A prominent whale in the crypto sector has notably boosted their long holdings in
Bitcoin
(BTC) and HYPE, the native token of the Hyperliquid exchange, with the combined value of these positions now surpassing $21.24 million.
On-chain data from Hyperinsight reveals
, trader Huang Licheng—also known as "Brother Ma" or "Machi Big Brother"—recently went long on 4 BTC using 40x leverage and 1,000 HYPE at 10x leverage. This has pushed his total long exposure above $21 million, resulting in an unrealized gain of $207,500. This aggressive leveraging is consistent with his previous strategies, where he opened positions in
Ethereum
(ETH) and HYPE at 25x and 10x leverage, respectively,
according to Meme Insider
.
Bitcoin’s market conditions have recently been turbulent, with its price
dropping from a high of $126,000
in early October 2025 to the mid-$80,000s by late November—a decline of about 30%. Experts attribute this downturn to macroeconomic instability, regulatory changes, and the forced closure of leveraged positions after a shift toward risk aversion. Despite this correction, institutional interest in Bitcoin remains strong. For example, Harvard University has
raised its investment in U.S. spot Bitcoin ETFs
to $443 million, and the U.S. Strategic Bitcoin Reserve reportedly holds around 198,000 BTC. These trends highlight Bitcoin’s increasing role as a long-term treasury asset, even as short-term price swings persist.
Huang’s trading activity reflects a broader trend of strategic accumulation in the market. He has been actively managing his positions on Hyperliquid, a decentralized platform known for leveraged trades,
depositing more than $500,000 in USDC
to support his strategies. His holdings include 4,550
ETH
and 96,000 HYPE, with average entry points that indicate a favorable position as prices recover. Nonetheless, the dangers of high leverage are clear:
a 10x short bet on HYPE
by another major player—worth $2.9 million—could result in a short squeeze if HYPE’s price climbs.
Forecasts for Bitcoin’s price remain mixed. Some market watchers, such as Max Keiser, believe the recent decline signals the end of a distribution phase and the onset of accumulation, while
others warn that a rebound
to the $120,000–$126,000 range could take several months. Institutional participation and macroeconomic developments, like potential Federal Reserve rate cuts, are seen as key influences. For instance, Standard Chartered and Bitwise Asset Management continue to predict a year-end 2025 target of $200,000, whereas more cautious projections fall between $80,000 and $100,000
according to technology analysts
.
These dynamics illustrate the dual character of the Bitcoin market: a long-term bullish outlook underpinned by scarcity and institutional adoption, contrasted with short-term instability driven by leveraged trading and macroeconomic uncertainties. As large traders like Huang Licheng maintain substantial leveraged positions, their moves could intensify market volatility, especially in tokens like HYPE that are prone to sharp, meme-driven price swings.
