Just before the full exit, Yi predicted that ETH would reach $10,000, and BTC would surpass $200,000.
Trend Research, the trading firm led by Liquid Capital founder Jack Yi, has completely exited its Ethereum positions, closing what was once Asia’s largest ETH long, according to on-chain monitoring platform Arkham.
At its peak, Trend Research had approximately $2.1 billion in leveraged long positions in Ethereum, accumulated by borrowing stablecoins against ETH collateral.
Bullish tweets, brutal exit
Arkham data revealed that the company closed its final ETH position on Sunday. The exit resulted in a total realized loss of approximately $869 million. Interestingly, the full exit followed several days of position reductions as Ether’s price fell to the $1,750 level, causing tension on the market’s leveraged positions.
Notably, Yi publicly reiterated his bullish outlook just days before the company fully exited its ETH exposure. In a post on X published four days before the final exit, Yi Trend Research said stayed “bullish on the next big bull market,” even predicting ETH to top $10,000 and Bitcoin to top $200,000. He described the company as a business made “partial adjustments to manage risks.”
Yi also addressed broader market conditions in the post, addressing the lack of liquidity and alleged platform-driven manipulation. Despite these concerns, he continued to maintain that the long-term trajectory of the crypto industry remained intact. He further asserted that current prices provide an attractive entry point for spot positions over a multi-year horizon, while acknowledging that extreme volatility has historically forced many bullish traders out of positions before a recovery.
Accumulation trend during market stress
Amid the market turbulence, Ethereum “accumulating addresses” – defined as wallets with no history of outflows, balances of at least 100 ETH, and no association with exchanges, miners or smart contracts – currently hold 27 million ETH, according to CryptoQuant’s analysis. This figure represents approximately 23% of Ether’s circulating supply.
CryptoQuant too found that the altcoin has traded below the realized price of these accumulating addresses only twice in its history. The first time was when the market bottomed in 2025, while the second has been developing since January 2026. This means that accumulating addresses have continued to grow positions despite recent price declines and the forced unwinding of leveraged trades.
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