Trend Research, the crypto fund led by Jack Yi, is undergoing rapid deleveraging. According to Lookonchain on-chain data, the entity transferred and sold 170,033 ETH (worth approximately $322.5 million) to Binance over the past 10 hours — the most aggressive sell-off in recent weeks.
Massive cumulative reduction
Since the sharp crypto market correction on February 1, Trend Research has executed multiple rounds of position cuts. It sold over 170,000 ETH at an average price of roughly $2,294, realizing total proceeds exceeding $350 million. The fund simultaneously withdrew large amounts of USDT to repay loans on Aave.
Trend Research originally built its ETH position via the Aave lending protocol, peaking at a stablecoin borrowing of approximately $958 million. Its average entry price for ETH was around $3,180. At current market prices, unrealized losses stand at about $469 million, while realized losses exceed $136 million.
Jack Yi previously admitted publicly that he "cannot help being bullish" on Ethereum due to past entrepreneurial experience. He had planned to inject another $1 billion into ETH to bring the average cost to around $3,050, but market trends did not cooperate.