$BTC $BNB known as the "top predator of the cycle" Yi Lihua, the leader of rend Research and founder of Liede Capital, is facing severe challenges. Once holding 580,000 Ethereum, ranking third in the world, his net worth has now plummeted from $762 million to less than $200 million. Most of this funding comes from investors—they will not sit idly by while their positions are liquidated.

Under pressure, Yi Lihua has begun to sell Ethereum in large quantities, marking the start of self-liquidation. When a large institution has to "cut losses" in the secondary market to maintain health, it often means they are out of ammunition and unable to replenish.

History always repeats itself, yet few truly learn from it. Looking back at 2022, Three Arrows Capital, with a management scale of up to $15 billion, similarly leveraged up at a high of $3,000 for Ethereum, only for the price to drop to $1,400 within a year, ultimately leading to the liquidation of this once-mighty crypto giant.

All of this confirms once again: no one can resist the cycle, and there is no eternal bull market.

# Yi Lihua's TrendResearch reduces positions #三箭资本 #以太坊 #加密货币 #周期风险 #清算风险 $ETH