On-chain data has detected some interesting trading movements. Well-known trader Huang Licheng recently adjusted his position structure, partially reducing his holdings in the ETH market, but still maintaining a quite aggressive stance—holding 9,320 ETH long positions with 25x leverage, with an average entry price around $3,220. This wave of ETH price fluctuations has brought his account unrealized gains to $1.39 million.

At the same time, he is also positioning in another direction. Data shows he used 10x leverage to go long on 325,000 HYPE tokens, with an average entry price of $25.6. However, this trade is currently at a loss, with an unrealized loss of about $95,000. Both trades employ quite aggressive high-leverage configurations, indicating that this trader's participation style in the derivatives market is indeed very fierce.

From the market landscape, such operations are quite representative. Since the beginning of this year, ETH has been the core collateral asset in the DeFi ecosystem, and its leveraged trading activity has remained high. ETH-related leverage operations in on-chain lending protocols constitute a large proportion, with many people using staking and lending cycles to amplify their investment positions. Tokens like HYPE, backed by the Web3 social ecosystem, have both scenario applications and value circulation support. However, as small- and mid-cap tokens, their liquidity and price volatility are relatively more intense, and a 10x leverage combination significantly increases risk exposure. This dual-standard, multi-leverage layout mode amplifies both risk and reward simultaneously.