#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, founded by Yi Lihua, the hardcore Ethereum bull and founder of Liquid Capital, allegedly went short 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 event signaling a shift in cryptocurrency market sentiment and triggering heated industry discussions about ETH's future price trajectory.

According to monitoring by on-chain analysts including @EmberCN, the associated address collateralized $100 million USDC on Aave, borrowed 27,000 ETH, and transferred all of it to Binance to execute short selling. The address shows clear on-chain associations with Trend Research—after liquidating ETH in February, the address had withdrawn $303 million USDC from Binance, and had fund transfers with known deposit addresses of the fund, with operation traces showing high correlation.

This short position is not Yi Lihua's first major position adjustment; rather, it appears more like a sudden strategy reversal after massive losses. From 2025 to early 2026, Yi Lihua heavily longed 658,100 ETH at an average price of approximately $3,104, confidently declaring "any ETH below $2,000 is a buying opportunity," earning him market recognition as the "ETH Bull Commander." However, in February 2026, as ETH prices continued to decline, he was forced to fully liquidate at an average price of $2,058, accumulating losses of approximately $688 million, completely wiping out previous gains and exceeding $400 million in principal losses.

What's even more dramatic is that just 3 days before the short operation (March 10), Yi Lihua still publicly reiterated ETH's long-term value, stating "AI is restructuring the crypto industry, and both long and short-term win rates for ETH below $2,000 are high," while pledging to continue supporting Ethereum ecosystem development. Within days, transitioning from "diehard bull" to "leveraged short," the stark contrast between his rhetoric and actions left the market exclaiming "faith has collapsed."

From a trading logic perspective, this short position carries obvious risk control and arbitrage characteristics: using DeFi lending with leverage to short without holding spot positions, hedging against market downside risk, representing a "corrective operation" for previous massive losses, or possibly predicting weak ETH rebounds and seizing the opportunity to liquidate long positions. After the news broke, ETH experienced increased short-term volatility, market panic sentiment heightened, numerous retail traders followed suit adjusting positions, while institutions adopted a wait-and-see attitude.

As a landmark investor in the crypto market, Yi Lihua's reversal between long and short reflects the harsh reality of the current crypto market: there is no eternal faith, only strategies that adapt to market conditions. Having previously accumulated reputation and wealth through steadfast bullish positioning, after massive losses he quickly reversed course, sounding an alarm for the market—blindly following influential figures' trading calls and neglecting risk management will ultimately be punished by market volatility.

As of now, Yi Lihua has yet to publicly respond to this alleged short operation, with on-chain data continuing to be monitored. For the market, these 27,000 ETH short positions represent not just a trade, but a microcosm of faith versus profit competition in a bear market. His subsequent position movements and ETH price trends will continue to move the entire crypto market's nerves.