds a $29.0 million ETH long position on Hyperliquid. The position saw $2.14 million in unrealized profit as ETH surged 8% on the day. Hyperbot data also shows that Huang Licheng closed out all of his Bitcoin long positions on April 13.

Latest Position Snapshot: ETH’s surge brings a brief reprieve on paper

（Source: Hyperbot）

ETH’s 8% single-day gain is the rare piece of good news on paper that Maji Big Brother has seen after continuously coming under pressure. Key data on his current ETH position are as follows:

ETH Long Position Value: about $29.0 million (14,250 ETH)

Entry Average Price: $2,195

Current ETH Price: about $2,365

Unrealized Profit: $2.14 million

Leverage Multiplier: 25x

BTC Long: fully closed on April 13

It’s especially important to note that the $2.14 million unrealized profit is still only an on-paper figure. Against the backdrop of accumulated losses of $26.4 million, this on-paper gain only offsets about 8% of the total losses. There’s still a long way to go before fully breaking even.

“King of Liquidations”: A history of cumulative losses under the rollover strategy

Huang Licheng’s Hyperliquid trading trail is a record of repeated liquidations achieved through high leverage. According to on-chain data, after getting liquidated on March 22, he kept entering the market, once again opening a 25x leveraged ETH long position. He held about 2,700 ETH, worth roughly $5.7 million, intending to turn the tables via a rollover approach. However, the market did not play out as expected again, and the position was ultimately fully liquidated. At that time, his cumulative losses once surpassed $30.35 million.

Even more attention-worthy is a screenshot of his fees that he posted on X (formerly Twitter)—his cumulative trading fees on Hyperliquid have been approaching $2 million, and he added the widely circulated declaration: “I never lose—either I win, or I get liquidated.”

This line immediately sparked heated discussion in the crypto community. Some netizens mocked that it could be used for reverse copy-trading; others pointed out that the fee consumption approaching $2 million itself indicates massive capital losses. Still others questioned whether high-frequency operations with 25x leverage are more like high-risk gambling than professional trading.

Frequently Asked Questions

Who is Maji Big Brother, and why are his trading actions so closely watched in the crypto world?

Huang Licheng is a well-known music producer in Taiwan and the founder of the Machi X digital entertainment platform. He draws attention because he carries out large-scale, high-leverage crypto trading on Hyperliquid, and all of his position records can be tracked through on-chain data. As a result, every liquidation or re-entry becomes a public focal point for discussion within the crypto community, gradually earning him the online nickname “King of Liquidations.”

What is the “rollover” strategy, and why is it extremely risky in a high-leverage environment?

Rollover refers to, after a position is liquidated or closed, immediately reopening a new position with fresh funds—trying to recover losses through market rebounds. In combination with 25x leverage, ETH would only need to fall by about 4% to trigger forced liquidation. And every liquidation doesn’t just lose principal—it also requires rebuilding and accumulating opening fees and funding-rate costs again. This causes capital consumption to intensify rapidly in an ongoing-loss environment.

What do Huang Licheng’s accumulated losses of $26.4 million mean for his current $2.14 million floating profit?

His $2.14 million unrealized profit currently amounts to only about 8% of his accumulated losses of $26.4 million. Even if the ETH price stays at the current level, after deducting historical losses, Huang Licheng’s overall position is still in a deep loss state. The price increase needed to break even is still quite significant. This on-paper “reprieve” has more psychological significance than a real financial improvement.