Maji’s ETH Long Position Liquidated Again With $30.7M in Losses

Crypto whale Maji, also known as Machi Big Brother or Jeffrey Huang, has suffered yet another forced liquidation of his leveraged Ethereum long position on Hyperliquid, pushing cumulative losses from this trading series past $30.7 million. The Taiwanese-American entrepreneur immediately reopened a 25x leveraged ETH long after the wipeout, continuing a pattern that has now produced over 145 liquidations on the platform since October 2025.

Maji’s ETH Long Wiped Out Again: $30.7 Million Gone

On-chain monitoring service Onchain Lens flagged the liquidation on March 26, 2026 (UTC+8 17:37:35), confirming that Maji’s entire ETH long position had been forcibly closed on Hyperliquid. The position used 25x leverage, meaning a roughly 4% adverse move in ETH price was sufficient to trigger a margin call and full liquidation.

ETH was trading at approximately $2,077.63 at the time of research, down 4.95% over the prior 24 hours. That decline, part of a broader crypto sell-off, was enough to push Maji’s highly leveraged position below its liquidation threshold.

After the forced closure, Maji’s account balance dropped to near zero, with recent reports citing remaining balances between $32,000 and $76,000. Despite the total wipeout, he immediately reopened a new 25x leveraged ETH long, repeating the exact same strategy that produced the loss.

The liquidation occurred on Hyperliquid, a decentralized perpetual futures exchange where all positions and liquidations are recorded on-chain. This transparency is what allows monitoring services to track Maji’s trading activity in real time, a dynamic reminiscent of how on-chain data exposed the repeated liquidations of trader James Wynn, who was wiped out three times in a single week using 40x leverage on Bitcoin shorts.

Over 145 Liquidations Since October 2025

The March 26 event is far from an isolated incident. Maji has been liquidated more than 145 times on Hyperliquid since October 2025, establishing what crypto communities now call a pattern of “conviction trading” taken to an extreme.

The escalating loss figures tell the story. On March 22, TechFlow reported cumulative losses of $30.22 million. By March 23, WEEX data showed $30.35 million. The March 26 figure of $30.7 million reflects additional liquidation events in the intervening days, each one adding to the running total.

But the Hyperliquid losses are only part of the picture. Across all platforms and positions over the past six months, Maji’s total trading losses have reached approximately $74 to $75 million, according to multiple reporting outlets. The $30.7 million figure represents only the cumulative damage from his most recent series of ETH longs on a single platform.

Each cycle follows the same script: open a 25x leveraged ETH long, get liquidated when price moves against the position, see account balance drop to near zero, then immediately deposit fresh capital and reopen the identical trade. The behavior has earned Maji the community nickname “King of Crypto Liquidations.”

Blockchain analysis outlet Blockchainreporter.net drew a direct comparison to another Hyperliquid high-roller:

“Machi’s story draws inevitable parallels to James Wynn, another Hyperliquid high-roller who became crypto’s poster child for leverage destruction. Both traders embodied the same high-risk ethos: massive conviction, relentless doubling down, and zero regard for risk management.”

ETH’s 5% Drop Triggered the Margin Call

The liquidation did not happen in a vacuum. Ethereum dropped nearly 5% in the 24 hours preceding the event, falling to the $2,077 range from levels above $2,180. For a position running 25x leverage, even a 4% decline is catastrophic, as it translates to a 100% loss of margin.

The broader crypto market was under significant stress at the time. The Fear and Greed Index sat at 10 out of 100, a reading of “Extreme Fear” that reflects deep pessimism across crypto markets. This is the kind of environment where leveraged long positions face the highest liquidation risk, as cascading sell pressure can accelerate price declines.

ETH remains well below its all-time high of $4,946.05 reached in September 2024. At current levels near $2,077, the asset has lost roughly 58% from that peak, creating a hostile environment for leveraged longs that require sustained upward momentum to survive.

A previous partial liquidation on March 8 reportedly triggered at $1,926, according to data from Hypersight. The exact liquidation price for the March 26 event has not been disclosed in available sources, though the 25x leverage structure means the margin of safety between entry and liquidation is extremely thin.

What a $30.7 Million Whale Liquidation Signals for ETH

Large individual liquidations like Maji’s can contribute to downward price pressure when they occur. A forced closure of a leveraged long means the exchange sells the underlying ETH position into the market, adding to sell-side volume at the worst possible time.

However, the more significant signal may be what Maji’s pattern reveals about leverage levels across the Ethereum market. When individual traders are running 25x positions and getting repeatedly liquidated, it suggests that pockets of extreme leverage remain embedded in the market, even after months of price declines.

The Extreme Fear reading of 10 on the Fear and Greed Index indicates that sentiment has already deteriorated sharply. In this context, Maji’s liquidation is both a symptom and a contributor: the price decline caused the liquidation, and the liquidation’s forced selling adds marginal pressure to the decline.

Hyperliquid’s on-chain transparency makes these events visible in real time, which is itself a market factor. When the crypto community watches a known whale get liquidated for $30.7 million, it reinforces bearish sentiment and can discourage other leveraged longs from holding positions. The platform’s open architecture, which emerging analytics tools increasingly track, turns individual liquidations into public market signals.

Key Levels as ETH Tests Support Near $2,000

With ETH trading at approximately $2,077 at press time, the asset sits uncomfortably close to the psychologically significant $2,000 level. A break below that threshold could trigger another wave of leveraged long liquidations, as many positions use round numbers as approximate support zones for position sizing.

The March 8 liquidation price of $1,926 offers one data point for where significant forced selling has already occurred. If ETH revisits that level, additional liquidation clusters may be waiting, particularly from traders who, like Maji, reopened positions after previous wipeouts.

ETH 24-hour trading volume stood at approximately $16.4 billion, with a market capitalization of $250.7 billion. The elevated volume relative to the price decline suggests active selling pressure rather than a low-liquidity drift lower.

For leveraged traders, the math remains unforgiving. At 25x leverage, a 4% move wipes out the entire position. With ETH already down nearly 5% in 24 hours and fear at extreme levels, the risk environment for leveraged longs has rarely been more hostile. Maji’s repeated liquidations, now totaling over $30.7 million in this series and roughly $75 million over six months, stand as the most expensive ongoing demonstration of that reality in crypto markets today.

Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.