On-chain analysts tracked a whale address that liquidated its entire positions in Ethereum (ETH) and Solana (SOL) within four days. Total losses reached $141 million, representing a loss ratio exceeding 42%. The scale and speed of this sell-off stand out in the current downtrend.
ETH and SOL Trade Details: Over 40% Loss
The whale bought roughly 96,585 ETH at an average price of $3,363 in July 2025, then dumped them at an average of $2,222 in early February 2026, fetching about $214 million – a loss of $110 million. For SOL, the address purchased 334,000 tokens at $186 in October 2025 and sold them at $94, netting $31.51 million and losing about $30.78 million. After clearing the positions, the wallet held only 58.34 million USDC. At press time, ETH trades at $2,136 and SOL at $91.3.
Trend Research De-leverages Amid Market Pressure
Simultaneously, Trend Research, led by Yi Lihua, executed large asset transfers. On-chain data shows the firm has deposited roughly 188,588 ETH (worth $426 million) to Binance over recent days. On Feb 5 alone, it moved 25,000 ETH ($53.24 million) in two transactions, per Onchain Lens. Trend Research, an affiliate of LD Capital, is likely selling these assets to repay massive loans on DeFi protocols.
High Leverage and Liquidation Risks
Trend Research had over $1.33 billion in WETH collateralized on Aave V3, borrowing about $939 million in stablecoins, resulting in a 2.4x leverage. The position faced forced liquidation if ETH dropped to the $1,781–$1,862 range (a 10%–15% slide from prevailing prices). After selling ETH and repaying loans, its leverage fell to 2.2x. Even with billion-dollar firepower, institutions are prioritizing capital preservation. For retail participants, strict stop-loss and risk management may matter more than forecasting market moves.