#易理华旗下TrendResearch减仓
On-chain data shows that TrendResearch, under Yili Hua, started a large-scale stop-loss reduction on February 1, and as of February 5, it has cumulatively sold about 188,500 ETH at an average price of about $2,263, recovering approximately $426 million in funds, while simultaneously repaying 385 million USDT to reduce leverage. This reduction was due to the continuous decline in ETH prices, with its lending positions approaching liquidation levels, and to avoid automatic liquidation by the protocol, it was forced to "cut losses".
The institution previously held over 650,000 ETH at a cost of about $3,180, and as ETH fell from its peak, the paper loss once exceeded $470 million. Coupled with high leverage pressure, the exposure to funding risk sharply increased. After the reduction, its liquidation price has been adjusted to around $1,640, with remaining positions of about 463,000 ETH.
As a well-known whale in the Ethereum space, TrendResearch's intensive reduction not only reflects the institutional risk control pressure in extreme market conditions but also intensifies market concerns about the short-term trend of ETH, highlighting the vulnerability of the high-leverage model in the bear market, ringing alarm bells for industry participants.
