On the crypto contract platform Hyperliquid, a long position of 5000 ETH with a leverage of up to 25 times is hanging by a thread, with its liquidation price only about 2.4% away from the market price.

Huang Licheng shared a photo of a swimming pool on social media with the caption: "California Love." At that moment, he had just experienced a series of 10 consecutive liquidations on Hyperliquid, causing his account balance to plummet from $1.3 million to just $53,178.

1. Today's Battle Situation

On December 18, 2025, on-chain data once again recorded the iconic trading operations of "Brother Ma Ji" Huang Licheng.

● Today, he closed the BTC and HYPE long positions added yesterday, incurring a total loss of over $70,000. Currently, his main risk exposure is concentrated in an extremely dangerous position: still holding a long position of 5000 ETH with 25 times leverage, with an unrealized loss of $510,000.

● The opening price of this position was $2933.47, while the liquidation price is as high as $2734.46. Based on the current ETH price, the market only needs to drop about 2.4% more for this massive position worth over $14 million to face forced liquidation.

● This is just another ordinary trading day in Huang Licheng's trading career. Just a few days ago, he had injected $254,700 into his trading account, increasing his ETH long position to 11,100 ETH, with a total value of over $36 million.

2. Capital Maze

The most puzzling question is, after suffering tens of millions of dollars in losses recorded publicly, how does he always manage to immediately replenish huge margins and continue to gamble?

The answer lies in his construction of a diversified, bottomless capital structure.

● The first layer is the "anchored capital" from traditional tech entrepreneurship. In 2015, Huang Licheng co-founded 17 Media (later renamed 17LIVE). This live streaming platform successfully went public in 2023, and Huang Licheng gained a significant cash liquidity through a company buyback in 2020, just before the 2021 crypto bull market.

The second layer is the controversial accumulation of early crypto projects. The blockchain project Mithril (MITH), which he led, raised $51.6 million through private placement in 2018. Although the project ultimately failed and the token plummeted over 99%, the team initially sold 89% of the circulating tokens.

● The third layer is efficient NFT financialization operations. As a whale collector of top NFT series like Bored Ape Yacht Club, he continuously converts NFT assets into liquidity needed for trading through large-scale sales, collateralized lending, and earning airdrop rewards.

3. Behavioral Decoding

Huang Licheng's trading model has solidified into a mechanical and high-risk program: regardless of market conditions, he always insists on high-leverage long positions.

● On September 18, 2025, his account once had an unrealized profit of up to $44.84 million. However, the subsequent market crash turned the situation upside down. By October 11, his ETH long position was forcibly liquidated, resulting in a loss of about $12.16 million within two hours. From early October to October 16, his cumulative loss on Hyperliquid approached $49.59 million.

● The most dramatic collapse occurred in early November. With only $16,700 left in his account, he opened a 100 ETH long position with 25 times leverage. 24 hours later, the account balance dropped to $1,718. It had only been 47 days since the peak of his assets.

● Regarding this "zeroing out," he casually commented on social media: "Was fun while it lasted."

4. Ecological Role

In this high-leverage game, Huang Licheng plays not only the role of a trader but also a special node in the entire DeFi derivatives ecosystem.

● His presence brings significant liquidity and attention to the platform. Every time he injects huge margins or faces liquidation, it triggers market fluctuations and community discussions.

● Ordinary investors can easily fall into the illusion that tracking his wallet address through on-chain data can provide them with an information advantage. However, this transparency often leads to more dangerous emotional traps.

● When the market changes suddenly, the efficiency of decentralized exchanges becomes a deadly killer for high-leverage positions. On platforms like Hyperliquid, liquidation is executed automatically by code, with no opportunity for human intervention.

5. Ultimate Warning

Huang Licheng's case is important not because it provides a replicable success template, but because it reveals the brutal survival rules in the crypto derivatives market.

● The "Gambler's Ruin Theorem" perfectly explains his outcome: In a game with negative expected value, as long as you keep betting, regardless of the initial capital, the probability of eventual bankruptcy is 100%.

● Leverage pulls an individual's "bankruptcy cliff" right in front of them. 25 times leverage means that the market only needs to move 4% in the opposite direction for the principal to be wiped out. The fundamental difference between ordinary investors and Huang Licheng lies in capital depth; he has a diversified capital backing to withstand multiple liquidations, while ordinary people often have to exit after just one liquidation.

● His latest long position of 5000 ETH is like a bomb that could explode at any moment. When the market discusses whether he can "turn the tide," the more pertinent question is: in this capital game, do you want to be the one providing liquidity or the one consuming liquidity?

The transparency of blockchain makes every opening, addition, and liquidation by Huang Licheng a public financial reality show. His "California Love" photo by the pool after his losses starkly contrasts with the mere $1,718 left in his account.

His latest long position of 5000 ETH has set a cliff boundary at $2734.46. When market fluctuations cross this line, one wonders if he will still leave that line on social media: "Was fun while it lasted."

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