Brother Maji lost a lot and didn't sleep all night? Ethereum dropped below $2000, panic set in. Just opened a long position on ETH, HYPE $120,000 all cut and lost everything.

Cryptocurrency Market Experiences Sharp Drop This Afternoon

Ethereum (ETH) fell below the $2,000 psychological level at around 3 PM Taiwan time today. Amid the broader market decline, Taiwanese artist Huang Licheng, known for high-leverage trading on the decentralized derivatives platform Hyperliquid and nicknamed “Maji Gege,” once again drew market attention due to his on-chain trading activity.

Cutting Losses: Selling 1,550 ETH, Nearly $100K Loss

According to real-time monitoring by on-chain analysis platform Hyperbot, as the market accelerated downward over the past hour, Huang Licheng sold off 1,550 ETH long positions around 3 PM, realizing a loss of approximately $98,767.

Notably, Huang Licheng had just closed out 1,650 ETH long positions yesterday, reducing his holdings to a low of only 3,000 ETH. However, he then added to his positions late at night around 2-3 AM during a dip, pushing his holdings back up to 5,000 ETH. Now, as the market weakens again, he has chosen to reduce his positions once more.

HYPE Long Positions Also Cut, Over $22K Loss

Not only ETH, but Huang Licheng’s long positions in HYPE (Hyperliquid’s native token) also suffered. Data shows he continued opening HYPE long positions late last night around 1 AM, with his maximum holdings reaching 17,500 tokens. However, about four hours before ETH was reduced today, he decisively closed his HYPE positions, incurring a loss of $22,857.

In total, Huang Licheng’s losses today amount to approximately $121,624 (about NT$3.9 million).

No Sleep Last Night? Over 50 Trades in 12 Hours

Interestingly, since the time of writing, Huang Licheng appears to have not slept, monitoring the markets continuously from the evening of February 9 through the afternoon of February 10, with intervals of no more than two hours. He kept testing opening and closing positions, making some profits before adding to HYPE and ETH positions, but ultimately ending with accumulated losses exceeding $25.5 million.

For long-term followers of Huang Licheng’s on-chain activity, this pattern is not unfamiliar. Since 2025, he has repeatedly used 25x leverage to long ETH on Hyperliquid, experiencing over 250 liquidations and accumulating losses exceeding $25.88 million. Despite his assets once peaking above $50 million and nearly reaching zero, he continues to actively trade with a “reopen immediately after liquidation” style.

At the time of this report, ETH is trading around $1,980, down more than 8% in 24 hours. Under multiple pressures—including rising global macro uncertainty, AI bubble concerns, and the four-year cycle correction expectations—ETH has halved from its $5,000 high six months ago, and market sentiment remains cautious in the short term.