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Yilao has voluntarily surrendered and has already transferred 63.04 million ETH ($12.94 billion) to Binance. On-chain, only 21,300 ETH ($4394 thousand ) remain. 96% of ETH has already been transferred to exchanges, a volume far exceeding the amount needed to unwind leverage, indicating a high likelihood of full liquidation. The market has one less target, but there is more selling pressure to digest.
Next, the real focus should not be on “Will Boss Yi explode,” but rather: after this wave of genuine selling pressure is released, can ETH hold its structural level?