#易理华疑似转空2.7万枚ETH On March 13, 2026, on-chain monitoring data revealed a bombshell signal: A wallet associated with Trend Research under Yi Lihua, founder of Liquid Capital and a staunch Ethereum bull, reportedly shorted 27,000 ETH through Aave lending, valued at approximately $57.11 million. This operation completely overturned his long-held public bullish stance, becoming a landmark sentiment-turning event in the crypto market and sparking intense industry discussion about ETH's future trajectory.
According to monitoring by on-chain analysts such as @EmberCN, the associated address collateralized $100 million USDC on Aave, borrowed 27,000 ETH, and transferred all of it to Binance to execute the short sell. The address has clear on-chain connections to Trend Research—after liquidating ETH in February, the address withdrew $303 million USDC from Binance and maintained fund flows with the fund's known deposit addresses, with operation traces showing high matching patterns.
This short sale is not Yi Lihua's first major position adjustment, but rather appears to be a strategic reversal following massive losses. From 2025 to early 2026, Yi Lihua heavily longed 658,100 ETH at an average price of approximately $3,104, consistently calling out "ETH below $2,000 is a buying opportunity," earning him the title of "ETH Bull Commander" in the market. However, in February 2026, as ETH prices continued to decline, he was forced to liquidate his entire position at an average price of $2,058, accumulating losses of approximately $688 million, with all previous profits reversed and losses exceeding $400 million in principal.
Even more dramatic is that just 3 days before the short operation (March 10), Yi Lihua still publicly stated his position, reaffirming ETH's long-term value, saying "AI is restructuring the crypto industry, and ETH below $2,000 has high win rates for both long and short-term," while stating he would continue pushing for Ethereum ecosystem development. The reversal from "die-hard bull" to "leveraged short" within days, with such stark contrast between rhetoric and actions, led the market to exclaim "faith has collapsed."
From a trading logic perspective, this short carries clear characteristics of risk management and strategic positioning: By using DeFi lending with leverage for shorting, there's no need to hold spot assets while hedging against market downside risks, serving as a "corrective operation" for previous massive losses, or potentially predicting weak ETH rebounds to capitalize on liquidating long positions. Following the news, ETH experienced increased short-term volatility, market panic sentiment intensified, many retail investors followed suit adjusting positions, while institutions remained cautious observers.
As a landmark investor in the crypto market, Yi Lihua's long-short reversal reflects the harsh reality of the current crypto market: there are no eternal convictions, only strategies adapted to market conditions. Having previously accumulated reputation and wealth through steadfast bullish calls, he quickly reversed course after massive losses, serving as a wake-up call to the market—blindly following big players' calls while neglecting risk management will ultimately be punished by market volatility.
As of now, Yi Lihua has not publicly responded to this alleged short operation, and on-chain data remains under continuous monitoring. For the market, these 27,000 ETH short positions are more than just a transaction; they have become a microcosm of the confrontation between faith and self-interest in a bear market, with his subsequent position movements and ETH price trends continuing to move the entire crypto market's nerve centers.
#易理华疑似转空2.7万枚ETH On March 13, 2026, on-chain monitoring data revealed a bombshell signal: A wallet associated with Trend Research under Yi Lihua, founder of Liquid Capital and a staunch Ethereum bull, reportedly shorted 27,000 ETH through Aave lending, valued at approximately $57.11 million. This operation completely overturned his long-held public bullish stance, becoming a landmark sentiment-turning event in the crypto market and sparking intense industry discussion about ETH's future trajectory.
According to monitoring by on-chain analysts such as @EmberCN, the associated address collateralized $100 million USDC on Aave, borrowed 27,000 ETH, and transferred all of it to Binance to execute the short sell. The address has clear on-chain connections to Trend Research—after liquidating ETH in February, the address withdrew $303 million USDC from Binance and maintained fund flows with the fund's known deposit addresses, with operation traces showing high matching patterns.
This short sale is not Yi Lihua's first major position adjustment, but rather appears to be a strategic reversal following massive losses. From 2025 to early 2026, Yi Lihua heavily longed 658,100 ETH at an average price of approximately $3,104, consistently calling out "ETH below $2,000 is a buying opportunity," earning him the title of "ETH Bull Commander" in the market. However, in February 2026, as ETH prices continued to decline, he was forced to liquidate his entire position at an average price of $2,058, accumulating losses of approximately $688 million, with all previous profits reversed and losses exceeding $400 million in principal.
Even more dramatic is that just 3 days before the short operation (March 10), Yi Lihua still publicly stated his position, reaffirming ETH's long-term value, saying "AI is restructuring the crypto industry, and ETH below $2,000 has high win rates for both long and short-term," while stating he would continue pushing for Ethereum ecosystem development. The reversal from "die-hard bull" to "leveraged short" within days, with such stark contrast between rhetoric and actions, led the market to exclaim "faith has collapsed."
From a trading logic perspective, this short carries clear characteristics of risk management and strategic positioning: By using DeFi lending with leverage for shorting, there's no need to hold spot assets while hedging against market downside risks, serving as a "corrective operation" for previous massive losses, or potentially predicting weak ETH rebounds to capitalize on liquidating long positions. Following the news, ETH experienced increased short-term volatility, market panic sentiment intensified, many retail investors followed suit adjusting positions, while institutions remained cautious observers.
As a landmark investor in the crypto market, Yi Lihua's long-short reversal reflects the harsh reality of the current crypto market: there are no eternal convictions, only strategies adapted to market conditions. Having previously accumulated reputation and wealth through steadfast bullish calls, he quickly reversed course after massive losses, serving as a wake-up call to the market—blindly following big players' calls while neglecting risk management will ultimately be punished by market volatility.
As of now, Yi Lihua has not publicly responded to this alleged short operation, and on-chain data remains under continuous monitoring. For the market, these 27,000 ETH short positions are more than just a transaction; they have become a microcosm of the confrontation between faith and self-interest in a bear market, with his subsequent position movements and ETH price trends continuing to move the entire crypto market's nerve centers.