杠杆保证金耗尽，「麻吉大哥」黄立成开始亏本卖猴了

Foresight NewsPublicado em 2026-06-29Última atualização em 2026-06-29

Resumo

台湾加密巨鲸黄立成（麻吉大哥）因在Hyperliquid上进行高杠杆ETH多单交易亏损严重，被迫在过去一个月内低价抛售34枚BAYC（无聊猿）NFT，换取约51.4万美元的ETH以补充保证金，实际亏损约63.1万美元。其中一只猿猴亏损达90%。 黄立成自2025年9月开始以25至40倍杠杆做多ETH，初期浮盈曾超4500万美元，但随后ETH价格暴跌，其累计亏损已超3385万美元，总交易损益亏损超过8000万美元。他因此遭遇超过335次清算，被称为“爆仓之王”。 当常规资金耗尽后，黄立成开始变卖其曾价值数千万美元的NFT收藏来维持保证金。他曾是BAYC在亚洲市场推广的关键人物，持有大量NFT，但如今这些资产已成为其合约交易的“输液管”。他的经历反映了NFT市场从狂热到冷却的周期，以及高杠杆交易的风险。


撰文:ChandlerZ, Foresight News


6 月 27 日，Lookonchain 监测称，台湾加密巨鲸黄立成(Machi Big Brother，麻吉大哥)在过去一个月内出售 34 枚 Bored Ape Yacht Club(BAYC) NFT，换得 326 枚 ETH(约 51.4 万美元)，实际亏损 399 枚 ETH(约 63.1 万美元)。



其中 Bored Ape #6057 四年前以 76.84 枚 ETH 购入，如今以 7.65 枚 ETH 售出，ETH 本位亏损达 90%。链上数据显示，这批 ETH 全部转入 Hyperliquid，用于补充其 ETH 多单保证金。



BAYC 成为最后一根输液管


黄立成卖猴的原因，就是合约账户的保证金已经撑不住了。


他从 2025 年 9 月开始在 Hyperliquid 上做多 ETH，彼时 ETH 报价约 4700 美元，典型操作是 25 至 40 倍杠杆。策略在初期表现亮眼，2025 年底至 2026 年初，账户一度录得 4566 万美元浮盈，他也因此在加密社区中获得了「链上巨鲸交易员」的新标签。



但 ETH 随后一路下跌至 1600 美元区间，浮盈全部回吐并转化为巨额实亏。据 HyperInsight 数据，截至 6 月 26 日，黄立成在 Hyperliquid 上的累计亏损已达 3385 万美元。若按过去一年的总交易损益计算，其亏损规模已超过 8000 万美元。


更能说明问题的是爆仓频率，截至 2026 年 3 月，黄立成已累计遭遇超过 335 次清算，被社区封为「爆仓之王」(King of Liquidations)。此后爆仓仍在持续，6 月 8 日，他在 8 小时内被连续清算 10 次，账户一度仅剩约 5.2 万美元；6 月 23 日 ETH 跌至 1607 美元，10 小时内再被清算 7 次。他的账户余额多次跌至几千美元的极端水平，2 月一度仅剩 8500 美元，但每次归零后都重新充值继续开多。


链上数据平台 Arkham 在 6 月 6 日曾特别指出，那是黄立成首次被清算后「没有立刻补入保证金」，引发社区猜测这场豪赌是否即将收场。但仅仅两天后他便再次入金，重新开出 ETH 多单。


当常规资金来源消耗殆尽，黄立成开始从 NFT 收藏中抽血。此前其还持有约 150 枚 BAYC，但按当前地板价(约 8.8 ETH)计算，剩下的 NFT 总价值约在 160 万美元左右，仅够支撑数轮高杠杆仓位的保证金。他曾在 2025 年底的一次访谈中表示，自己会「死扛 3000 万美元的亏损不卖」，坚定看多 ETH。半年过去，亏损早已超过这个数字，而曾经价值数千万美元的蓝筹 NFT 收藏，已经变成了合约账户的输液管。


6 月 26 日，他在 X 平台发帖：「We‘re going to need more Tom. 8 percent.(我们需要更多的汤姆。8%)」疑似喊话 Tom Lee 救市。


从猴子教父到爆仓之王


回溯黄立成的加密历程，他的起点远非普通散户。黄立成是华语嘻哈先驱 L.A. Boyz 创始成员，2015 年创办的直播平台 17 Media(M17)一度成为亚洲最大直播应用之一。2017 年牛市期间接触加密货币，同年在台湾区块链会议上结识以太坊创始人 Vitalik Buterin。2020 年参与创建 DeFi 协议 Cream Finance，该协议此后遭遇三次安全漏洞攻击，累计损失超过 1.92 亿美元。


真正让他在加密社区名声大噪的是 NFT，2021 年牛市中，黄立成以仅 0.08 ETH 的铸造价拿到数十只 BAYC，随后大举扫货，巅峰时期持有约 200 只 BAYC 和 100 多只 MAYC，钱包中 NFT 收藏总计约 3200 件，总价值超过 4000 万美元。


他将 BAYC 赠送给周杰伦等华语圈顶流明星，一手推动了无聊猿在亚洲市场的出圈传播，被社区称为「猴子教父」。那是 BAYC 地板价从 0.08 ETH 飙升至超过 100 ETH 的年代，黄立成的猴子持仓一度价值数千万美元。


但从 2023 年后，NFT 市场急速降温，黄立成在 Blur 平台的空投挖矿活动中大量接盘蓝筹 NFT，两天内扫入 71 只 BAYC 和 77 只 CryptoPunks，遭遇严重亏损。当年 4 月他宣布退出 NFT 市场。2024 年 7 月短暂回归，两周内再度买入 23 只 BAYC，但四个月内亏损超过 2000 万美元。此后他的注意力全面转移到 Hyperliquid 的永续合约上，开启了那场持续至今的高杠杆做多 ETH 的循环。


从铸造价 0.08 ETH 到巅峰超过 100 ETH，再到如今 7 至 10 ETH 的抛售价，BAYC 的价格曲线本身就是 NFT 周期最完整的注脚。而黄立成的个人轨迹与这条曲线高度重合：NFT 造就了他「猴子教父」的身份，也为他之后在合约赌桌上的连续加注提供了最初的本金。如今猴子正在被一只只卖掉，换成 ETH，换成保证金，再换成下一次清算通知。

Perguntas relacionadas

Q黄立成（麻吉大哥）在过去一个月内通过出售BAYC NFT亏损了多少？

A黄立成在过去一个月内出售34枚BAYC NFT，实际亏损399枚ETH（约63.1万美元）。

Q黄立成在Hyperliquid上进行ETH永续合约交易的主要策略是什么？

A黄立成在Hyperliquid上主要使用25至40倍的高杠杆，持续做多ETH。

Q黄立成在NFT市场中曾因何获得‘猴子教父’的称号？

A他在2021年牛市中大量买入并持有BAYC NFT，并将其赠送给周杰伦等明星，推动了无聊猿在亚洲市场的出圈传播，因此被社区称为‘猴子教父’。

Q文章中提到黄立成在Hyperliquid上的交易累计亏损了约多少金额？

A截至6月26日，黄立成在Hyperliquid上的累计亏损已达3385万美元。若按过去一年的总交易损益计算，其亏损规模已超过8000万美元。

Q为什么黄立成开始出售其持有的BAYC NFT？

A因为他在Hyperliquid上的高杠杆ETH多单持续亏损，保证金耗尽，为了补充合约保证金，被迫出售其持有的BAYC NFT来获取资金。

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