On March 23, 2026, East Eight Time, “Brother Ma Ji” returned to the battlefield in the derivatives market with leveraged accounts after suffering cumulative losses exceeding 30.35 million US dollars. He added approximately 250,000 USDC to his HyperLiquid account, raising the ETH long leverage position to 25 times while also opening new BTC 40 times long and HYPE 10 times long. Under this round of aggressive operations, the total value of his account holdings temporarily bounced back to about 2.68 million US dollars, contrasting sharply with the previous massive losses. The high-leverage retail investors attempted to "recover losses in one blow," which formed a stark conflict and suspense against the stable and low-volatility long-term layout of whales on the other side.

25 Times Bet Back on the Table: An Extreme Example of FOMO Trading

On March 23, Brother Ma Ji made a one-time deposit of approximately 250,000 USDC to HyperLiquid, quickly raising the existing ETH long position leverage to 25 times, and on this basis added BTC 40 times long and HYPE 10 times long, concentrating risk exposure on the upward movement of mainstream and emotional assets. This combination not only amplified the gains and losses from the volatility of a single asset but also exposed the entire account to higher systemic volatility through multi-asset resonance.

Prior to this, data from Deep Tide TechFlow indicated that his cumulative losses on the platform had exceeded 30.35 million US dollars. This means that by the time he re-entered the market, the available funds had significantly decreased compared to the peak period. Choosing to add leverage and expand exposure now appears more like drawing out a steep, extreme "high-risk attempt" on a continuously declining account curve. From the net worth trajectory perspective, this depicts a typical cycle of risk from huge losses to re-leverage, where smaller accounts tend to use higher leverage, thus enlarging the slope of gains and losses.

Multiple Chinese media outlets have described his operation as a "typical FOMO trading case": during periods of transitioning between bull and bear markets and increasing volatility, every strong price rebound tends to induce previously shaken-out participants to use higher leverage to “chase back lost opportunities.” The intense discussion surrounding Brother Ma Ji's operation stems not just from the eye-catching amount but from its accurate portrayal of how retail investors, under the dual pressures of emotions and losses, step by step move towards more extreme position choices during the transition of market phases.

From 30.35 Million Loss to 2.68 Million Position Rebound: Recovery or Experimentation

Comparing his historical paper loss of 30.35 million US dollars with the current position value of about 2.68 million US dollars, the fund size has dramatically reduced. Under such a funding base, using high multiples like 25 times ETH and 40 times BTC means that even slight price fluctuations will have a magnified impact on net worth. In the past, with ample funds, there was space for diversification and time to extend, yet now it feels more like accelerating towards the edge of a cliff.

With leverage above 25 times, even a few points of normal fluctuations in ETH and BTC can severely deplete the margin in a short period, pushing it close to the liquidation line. For an account with total holdings remaining at a few million dollars, the volatility itself becomes the "line of life and death": substantial returns during upward movements but almost no buffer during downward movements. Especially with BTC 40 times long, a portion of the account’s chips is directly placed in a high-risk zone that is easily subject to liquidation, where even minor adverse price movements could trigger a chain reaction of margin cuts and liquidation.

From the perspective of fund management and position control, this round of operations more closely resembles a strategy for a "game-changing recovery", rather than a mild phase of experimentation. Experimentation is often accompanied by lower leverage, more detailed staggered entry and exit, and clearly defined drawdown tolerance; while currently, the account, after a significant reduction in funds, still chooses to add tremendously high multiples while focusing on high-volatility targets, leaving minimal room for adjustment. If there is a misjudgment in direction or heightened short-term volatility occurs, it may not result in simple small-scale experimental losses but further compress its survival capital in subsequent market trends.

Whales Gradually Accumulating Ethereum: The Silent Power of 4.66 Million ETH

In stark contrast to high-leverage short-term raids is the steady accumulation by whales. According to Source A, BitMine Immersion Technologies is regarded as the current largest holder of Ethereum reserves globally, with its address holding approximately 4.661 million ETH, accounting for about 3.8%-3.86% of the total ETH supply. Such a scale of chips is no longer speculative positions to “bet on a market,” but rather foundational allocations on the balance sheet, a bet on the long-term value of the entire Ethereum ecosystem.

Notably, its accumulation pace showed acceleration signals over the past week. Within the same timeframe, this entity increased its holdings by 65,341 ETH, significantly higher than its usual weekly increment of approximately 45,000 to 50,000 ETH. This shift from "steady buying" to "slightly accelerating" can hardly be termed as emotional chasing, but it indicates that the current price range remains in a reasonable zone for accelerated layout in its internal pricing model, potentially seen as a "discount area" from a mid to long-term perspective.

The whale's path is characterized by low volatility and long cycles: steadily increasing position size without significantly disturbing prices through staggered buying and controlled weekly accumulation rhythm. In contrast, Brother Ma Ji's high-leverage short-term game compresses time dimensions significantly, exhibiting great sensitivity to price fluctuations and being almost at the opposite end of the risk-return spectrum. One focuses on the market value and ecological development of ETH in the coming years or even longer periods, while the other bets on the K-line formations of upcoming hours and days, with virtually no overlap between the two sets of game rules.

Bitcoin Massive Unrealized Loss Account: 4.258 Billion Dollars in Pressure and Endurance

Beyond Ethereum, the Bitcoin market also holds substantial long-term chips. According to Source A data, a certain Strategy currently holds approximately 762,099 BTC, with an average acquisition cost of approximately 75,694 dollars. Comparing this cost level with the current price range, the account reflects a paper loss of about 4.258 billion US dollars, a number substantial enough to influence market sentiment.

However, unlike high-leverage players who face liquidation lines, this Strategy has not been forced out of the market. From the perspective of fund structure and trading methods, it resembles a large-scale spot or low-leverage position: Even while absorbing tens of billions of dollars in unrealized losses during trend pullbacks, as long as the overall liability structure is healthy and does not trigger forced liquidation conditions, it can choose to "heavily invest but avoid liquidation", exchanging time for price recovery. This endurance capability stems from its prior design regarding position sizes, funding sources, and risk boundaries rather than impulsive emotional-driven increases or decreases.

Compared to Brother Ma Ji's frequent adjustments under high leverage, these leading funds prefer to seek layout and reduction rhythms within the broader trend rather than battling on each 4-hour candlestick. Even if unrealized losses reach a billion-dollar level, as long as it does not breach its internally set risk threshold, it can choose to "continue holding" instead of being passively liquidated by the market in the bottom regions. This illustrates two entirely different market destinies shaped by "fund scale" and "risk management methods": one side represents retail investors who could be swept out in a single day while the other encompasses whales who can smoothen volatility over many years.

On One Side is FOMO Short-term Charge, on the Other is Treasury-style Slow Accumulation

When we place Brother Ma Ji's 25 to 40 times leveraged positions alongside BitMine's 4.661 million ETH and the Strategy holding of over 760,000 BTC, we can clearly observe a market-wide differentiation in risk preferences: one side consists of retail investors and small funds chasing each price peak with high leverage, while the other is comprised of institutions and treasury-like whales focusing on phased accumulation and long-term holding. In these two sets of game rules, the measurement standards of "victory or defeat" are inherently different; the former looks at short-term return curves, while the latter focuses on long-term compounding and asset allocation weights.

At the derivatives market level, the coexistence of high-leverage retail traders and long-term spot whales intertwines price fluctuations, liquidity, and cascading liquidation reactions. Once extreme short-term price movements occur within the range of gradual accumulation by whales, leveraged funds will initially be forced out due to insufficient margins, amplifying immediate selling pressure, and creating better mid to long-term accumulation zones. In other words, retail liquidation often coincides with whales accumulating at lower levels, where passive selling in derivatives provides sources of chips and price discounts for active buying in the spot market.

In the current narrative structure, the extreme profit and loss stories of high-leverage retail traders are likely to continue repeating: some lose their entire capital due to opposing fluctuations, while others rapidly become wealthy during aligned upward movements, only to return losses in the next price fluctuations. Those truly likely to traverse the cycles are often not the accounts with the most thrilling profit and loss curves, but those that can continuously control positions and extend time dimensions—whether it is accumulated ETH steadily over years like BitMine or remaining in the market without being forced out while enduring tens of billions in floating losses like large Strategies. For ordinary participants, learning to find their place between these two extremes may be a more correct path to “survival” than chasing every high-leverage legend.

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