On one side are the bulls who have been liquidated 71 times yet continue to charge forward, while on the other side are the bears who have lost over $15 million in a single week. The battlefield of the whales is never short of bloodshed.
In the world of cryptocurrency, a war without gunpowder is underway. In the past 48 hours, several well-known whales have engaged in a thrilling battle of longs and shorts.
Some have stubbornly held their short positions despite losing $15.3 million in a week, while others have been liquidated 71 times yet fight on with increasing vigor. There are also those who make precise bets and patiently wait to reap their rewards. These mysterious players controlling vast amounts of capital are engaged in a contest of faith and judgment with their own real money.
1. King of Liquidation: Brother Maji's Obsession
● In the cryptocurrency trading circle, "Brother Maji" Huang Licheng has become a legend, a cautionary tale of sorts. He set an astonishing record of 71 liquidations in a month on the Hyperliquid platform, earning the title of "King of Liquidation" on the platform.
● However, what is even more surprising is his persistence. Even after such heavy losses, he deposited 1 million USDC into the platform this Monday, continuing to go long on $13.35 million worth of ETH and $830,000 worth of HYPE.
● His trading pattern has fallen into a vicious cycle: go long → get liquidated → recharge → continue to go long → get liquidated again. Analysts refer to this pattern as the "high leverage death spiral." Hyperliquid trading records show that Huang Licheng has lost $6.5 million in the past 30 days, with a trading volume reaching $288 million.
2. The Lament of the Bears: The Fall of the Calm Trader
● While the bulls charge forward, the bear camp has also suffered heavy losses. The "Calm Trader" was once a legend in the crypto world, turning a $3 million principal into over $30 million through precise judgment.
● However, recent market trends have led to his Waterloo. In the past week, his account shrank by $15.3 million, suffering 31 liquidations in just a few hours last Saturday.
● To maintain his short position without being forcibly liquidated, he was forced to add $440,000 in margin to the platform. Currently, he still holds short positions worth $41.74 million in BTC and $30.97 million in SOL. This former trading genius now has only $1.24 million left in his account, just one step away from total liquidation.
3. The Astute Giants: The OG Whales with Precise Strategies
While Brother Maji and the Calm Trader bleed in the market, some whales exhibit a completely different trading style—calm, precise, and highly patient.
● A trader known as the "BTC OG Insider Whale" deposited 10 million USDC into Hyperliquid and opened a long position in ETH with 5x leverage. This position amounts to 15,000 ETH, valued at approximately $43.8 million, with an opening price of $2,945 and a liquidation price set at $2,326.56.
● Another whale, who previously made a precise short profit of $200 million, has also turned bullish, transferring $10 million to Hyperliquid and going long on ETH. This whale currently holds a long position in ETH worth $44.5 million, having already made over $300,000 in unrealized gains within an hour of opening the position.
4. Dual Strategy of Spot and Leverage
As well-known whales engage in fierce battles, new participants are continuously joining this long-short game, showcasing more complex trading strategies.
● A user of wallet 0x8d0e executed a spot purchase of 4,022 ETH worth $11.19 million on Hyperliquid, while simultaneously opening a high-leverage long position. This combination of spot and leverage operations demonstrates a strong bullish intent.
● Meanwhile, another relatively cautious whale adopted a more conservative strategy, depositing 2 million USDC into Hyperliquid to go long on ETH with 2x leverage, setting a take-profit target at $2,980. This low-leverage strategy with a clear take-profit target stands in stark contrast to Brother Maji's 25x high leverage.
5. The Whales' Revelation: Reflections After the Smoke Clears
When this long-short battle comes to a temporary halt, what remains is not just the massive profit and loss figures, but also profound insights for every market participant.
● High leverage has become a fatal weakness for the whales. From Brother Maji's 71 liquidations to the Calm Trader's 31 liquidations, it is evident that in the volatile cryptocurrency market, high-leverage trading is like dancing on the edge of a knife.
● The movements of the whales also reflect the market's special attention to Ethereum. Whether it is Brother Maji's long position in ETH or the BTC OG whale's $43.8 million order, funds are concentrated in ETH.
● Most importantly, whale movements should only be referenced, not blindly followed. The market has both precise players like the 10.11 whale and cautionary tales like Brother Maji; every investor should have their own judgment.
The exchange Aster even launched a new feature called "Maji Mode," mockingly allowing traders to earn points if they get liquidated. Huang Licheng could only respond helplessly: "Brother, why do you have to do this to me?"
As the smoke clears, the long-short game is never-ending. Today's winners may be tomorrow's losers, and only the market itself remains a calm witness to it all.
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