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HyperInsight data show high-profile trader Huang Licheng has sharply increased his Bitcoin long exposure, bringing his total BTC long position to about $14.5 million with more than 40x leverage. The position was opened around $76,357 and faces liquidation near $72,904.5. Huang is also running a 25x leveraged Ethereum long worth roughly $23.3 million, with an average entry price of $2,311.63 and a liquidation level at $2,202.7. Together, the trades create tens of millions of dollars in notional exposure at risk if BTC and ETH decline by only mid-single-digit percentages from current levels.
According to monitoring shared by on-chain and derivatives tracker HyperInsight, Huang’s activity on the Hyperliquid platform in recent weeks has included repeated use of 40x leverage on BTC longs. HyperInsight also flags the latest BTC and ETH leverage levels, indicating that the trader has expanded positions while maintaining liquidation thresholds close to entry prices.
HyperInsight indicates Huang’s Bitcoin long has an average opening price near $76,357, with a liquidation price at approximately $72,904.5. Based on those levels, a drawdown of roughly 4.5%–5% from entry would be sufficient to wipe out his margin and trigger forced closure of the BTC position.
HyperInsight and related feeds also reported earlier attempts where unrealized drawdowns exceeded 60% during volatility spikes, underscoring the sensitivity of high-leverage exposure to short-term price moves.
Alongside the BTC position, Huang is running a 25x leveraged Ethereum long now worth about $23.3 million. HyperInsight’s snapshot places the ETH long’s average entry price at $2,311.63, with liquidation near $2,202.7. That implies a buffer of about 4.7% before forced closure if price moves against the position.
Previous reports referenced in the article (including PANews and Phemex) described Huang ramping ETH exposure over March and April, at times holding thousands of ETH in 25x longs with liquidation bands only a few points below spot.
More recently, Phemex highlighted that Huang placed sizable profit-taking orders between $2,365 and $2,425 while running what it described as the largest ETH long on Hyperliquid, valued around $32.8 million at 25x leverage.
The article notes that concentrated positioning at high leverage can matter for other traders in two ways: it can become a source of forced flow if BTC or ETH reach liquidation levels, and it can also act as a sentiment signal based on the trader’s prior activity.
For risk-managed participants, the takeaway is that when prominent accounts run 25x–40x leverage with liquidation bands only a few percent away, even routine price swings can cascade into outsized liquidations. This can temporarily amplify volatility on venues such as Hyperliquid and potentially beyond.
In mid-April, Phemex estimated Huang’s combined BTC and HYPE positions alone at over $56.5 million in notional value, with additional tens of millions of dollars tied up in ETH longs.
A later breakdown from PANews pegged his outstanding longs at roughly $79.16 million, including about 555 BTC (around $42.76 million) and 15,600 ETH (about $35.85 million), plus a smaller HYPE allocation—illustrating the scale of leverage deployed across major and smaller assets.
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