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Trend Research, the trading firm led by Liquid Capital founder Jack Yi, has fully exited its Ethereum positions, closing out what was once Asia’s largest ETH long, according to on-chain monitoring platform Arkham.<\/p>\n
At its peak, Trend Research held approximately $2.1 billion in leveraged Ethereum long positions, accumulated by borrowing stablecoins against ETH collateral.<\/p>\n
Arkham data revealed<\/a> that the firm closed its final ETH position on Sunday. The exit resulted in a total realized loss of roughly $869 million. Interestingly, the complete exit followed several days of position reductions as Ether’s price declined toward the $1,750 level, which triggered stress across leveraged positions in the market.<\/p>\n Notably, Yi had publicly reiterated his bullish outlook just days before the firm fully exited its ETH exposure.\u00a0In a post on X published four days prior to the final exit, Yi said Trend Research\u00a0remained<\/a> “bullish on the next major bull market,” and even predicted that ETH would go beyond $10,000 and Bitcoin above $200,000.<\/span>\u00a0He described the firm as having made<\/a> “partial adjustments to manage risk.”<\/p>\n Yi also addressed broader market conditions in the post, and spoke about the lack of liquidity and alleged platform-driven manipulation. Despite these concerns, he maintained that the long-term trajectory of the crypto industry remained intact. He further asserted that current prices represented an attractive entry point for spot positions when viewed on a multi-year horizon, while acknowledging that extreme volatility has historically forced many bullish traders out of positions before subsequent rebounds.<\/p>\n Amidst the market turmoil, Ethereum “accumulating addresses” – defined as wallets with no history of outflows, balances of at least 100 ETH, and no association with exchanges, miners, or smart contracts – currently hold 27 million ETH, according to CryptoQuant’s analysis. This figure represents approximately 23% of Ether’s circulating supply.<\/p>\n CryptoQuant also found<\/a> that the altcoin has traded below the realized price of these accumulating addresses only twice in its history. The first time was when the market hit a low in 2025, while the second has been unfolding since January 2026. This means that accumulating addresses have continued<\/a> to add to positions despite recent price declines and the forced unwinding of leveraged trades<\/p>\n The post Largest Ethereum (ETH) Long in Asia Is Gone: But On-Chain Data Tells a Different Story<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n\nAccumulation Trend During Market Stress<\/h2>\n
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