Trend Research, the trading firm founded by Liquidity Capital’s Jack Yi, has completely closed its Ethereum positions, ending what was once the largest leveraged ETH long in Asia. This move comes amid heightened market stress and underscores the challenges that leveraged strategies face during price downturns.
According to on-chain analytics data, the firm’s ETH exposure peaked at over $2.1 billion in leveraged positions before being unwound as Ether’s price slid toward the $1,750 zone. The final exit resulted in significant realized losses, which have sparked broad discussion across crypto communities about market dynamics and risk management.
While Trend Research once signaled long-term optimism for Ethereum and Bitcoin — even suggesting ETH could reach $10,000 and BTC $200,000 — its full liquidation highlights the pressure that falling prices can put on heavily leveraged holdings.
Trend Research Exits Final ETH Position After Major Long
This tweet from on-chain analytics provider Arkham confirms that Trend Research has closed its last leveraged Ethereum position, once valued at over $2.1 billion.
TREND RESEARCH FINAL PNL: -$869M
Jack Yi’s Trend Research finished closing out their final ETH positions on Sunday. At their peak, they were long $2.1B of ETH. Now, their on-chain accounts are completely empty.
Their final PnL is -$869M. pic.twitter.com/2uizAM3uWR
— Arkham (@arkham) February 10, 2026
On-chain monitoring shows that Trend Research fully exited its ETH long position, marking a major sell-off event in the crypto market.
Accumulation Persists Amid Liquidation
Despite the heavy unwind of leveraged positions, on-chain data suggests a different narrative among long-term holders. “Accumulating addresses” — wallets that hold at least 100 ETH and have no history of outgoing transfers — now control around 27 million ETH, representing roughly 23 % of circulating supply. This trend points to continued interest among spot holders even as speculative leverage exits.
Historical analysis also shows that Ethereum has traded below the realized price of these accumulating wallets only twice, indicating that the altcoin may be in a historically attractive valuation zone for long-term holders.
The forced liquidation of Trend Research’s long position has not only erased years of potential gains but may also act as a capitulation event — a phase where the most leveraged and stressed traders exit, potentially clearing the way for renewed accumulation.
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