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Asia's Largest Leveraged Ethereum Long Position Fully Closed, $869M Loss Realized

Trend Research, led by Liquid Capital founder Jack Yi, has fully closed its Ethereum exposure, exiting Asia's largest leveraged ETH long position and realizing around $869 million in losses at its peak size of roughly $2.1 billion, Arkham data show. Arkham's onchain data show the final ETH position was closed on Sunday after several days of reductions as Ether fell toward $1,750, even though Yi said on X four days earlier that Trend Research remained "bullish on the next major bull market" and expected ETH above $10,000 and Bitcoin over $200,000 while describing only partial risk adjustments. So-called Ethereum "accumulating addresses" – wallets with no outflow history, at least 100 ETH, and no links to exchanges, miners, or smart contracts – now hold 27 million ETH, or about 23% of circulating supply, and CryptoQuant notes ETH has traded below the realized price of these addresses only twice, at the 2025 market low and again since January 2026.
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ETH-1.81%
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BTC-1.16%
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