Super bulls often die because of their unwavering faith in ETH. Yi Lihua chose to liquidate his entire ETH position, ultimately suffering a massive loss of $869 million…
Let's review his actions in this round:
1️⃣ Unrealized losses as of early February 2026: $400 million to $562 million; ETH sold: over $367 million; Risk exposure: reduced from nearly $2 billion to approximately $1.33 billion.
2️⃣ Completed most of the liquidation/asset sale on February 8, 2026. Received $1.74 billion from the sale of assets (used to repay debt).
This phase locked in a net loss of $750 million.
3️⃣On February 10, 2026, all remaining ETH positions were closed. Total profit/loss: -$869 million. On-chain accounts were basically emptied. This is a textbook example of a stubborn bull losing money. Every sell-off deepened the losses, and every hesitation resulted in missing the stop-loss.
According to Arkham's statistics, Trend Research ultimately lost $869 million on ETH in this round.
From a $2.1 billion whale to zero, Yi Lihua used a month to illustrate the price of faith.
Let me summarize three key takeaways for you:
1. Position management is more important than directional judgment.
2. Liquidity is the lifeline.
3. Act according to discipline. Faith may get you in, but only discipline can get you out alive.
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