Major Trader Majid Completes Square on Massive $22.8M ETH Position Amid Market Correction

As the broader crypto market continues to face downward pressure, a significant trading account dubbed Majid (0x020c…5872) has become the latest casualty of market volatility. According to on-chain tracking data via Hyperbot and reports from Odaily, this major trader experienced a complete wipeout of an existing long position, marking another chapter in the brutal week for leveraged positions across the Ethereum network.

From Full Liquidation to Ultra-High-Leverage Reopening

The sequence of events underscores the high-risk behavior that often follows significant losses. Following the initial liquidation, Majid immediately reopened a long position with 600 ETH—valued at roughly $1.762 million at entry—at an average opening price of $2,941.68. What’s particularly notable is the extreme leverage deployed: 22.84 times. This decision to quickly re-establish exposure with such aggressive leverage is completing square on a trading thesis that has already proven costly.

Margin Depletion and Compounding Losses

Currently, Majid’s account shows zero available margin buffer, meaning any further adverse price movement could trigger another liquidation. The liquidation threshold sits at $2,865.54 per ETH—perilously close to current market conditions where ETH has fallen to around $2.70K. Over just the past week alone, this account has suffered $4.3 million in losses. More alarming is the cumulative damage: total losses now stand at $22.83 million, illustrating the compounding danger of consistent overleveraging.

What This Signals About Market Risk

Such extreme trading mechanics serve as a cautionary reminder that completing square—fully closing out and reopening positions—often becomes a desperate attempt to recover from prior losses rather than a calculated strategy. When traders operate at 22.84x leverage, even modest price swings become liquidation events. The $22.83 million cumulative loss across this account suggests a pattern of aggressive positions meeting an unforgiving market. For observers, Majid’s situation exemplifies why risk management must precede ambition in leveraged trading.