【The whole network is focused on the liquidation line of Yi Lihua, and the pressure of this round of decline is indeed considerable】
Recently, the market has continued to decline, and the sentiment has gradually evolved from "panic" to "watching for liquidation". The current focus of attention across the network is concentrated on the ETH leveraged positions of Trend Research, a subsidiary of Yi Lihua.
From on-chain and public data:
-Trend Research currently still holds approximately 463,000 ETH
-The average holding price is approximately $3180
-The scale of leveraged borrowing is approximately $625 million
-The cumulative loss is approximately $647 million (of which realized losses are $173 million, and unrealized losses are approximately $474 million)
To cope with risks, Trend Research has recently reduced its holdings by approximately 188,500 ETH at an average price of about $2263 and repaid $385 million USDT, successfully lowering the liquidation price.
Currently, the liquidation range of its multiple ETH lending positions has dropped to $1576–$1682, with the core liquidation concentration around $1640. It is precisely because of the existence of this position that the market's short-term downward expectation for ETH and even the entire cryptocurrency market has significantly increased.
In this context, the decline of BTC and ETH is no longer just a technical issue, but rather a result of leverage structure + emotional resonance.
To be honest, this round of decline has really made people's scalps tingle; I have already chosen to hold a full position in spot and lie flat, no longer watching the market in the short term, waiting for emotions to clear and the structure to finish before saying anything. Watching the market now will only increase anxiety.
Such a level of market situation can no longer be endured by emotions; it can only be left to time.
Let's take a break and wait for the market to provide answers.
