Author: Chloe, ChainCatcher

Since the market volatility intensified in early October, "Maji Brother" has experienced consecutive liquidations of leveraged positions on Hyperliquid, transitioning from heavily long positions at the beginning of the month to a forced liquidation stop-loss after the 16th, becoming one of the most representative cases of high-leverage crashes.

According to on-chain data and monitoring tweets, Maji Brother closed all his long positions in XPL, PUMP, and ASTER in the early hours of October 10, incurring a total loss of up to $21.53 million. Just a few hours later, he reopened a 5x long position in XPL on Hyperliquid, with an initial position of 500,000 tokens, valued at approximately $375,000. He then increased the position to 2.5 million tokens ($1.83 million) and simultaneously opened a 3x long position in ASTER (500,000 tokens, approximately $795,000), leaving only the PUMP position unopened, seemingly closing out earlier but also appearing not to have.

On the morning of October 11, his ETH long position was forcibly liquidated, resulting in a loss of about $12.16 million in just two hours. The total loss for the month increased to $29.92 million, primarily concentrated in XPL and ETH long positions. After liquidating, he quickly added back positions, opening a 25x long position in ETH (2,000 tokens, valued at $7.63 million, opening price $3,825.01) and a 10x long position in HYPE (60,000 tokens, valued at $2.33 million, opening price $39.735), with a total position value of $9.968 million, both in a state of unrealized loss.

Soon after, Maji Brother increased his total position to $10.92 million, with an account margin of about $740,000 and a utilization rate of 82%, still retaining leverage expansion space. On October 12, he again stopped out of the HYPE long position, incurring a loss of $276,000.

The overall loss in his Hyperliquid account expanded to $11.03 million, with cumulative losses for the month approaching $49.59 million. At this point, Maji Brother still held 2,700 ETH long positions, totaling $10.3 million, with an average opening price of $3,806.

On October 15, according to on-chain analyst Ai Yi (@ai_9684xtpa), Maji Brother's account had accumulated losses of up to $53.62 million over 30 days (his account was still profitable by $44 million on September 19). The 25x long position in ETH remained open, with a position value of about $879,000, just $61.5 away from the liquidation zone, with an unrealized loss of about $120,000; any further market dips could trigger a new round of passive liquidations.

Yesterday (the 16th), Maji Brother faced a series of liquidations, reducing his position by 1,590 ETH within 11 hours, incurring a loss of $246,000, leaving only 585 ETH ($2.33 million). His account balance dropped to $32,800, with cumulative losses shifting from a peak profit of $43.64 million to a net loss of $13 million.

Until today (the 17th) morning, he sold 1.64 million PNKSTR tokens (valued at $119,000), incurring a loss of $214,000 (-65%), and then transferred 47.43 ETH (approximately $186,000) into Hyperliquid to expand his position, currently still holding 1,189 ETH, with a total value of about $4.67 million.

According to Hyperbot on-chain data (wallet address 0x020c…5872), as of the morning of October 17, the total assets in the account were approximately $228,000, almost entirely consisting of unrealized Perp positions ($228,000), with no additional assets, indicating a significant reduction in position size after multiple rounds of liquidation.

Although he still retains ETH long positions, the leveraged funds have been nearly exhausted, and his high-leverage strategy on Hyperliquid has reached a phase of conclusion. Maji Brother's leveraged positions on Hyperliquid have almost completely vanished within a week.

Although he attempted to re-enter ETH on the morning of the 17th, trying to bottom-fish after the crash, the current on-chain balance and position leverage observations suggest that his rebound space is extremely limited. However, from Maji Brother's posts on social media, he seems to take the situation quite calmly, even joking with netizens about how his lines from the 2011 movie "Killer Ouyang Penzi" coincidentally validate his recent state.

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James Wynn's Triumphant Return, High-Leverage Trading Again Liquidated

Additionally, trader James Wynn (@JamesWynnReal), another typical representative of high-leverage operations, has also seen most of his profits wiped out in the recent market turbulence.

Earlier this year, Wynn quickly accumulated over $43 million in total profits through high-leverage bets on Bitcoin and meme coins (like PEPE). During that time, his trading style was seen as representative of the Hyperliquid platform. However, good times did not last; starting in May, Wynn was liquidated for $100 million as BTC prices fell to $105,000, becoming a market sensation. He then requested donations from fans on social media to continue trading, and a few days later, he placed another $100 million leveraged BTC position.

The second $100 million leveraged position was also liquidated, leading Wynn to deactivate X and temporarily withdraw from the high-leverage cryptocurrency trading world.

Until recently, on October 15, Wynn injected $197,000 in stablecoins into Hyperliquid, opening a series of 40x leveraged long positions in BTC, and 10x leveraged long positions in KPEPE and HYPE, with a total position value of about $4.8 million. The next day, sudden market fluctuations led to the liquidation of all his positions, drastically reducing his account balance to about $63,000, resulting in significant short-term losses.

He then opened a 10x leveraged long position in KPEPE, which was partially liquidated again within 6 hours, leaving approximately 39.2 million kPEPE (about $271,000). Wynn's trading movements on Hyperliquid have been described by the market as the most volatile among traders in the industry.

Currently, the market is experiencing significant deleveraging due to flash crash events, with funding rates plummeting sharply. Analysts indicate that this suggests investors are reducing aggressive long positions, leading to a substantial decrease in market leverage trading volume.

Frequent liquidations and profit reversals are common in leveraged contract trading; when positions are on the edge of extreme sensitivity, any minor market fluctuations can trigger liquidations, amplifying the sensitivity of profits and losses by the leverage multiple.

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