Yi Lihua has now become the largest short seller of ETH! He currently holds 498,000 ETH, worth approximately $1.1 billion, with an average cost of $3,180, a cumulative loss of $605 million, and outstanding leveraged loans of $743 million. The liquidation prices for multiple borrowed positions are concentrated between $1,685.63 and $1,855.16, with a core range of $1,781 to $1,808. In the past four days, he has sold a total of 153,500 ETH (at an average price of approximately $2,294), realizing approximately $352 million, and repaying 266 million USDT to reduce leverage and mitigate the risk of liquidation. Today, he transferred another 30,000 ETH to Binance to sell and reduce leverage, creating a vicious cycle of further declines. The current liquidation price remains in a high-risk range; if liquidated, ETH will face a major black swan event! Similarly, ETH will also experience a major bottom…

I'm afraid of a death spiral and a chain reaction of purges.

I believe it will definitely happen; it's just a matter of time. Once it does, the bottom won't be far off.