Hyperliquid (HYPE) Trader Huang Licheng's Account Hits $12.1M Peak

Huang Licheng's Hyperliquid Account Swings to $12.1M Peak

Hyperliquid (HYPE) trader Huang Licheng has seen his account swing from a post-liquidation balance of under US$60,000 to a peak of US$12.1 million within three days, yet the same account still carries US$26.12 million in cumulative losses, on-chain data from HypurrScan shows. The account's current floating profit is near US$10.5 million, a roughly 175-fold gain from the pre-liquidation baseline. Huang, a Taiwanese crypto personality known for aggressive bets, maintains high-leverage long positions concentrated in Bitcoin and Ethereum across the Hyperliquid derivatives appchain. Across four open positions, the combined notional value exceeds US$108 million, with ETH and BTC representing more than 90 percent of the exposure. The ETH long sits at approximately US$56.04 million with 25x leverage, while the BTC long is about US$44.86 million at 40x, giving the account an overall leverage of roughly 10.3x. Unrealized profits on the four positions total about US$1.87 million, with the ETH leg contributing US$1.32 million and generating roughly US$237,000 in funding fees. The strategy resembles a rolling long: Huang reinvests unrealized gains as additional margin to expand positions rather than taking profits, which compounds returns but magnifies downside risk if the market turns. On-chain history shows Huang has endured about 500 forced liquidations over the past year, with cumulative losses once peaking near US$80 million. The current rally is particularly striking because it follows a liquidation event on August 18, when the account dropped below US$60,000. He has previously sold Bored Ape Yacht Club NFTs at a loss to defend ETH longs, and has posted on social media: “I never lose, I either win or I get liquidated.”

Data from Hyperdash shows Huang established the current US$12.72 million long book using only about US$150,000 in starting capital over three days, with a single trade's book profit reaching US$12.5 million — a roughly 84-fold expansion of principal. The four open longs span ETH, BTC, and the altcoin tokens HYPE and PUMP, with about US$9.44 million in account equity supporting more than US$123 million in notional exposure, implying leverage near 13.1x. As of Aug. 24 at 18:00 UTC, the positions had combined unrealized gains of approximately US$1.435 million, but the distribution is uneven: ETH is the only clearly profitable leg at roughly US$2.36 million above cost (about 2.9 percent), while the other three books show a combined US$920,000 loss. The critical risk factor is the liquidation price on the ETH long, estimated at approximately US$2,229 — just 10 percent below the prevailing market price of US$2,463. Because the ETH position accounts for roughly 59 percent of the total long book, a move of only about US$234 in ETH could trigger a forced liquidation of that core position. This reliance on rolling gains rather than hedging leaves the account acutely exposed to sharp reversals. Huang's trading history illustrates the cost of this approach: over the past ten months he accumulated around US$35 million in losses on ETH longs, and even after this successful run, cumulative losses remain near US$24 million. In November 2025 alone, he was liquidated 71 times in a single month, according to on-chain monitoring. His preferred leverage range of 25x to 40x amplifies both gains and losses, and past drawdowns have swung the account from over US$15 million in profit to more than US$11 million in loss within days.

HYPE Technicals Signal Overbought Zone

COINOTAG's proprietary 42-indicator composite scoring engine rates HYPE's US$79.32 support at 56/100, reinforced by confluence from ATR Lower, Fibonacci 0.114 and Pivot Point levels, while the US$94.05 resistance scores 49/100 on the Fibonacci 1.272 extension. The spot price of US$82.56 is up 6.16% in 24 hours, with RSI at 76.39 signaling overbought conditions and MACD remaining bullish in an established uptrend. HYPE's price remains well below its all-time high, leaving room for the trend to extend. Derivatives data shows a funding rate of 0.0031% and open interest of US$2.4 billion, while the Fear & Greed Index reads 74 (Greed). The bullish thesis holds while price stays above US$79.32; a decisive break below that level would invalidate it, potentially pulling HYPE into a bear-market pullback toward US$75.94 or US$68.44.