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可汗医生
🔥 MAJI SLASHES EXPOSURE — BTC CUT HARD TO DEFEND THE ETH POSITION
Maji appears to have made a major risk adjustment this round. Total perpetual exposure has fallen from roughly $158M to $142M, while the BTC position was reduced aggressively as pressure shifted toward ETH.
📉 BTC: 456 → 225 coins
That means around 231 BTC were removed from the position, worth approximately $19M–$20M around the $84K–$85K area. The message is clear: BTC exposure was cut rather than allowing leverage to keep bleeding.
🔴 BTC — ~$19M | 225 BTC | 40X
Entry: around $84,550
Current: around $84,200
Unrealized PnL: roughly -$50K
Liquidation: near $67K
The liquidation level still looks distant, but cutting nearly half the BTC position suggests risk control has taken priority over maintaining maximum exposure.
🔴 ETH — ~$99M | ~38,000 ETH | 25X
Entry: around $2,680
Current: near $2,600
Unrealized loss: approximately -$2.4M
Funding costs: around -$1.3M
Combined pressure: roughly -$3.7M
Liquidation: around $2,515
ETH remains the heavyweight position, and its much tighter liquidation zone makes this the critical part of the structure.
🟡 HYPE + PUMP
These smaller positions appear to function as higher-beta offsets while BTC exposure is being reduced and ETH remains heavily leveraged.
⚠️ Market backdrop: BTC is struggling to regain the $85K–$87K zone, while ETH remains vulnerable around $2.6K–$2.7K. With leverage elevated and recent liquidations still influencing sentiment, another rejection could force additional position reductions.
The important signal isn't simply the size of the portfolio — it's the direction of the position changes. BTC exposure is being aggressively trimmed while ETH remains the dominant risk.
