Trend Research, the trading firm founded by Liquid Capital’s Jack Yi, has exited all of its Ethereum positions, ending what had been the largest ETH long position in Asia. On chain data from Arkham shows the firm once held about 2.1 billion dollars in leveraged Ethereum longs, built by borrowing stablecoins against ETH collateral.
The final position was closed on Sunday, resulting in an estimated realized loss of around 869 million dollars. The exit followed several days of position reductions as Ether’s price fell toward 1,750 dollars, increasing pressure on leveraged traders across the market.
Just days before the complete exit, Yi had reaffirmed his bullish stance publicly, stating that Trend Research remained optimistic about the next major bull cycle. He projected that Ethereum could rise above 10,000 dollars and Bitcoin beyond 200,000 dollars. At the time, he described the firm’s actions as partial risk adjustments while maintaining confidence in the long term outlook for the crypto industry.
Yi also pointed to weak liquidity and alleged platform related manipulation but argued that current valuations could represent attractive long term entry points, even though extreme volatility often forces bullish traders out before recoveries take place.
Despite the high profile liquidation, on chain metrics show a different trend among certain holders. According to CryptoQuant, wallets classified as accumulating addresses currently hold around 27 million ETH, roughly 23 percent of the circulating supply. These addresses have no history of selling, maintain balances of at least 100 ETH, and are not linked to exchanges, miners, or smart contracts.
Data also indicates that Ethereum has traded below the realized price of these accumulating wallets only twice in its history, once during the 2025 market bottom and again since January 2026. This suggests that long term holders have continued adding to their positions despite recent price weakness and the unwinding of leveraged trades.
