Brother Huang Licheng: NFT Whales Shift Focus to Hyperliquid Gambling Platform
In the wake of significant investments in established NFT projects like Bored Ape Yacht Club (BAYC) and Azuki, Taiwanese musician Huang Licheng, often referred to as “Big Brother Machi,” has redirected his attention to the decentralized trading platform Hyperliquid since May 2025. His trading activities have generated considerable attention, with trading data highlighting an impressive yet volatile investment journey. Remarkably, Huang boasts a win rate of 92.11%, achieving profitability in 70 out of 76 trades, with only six losses. However, his account saw a dramatic rise to $35 million in unrealized profits in early August 2025, only to plummet to below $3 million shortly thereafter due to market corrections, effectively erasing most of his earlier gains. This fluctuation exemplifies the inherent risks associated with high-leverage trading strategies, where substantial gains can quickly dissipate.
The Journey of Maji’s Hyperliquid Contracts
On May 16, monitoring by Lookonchain indicated that Huang Licheng deposited $6.04 million in USDC into his Hyperliquid account. Within the first week, he executed seven trades, predominantly taking long positions in ETH and HYPE, which collectively netted him a profit of $669,600. He subsequently increased his investment to $6.7 million, acquiring 218,866 HYPE tokens at an average price of $30.63, followed by staking those tokens. By the end of that week, his total holdings soared to $8.2 million, yielding over $2.1 million in profits. As May concluded, he continued to build his portfolio, establishing long positions in ETH around $2,654, while simultaneously expanding his HYPE investments. The month of July saw a market rally, which boosted his unrealized profits to an impressive $22.45 million. However, a market downturn in early August significantly eroded these gains, leading to losses on his long positions in ETH, HYPE, and PUMP. Despite this, following a rebound in ETH prices, Huang closed all his long positions on August 13, realizing total profits exceeding $33.8 million. Nevertheless, he did not cease his trading activities. On August 15, he escalated his leverage, employing a 25x leverage on ETH and a 40x leverage on BTC. By August 20, the persistent market decline resulted in a floating loss of approximately $13.68 million, with ETH’s liquidation price set around $3,115.
Analyzing Huang Licheng’s Trading Performance
ETH emerged as the cornerstone of Huang’s profitability, as 22 trades involving the asset generated over $7.5 million in gains, highlighted by a single long position that yielded nearly $16 million in profits. Bitcoin also contributed positively, with total profits nearing $940,000. In contrast, HYPE’s performance was relatively modest, bringing in only around $200,000. PUMP, however, proved detrimental, as cumulative losses exceeded $5.6 million across 14 trades, almost negating the profits gained from ETH trading. Huang’s trading behavior indicates he is not merely a short-term investor; his average holding period spans nearly 55 hours, with some positions maintained for over 20 days. For instance, a long position in HYPE held for over 600 hours ultimately generated a profit of $820,000. This trading approach demonstrates his capacity for both quick trades and long-term investments, but it also carries significant risks. A shift in market dynamics could lead to substantial losses, as evidenced by his struggles with PUMP. Overall, Huang Licheng’s performance on Hyperliquid showcases both impressive achievements and inherent vulnerabilities within the trading landscape.
From Big Brother Machi to NFT Investor Extraordinaire
Once a prominent figure in the Chinese entertainment industry, Huang Licheng, known as “Big Brother Machi,” has increasingly concentrated his efforts on the cryptocurrency market in recent years. He made his mark in the NFT space as early as 2021, quickly establishing himself as a notable whale investor. His acquisition of BAYC NFTs, which he held for an extended period, drew significant attention, and he even gifted NFTs to celebrity acquaintances like JJ Lin and Xu Jinglei, raising the profile of digital collectibles. Between 2022 and 2023, Huang actively traded blue-chip NFTs such as Azuki, causing notable market fluctuations. In July 2024, his aggressive tactics saw him acquire 23 BAYC NFTs in a brief period, bringing his collection to over 60. Many speculated that he aimed to connect BAYC NFTs with tokens via the ERC-404 protocol “APE Fi,” seeking to capitalize on arbitrage or enhance liquidity. However, enthusiasm for the project waned quickly, leaving him with illiquid assets. Such high-stakes strategies are not unfamiliar to Huang; for example, in March 2024, he launched the Solana MEME project Bobaoppah, which raised 200,000 SOL tokens, valued at $38 million. Yet, after months, the token’s value nearly halved, resulting in significant losses for investors. Huang is also known for making bold bets on emerging tokens, including a $15.35 million investment in FRIEND, which ultimately saw a staggering drop of over 90%. His ventures into BLAST and BLUR also resulted in substantial losses. Within a few months, his total losses across various projects approached $20 million, illustrating the unpredictable nature of the crypto market. Despite previous declarations of leaving the NFT space, Huang has repeatedly reentered during market dips. By 2025, as Hyperliquid surged in popularity, his focus shifted toward more leveraged and volatile derivatives trading.
The Reality of High-Leverage Trading
In the realm of highly leveraged trading, even those with significant capital often struggle to achieve consistent positive returns over time. Data from on-chain monitoring account @ai_9684 xtpa reveals that as of August 19, only three out of the top 20 accounts on Hyperliquid were in a state of floating profit, with a staggering 85% experiencing floating losses. When the analysis is expanded to the top 100 accounts, only 34 showed profitability, indicating that the majority are either facing losses or liquidation. This trend is not unique to Huang Licheng; analyst Yu Jin reported that as of August 15, the positions of three prominent leveraged traders on Hyperliquid had been wiped out, leading to cumulative losses exceeding $140 million. Notable losses included James Wynn Real, who saw his peak profit of $87 million vanish alongside a $1.23 billion Bitcoin position, and “Insider Whale” qwatio, who transitioned from $3 million to $26 million before losing everything. AguilaTrades exemplified the risks of high-leverage trading, continuing to open positions despite facing multiple liquidations, resulting in cumulative losses surpassing $37.5 million. This pattern is characteristic of Hyperliquid and the broader leveraged derivatives market, where profits and losses coexist, and risk and reward are intrinsically linked. In this environment, the majority of traders find themselves facing losses, while winners remain a minority. Meanwhile, Hyperliquid continues to thrive, with Matthew Sigel, head of digital asset research at VanEck, projecting that the platform’s revenue will constitute 35% of the blockchain industry by July 2025. This indicates that while many traders may struggle, Hyperliquid stands to gain significantly. The parallels to a casino are clear: some players may strike it rich overnight, while others may lose everything, yet the house always profits. For Hyperliquid, the fluctuations experienced by traders like Huang Licheng, James Wynn Real, or qwatio are mere components of capital flow; the platform itself is assured of profitability amidst the chaos.
