On-chain whales earn $2.4 million in 7 days: The aggressive bet behind Brother Maggi's $32 million position

According to the latest news, the well-known on-chain trader Brother Maji’s perpetual contract holdings on the Hyperliquid platform have reached a total of $32.16 million, with a total account net worth of $3.38 million. Over the past 7 days, his trading performance has been remarkable: a win rate of 83.33% and a cumulative profit of $2.42 million. What does this number mean? A trader with a total account net worth of less than $4 million earned profits equivalent to 60% of their account value in just one week.

Position Structure: ETH as the Main, HYPE as the Supplement

Brother Maji’s $32 million position is not evenly distributed but forms a clear primary-secondary structure:

From the data, ETH longs account for 81% of the total position, making it the absolute main position. The unrealized P&L of this ETH position has reached $1.04 million, nearly half of the total weekly profit from a single position. HYPE, as a supplementary position, although holding a large quantity (232,000 tokens), entered later and with limited price gains, currently contributes less to profits.

Leverage Risks and Reward Balance

Behind this position scale lies a high leverage risk. According to related reports, Brother Maji used 25x leverage to trade ETH on January 4th, meaning he used relatively small margin to control a large position. While the exact leverage of his current holdings is not specified in the latest news, based on his past behavior, such positions typically involve 10-25x leverage.

The direct consequence of high leverage is: amplified gains, but also amplified risks. Reports indicate that Brother Maji has been liquidated over 140 times this year due to high leverage. Yet he persists with this strategy, indicating that in his trading framework, the trade-off between high risk and high reward is clear.

Trading Performance: The True Meaning of an 83.33% Win Rate

An 83.33% win rate over the past 7 days sounds impressive, but requires rational interpretation. A high win rate does not necessarily mean high returns, nor does it mean low risk. In high-leverage trading, a few losing trades can wipe out a large portion of profits from winning trades. Brother Maji managed to earn $2.42 million in a week mainly because he captured a few major market moves, not simply because of a high win rate.

Looking at the position structure, the +100% return on ETH longs is the main driver of this week’s profit. This indicates he entered a position at a low point (entry average at $3,091) and profited from subsequent upward movement. This “buy low, take profit high” approach works well in a rising market, but if the market reverses, the same logic can lead to huge losses.

Market Signals and Risk Warnings

From a market perspective, on-chain whale movements are often seen as market sentiment indicators. Brother Maji’s continued accumulation of ETH and HYPE at this time suggests he is optimistic about the future trend of these assets. However, it is also important to note: some opinions in related reports suggest that “80% of the time after his position changes are announced, the market moves in the opposite direction,” warning us not to blindly follow.

More importantly, the existence of such high-leverage positions inherently entails higher market volatility risk. If liquidation prices are triggered (ETH liquidation at $2,894, HYPE at $14.492), large-scale stop-loss sell orders could exacerbate market fluctuations.

Summary

Brother Maji’s $32 million position and $2.42 million weekly profit indeed demonstrate the profit potential of high-leverage trading in favorable market conditions. But the real value of this case lies in reminding us: the success of on-chain whales is often built on years of market experience, risk tolerance, and strict capital management. For ordinary traders, blindly copying such strategies carries risks far exceeding the potential gains. The key is to understand market logic rather than simply following positions blindly.