#易理华旗下TrendResearch减仓 - Large-scale reduction of positions starting from February 1, 2026.

- As of around February 4: A cumulative reduction of approximately 153,500 ETH, with an average price of about 2,294 USD, a total value of approximately 352 million USD, used to repay about 266 million USDT in debt.

- After the reduction, the remaining position is about 498,000 ETH (valued at around 1.11 billion USD, depending on the ETH price at the time).

- The average cost of the position is approximately 3,180 USD (some sources claim the actual cost of building the position is around 3,150 USD).

- The total loss scale is about 605 million USD (realized loss of 136 million + unrealized loss of 469 million).

- The liquidation price range has dropped to 1,685–1,855 USD (mainly concentrated around 1,800 USD, with some community estimates to 1,685–1,866 USD).

- Remaining leveraged borrowing is about 743 million USDT (some reports indicate it continued to drop to around 793 million, but is also further reducing positions).

- From February 2 to 4, multiple transfers of ETH to Binance (such as single transfers of 20,000, 15,000, 35,000, etc.), with a total transfer of over 50,000 ETH within 24 hours, suspected to continue selling for liquidation purposes.

- Latest developments (around February 5): The position further reduced to about 533,000, with the liquidation price dropping to around 1,792 USD, but still viewed by the market as a "death spiral" risk (the more it sells, the more it falls, and the more it falls, the more it has to sell in a vicious cycle).