Author: Nancy, PANews

“Brother Maji” Huang Licheng is in the news again. However, this time, the reason for trending is not the familiar story of liquidation, but a dramatic turnaround of a hundred times.

In just a few days, he has turned an account that was once down to less than $60,000 back into the millions. For someone who has experienced nearly 500 forced liquidations and cumulative losses of tens of millions of dollars, such a turnaround is indeed unexpected.

Nevertheless, while account balances can be rewritten, trading styles are not so easy to change. After the turnaround, Huang Licheng is still the familiar high-leverage player, and how long this resurgence can last has become uncertain.

Assets surged more than a hundred times in a few days, single account still bearing tens of millions in losses

Seizing the unilateral rise in the crypto market last week, Huang Licheng finally welcomed a long-awaited “turnaround moment.”

HypurrScan on-chain data shows that on August 18, Huang Licheng's account was once down to less than $60,000 due to liquidation. As the market forcefully reversed, his account assets skyrocketed to $12.1 million, achieving a net profit in the millions. Currently, the account still maintains a profit of about $10.5 million, with a return rate of about 175 times.

This strong rebound allowed Huang Licheng to change the “liquidation script” into a “comeback story.” Although the phased turnaround of the account has not completely erased prior losses, it has significantly narrowed them. From a recent high of about $36.64 million, it has rebounded to approximately $26.12 million, with Huang Licheng's loss reducing by over $10 million in a short time.

And this recovery of the account relies once again on Huang Licheng's most familiar style of rolling long positions. This high-leverage compounding strategy involves not withdrawing or locking in floating profits after opening a position, but directly using those floating profits as new margin to continue expanding long positions. Every time the price rises a notch, the position increases by another notch, creating a compounding effect of “profits rolling into profits, with positions growing larger.” When the trend is correct, this strategy can geometrically amplify returns; however, once the market turns, the previously accumulated profits can also shrink at the same astonishing speed, even leading to liquidation of the principal.

From Huang Licheng's current positions, it is clear that he is not yet ready to ease off on the high-leverage accelerator.

HypurrScan data shows that his four positions have a total nominal value exceeding $108 million, with ETH and BTC accounting for over 90% of the major positions. The nominal value of ETH long positions is about $56.04 million, using 25 times leverage; BTC longs are around $44.86 million, with leverage reaching 40 times. In addition, he has allocated HYPE and PUMP as supplementary positions.

Currently, the four positions have a combined floating profit of about $1.874 million. Of this, ETH contributed $1.319 million, being the main source of profit for the whole account. However, this position also bears high holding costs, with about $237,000 in funding fees incurred, equivalent to about 18% of the floating profit; on the BTC side, the 40 times leverage has brought over $550,000 in floating profit, but the current price is only about 1.17% away from the break-even point, which is a tight margin.

Overall, about $10.5 million in account assets supports over $108 million in nominal positions, with a total leverage of about 10.3 times. This means that once the market shows a significant pullback, the combination of high leverage and full position mode could not only lead to substantial drawdowns but might also trigger a chain liquidation.

Nearly 500 liquidations, massive loss of 80 million, Huang Licheng bets harder and harder

In fact, the reason Huang Licheng's turnaround has garnered attention is largely due to the fact that he has experienced too many failures.

In just over a year, this veteran crypto trader has faced nearly 500 forced liquidations, and his account has repeatedly retreated from a ten million dollar profit during severe market fluctuations, with cumulative losses once reaching around $80 million, often nearing zero. At the most extreme times, he set a record of being liquidated 10 times in 8 hours.

As a staunch Ethereum bull, Huang Licheng has long focused his firepower on ETH longs, rarely changing his long strategy even after multiple liquidations. He has joked publicly that he now even cuts his own hair to save money, which he uses to continue buying more ETH.

As a major bull of Ethereum, Huang Licheng has kept most of his focus on ETH long positions, continuously going long yet repeatedly facing liquidation, and in the past 10 months, losses related to ETH reached around $35 million. He has humorously mentioned that he now even handles his own haircuts to directly invest the savings into ETH.

In June of this year, after one ETH position faced liquidation, Huang Licheng unusually did not immediately add margin to his account. This unusual action quickly drew market attention, with many speculating whether this long-standing high-leverage gamble would finally come to an end.

However, not long after, Huang Licheng added funds again and reopened long positions. To maintain his positions, this “Monkey Godfather” even went as far as selling dozens of BAYC NFTs to supplement his margin, cheekily referred to as “selling monkeys to survive.”

Such a record has cemented Huang Licheng's label as “chain on counter-direction.” After all, it is indeed rare to find a trader who can experience hundreds of forced liquidations in just over a year and continuously return to the trading table. The community once joked that if his trading direction were reversed, it might actually yield good returns.

Huang Licheng himself seems largely unfazed by the external jokes. Previously, he made headlines for facing consecutive liquidations in a short period, and the on-chain monitoring account Lookonchain was subsequently reported by the media. To this, Huang Licheng even directly posted screenshots of the news, jokingly saying, “Congratulations, you made it to the Taiwanese television news.”

Even more exaggerated, for a long time, Huang Licheng has almost only recharged his account, rarely withdrawing funds, while the money transferred into the account ultimately often incurs losses in trading. He has also revealed Hyperliquid's transaction fees bill of up to $2 million, highlighting his high trading frequency.

This high-frequency, high-leverage trading style has also become a distinctive feature of Huang Licheng's trading approach. He doesn't easily cut losses, would rather be liquidated by the system than take active losses; once losses emerge, he continues to add funds, supplement margins, or even increase positions. Huang Licheng has stated in interviews that his investment method actually falls somewhere between investing and gambling, and he has expressed on social media, “I never lose, I either win or I get liquidated.”

This “infinite bullet charging” high-leverage game naturally also triggers a lot of speculation in the market. Some suspect that his source of funds is almost infinite, and others worry that he will eventually hit true zero.

Now, this unexpected turnaround at least proves one thing: in extreme unilateral markets, high-leverage rolling positions can indeed produce astonishing wealth amplification effects. However, this strategy can also quickly reverse the hard-earned profits if the market turns. Therefore, for Huang Licheng, the real test may no longer be how to pull the account from the bottom back to its peak, but how to maintain this hard-won phased victory.

After all, in the high-leverage game, making money is only the first half; holding onto the profits is the second half.

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