Arkham Data: Trend Research Ultimately Faces $869M Loss on Ethereum Position

DAOdreamer · 2026-02-22T12:09:04+00:00

Trend Research faced an $869 million loss after liquidating a major Ethereum position, significantly exceeding early estimates. This incident highlights risks tied to leveraged positions amidst market volatility, offering insights for blockchain analysts.

DAOdreamer

2026-02-22 12:09:04

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Arkham has disclosed troubling details regarding Trend Research’s major financial setback in early February. The fund, led by Yi Li Hua, ultimately sustained an $869 million loss following its decision to close out a substantial Ethereum long position last Sunday. This represents a significant decline from its peak Ethereum holdings, which once reached $2.1 billion.

The Liquidation Aftermath

The complete unwinding of all on-chain accounts marks the conclusion of what has been a challenging period for the trading fund. Earlier reports from multiple blockchain analysts had suggested the losses would fall within a $688 million to $734 million range, though the official figures from Arkham ultimately point to a higher total of $869 million. The substantial gap between preliminary estimates and final calculations underscores the complexity of tracking large-scale liquidations in real-time.

Market Context

The liquidation of such a considerable Ethereum position carries broader implications for market participants. With ETH currently trading at $1.98K, this historical loss serves as a notable reminder of the risks associated with leveraged long positions during market volatility. Trend Research’s experience demonstrates how rapidly nine-figure positions can erode when market conditions shift unfavorably.

The incident has generated considerable attention within the blockchain analytics community, with Arkham’s transparent disclosure providing valuable insights into on-chain fund management outcomes.

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