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Yi Lihua has closed out 2/3 of his leveraged ETH positions.
1. Yi Lihua's coin selling is still ongoing. Some USDT hasn't been withdrawn back to the blockchain to repay loans, and the total loan amount is expected to decrease further. His aim is likely to lower the liquidation threshold to around 1500.
2. Yi Lihua's ETH holdings have decreased from a peak of 650,000 ETH to the current 240,000, clearing out 2/3. This potential crisis has been largely defused.
3. In the past 13 hours, ETH has withstood a concentrated sell-off of 220,000 ETH, yet it remains oscillating around 1900, indicating strong market buying and a strong intention to correct the oversold condition.

He only had two options: liquidation or surrender. It seems he chose to surrender.
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Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
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